SpaceX Passes Amazon in Market Cap on Day Three of Trading, Briefly Touches $3 Trillion Intraday

Since our prior SpaceX coverage on June 17 noted the stock had surged 55% from its IPO price, Tuesday's session added another layer: SpaceX closed at $201.80 per share, overtaking Amazon in the global market-cap rankings for the first time.

The Numbers

At Tuesday's close, SpaceX's market cap stood at approximately $2.66 trillion, according to Dow Jones Market Data reported by Morningstar and MarketWatch. Amazon closed at roughly $2.65 trillion. Only Nvidia ($5 trillion), Alphabet ($4.5 trillion), Apple ($4.4 trillion), and Microsoft ($2.93 trillion) remain ahead of SpaceX.

During the session, shares spiked as high as $225.64, per Morningstar, briefly pushing the valuation above $3 trillion and overtaking Microsoft on an intraday basis before retreating. The stock closed up about 5% on the day.

The IPO itself was priced at $135 on Friday, June 13, and raised $75 billion from the initial 555.6 million Class A shares. It expanded to $85.7 billion after underwriters exercised the greenshoe option on Monday to purchase approximately 83 million additional shares, according to Yahoo Finance/Euronews. The greenshoe exercise is a signal that underwriters only trigger when secondary-market demand is strong enough to absorb extra supply without cratering the price.

The Cursor Deal

Before Tuesday's opening bell, SpaceX announced an all-stock agreement to acquire Anysphere, the San Francisco-based developer behind the AI coding assistant Cursor, at a $60 billion valuation. According to a regulatory filing cited by Yahoo Finance, a SpaceX subsidiary will merge into Anysphere, making Cursor a wholly owned unit. Completion is expected in Q3 2026, subject to regulatory approval.

This wasn't a cold approach. As The Guardian reported, SpaceX had secured an option in April to either buy Cursor outright for $60 billion or pay $10 billion for a partnership stake. It chose the acquisition. Cursor's annualized revenue topped $4 billion in June, up from $3 billion in late April and from a $9.9 billion valuation just one year ago, per Forbes figures cited by Morningstar.

The strategic logic: SpaceX merged with Musk's xAI venture in February, and Cursor gives that combined AI unit a product with demonstrated commercial traction. Harrison Rolfes, an analyst at PitchBook, told The Guardian the deal would NOT close the capability gap between xAI's models and those at Anthropic or OpenAI. What it does buy is a fast-growing enterprise software product in a category, AI-assisted coding, that Anthropic's Claude has already proven pays.

Hedge fund manager Bill Ackman, quoted by The Guardian, noted that SpaceX's elevated stock price makes large all-stock acquisitions cheaper in dilution terms. Paying $60 billion in shares that the market currently prices at $201 costs fewer shares than the same deal would have at $135.

The Valuation Problem Is Real

The strongest honest objection to this entire run isn't hard to find. SpaceX lost $4.9 billion in 2025 on revenues of $18.7 billion, according to The Guardian. Amazon, the company it just overtook in market cap, posted $717 billion in revenue and $78 billion in net income over the same period. The companies are not remotely comparable on fundamentals right now.

The BBC noted analysts have questioned whether the share price is sustainable given the uncertainty around future earnings. Morningstar flagged something even more concrete: the free float is only 5% of total shares outstanding. That means a relatively small pool of shares is setting the price for the entire company's implied value. When that float expands, the supply-demand math changes. The first tranche of insider shares eligible for sale unlocks on August 11, per Morningstar, with rolling 7% releases continuing through October. Those lockup expirations are the single most important near-term variable for the stock price.

SpaceX bulls have a legitimate counter: the market is pricing future earnings from Starlink (the only currently profitable segment), space-based AI data centers, and now an AI software portfolio. If even a fraction of those bets land, today's losses look temporary. That's a plausible thesis. It's also unproven.

The BBC's coverage stated that SpaceX shares have "risen by more than 50%" and that "its share price has risen to $209." That number doesn't match the Tuesday closing price of $201.80 reported by Yahoo Finance and Morningstar, both citing real-time market data. The discrepancy likely reflects different snapshot times during a volatile session, but readers relying solely on BBC's figure would have a slightly off picture of where the stock actually settled.

What Comes Next

The $60 billion Cursor acquisition requires regulatory sign-off before closing in Q3. Given that it is an all-stock deal between a newly public company and a private startup with no obvious market-concentration issue, approval is widely expected, but it has not yet been granted. The more consequential date to watch is August 11, when the first tranche of insider-held shares becomes sellable. Whether that supply hits the market or holders sit tight will tell investors more about insider conviction than any earnings call.