SpaceX Stock Continues Soaring, Surpasses Amazon – Market Cap Ranks Sixth Worldwide

Record IPO with Offering Volume of $75 Billion

Shares briefly shot up by a good 17 percent, resulting in a market capitalization of nearly three trillion dollars. With the latest price jump, the market cap rose to approximately $2.52 trillion. This pushed SpaceX up to sixth place in the global ranking of the most valuable publicly listed companies – ahead of heavyweights such as TSMC, Broadcom, Saudi Aramco, and the also Musk-led Tesla.

The enormous demand from retail investors is driving the SpaceX price so strongly in part because less than five percent of the share capital is freely tradable. The order book for the IPO is said to have encompassed more than $250 billion in demand – many times the volume placed. The IPO managed to "strap all modern market accelerators to the same rocket," including retail investor enthusiasm, the scarcity of free float, and the "Elon valuation premium."

Behind the rally is less the classic rocket business than Starlink: the satellite internet service counts more than ten million users according to the company and is supported by around 9,600 satellites in orbit – it is considered the actual value driver behind the valuation. Market expert Stephen Innes, looking at SpaceX, called it "by far the most interesting stock" he had ever traded and written about.

Starlink as the Actual Value Driver

The fundamentals, however, are not keeping pace with the price: last year, SpaceX generated revenue of around $18.67 billion – a 33 percent increase compared to the previous year. At the same time, however, the company posted a net loss of $4.94 billion, largely driven by its AI division. The price-to-sales ratio after two trading days is beyond 100x – a figure that is exceptionally high even for growth stocks.

Analyst consensus also urges caution: the average 12-month price target of around $164 is below the current share price. Despite this, the company has created a historically unprecedented increase in value of approximately one trillion dollars in the short time since the IPO – a development that observers have never seen on this scale.

Musk's wealth – he being the first true trillionaire in modern human history – has risen to just under $1.3 trillion after the first two SpaceX trading days, according to calculations by the news agency Bloomberg. With a valuation of around $2.2 trillion, SpaceX has also briefly overtaken Bitcoin as a comparable value; the cryptocurrency's market capitalization currently stands at around one trillion dollars.

Acquisition of Cursor for $60 Billion

SpaceX is also using the rally for a major strategic acquisition: the company bought the AI startup Cursor for $60 billion. SpaceX stated on platform X: "SpaceX has exercised the option to acquire @cursor_ai in an all-stock transaction with the goal of building the world's most useful AI models." The startup, founded in 2023, is one of the pioneers of so-called "vibe coding," which is currently fundamentally transforming the way the IT industry works: thanks to AI tools, even people without extensive programming experience can now write increasingly complex software.

A special detail from the IPO prospectus: According to the S-1, SpaceX holds 18,712 Bitcoin on its balance sheet. In addition, the company leases the entire computing capacity of a massive data center called "Colossus 1" to competitor Anthropic. These interconnections with the AI sector are further fueling investor imagination.

SpaceX Surpasses Amazon and Bitcoin

With a market capitalization of $2.52 trillion, SpaceX has also surpassed the value of Amazon. Amazon achieved revenue of more than $700 billion in 2025 and a net profit of nearly $78 billion. Behind the new fifth most valuable company in the world follow Alphabet at $4.5 trillion and Apple at $4.4 trillion; the AI chip manufacturer NVIDIA as the frontrunner is worth more than five trillion dollars.

Even though there were many investors – and here especially retail investors – who initially did not get a piece of the action, sentiment around the stock remains extraordinary. The combination of retail euphoria, scarce free float, and the so-called Elon valuation premium has catapulted the stock to sixth place worldwide within just a few days.

With the third trading day since the IPO began on June 12, SpaceX has delivered one of the most rapid value increases in stock market history. Industry observers consider the event to be historically unprecedented – not least because, at a market cap of temporarily nearly three trillion dollars, the company cannot point to a single dollar in profit and the valuation is based almost exclusively on growth expectations.

Outlook: Growth Expectations Versus Fundamentals

The coming weeks will show whether the rally continues or whether profit-taking sets in. For SpaceX, which is headquartered in Hawthorne, California, it will be crucial – amid all the euphoria – to successfully integrate the planned acquisition of Cursor and convert the ambitious AI plans into sustainable earnings.

One thing is certain: with the leap into the top six of the world's most valuable publicly listed companies, SpaceX has set a benchmark that the financial markets will not forget anytime soon. Investors are betting that the interplay between the rocket business, Starlink, AI data centers, and the acquisition of Cursor will justify the imagination – and that Elon Musk's promises will eventually translate into hard numbers.