SpaceX briefly surpassed Amazon to become the world’s fifth most valuable company and nearly eclipsed Microsoft, before the company’s stock pared those gains before the market closed Tuesday.
Shares of the newly public company had already risen 20% on Monday, its first full day of trading. Tuesday’s news that SpaceX was acquiring AI coding company Cursoralong with the start of options trading on SpaceX shares, it caused the share price to rise even further, pushing its valuation to $2.9 trillion before it eventually fell again.
All of this despite SpaceX posting a $4.9 billion loss on $18.7 billion in revenue last year, compared to Amazon, which made a profit of $78 billion in 2025 on $717 billion in sales in 2025. However, SpaceX has recently added new revenue streams in the form of computer leasing deals with Anthropic and Google, and will absorb the revenue. of Cursor when that deal closes in the third quarter.
The deals with Anthropic and Google are non-binding, but investors don’t seem to care about either. Elon Musk’s space and artificial intelligence company had added about $1 trillion to its valuation since going public on Friday.
That transaction netted SpaceX nearly $86 billion in fresh capital, largely thanks to promises that it can create an AI business worth trillions of dollars, a wild claim for a company that recently gutted its AI division.
SpaceX first revealed a collaboration with Cursor in April, at a time when Musk said his artificial intelligence company xAI, now part of SpaceX, “wasn’t built right (the) first time” and that he was rebuilding it “from the ground up.” SpaceX is making the acquisition with $60 billion in company stock.
SpaceX’s historic IPO saw it debut at a valuation of around $1.7 trillion, and the transaction increase almost 86 billion dollars for Musk’s company. SpaceX only made about 4% of its total shares available for trading, which experts predicted would make the stock more susceptible to wild swings.
That appeared to be the case on Tuesday, when traders traded more than 300 million SpaceX shares throughout 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 market.
Volatility continued in after-hours trading, which saw SpaceX’s valuation briefly eclipse Amazon’s market capitalization for the second time before falling again.
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