SpaceX overtakes Amazon in market cap as stock rises 8% on third day of trading
SpaceX crossed a landmark threshold on Tuesday, overtaking Amazon in market capitalisation as its post-IPO share price continued an ascent that has already redrawn the
SpaceX crossed a landmark threshold on Tuesday, overtaking Amazon in market capitalisation as its post-IPO share price continued an ascent that has already redrawn the rankings of the world's most valuable companies. The milestone arrived alongside the company's announcement of a $60 billion acquisition of Cursor, a widely used artificial intelligence coding tool, extending what has already been one of the most consequential opening weeks in recent stock market history. SpaceX Stock Rises 8% on Tuesday, Pushing Market Cap to $2.74 Trillion SpaceX shares rose approximately 8% on Tuesday, bringing the company's market capitalisation to roughly $2.74 trillion in early morning trading. Amazon was valued at approximately $2.65 trillion at the same point, placing SpaceX ahead of the e-commerce and cloud computing group by a margin of close to $90 billion. The Tuesday gain follows a 20% rise in SpaceX shares on the first full day of trading after the company's record-breaking initial public offering on Friday. The stock has now risen more than 19% in each of its first two full trading days, making it one of the most closely tracked post-IPO performances in recent memory.
The depth of retail investor interest has been striking. On Monday, SpaceX accounted for nearly three-quarters of all single stock purchases among retail investors, according to data from Vanda Research. SpaceX Acquires AI Coding Tool Cursor for $60 Billion in All-Stock Deal SpaceX announced on Tuesday that it would acquire Cursor, an artificial intelligence coding agent that can write software autonomously and competes directly with Anthropic's Claude Code and OpenAI's Codex. The all-stock deal is valued at $60 billion. SpaceX had disclosed in April that Cursor had granted the company the right to acquire it. Cursor is used by 64% of Fortune 500 companies, according to the company's own website, making it one of the fastest-growing tools in the competitive AI coding market. The acquisition adds to SpaceX's already substantial artificial intelligence capital expenditure. The company spent $12.7 billion on AI in 2025 and a further $7.7 billion on the technology in the first three months of 2026 alone. The Cursor deal now adds $60 billion in stock obligations to that figure.
SpaceX merged with chief executive Elon Musk's AI company xAI earlier this year, with an ambition to eventually launch data centres into space, combining the potential for cheap cooling and free solar electricity with its Starlink satellite network for communications. The company combined xAI with his social media platform X in 2025. The combined entity now spans aerospace, artificial intelligence research, and social media. Why SpaceX Is Betting Heavily on Artificial Intelligence The scale of SpaceX's AI spending reflects competitive pressure in a market where rivals have moved quickly. SpaceX predicted in a regulatory filing that enterprise AI applications will become a $22.7 trillion market in the near future, a projection that underpins its willingness to absorb significant near-term financial losses. Acquiring Cursor is seen as a move that could help SpaceX close the gap with leading AI developers. The company believes that catching up in AI coding capability is central to its longer-term ambitions across space infrastructure, satellite communications, and enterprise software. Musk Projects $1 Trillion Revenue for SpaceX by 2030 Despite Current Losses Elon Musk posted on X on Sunday that SpaceX "might be able to reach approximately" $1 trillion revenue in 2030.
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