SpaceX rises 4% to leapfrog Amazon in market cap, closes short of Microsoft
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- SpaceX shares jumped ~4% on Tuesday, briefly pushing market cap to $2.94 trillion — past Microsoft ($2.93T) and Amazon (~$2.64T) — before closing at $2.65 trillion, making it briefly the fourth-largest U.S. company by valuation.
- SpaceX announced a $60 billion deal to acquire AI coding startup Cursor, expected to close in Q3 2026, positioning the company against OpenAI and Anthropic in coding tools.
- Elon Musk was minted as the world's first trillionaire from SpaceX's record-breaking IPO last Friday; shares have since climbed ~62% from the $135 offering price, outpacing Amazon's gains over the past five years combined.
- Musk posted that SpaceX "might be able to reach approximately" $1 trillion in revenue by 2030, up from $18.7 billion in 2025, even as the company posted a $4.9 billion net loss in 2025 and a $4.28 billion loss in Q1 2026.
- CFRA initiated coverage on Friday with a sell rating and a $115 price target — nearly 29% below Friday's close — citing "extremely ambitious growth strategy, elevated valuation expectations, and significant capital intensity."
- SpaceX merged with Musk's AI startup xAI in February, after xAI combined with social media platform X in 2025, consolidating the Musk companies behind a unified AI-and-space thesis.
Why it matters: Investors are paying $2.65 trillion for a company that lost $4.9 billion in 2025 and carries a CFRA sell rating with a $115 target — 29% below Friday's close. The bet is Musk's $1 trillion revenue vision for 2030 against the fundamentals analysts see today, and the Cursor deal's Q3 close will be the first concrete test of whether the post-IPO momentum converts to execution.
