Just days after its historic stock market debut, SpaceX has achieved something few companies ever manage. The aerospace giant has surged past Amazon in market value and briefly overtaken Microsoft, highlighting the extraordinary investor enthusiasm surrounding Elon Musk’s growing empire of space, satellite and artificial intelligence businesses.
SpaceX’s remarkable run on Wall Street continued Tuesday as shares climbed more than 10%, extending a rally that began immediately after the company’s record breaking initial public offering last week.
The gains pushed the company’s valuation to roughly $2.8 trillion, enough to surpass Amazon’s market capitalization of about $2.66 trillion and temporarily place SpaceX among the very largest publicly traded companies in the world.
For investors, the move represents another dramatic chapter in one of the most anticipated public listings in recent memory.
SpaceX shares have climbed more than 60% above their IPO price of $135 within days of entering the public market. At one point Tuesday, the stock traded near $220 per share as trading activity exploded across Wall Street. More than $1 billion worth of shares changed hands before midday, exceeding the combined trading volume of several major technology companies.
The rally has been fueled by a combination of factors.
One major catalyst was the launch of options trading tied to SpaceX stock. More than a million options contracts were traded shortly after the market opened, creating additional demand and volatility as traders rushed to position themselves around the company’s meteoric rise.
Another boost came from the company’s announcement that it plans to acquire AI software firm Anysphere, the company behind the popular coding platform Cursor, in a deal valued at approximately $60 billion. Investors interpreted the move as a signal that SpaceX intends to become a much bigger player in artificial intelligence alongside its established businesses in rockets, satellites and communications.
SpaceX is no longer being valued solely as a space company. Investors are increasingly treating it as a combination of aerospace giant, AI powerhouse and communications network all rolled into one.
The enthusiasm has been extraordinary despite questions about the company’s financial performance.
SEE ALSO: Elon Musk Says SpaceX Could Generate $1 Trillion in Revenue by 2030. Wall Street Isn’t So Sure.
SpaceX generated nearly $18.7 billion in revenue last year but also reported a net loss of almost $5 billion following its merger with xAI and continued heavy investment in artificial intelligence infrastructure.
Under normal circumstances, those figures might raise concerns among investors.
Instead, many traders appear focused on what SpaceX could become rather than what it currently is.
The company controls Starlink, the world’s largest satellite internet network, dominates the commercial launch industry, operates major defense and government contracts, and now has expanding ambitions in artificial intelligence. Elon Musk has even suggested SpaceX could eventually generate $1 trillion in annual revenue by the end of the decade, a figure that many analysts consider highly ambitious.
Not everyone is convinced.
Some market analysts have warned that the company’s current valuation may be difficult to justify based on existing financial results. Others point to the limited number of publicly available shares following the IPO, arguing that scarcity is amplifying price movements and increasing speculation.
Still, momentum remains firmly on SpaceX’s side.
Investors are also anticipating future inclusion in major stock indexes such as the Nasdaq 100 and other benchmark funds, a development that could trigger billions of dollars in additional buying from passive investment vehicles.
The rise has further cemented Elon Musk’s position as one of the most influential figures in global business.
With SpaceX now rivaling the market values of the world’s largest technology companies, Musk’s influence extends across electric vehicles, artificial intelligence, social media, satellite communications and space exploration.
Whether the rally proves sustainable remains an open question.
But for now, Wall Street is sending a clear message: investors are betting that SpaceX’s future extends far beyond rockets.
And just days after going public, that belief has already made it more valuable than Amazon.
