SpaceX overtakes Amazon after three-day IPO rally

SpaceX’s market capitalization rose to about $2.66 trillion after a three-day rally that briefly pushed it past Amazon, which was valued at roughly $2.65 trillion. Shares finished Tuesday at $201.80, up 4.8% after an intraday high of $225.64.

Since pricing its initial public offering at $135 per share, SpaceX stock has climbed roughly 50%. The company’s IPO raised $85.7 billion, the largest single stock-market listing on record. The stock gained 19% on its first trading day and added another 19% on Monday; Monday’s gain alone increased SpaceX’s market capitalization by about $433 billion, the second-largest one-day increase for a U.S. company.

Investor demand has focused on SpaceX’s combination of space operations and artificial intelligence projects, including reusable rocket launches, the Starlink satellite internet business, AI training infrastructure and work under xAI. Market data show only about 5% of SpaceX’s outstanding shares are currently available for public trading; additional insider shares become eligible for sale beginning in August.

SpaceX confirmed an all-stock acquisition of AI coding startup Cursor valued at $60 billion. The companies have partnered since April under an agreement that gave SpaceX the option to buy Cursor for $60 billion or pay $10 billion for work completed during the partnership. The transaction is expected to close in the third quarter of 2026. In announcing the collaboration earlier this year, SpaceX described the pairing of Cursor’s product with SpaceX’s Colossus training supercomputer as a way to build large models for software development.

Cursor reported rapid revenue growth, with annualized revenue exceeding $4 billion in June. The company counts major technology firms among its clients. Nvidia’s chief executive described Cursor as his “favourite enterprise AI service.”

Current financial results for the two companies differ markedly. Amazon reported $30.3 billion in profit in the first quarter of 2026 and $716.9 billion in revenue for 2025. SpaceX reported a $4.3 billion loss and $18.67 billion in revenue. Analysts have flagged uncertainty about SpaceX’s long-term earnings profile and noted the limited public float as factors that could affect future price movements.

Elon Musk’s personal net worth rose with the stock’s gains following the listing. SpaceX continues to invest in long-term projects including Mars-related development, expansion of Starlink services and large-scale AI training infrastructure, while integrating Cursor’s technology as part of its AI initiatives.