SpaceX tops Amazon's market value in third day of trading
The newly public company also briefly moved past Microsoft, despite reporting far less revenue than Amazon and recent losses.
By Sofia Marchetti · World Affairs Correspondent
3 min read
SpaceX rose past Amazon in market value on Tuesday, its third day as a public company, Fortune reported. The move matters because investors are valuing Elon Musk’s space and technology company above one of the world’s largest profit-generating businesses, even as SpaceX remains lossmaking.
Fortune reported that SpaceX also briefly exceeded Microsoft’s market capitalization on Tuesday morning. The company’s shares began trading at $135 in its initial public offering, and Fortune said buyers at that price had made a three-day return larger than the gains from three years of the AI rally.
The valuation jump comes despite a wide gap in operating results. Fortune reported that SpaceX generated $18.7 billion in revenue in 2025 and lost $4.9 billion, while Amazon posted $717 billion in revenue and $77.7 billion in profit.
The rally has also lifted Musk’s personal fortune. Fortune reported that Musk’s net worth reached $1.27 trillion, more than triple that of Larry Page, whom it listed in second place at $314 billion. Fortune said Musk gained about $165 billion on Tuesday, more than Warren Buffett has accumulated over his career.
Retail demand meets limited supply
Vanda Research said retail investors bought a net $225 million of SpaceX shares over the company’s first two trading days, according to Fortune. That represented about 75% of all net single-stock buying across the market during that period, Vanda said.
Fortune reported that only about 4% of SpaceX shares were available to trade, with the remainder locked up for about another week. Under early index-inclusion rules cited by Fortune, passive funds would need to buy roughly $22 billion to $27 billion of SPCX shares to match the stock’s new weight, even as available supply remains thin.
Options activity added to the pressure. Bloomberg data cited by Fortune showed about 600,000 options contracts changed hands in the first hour of Tuesday trading, including heavy spending on $250 calls. Fortune reported that those bets implied expectations for another roughly 20% gain after a 62% rise over three days.
Jim Cramer said he likes the stock but called the trading a “memestock” and said watching it made him uncomfortable, according to Fortune. Fortune compared the market mechanics to the 2021 GameStop surge, when options and retail demand helped push the stock sharply higher before it later fell.
AI deals broaden the story
Fortune reported that part of Tuesday’s move followed SpaceX’s acquisition of Cursor, an AI coding company. Eric Berger, senior space editor at Ars Technica, said the Cursor deal cost more than SpaceX has spent on rockets over its lifetime, according to Fortune.
The company now includes more than rockets, Fortune reported. Musk merged xAI into SpaceX in February after previously folding X into xAI, and Fortune said the combined company includes reusable rockets, Starlink, an AI lab, a social network and Cursor.
Musk has said the business “might be able to reach approximately” $1 trillion in revenue by 2030, according to Fortune. Fortune reported that SpaceX lost another $4.28 billion in the first quarter, after its 2025 loss.
Wall Street views the stock differently. Wedbush analyst Dan Ives told CNBC the bull case rests on what he called “this fourth industrial revolution.” CFRA began coverage with a sell rating and a $115 price target, which Fortune said was 29% below SpaceX’s first-day closing price.
Steve Westly, a former Tesla board member, told CNBC that SpaceX investors “will get pretty grumpy after three or four quarters” if Musk falls short of the company’s S-1 projections. For now, Fortune reported, demand for the shares has overwhelmed the limited supply available in the market.
This story draws on original reporting from Fortune.