SpaceX Briefly Overtakes Microsoft in Market Cap Days After Record IPO

SpaceX shares surged another 4% on Tuesday, briefly pushing the rocket company's market cap to $2.94 trillion — edging past Microsoft's $2.93 trillion valuation to become the fourth-largest U.S. company by market value. The milestone proved fleeting, with SpaceX settling back to $2.65 trillion by end of day, though that still topped Amazon's $2.64 trillion. The stock has now climbed roughly 62% from its IPO price of $135 per share — a gain that exceeds Amazon's entire five-year return of approximately 45%.

The IPO itself, which debuted Friday, was immediately dubbed historic: the listing minted Elon Musk as the world's first trillionaire. Shares jumped 20% in their first full trading day before Tuesday's additional 4% gain. The next summit to clear is Apple, sitting at nearly $4.4 trillion — a considerably steeper climb.

Also on Tuesday, SpaceX announced a $60 billion acquisition of Cursor, a popular AI coding startup, with the deal expected to close in Q3. The move positions SpaceX more directly against OpenAI and Anthropic in the AI tools space. Musk separately posted that SpaceX could hit roughly $1 trillion in annual revenue by 2030 — a jaw-dropping target given the company posted just $18.7 billion in revenue in 2025 alongside a $4.9 billion net loss. The company also lost $4.28 billion in Q1 of this year alone.

Skepticism is already mounting. CFRA initiated coverage Friday with a sell rating and a 12-month price target of $115 — implying a nearly 29% drop — citing the company's capital intensity, elevated valuation, and ambitious growth strategy. Veteran investor Steve Westly, a former Tesla board member, warned that investors will likely grow impatient if SpaceX misses the growth projections outlined in its IPO filing within three or four quarters. Bulls, meanwhile, frame the company as a long-duration bet on what Wedbush's Dan Ives calls the 'fourth industrial revolution,' spanning space, ships, and industrial infrastructure.