SpaceX stock rose as much as 15% Tuesday, briefly pushing the rocket company's market capitalization above Microsoft $MSFT's $2.93 trillion valuation to make it the fourth-largest publicly traded company in the U.S.
SpaceX's market cap of almost $2.8 trillion makes it the fifth-largest publicly traded company, slightly behind Microsoft but still ahead of Amazon
MIGUEL J. RODRIGUEZ CARRILLO / Getty Images
SpaceX stock rose as much as 15% Tuesday, briefly pushing the rocket company's market capitalization above Microsoft $MSFT's $2.93 trillion valuation to make it the fourth-largest publicly traded company in the U.S.
Intraday trading saw SpaceX's valuation reach $2.94 trillion before retreating from that peak. SpaceX's market cap of almost $2.8 trillion as of midday Tuesday made it the fifth-largest publicly traded company, behind Microsoft but still ahead of Amazon $AMZN. Catching Apple $AAPL remains a far steeper challenge: The iPhone maker sits in third place with a market value exceeding $4.3 trillion.
The stock gains Tuesday extended a run that began with SpaceX's market debut last week. The company opened on the Nasdaq $NDAQ at $150 per share on Friday against an IPO price of $135, making it the largest initial public offering in history. SpaceX stock rose 19% in its first session and another 6% on Monday, pushing its market cap past $2 trillion by the end of that day.
SpaceX also announced Tuesday that it would acquire AI coding tool Cursor for $60 billion.
CEO Elon Musk posted on X $TWTR on Sunday that SpaceX "might be able to reach approximately" $1 trillion in revenue in 2030. For full-year 2025, SpaceX brought in $18.7 billion in revenue while recording a $4.9 billion net loss, and losses deepened to $4.28 billion through the first three months of this year.
SpaceX operates the Starlink satellite internet service and a fleet of reusable rockets. In February, the company acquired Elon Musk's AI venture xAI, adding xAI's data centers, its Grok AI models, and ownership of the social platform X to its portfolio. The IPO is expected to turn more than 4,400 current and former employees into millionaires, with Elon Musk's own shares locked up for 366 days after the final prospectus was filed.
Analyst opinion on the stock remains divided. On Friday, CFRA set a 12-month price target of $115 on SpaceX shares — implying a decline of nearly 29% from the closing price that day — and opened coverage with a sell rating, pointing to the company's capital-intensive business model, lofty valuation, and highly ambitious growth targets. Dan Ives of Wedbush Securities struck a bullish tone in comments to CNBC, framing the investment case around a broader technological transformation — what he called a fourth industrial revolution — that he said is drawing investor attention toward space, infrastructure, and industrial sectors.
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