SpaceX shares popped about 4% on Tuesday, as Elon Musk’s rocket builder continued its meteoric rise following a record-breaking IPO on Friday.
With the skyrocketing share value, SpaceX briefly overtook Microsoft in market cap, changing into the fourth-largest firm by valuation within the U.S.
SpaceX’s market cap touched $2.94 trillion in mid-morning buying and selling, surpassing Microsoft’s valuation of $2.93 trillion, earlier than ending the day decrease at $2.65 trillion.
SpaceX additionally leapfrogged Amazon, which has a market cap of about $2.64 trillion. The inventory has the next bar to clear to move Apple, the third-largest U.S. firm, with a market worth of almost $4.4 trillion.
The transfer comes after SpaceX shares jumped 20% of their first full day of buying and selling after a blockbuster debut. The historic IPO minted Musk because the world’s first trillionaire.
SpaceX’s inventory has surged roughly 62% from its preliminary public providing value of $135 a share. That is greater than Amazon gained previously 5 years. The e-commerce large’s shares are up about 45% over that stretch.
Earlier on Tuesday, SpaceX introduced it could purchase standard synthetic intelligence coding startup Cursor for $60 billion. The deal, which is anticipated to shut within the third quarter of this 12 months, may assist give SpaceX an edge towards main AI labs OpenAI and Anthropic, which additionally provide coding instruments.
Musk, who serves as CEO of SpaceX, posted on X on Sunday that the corporate “would possibly be capable of attain roughly” $1 trillion income in 2030.
That will be an enormous soar from the $18.7 billion in income it had in 2025. The corporate posted a $4.9 billion web loss in 2025, and it misplaced $4.28 billion within the first quarter of this 12 months.
SpaceX shares over the previous day.
Based in 2002, SpaceX has turn into dominant in satellites by way of its Starlink service and reusable rockets.
In February, Musk merged the corporate together with his AI startup xAI, after combining the latter together with his social media platform X in 2025.
SpaceX’s debut has raised questions over its sky-high valuation, regardless of the large positive aspects it is seen since itemizing.
CFRA on Friday initiated protection of the inventory with a promote ranking and a 12-month value goal of $115, which is an almost 29% drop from Friday’s closing value. CFRA stated its view was “as a result of firm’s extraordinarily formidable progress technique, elevated valuation expectations, and vital capital depth.”
Talking to CNBC’s “Squawk Field Asia” on Monday, Steve Westly, founder and managing accomplice of The Westly Group and a former board member of Musk’s Tesla, stated that SpaceX might want to ship outcomes to bullish backers quick.
“Traders at SpaceX, I consider, will get fairly grumpy after three or 4 quarters if he does not meet among the progress projections that they made within the S1,” he stated, referring to the SEC submitting utilized by corporations planning on going public.
Bullish market analysts level to a long-term timeframe for returns on the inventory.
“Whenever you take an extra step again, it is about this fourth industrial revolution, and traders are targeted on the place every part’s heading, whether or not it is on ships, house, whether or not it involves infrastructure, industrials,” Dan Ives, international head of tech analysis at Wedbush Securities, informed CNBC’s “Europe Early Version” on Tuesday.
Clarification: This story has been up to date to make clear that SpaceX briefly turned the fourth-largest firm by valuation within the U.S.
