#SpaceX600亿美元收购Cursor后SPCX跌18% The largest IPO in history, the fastest burial.
SpaceX went public just 4 days ago, and Musk announces a $60 billion all-stock acquisition of Cursor, not a dime in cash. In plain terms, he’s using newly minted shares that hit a 50% premium as collateral to gobble up an AI programming company, Cursor, whose market share has plummeted from 41% last June to 26% this May, long past its peak. The latest valuation was only $29 billion, and now it's being snatched up for $60 billion, a premium that’s doubled.
Retail traders jumped into $SPCX at more than 4 times the speed of Nvidia, net buying $3.698 billion in the first three days of the IPO. And what happened next? Two days of straight losses, with SPCX dropping from 225 to 185, an 18% decline, evaporating $620 billion in market cap, and most retail investors are nearing their break-even point (current price around 178).
Morningstar slashed the fair value to $62, implying a 69% downside. There’s also a lock-up period expiring in August that needs to be digested.
This play is well-known in the crypto circle—first pump the valuation, then use the "premium portion" gained to acquire other assets. Off-chain it’s called "all-stock strategic merger," while on-chain it’s "token treasury left-hand to right-hand." #XAI , #SpaceX , #CursorAI have all been bundled into the same Musk shell, all done on paper wealth.
So here’s the question: in this "epic merger," who really is the funder?
SpaceX went public just 4 days ago, and Musk announces a $60 billion all-stock acquisition of Cursor, not a dime in cash. In plain terms, he’s using newly minted shares that hit a 50% premium as collateral to gobble up an AI programming company, Cursor, whose market share has plummeted from 41% last June to 26% this May, long past its peak. The latest valuation was only $29 billion, and now it's being snatched up for $60 billion, a premium that’s doubled.
Retail traders jumped into $SPCX at more than 4 times the speed of Nvidia, net buying $3.698 billion in the first three days of the IPO. And what happened next? Two days of straight losses, with SPCX dropping from 225 to 185, an 18% decline, evaporating $620 billion in market cap, and most retail investors are nearing their break-even point (current price around 178).
Morningstar slashed the fair value to $62, implying a 69% downside. There’s also a lock-up period expiring in August that needs to be digested.
This play is well-known in the crypto circle—first pump the valuation, then use the "premium portion" gained to acquire other assets. Off-chain it’s called "all-stock strategic merger," while on-chain it’s "token treasury left-hand to right-hand." #XAI , #SpaceX , #CursorAI have all been bundled into the same Musk shell, all done on paper wealth.
So here’s the question: in this "epic merger," who really is the funder?