SpaceX surpasses Amazon in market cap

In its first two full trading days on Monday and Tuesday, SpaceX soared past Amazon and briefly eclipsed Microsoft to become the fourth-most valuable company, hitting a $2.94 trillion valuation.

The company’s shares jumped 20% on Monday (its first full day of trading) and another 12% on Tuesday (the same day it announced a $60 billion all-stock acquisition of AI coding startup Cursor). SpaceX finished yesterday at $2.65 trillion.

The blockbuster IPO cemented Elon Musk as the world’s first trillionaire.

Since its IPO at $135 a share, SpaceX stock has surged roughly 62%. That’s despite the rocket company reporting a $4.9 billion loss on $18.7 billion in revenue last year, while Amazon generated $78 billion in profit on $717 billion in sales in 2025.

AI expansion takes center stage
With its Cursor acquisition, Musk is looking to compete with Anthropic and OpenAI. The deal, expected to close in the third quarter, will strengthen SpaceX’s AI operations built around xAI, which merged with the company earlier this year.

Investors look beyond losses
SpaceX raised nearly $86 billion through its IPO, one of the largest capital raises in history. With only about 4% of its shares available for public trading, the stock has experienced sharp swings, highlighting strong demand from investors who are backing Elon Musk’s vision of building a trillion-dollar AI business.