SpaceX valuation hits $2.6T, briefly surpasses Amazon

SpaceX briefly became the fifth-most valuable company globally on Tuesday, surpassing Amazon's market capitalization before shares pared back gains at market close. The newly public company's stock climbed 20% on its first full trading day Monday. Tuesday's announcement of SpaceX's acquisition of Cursor, an AI coding company, combined with the start of options trading, drove the share price higher, spiking the valuation to $2.9 trillion before settling lower. The acquisition will be completed in the third quarter using $60 billion in company shares. SpaceX debuted its IPO Friday at approximately $1.7 trillion valuation, raising nearly $86 billion in fresh capital. The company added roughly $1 trillion to its valuation since going public. Despite the valuation surge, SpaceX posted a $4.9 billion loss on $18.7 billion in revenue for 2025, compared to Amazon's $78 billion profit on $717 billion in sales. SpaceX has added new revenue streams through compute leasing deals with Anthropic and Google, though these are non-binding agreements. The company has also disclosed recent AI division restructuring, with CEO Elon Musk stating in April that his AI company xAI, now part of SpaceX, was 'not built right the first time' and required rebuilding 'from the foundations up.' Notably, SpaceX made only about 4% of its total shares available for public trading, making the stock susceptible to volatility. Over 300 million SpaceX shares traded Tuesday—more than half of the 555 million shares available publicly post-IPO.