SpaceX Surpasses Amazon in Market Cap, Reaching $2.6T

SpaceX briefly surpassed Amazon in market capitalization, reaching a peak of $2.9 trillion. This milestone followed a 20% stock surge on its first trading day and news of its acquisition of Cursor, an AI-coding startup. By market close, the valuation adjusted to $2.6 trillion, yet investor interest in SpaceX remains robust.

Despite financial challenges—reporting a $4.9 billion loss on $18.7 billion revenue last year—the company is aggressively expanding into new sectors. Key initiatives include partnerships with Anthropic and Google for cloud computing services, as well as integrating Cursor’s business post-acquisition in Q3. These moves aim to solidify SpaceX’s position in AI and cloud technologies.

Elon Musk previously stated that xAI, now under SpaceX, was rebuilt from the ground up. The $60 billion stock-financed acquisition of Cursor underscores the company’s commitment to AI as a core asset. However, experts highlight the volatility of SpaceX’s shares, with over 300 million shares traded in a single day—more than half of its post-IPO float.