SpaceX’s valuation rose to $2.6 trillion, briefly surpassing Amazon

SpaceX briefly overtook Amazon to become the world’s fifth-most valuable company, and nearly overtook Microsoft, before the company’s shares pared those gains before the market closed on Tuesday.

The newly public company’s stock was already up 20% on Monday — its first full day of trading. Tuesday’s news of SpaceX’s acquisition of artificial intelligence programming company Cursor, coupled with the start of options trading on SpaceX stock, sent the stock price soaring, sending its value to $2.9 trillion before eventually stabilizing again.

All this despite the fact that SpaceX posted a loss of $4.9 billion on revenue of $18.7 billion last year, compared to Amazon, which posted a profit of $78 billion in 2025 on sales of $717 billion in 2025. SpaceX recently added new revenue streams in the form of computing leasing deals with Anthropic and Google, and will absorb revenue from Cursor when that deal closes in the third quarter.

The Anthropic and Google deals are non-binding, but investors don’t seem to mind either way. Elon Musk’s space and artificial intelligence company has added nearly $1 trillion to its value since going public on Friday.

The deal netted SpaceX nearly $86 billion in new capital, largely on the promise that it could create an AI business worth trillions of dollars — a wild claim for a company that recently tore its AI division down to the bottom.

SpaceX first revealed its collaboration with Cursor in April, at a time when Musk said his artificial intelligence company xAI – now part of SpaceX – “wasn’t built right (the) first time” and that he was rebuilding it “from the foundations up.” SpaceX is in the process of acquiring $60 billion worth of company stock.

SpaceX’s historic IPO saw it debut at a valuation of around $1.7 trillion, and the deal He grew up Nearly $86 billion to Musk’s company. SpaceX has only about 4% of its total shares available for trading, which experts predicted would make the stock more vulnerable to wild fluctuations.

That appeared to be the case on Tuesday, as traders exchanged more than 300 million shares of SpaceX stock throughout the trading day — more than half of the 555 million available on the public market after the IPO, according to data from NASDAQ.

Volatility continued in after-hours trading, which saw SpaceX’s valuation briefly surpass Amazon’s market capitalization for a second time before falling again.