Market Minute ⏱️ 6/16/26: SpaceX Launches $60 BLN Cursor Buy

Mike Larson | Editor-in-Chief

Stocks are taking a breather, while crude oil is sliding further, as traders digest details of the Middle East truce deal. Meanwhile, gold and silver are up modestly along with Treasuries. The dollar is flat.

Fresh off the biggest Initial Public Offering (IPO) in history, SpaceX (SPCX) has agreed to buy Cursor for $60 billion in stock. Cursor is an autonomous, AI-based coding company founded in 2023 that competes with the wildly popular Claude and Codex tools produced by Anthropic and OpenAI.

In its first full day of post-IPO trading yesterday, SpaceX stock jumped 19.6% — and it was recently up another 6% today. If the gains hold, the company would be worth around $2.9 trillion. Retail buyers poured $117.6 million into SPCX on its debut day, according to Vanda Research. That was the most of any IPO in recent history.

Markets expected the Bank of Japan to hike interest rates, and it didn’t disappoint. The BOJ raised rates by a quarter point to a 31-year high of 1%. Its move followed a recent hike by the European Central Bank, and comes amid elevated inflation pressure in a country long known for deflation. Officials there indicated they were inclined to raise rates further, too. Here in the US, the Federal Reserve meets this week – but is widely expected to hold rates steady (for now).

Finally, Robinhood Markets Inc. (HOOD) followed Coinbase Global Inc. (COIN) in laying off workers to cut costs. The online and app-based broker said it would cut 290 jobs, or about 10% of its workforce to “remain lean and disciplined.” The move comes with $28 million in restructuring and other costs.

Lackluster cryptocurrency trading activity has weighed on retail brokers, though a surge in IPOs and enhanced prediction market volume may help turn the tide. Robinhood stock is down 13.2% year-to-date, while Coinbase is off 24.9%.

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