SpaceX Briefly Became Fifth Most Valuable Company in the World

SpaceX briefly passed Amazon to become the fifth-most valuable company in the world on Tuesday, as the newly public company’s shares continued their sharp post-IPO rally.

The company also nearly eclipsed Microsoft before its shares gave back some of those gains before the market closed.

Stock Surges Again

SpaceX shares had already climbed 20% on Monday, its first full day of trading.

The stock moved even higher on Tuesday after news that SpaceX was acquiring AI coding company Cursor. The start of options trading on SpaceX shares also added to the momentum.

At one point, the rally pushed SpaceX’s valuation to $2.9 trillion before it settled back down.

Losses Do Not Stop Rally

The sharp rise came despite SpaceX posting a $4.9 billion loss on $18.7 billion in revenue last year. By comparison, Amazon posted a $78 billion profit in 2025 on $717 billion in sales.

However, SpaceX has recently added new revenue streams through compute leasing deals with Anthropic and Google.

The company will also absorb revenue from Cursor once that acquisition closes in the third quarter.

Investors Focus on AI

The Anthropic and Google deals are non-binding, but investors have continued to push SpaceX shares higher.

Elon Musk’s space-and-AI company has added roughly $1 trillion to its valuation since going public on Friday.

The IPO brought in nearly $86 billion in fresh capital for SpaceX, largely based on expectations that the company can build an AI business worth trillions of dollars.

That is a major claim for a company that recently rebuilt its AI division from the ground up.

Cursor Acquisition

SpaceX first revealed a collaboration with Cursor in April. At the time, Musk said xAI, which is now part of SpaceX, “was not built right [the] first time around” and that he was rebuilding it “from the foundations up.”

SpaceX is acquiring Cursor through a deal worth $60 billion in company shares.

Historic IPO

SpaceX debuted with a valuation of around $1.7 trillion in its historic IPO. The transaction raised nearly $86 billion for Musk’s company.

SpaceX made only about 4% of its total shares available for trading, a setup that experts said could make the stock more vulnerable to sharp price swings.

Heavy Trading Volume

That volatility appeared on Tuesday. Traders exchanged more than 300 million SpaceX shares during the trading day, according to Nasdaq data.

That was more than half of the 555 million shares available on the public market after the IPO.

After-Hours Volatility

The volatility continued after the market closed.

During after-hours trading, SpaceX’s valuation briefly passed Amazon’s market cap for a second time before falling again.