Why did SPCX move on Jun 16, 2026?

The tokenized SpaceX stock SPCX moved upward following news that SpaceX entered a $60 billion deal to acquire AI coding startup Cursor to bolster its AI capabilities [1], a transaction that was subsequently praised by Sequoia investor Shaun Maguire [8][9][10]. Additionally, the stock was supported by reports that the U.S. Department of Justice intervened to seek the dismissal of a private lawsuit against Elon Musk's xAI, citing national security and the critical military operations enabled by its Grok Gov model [4][5][6][7]. This positive momentum was further amplified by record-high trading volumes for the tokenized equity on Solana [2].