SpaceX Soars Past $2T Valuation, Briefly Overtakes Amazon

SpaceX's valuation briefly soared to $2.9 trillion on Tuesday, surpassing Amazon and nearly reaching Microsoft's market cap before settling. This surge occurred just days after its public debut, which saw its valuation at approximately $1.7 trillion. The company's shares climbed 20% on Monday and continued their ascent on Tuesday, fueled by the acquisition of AI coding firm Cursor and the start of options trading.

Despite reporting a $4.9 billion loss on $18.7 billion in revenue last year, SpaceX has recently introduced new revenue streams through compute leasing deals with Anthropic and Google. The acquisition of Cursor, expected to close in the third quarter, will further contribute to its revenue. The company is making this acquisition using $60 billion in company shares.

SpaceX's initial public offering successfully raised nearly $86 billion in capital. Experts had predicted potential stock volatility due to only 4% of total shares being made available for trading. This prediction proved accurate as over 300 million shares were traded on Tuesday, more than half of those publicly available post-IPO, with volatility continuing into after-hours trading.