SpaceX has surpassed Amazon to become the world’s fifth most valuable company, just days after completing the largest public listing in history on the Nasdaq stock exchange.
Its share price has climbed more than 50% since the IPO, lifting the company’s market capitalisation to roughly $2.78tn and nudging Jeff Bezos’s retail and media conglomerate, valued at around $2.66tn, into sixth place.
Shares first sold at $135 each on Friday. They have since risen to $209. The listing raised $85.7bn in total and made Musk the world’s first trillionaire.
The surge followed SpaceX’s announcement that it would acquire AI coding start-up Cursor for $60bn. The deal, structured as a share payment, involves Anysphere, Cursor’s parent company, and is expected to close by the end of September.
SpaceX and Cursor have been partners since April, when Musk’s company secured an option to either buy Anysphere outright at that price or pay $10bn for the collaborative work done to date. Cursor’s technology automates code writing and counts Stripe, Adobe, and Nvidia among its users. Nvidia chief Jensen Huang has described it as his “favourite enterprise AI service.”
The acquisition is part of SpaceX’s push to build out its AI business, xAI, which operates the Grok chatbot. SpaceX said in April that combining Cursor’s reach among software engineers with its own Colossus training supercomputer “will allow us to build the world’s most useful models.”
According to a report by the BBC, investor enthusiasm has been driven by SpaceX’s broader ambitions: placing AI data centres in orbit, expanding its Starlink satellite internet network, and the long-range vision of colonising Mars.
But analysts have raised questions about how sustainable the current valuation is given the gap between SpaceX’s story and its financials, the report said.
Amazon posted $30.3bn in profit in the first quarter of 2026 and recorded $716.9bn in annual sales for 2025. SpaceX lost $4.3bn in the same quarter and generated $18.67bn in revenue last year.
