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SpaceX tops Amazon
SpaceX shares surged in their third day of trading Tuesday, gaining another 4.7% as the company briefly passed Amazon to become the world’s fifth-largest publicly traded company by market value.
“SpaceX shares popped about 4% on Tuesday, as Elon Musk's rocket builder continued its meteoric rise following a record-breaking IPO on Friday”
NBC News said the stock price climbed nearly 35% from $150 to as high as $225, pushing SpaceX’s market value to $2.65 trillion, before shares closed at $201.68.
TechCrunch reported SpaceX’s valuation spiked to $2.9 trillion after Tuesday’s news that it was acquiring AI coding company Cursor and after the start of options trading on SpaceX’s shares.
TechCrunch also said SpaceX posted a $4.9 billion loss on $18.7 billion in revenue last year, even as its shares added roughly $1 trillion in valuation since going public on Friday.
The Guardian put the milestone in the context of the Cursor deal, saying SpaceX shares rose by 13% on opening on the Nasdaq index on Tuesday and that its valuation rose as high as $2.97tn before easing back to about 5% up at the close.
Retail rush and warnings
NBC News described retail demand as “SpaceX shares continued to soar,” citing Vanda’s note that “On a net basis, retail investors have now bought almost as much SPCX over the last two sessions as they bought across the entire US stock market last week.”
In an interview with NBC News, Forde Todd, 20, said he was up around $600 and added, “However, at the end of the day, I do believe in the company.”
NBC NewsThe Globe and Mail reported that options trading helped fuel the move, saying “More than 500,000 SpaceX options contracts changed hands within the first hour of trading.”
The Globe and Mail also quoted Joe Saluzzi warning that “it certainly feels like one of those meme stocks, the way it’s trading,” and added that “you have to be very, very careful with these types of names.”
Cursor deal and next steps
SpaceX’s rally was tied to its plan to acquire Cursor, with NBC News saying the company announced it had formally sealed a deal to acquire the AI coding firm Cursor in a deal that values the AI company at $60 billion.
“SpaceX vaults past Amazon’s market value, briefly topping Microsoft Elon Musk’s company was worth roughly US$2”
South China Morning PostTechCrunch said SpaceX is making the acquisition with $60 billion in company shares and that it will absorb the revenue from Cursor when that deal closes in the third quarter.
The Guardian reported that the transaction is expected to close in the third quarter of 2026 and said the deal would not use proceeds from SpaceX’s IPO, while also noting that Anysphere will be paid in stock under the deal.
CNBC added that the deal is expected to close in the third quarter of this year and said Musk posted on X on Sunday that the company “might be able to reach approximately” $1 trillion revenue in 2030.
Looking ahead, The Globe and Mail said SpaceX is set for fast-track inclusion in the Nasdaq 100 and that FTSE Russell and MSCI are also set to add the stock to their indexes, effective June 26 and June 29, respectively.
