SpaceX valuation balloons to $2.6T, briefly passes Amazon

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

The newly listed company’s shares were already up 20% on Monday – its first full day of trading. Tuesday’s news that SpaceX was acquiring AI coding company Cursor, along with the start of options trading on SpaceX’s stock, sent the stock price even higher, pushing its valuation to $2.9 trillion before eventually settling down.

All this despite SpaceX posting a $4.9 billion loss on $18.7 billion in revenue last year, compared to Amazon, which posted a $78 billion profit on $717 billion in revenue in 2025. However, SpaceX recently added new revenue streams in the form of compute leases with Anthropic and Google, and will absorb Cursor’s revenue when that deal closes in the third quarter.

The Anthropic and Google deals are non-binding, but investors don’t seem to mind that anyway. Elon Musk’s space and AI company had added about $1 trillion to its valuation since going public on Friday.

That deal gave SpaceX nearly $86 billion in fresh capital, thanks in large part to the promise that it can create an AI company worth trillions of dollars — a wild claim for a company that recently gutted its AI division.

SpaceX first unveiled a partnership with Cursor in April, at a time when Musk said his AI company xAI – now part of SpaceX – “wasn’t built right [the] first time” and that he was rebuilding it “from the foundations.” SpaceX makes the acquisition with $60 billion in company stock.

SpaceX’s historic IPO saw its debut at a valuation of approximately $1.7 trillion, and the transaction raised nearly $86 billion for Musk’s company. SpaceX made only about 4% of its total shares available for trading, which experts said would make the stock more susceptible to wild swings.

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

Volatility continued in after-hours trading, where SpaceX’s valuation briefly eclipsed Amazon’s market cap for a second time before falling again.