SpaceX Hits $2.65T and Buys Cursor for $60B, AST Lofts Three BlueBirds on Falcon 9, Katalyst Adds $12M for geostationary orbit (GEO) Servicing

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The briefing

SpaceX shares rose about 4% Tuesday, lifting market cap to $2.65 trillion at the close, past Amazon and within reach of Microsoft, after a 20% jump on the first full trading day. The same morning, SpaceX agreed to buy AI coding startup Cursor for $60 billion in stock, closing expected in the third quarter, to shore up an AI division it flagged as an IPO centerpiece. SpaceX options began trading priced at a 15% chance of a 50% upside move and 13% of a 50% drawdown by September, which Susquehanna called too expensive to buy and too dangerous to sell.

SpaceX's Falcon 9 lifted off from Cape Canaveral at 2:39 a.m. EDT and deployed BlueBird 8, 9, and 10 for AST SpaceMobile, the Block 2 direct-to-smartphone satellites and AST's recovery flight after losing BlueBird 7 last month. Booster B1077 landed on A Shortfall of Gravitas on its 29th flight. Katalyst raised $12 million led by Geodesic Capital for Nexus-1, a geosynchronous servicing demonstrator launching on Ariane 6 in 2027 to install a space domain awareness sensor on a U.S. Space Force satellite, while its NASA-funded Link mates with a Pegasus XL for a Swift reboost as soon as June 27.

All.Space redomiciled from the UK to Florence-Muscle Shoals, Alabama, as it works through York Space Systems' $355 million acquisition, citing closer alignment with U.S. defense customers. Dawn Aerospace closed a $25 million Series B at a $195 million post-money valuation led by Balerion Space Ventures to push its Aurora spaceplane toward two flights above the Kármán line in one day and seed an in-orbit refueling demo. NASA's investigation into the September over-rotation of the 70-meter DSS-14 antenna at Goldstone blamed poor training, inadequate procedures and undocumented practices for $4.1 million to $4.6 million in damage, with the dish still offline.

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The headlines

SpaceX market cap clears $2.65T, options open with wide tails

SpaceX

SpaceX shares rose about 4% on Tuesday, briefly touching a $2.94 trillion market cap before closing near $2.65 trillion and overtaking Amazon, three trading days after a $135 IPO that raised $85.7 billion. Options began trading the same day, with Susquehanna noting pricing that implies roughly a 15% chance of a 50% rally and a 13% chance of a 50% drop by September as investors weigh lock-up supply against Elon Musk's comment that SpaceX could reach about $1 trillion in revenue by 2030.

SpaceX to acquire Cursor for $60 billion in stock

SpaceX

SpaceX agreed to acquire AI coding startup Cursor in an all-stock deal valued at about $60 billion, with closing expected in the third quarter. The transaction follows an April announcement of either a $60 billion takeover or a $10 billion break-up fee, and is aimed at bolstering SpaceX's AI division built around the merged xAI unit. SpaceX told IPO investors it sees a $26 trillion addressable AI market, even after xAI's restructuring and the departure of all 11 co-founders earlier this year.

Falcon 9 deploys Block 2 BlueBirds for AST SpaceMobile

SpaceX ASTS

SpaceX's Falcon 9 launched from Space Launch Complex 40 at Cape Canaveral at 2:39 a.m. EDT on June 17 and deployed BlueBird 8, 9 and 10, the Block 2 version of the direct-to-smartphone satellites, for AST SpaceMobile. Booster B1077 returned to A Shortfall of Gravitas on its 29th mission, the 156th landing on that drone ship. The flight is AST's recovery launch after the loss of BlueBird 7 last month.

Katalyst Space raises $12M for 2027 GEO servicer

Katalyst Space Technologies closed a $12 million round led by Geodesic Capital, with Fortitude Ventures and others, to fund its Nexus-1 servicing spacecraft. Nexus-1 is slated to launch on an Ariane 6 in 2027, approach a U.S. Space Force satellite to install a space domain awareness sensor, and then conduct additional rendezvous with national security spacecraft before serving commercial customers. The funding comes as Katalyst's Link spacecraft, built under a NASA contract, is integrated with a Northrop Grumman Pegasus XL for a Swift Observatory reboost as soon as June 27 from Kwajalein.

All.Space redomiciles to Alabama inside York Space deal

YSS

Satellite terminal developer All.Space formally moved its headquarters from Reading, UK to Florence-Muscle Shoals, Alabama, while it is being acquired by Colorado-based York Space Systems under a $355 million deal announced in April. CEO Paul McCarter said U.S. government customers wanted the company to be based in or owned by a U.S. firm, and All.Space already had U.S. production and a Baltimore office. AE Industrial Partners, York's largest shareholder, is building an aerospace and defense hub in the same Alabama area, with Hadrian as anchor tenant.

Dawn Aerospace raises $25M Series B for Aurora and in-orbit refueling

Dawn Aerospace closed a $25 million Series B at a $195 million post-money valuation led by Balerion Space Ventures, with Mana Ventures, ANA Future Frontier Fund and NZVC participating. The New Zealand-Dutch company says revenue has grown from under $3 million to more than $15 million since its 2022 Series A and that operations are cash-flow positive. Funds will accelerate the Aurora spaceplane toward two Kármán-line flights in one day in 2027 under a $17 million Oklahoma partnership, and seed a 2028 in-orbit refueling demo for its Loop satellite propulsion line.

[ 03 / +14 / -30 ]

Market pulse

Archived snapshot from this edition. Prices and moves are not live.

Gainers+14

Decliners-30

Big mover SPCE-41.3%

SIDU: Sidus Space's LizzieSat® Completes Vibration Testing Ahead of Expected Fall 2026 Launch.

Asset	Snapshot	Move
MTRNMaterion	$272.59	+10.8%
GLWCorning	$194.28	+10.0%
APHAmphenol	$163.74	+7.4%
SPCEVirgin Galactic	$3.365	-41.3%
SIDUSidus Space	$3.145	-28.4%
LUNRIntuitive Machines	$22.17	-27.7%