Value of Elon Musk’s firm at one point rose to $2.97tn just days after its IPO following purchase of AI coding startup Cursor

Elon Musk’s SpaceX has overtaken Amazon as the world’s fifth-most valuable company days after its stock market debut.

The jump in value came as it agreed to buy the startup behind the AI-powered coding app Cursor for $60bn (£44bn), in an attempt to capitalise on the technology’s success as a coding tool.