SpaceX valuation has swelled by roughly $1 trillion since its shares began trading Friday, briefly pushing Elon Musk’s company past Amazon and into the top tier of global corporate value.
The newly public company’s rally accelerated Tuesday after news that SpaceX would acquire AI coding company Cursor and after options trading began on SpaceX shares, according to TechCrunch. The stock had already climbed 20% Monday, its first full day of trading.
SpaceX valuation jumps to $2.7 trillion after shares begin trading Friday
The move briefly made SpaceX the fifth-most valuable company in the world, ahead of Amazon, before gains faded before Tuesday’s close. TechCrunch reported that SpaceX nearly eclipsed Microsoft as well, after its valuation spiked to $2.9 trillion intraday and then settled back down.
This wasn’t a quiet repricing. SpaceX’s IPO debuted at around $1.7 trillion and raised nearly $86 billion. By Tuesday, the company had added roughly $1 trillion in market value.
The trading setup helps explain the violence of the move. SpaceX made only about 4% of its total shares available for public trading. Experts cited by TechCrunch had warned that the limited float could make the stock more prone to sharp swings.
That warning played out fast. Traders exchanged more than 300 million SpaceX shares Tuesday, more than half of the 555 million shares available on the public market after the IPO, based on Nasdaq stock exchange data cited by TechCrunch.
The volatility did not stop at the closing bell. SpaceX’s valuation briefly topped Amazon’s market cap again in after-hours trading, then fell back.
XOOMAR analysis: The headline number is less important than the mechanism. A thin float, new options activity, and a major AI acquisition announcement landed at once. That combination can move a stock far faster than operating results alone would justify.
For readers tracking how options can magnify trading around volatile names, XOOMAR’s guide to 8 Options Trading Apps Battle for Spread Traders in 2026 gives useful context on the kind of derivatives activity now circling SpaceX shares.
Cursor deal, options trading and scarce float did the heavy lifting
The immediate catalyst was SpaceX’s plan to buy Cursor for $60 billion in company shares. Cursor makes AI coding tools, and the deal is expected to close in the third quarter, according to the supplied source material.
SpaceX first disclosed a collaboration with Cursor in April, when Musk said his AI company xAI, now part of SpaceX, “was not built right [the] first time around” and that he was rebuilding it “from the foundations up.”
“was not built right [the] first time around”
That quote matters because it puts the current valuation surge in a sharper light. Investors are not just pricing SpaceX as a rocket and satellite company. They are also assigning value to Musk’s rebuilt AI ambitions, even though the source material says the company recently “tore its AI division down to the studs.”
SpaceX has also added potential revenue streams through compute leasing deals with Anthropic and Google. Those deals are non-binding, TechCrunch reported, but the market reaction suggests investors are giving SpaceX credit for them anyway.
The numbers underneath the rally are stark:
| Company | Latest figures cited in source material | Market signal |
|---|---|---|
| SpaceX | $4.9 billion loss on $18.7 billion in revenue last year | Briefly passed Amazon by valuation |
| Amazon | $78 billion profit on $717 billion in 2025 sales | Temporarily fell behind SpaceX in market value |
That gap is the story. Amazon’s business produced far more revenue and profit in the cited period. SpaceX still commanded a mega-cap valuation because traders appear to be paying for future AI, compute and space-linked upside rather than current earnings.
For separate context on Amazon’s own competitive pressures, XOOMAR has covered how Retail Data War Pits Amazon Against Walmart for Ad Cash. That is not what drove Tuesday’s SpaceX move, but it shows why Amazon comparisons now carry weight far beyond ecommerce.
SpaceX passing Amazon shows how high Musk’s AI promise is being priced
The rally strengthens Musk’s position by turning SpaceX into a public-market mega-cap story within days of its debut. The IPO already raised nearly $86 billion. The Cursor acquisition now gives investors a concrete AI transaction to attach to the valuation.
SpaceX is making that acquisition with stock, not cash. At current valuation levels, that matters. A highly valued share currency can fund large deals with less immediate cash strain, though it also makes execution risk more visible if the stock reverses.
The company’s new valuation rests on several claims that still need proof. SpaceX must show that Cursor’s revenue can be absorbed after the deal closes. It must also show that compute leasing with Anthropic and Google can become durable business, especially because the source material says those agreements are non-binding.
XOOMAR analysis: The market is giving SpaceX credit for a business mix that has not fully shown up in the financials. The company posted a multibillion-dollar loss last year. Yet the valuation implies investors are treating its AI direction as potentially enormous, not as an experiment attached to a launch company.
That creates a hard bar. SpaceX can’t merely be exciting. It has to produce growth that looks closer to a dominant tech platform than a hardware-heavy aerospace company with massive capital needs.
Trading volume and SpaceX disclosures will decide whether the $2.7 trillion mark holds
The next test is market depth. Tuesday’s volume showed intense demand, but it also showed how much activity was concentrated in a relatively small public float.
Investors should watch whether more shares become available, whether early holders seek liquidity, and whether the price stabilizes after the first surge. SpaceX’s share structure, lockups and eligibility rules will matter because a scarce float can inflate a headline valuation.
Operationally, the most important disclosed watch items are the Cursor close in the third quarter, the treatment of Cursor revenue after closing, and whether the Anthropic and Google compute deals move beyond non-binding arrangements.
If SpaceX valuation holds near the level that put it above Amazon, the market will have forced a fresh comparison between current earnings power and future AI-led optionality. If it doesn’t, Tuesday may read less like a new corporate ranking and more like the first stress test of a newly public stock with very little room for disappointment.
Disclaimer: This XOOMAR analysis is for informational and educational purposes only. It is not financial, investment, legal, tax, or professional advice. It does not provide buy, sell, hold, price-target, portfolio, or personalized recommendations. Verify information independently and consult qualified professionals before making decisions.
The Bottom Line
- SpaceX added roughly $1 trillion in market value within days of its IPO.
- A limited 4% public float helped amplify sharp swings in the stock.
- Options trading and the Cursor acquisition news intensified investor demand and volatility.
Originally published on XOOMAR. For more news and analysis, visit XOOMAR.
