SpaceX has overtaken Amazon to become the world’s fifth-most valuable company after its stock rose 20% on Monday and more than 8% in early trading Tuesday, giving it a valuation of more than $2.7 trillion.
That’s despite SpaceX having a $4.9 billion loss on $18.7 billion in sales, while Amazon is on track to make $78 billion in profit in 2025 on $717 billion in sales last year. But SpaceX has recently added new revenue streams in the form of computing lease deals with Anthropic and Google, and the company’s valuation has increased by $1 trillion since Friday’s listing.
Tuesday’s stock price jump came after SpaceX announced it would acquire AI coding startup Cursor in an all-stock deal worth $60 billion. SpaceX first revealed its partnership with Cursor in April, when CEO Elon Musk said his AI company xAI (now part of SpaceX) was “not built right from the beginning” and was rebuilding it “from the ground up.”
SpaceX’s historic IPO debuted at a valuation of about $1.7 trillion, a deal that raised nearly $86 billion for Musk’s company. Only about 4% of SpaceX’s total stock was available for trading, which experts predicted would make the stock more volatile.
