SpaceX Market Cap Surpasses Microsoft, Becomes Fourth-Largest US Listed Company
Key Points
- On Tuesday morning, investors continued to flock to Musk's aerospace company, sending SpaceX stock sharply higher.
- The surge pushed SpaceX's market cap past Microsoft.
- On its first full trading day after listing, the stock surged 20%.
Following last Friday's record-breaking IPO, Musk's aerospace company SpaceX saw its stock continue its rapid rally, surging another 10% on Tuesday morning.
With the rally, SpaceX briefly surpassed Microsoft in intraday market cap to become the fourth-largest US company. During midday trading, SpaceX's market cap reached $2.94 trillion, above Microsoft's $2.93 trillion.
At the same time, SpaceX pulled ahead of Amazon, which has a market cap of about $2.66 trillion. To overtake Apple, the third-largest US company (market cap over $4.3 trillion), the stock needs further gains.
Earlier, on its first full trading day, SpaceX stock had already surged 20%.
Earlier Tuesday, SpaceX announced it would acquire the parent company of popular AI coding tool Cursor for $60 billion.
SpaceX CEO Musk posted on social platform X on Sunday that the company's revenue could 'approach' $1 trillion by 2030.
Compared to full-year revenue of $18.7 billion in 2025, this target requires exponential growth. The company posted a net loss of $4.9 billion in 2025 and a loss of $4.28 billion in Q1 2026.
Founded in 2002, SpaceX dominates global satellite communications through its Starlink satellite business and reusable rocket technology.
In 2025, Musk integrated AI startup xAI with social platform X, and in February of this year, he merged xAI into SpaceX.
Despite the post-IPO surge, SpaceX's lofty valuation has also sparked market doubts.
U.S. investment research firm CFRA initiated coverage on Friday with a 'sell' rating and a 12-month price target of $115, nearly 29% below Friday's closing price. The firm cited three reasons: overly aggressive growth strategy, excessively high valuation expectations, and the capital-intensive nature of the business.
Steve Westley, founder and managing partner of Westley Group and former Tesla board member, said Monday on 'Asia Financial Morning Show' that SpaceX must deliver strong results to bullish investors soon.
Referring to the IPO prospectus, he said: 'If Musk fails to deliver on some of the growth projections in the prospectus, after three to four quarters, SpaceX investors will become strongly dissatisfied.'
Bullish analysts argue that the stock requires a long-term perspective on investment returns.
Dan Ives, head of global technology research at Wedbush Securities, said Tuesday on 'European Morning Finance': 'Looking long-term, we are in the fourth industrial revolution. Investors are focused on the big-picture direction of global industry, covering shipping, space, infrastructure, high-end manufacturing, and many other areas.'
