SpaceX tops Amazon and Microsoft in market cap, becomes fourth-largest US company
SpaceX surpassed Microsoft on Tuesday to become the fourth-largest U.S. company by market value, as shares of the Elon Musk-led rocket and technology firm rose nearly 13% on its third public day. The milestone further extends SpaceX’s record-breaking stock market debut on Friday, where it outperformed both Amazon and Microsoft in a single session after its share price soared 20% in its first full trading day.
The milestone comes alongside the company’s announcement of its $60 billion acquisition of Cursor, a widely used AI coding tool, extending what has been one of the most significant opening weeks in recent stock market history.
| Company | Market Value (Trillion) |
|---|---|
| Nvidia | $5.09 |
| Alphabet | $4.46 |
| Apple | $4.34 |
| Microsoft | $2.92 |
| SpaceX | $2.89 |
| Amazon | $2.67 |
| broadcom | $1.85 |
| Meta | $1.52 |
| Tesla’s | $1.51 |
| Micron | $1.24 |
SpaceX Stock Soars 8% on Tuesday, Raising Market Cap to $2.74 Trillion
SpaceX shares rose nearly 8% on Tuesday, pushing the company’s market value to about $2.74 trillion in early morning trading. Amazon was worth about $2.65 trillion at the same point, and SpaceX was ahead of the e-commerce and cloud computing group by nearly $90 billion.
Tuesday’s gain comes after SpaceX shares rose 20% in its first day of trading following the company’s record-breaking initial public offering on Friday. The stock is now up more than 19% in each of its first two full trading days, making it one of the most closely watched post-IPO performers in recent memory.
The depth of interest from retail investors is remarkable. On Monday, SpaceX accounted for nearly three-quarters of all stock purchases among retail investors, according to data from Vanda Research.
SpaceX Acquires AI Coding Tool Cursor in $60 Billion Stock Deal
SpaceX announced Tuesday that it will acquire Cursor, an AI coding agent that can autonomously write software and compete directly with Anthropic’s Claude Code and OpenAI Codex. The value of the all-stock deal is $60 billion.
SpaceX announced in April that Cursor had given the company the rights to purchase it. According to the company’s own website, Cursor is used by 64% of Fortune 500 companies, making it one of the fastest-growing tools in the competitive AI coding market.
This acquisition adds to SpaceX’s already significant AI capital expenditures. The company spent $12.7 billion on AI in 2025 and spent another $7.7 billion on the technology in the first three months of 2026 alone. The Cursor deal now adds $60 billion in stock liabilities to that figure.
SpaceX merged with CEO Elon Musk’s artificial intelligence company xAI earlier this year with the goal of eventually launching data centers into space, combining the potential of cheap cooling and free solar electricity with the Starlink satellite network for communications.
The company merged xAI with social media platform X in 2025. The combined entity now spans aviation, AI research and social media.
Why Is SpaceX Betting Heavy on Artificial Intelligence?
The scale of SpaceX’s AI spending reflects competitive pressure in a market where rivals are moving quickly. In a regulatory filing, SpaceX predicted that enterprise AI applications will become a $22.7 trillion market in the near future; This foresight underlies the willingness to absorb significant near-term financial losses.
The acquisition of Cursor is seen as a move that could help SpaceX close the gap with leading artificial intelligence developers. The company believes that capturing AI coding talent is central to its long-term goals for space infrastructure, satellite communications and enterprise software.
Musk Predicts SpaceX to Generate $1 Trillion in Revenue by 2030, Despite Current Losses
Elon Musk stated on X on Sunday that SpaceX could reach “approximately” $1 trillion in revenue by 2030. The forecast represents a significant distance from the company’s current financial position. While SpaceX generated $18.7 billion in revenue in 2025, it also reported a net loss of $4.9 billion. The company reported another loss of $4.28 billion in the first quarter of 2026.
These losses are largely a result of the company’s AI investment strategy. Billions of dollars in spending on AI have ultimately taken a heavy toll even as the company’s public valuation has soared.
In a filing with regulators, SpaceX predicted that enterprise AI applications will become a $22.7 trillion market in the near future; this figure has been put forward to justify the size of its current expenditure.
SpaceX Background: From Rocket Launches to a $2.74 Trillion Public Company
Founded in 2002, SpaceX has established itself as a leading provider of commercial launch services and satellite internet connectivity through its Starlink network and reusable rocket program.
From a private aerospace company to one of the world’s most valuable public companies, its path in its first week of trading reflects both the size of investors’ appetite for long-term technology bets and the breadth of the business it brings together through rockets, satellites, artificial intelligence and social media.
