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SpaceX Acquires Cursor AI In $60 Billion Deal As Coding Agent Race Heats Up
SpaceX has agreed to acquire AI coding startup Cursor for $60 billion, giving Elon Musk's artificial intelligence empire a leg up in the chatbot coding race currently led by frontier AI labs such as OpenAI, Anthropic, and Google.
The Cursor acquisition was announced in a SpaceX 8-K filing with the SEC on Tuesday morning. Details of the deal show that Cursor shareholders will receive SpaceX Class A common stock, implying a Cursor equity value of $60 billion.
The SpaceX-Cursor deal is expected to close in the third quarter of 2026, subject to regulatory approvals and other closing conditions.
AI coding tools are among the fastest-growing segments in the AI chatbot race. Over the last eight months, coding technology has rapidly matured and can now build everything from large software projects to websites using plain-language prompts.
There are reasons to believe AI coding could be one of the quickest pathways to achieving artificial general intelligence, or AI systems that are generally as smart as humans.
The deal bolsters SpaceX's AI capabilities just days after the company launched an unprecedented initial public offering.
Overnight, SPCX shares nearly hit $230 per share, giving it a $3 trillion market cap and surpassing MSFT in value.
As of Tuesday morning, shares were trading around $209.
SPCX options begin trading today, which could result in a strong gamma squeeze, potentially sending the stock to $400 or even $420 in the near term (read report).
Tyler Durden Tue, 06/16/2026 - 07:45
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US Residential Solar Installations Set To Stall For Years As Market Hits Wall
Residential solar in the US is actively cratering after President Trump's One Big Beautiful Bill resulted in the sunsetting of a key tax credit for homeowners last year - which will result in a prolonged slump in installations, according to Bloomberg New Energy Finance (BNEF).
"The market is not expected to recover to the record levels of 2023 anytime in the next decade," according to the report.
The downturn is widespread - with installers nationwide reporting steep drops in new rooftop projects. Higher interest rates, the winding down of certain federal incentives, and shifting state policies are cited as primary drivers behind the slowdown. Many homeowners are now facing longer payback periods and higher upfront costs, making the economics less attractive than in previous years.
Two notable exceptions stand out amid the broader decline. California and Florida continue to see relatively stronger demand, supported by state-level incentives, high electricity prices, and established installer networks. Even in these states, however, growth has moderated compared with the boom years, and analysts expect the national picture to remain challenged for the foreseeable future.
Impact on Major Players and Supply ChainCompanies such as Sunrun, Enphase Energy, and SunPower have already felt the effects through softer order books and margin pressure. The residential segment, once a bright spot in the clean energy transition, is now forcing these firms to adjust forecasts and focus more on commercial and utility-scale projects where demand remains steadier.
The stall comes at a time when broader energy policy debates are intensifying. With changing federal priorities and questions around long-term subsidy structures, the residential solar sector is confronting the reality that rapid adoption was heavily dependent on favorable financing and generous tax credits that are now fading.
This development underscores the challenges of scaling residential renewables without sustained policy tailwinds. While utility-scale solar and battery storage continue to expand in many regions, the rooftop market's slowdown highlights how sensitive consumer adoption remains to interest rates, payback periods, and regulatory certainty. BloombergNEF's outlook suggests the industry may need several years to stabilize before any meaningful recovery takes hold.
That said, Californa and Florida are bucking the trend...
California, a longtime solar leader, and Florida, which passed a new pro-solar law last year. BloombergNEF projects Florida’s residential solar additions will hit 710 megawatts in 2026, a 62% increase over last year. California’s installations are also forecast to grow 17% in 2026. Both states are also leading on solar permit applications. -Bloomberg
The national crunch is also affecting the market for solar batteries - from which only about 1.4 gigawatts of home storage is expected to go online this year, down 26% from 2025. That said, some 40% of new residential solar systems in the first three months of 2026 had batteries, BloombergNEF found, up from an average 35% last year.
"Battery storage is the future of home solar," said BloombergNEF analyst, Cosmo van Steenis. "Batteries can lay up stores of solar power in the daytime and release them at night."
Tyler Durden Tue, 06/16/2026 - 06:55