SpaceX briefly overtook Amazon to become the world’s fifth-most valuable company on Tuesday as its shares continued a remarkable rally following the company’s historic public debut.
The stock had already surged 20 percent on Monday, its first full day of trading, and extended those gains after reports emerged that SpaceX was acquiring AI coding startup Cursor. The launch of options trading on SpaceX shares also contributed to the strong momentum.
At its peak, the rally pushed SpaceX’s market valuation to nearly $2.9 trillion, briefly putting it within striking distance of Microsoft before the stock retreated from its highs by the close of trading.
The sharp rise came despite the company reporting a loss of $4.9 billion on revenue of $18.7 billion last year. In comparison, Amazon generated a profit of $78 billion on sales of $717 billion in 2025.
Investors have remained focused on SpaceX’s artificial intelligence ambitions and new revenue opportunities. The company recently secured compute leasing agreements with Anthropic and Google, while additional revenue is expected from Cursor following the completion of the acquisition.
Since its IPO on Friday, SpaceX has added roughly $1 trillion to its valuation. The offering raised nearly $86 billion in fresh capital, making it one of the largest IPOs in history and reflecting investor confidence in the company’s long-term AI strategy.
The company’s AI division, now integrated with Elon Musk’s broader technology ambitions, has undergone significant restructuring. Earlier this year, Musk said the business was being rebuilt from the ground up to better compete in the rapidly expanding AI market.
SpaceX is acquiring Cursor through a deal valued at approximately $60 billion in company shares, further strengthening its position in the AI sector.
The company debuted on public markets with a valuation of around $1.7 trillion. However, only about 4 percent of its shares were made available for trading, a factor analysts say could contribute to heightened volatility in the stock price.
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