SpaceX Market Value Soars to Trillions, Briefly Tops Amazon Before Pullback

A sudden surge in trading pushed SpaceX’s market value into the upper trillions on Tuesday, briefly overtaking Amazon and closing nearer to the top five of global companies before retreating by the end of the session. The stock spiked as options began trading and the company confirmed a purchase of AI coding firm Cursor using company stock, driving a short-lived peak near $2.9 trillion and a close closer to $2.6 trillion.

Investors had already sent the shares higher on Monday, when the stock climbed by about one-fifth on its first full day in public hands. The momentum intensified when the acquisition of Cursor — a $60 billion deal paid in stock — became public, and market participants started transacting options tied to SpaceX shares. The company’s blockbuster initial public offering last week raised nearly $86 billion and launched SpaceX at about a $1.7 trillion market value, and the rally since has added roughly $1 trillion more.

The company’s recent market run stands against mixed underlying results. In the most recent year SpaceX recorded a roughly $5 billion net loss on nearly $19 billion in revenue, while Amazon showed markedly different fundamentals, earning about $78 billion on roughly $717 billion in sales in 2025. Some analysts warn that investors are leaning heavily on future AI revenue forecasts rather than current profit margins when pricing the stock. "When only a sliver of stock is tradable, expectations can overpower earnings," said a market strategist who follows big tech.

SpaceX is pressing several avenues to grow revenue. It has announced compute-leasing arrangements with Anthropic and Google that could expand income if finalized, and the company will fold Cursor’s figures into its books when the acquisition closes in the third quarter. Earlier this year, Elon Musk acknowledged that his AI operation required substantial rebuilding, a step that investors appear willing to bet will yield a significantly larger business down the road.

Market mechanics helped amplify moves. SpaceX released about 4% of its total shares to public markets — roughly one of every 25 shares — leaving a relatively small supply for buyers and sellers to work through. Traders exchanged more than 300 million SpaceX shares on Tuesday, a volume that exceeded half of the roughly 555 million shares available to the public, according to Nasdaq data. The thin float, combined with new options flow, produced sharp swings and further after‑hours gains that briefly nudged the company past Amazon again before another decline.

What happens next is uncertain. The IPO stocked SpaceX with fresh capital and a narrative focused on building a multitrillion-dollar AI enterprise, but the company still faces the task of converting deals and acquisitions into steady profits. With a small portion of shares available to trade, volatility is likely to persist, underscoring the risks for investors chasing rapid market-value growth rather than established earnings.