SpaceX briefly handed Amazon to develop into the fifth-most precious firm on the earth, and practically eclipsed Microsoft, earlier than the corporate’s shares pared again these beneficial properties earlier than the market closed Tuesday.
The newly public firm’s inventory had already climbed 20% on Monday — its first full day of buying and selling. Tuesday’s information that SpaceX was acquiring AI coding company Cursortogether with the beginning of choices buying and selling on SpaceX’s shares, despatched the share value even increased, spiking its valuation to $2.9 trillion earlier than it in the end settled again down.
That is all even if SpaceX posted a $4.9 billion loss on $18.7 billion in income final yr, in comparison with Amazon, which turned a $78 billion revenue in 2025 on $717 billion in gross sales in 2025. SpaceX has not too long ago added new income streams within the type of compute leasing offers with Anthropic and Google, although, and can take up the income from Cursor when that deal closes within the third quarter.
The Anthropic and Google offers are non-binding, however traders don’t appear to thoughts both means. Elon Musk’s space-and-AI firm had added roughly $1 trillion to its valuation since going public on Friday.
That transaction netted SpaceX practically $86 billion in recent capital, largely on guarantees that it will possibly create an AI enterprise value trillions of {dollars} — a wild declare for a corporation that not too long ago tore its AI division all the way down to the studs.
SpaceX first revealed a collaboration with Cursor in April, at a time when Musk stated his AI firm xAI — now part of SpaceX — “was not constructed proper (the) first time round” and that he was rebuilding it “from the foundations up.” SpaceX is making the acquisition with $60 billion in firm shares.
SpaceX’s historic IPO noticed it debut with a valuation of round $1.7 trillion, and the transaction raised practically $86 billion for Musk’s firm. SpaceX solely made about 4% of its whole shares out there for buying and selling, which specialists predicted would make the inventory extra vulnerable to wild swings.
That gave the impression to be the case Tuesday, as merchants swapped greater than 300 million SpaceX shares all through the buying and selling day — greater than half of the 555 million out there on the general public market post-IPO, in response to knowledge from the Nasdaq stock exchange.
The volatility continued into after-hours buying and selling, which noticed SpaceX’s valuation briefly eclipse Amazon’s market cap for a second time earlier than falling once more.
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