SpaceX shares rose 8% on Tuesday, pushing its market cap past Amazon's at roughly $2.74 trillion. The gain followed a $60 billion all-stock deal for AI coding tool Cursor.
Alpha Score of 50 reflects moderate overall profile with moderate momentum, poor value, strong quality, weak sentiment.
SpaceX shares rose roughly 8% on Tuesday, pushing the company's market capitalisation past Amazon's for the first time. The milestone came alongside the announcement of a $60 billion all-stock acquisition of Cursor, an AI coding tool that competes with Anthropic's Claude Code and OpenAI's Codex.
SpaceX was valued at about $2.74 trillion in early trading. Amazon stood at roughly $2.65 trillion at the same point, leaving a gap of close to $90 billion.
The gain follows a 20% surge on Monday, the stock's first full day of trading after Friday's record-breaking IPO. SpaceX has now risen more than 19% in each of its first two full trading days.
Retail interest has been intense. On Monday, SpaceX accounted for nearly three-quarters of all single-stock purchases among retail investors, according to Vanda Research.
The Cursor deal adds to a heavy AI spending programme. SpaceX spent $12.7 billion on AI in 2025 and another $7.7 billion in the first three months of 2026. The company merged with Elon Musk's AI firm xAI earlier this year and combined xAI with his social media platform X in 2025. The group now spans aerospace, AI research, and social media.
SpaceX predicted in a regulatory filing that enterprise AI applications will become a $22.7 trillion market, a projection that underpins its willingness to absorb near-term losses. The company recorded $18.7 billion in revenue in 2025 but posted a net loss of $4.9 billion. In the first quarter of 2026, it reported a further loss of $4.28 billion.
Musk posted on X on Sunday that SpaceX "might be able to reach approximately" $1 trillion in revenue by 2030.
Founded in 2002, SpaceX established itself as the dominant commercial launch provider and satellite internet operator through its Starlink network and reusable rocket programme. Its first-week valuation reflects both investor appetite for long-duration technology bets and the breadth of the business it has assembled across rockets, satellites, AI, and social media.
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