The move made Elon Musk’s rocket and satellite company the fourth-most valuable listed company in the United States, behind only Apple, Nvidia and Saudi Aramco on a global basis.
At its intraday high, SpaceX’s market capitalisation touched roughly $2.94 trillion, edging past Microsoft’s $2.93 trillion valuation and comfortably overtaking Amazon, which is valued at around $2.66 trillion.
The latest gains come just days after SpaceX’s record-breaking IPO and a 20% jump during its first full trading session. The stock has rapidly become one of the market’s biggest talking points, with investors betting heavily on the company’s dominance in satellites, reusable rockets and artificial intelligence.
Fueling optimism further, SpaceX announced earlier on Tuesday that it would acquire AI coding assistant Cursor in a deal valued at $60 billion. The acquisition follows Musk’s broader push into artificial intelligence after combining xAI with social media platform X and later merging xAI with SpaceX.
Investor enthusiasm has also been boosted by Musk’s long-term growth ambitions. Over the weekend, he posted on X that SpaceX “might be able to reach approximately” $1 trillion in annual revenue by 2030.
That projection stands in stark contrast to the company’s recent financial performance. SpaceX generated $18.7 billion in revenue in 2025 but reported a net loss of $4.9 billion. The company also posted a loss of $4.28 billion during the first quarter of 2026.
Not everyone is convinced the valuation is justified.
Research firm CFRA initiated coverage of SpaceX with a “sell” rating and a 12-month price target of $115, citing ambitious growth assumptions, elevated valuation expectations and the company’s capital-intensive business model.
Speaking to CNBC, former Tesla board member Steve Westly warned that investors could become impatient if SpaceX fails to deliver on the lofty projections outlined during its IPO process.
Others remain focused on the longer-term opportunity. Wedbush analyst Dan Ives said investors are looking beyond near-term earnings and positioning for what he described as the next phase of the industrial and AI revolution.
For now, Wall Street appears willing to give Musk the benefit of the doubt.
