SpaceX has overtaken Amazon to become the world’s fifth most valuable listed company just three trading days after its record-breaking initial public offering, in a debut that has rapidly reshaped global equity rankings.
The company, led by Elon Musk, ended Tuesday’s session with a market capitalisation of around $2.65 trillion (€2.28tn), briefly surpassing Microsoft during intraday trading before settling just below that milestone. Shares closed at $201.8, extending a dramatic rally that has defined its first week on the public markets.
The stock has risen more than 50% above its IPO price of $135 since listing on the Nasdaq under the ticker SPCX last Friday. At one point during Tuesday’s session, shares climbed to $225.6, briefly pushing SpaceX’s valuation above $3 trillion before easing back as the session progressed.
The listing itself was already historic. SpaceX priced 555.6 million Class A shares to raise roughly $75 billion, marking the largest IPO on record and surpassing Saudi Aramco’s 2019 debut. After underwriters exercised an additional “greenshoe” option due to strong demand, total capital raised increased to $85.7 billion.
By the close of trading, only Nvidia, Alphabet, Apple and Microsoft ranked ahead of SpaceX in global market capitalisation, reflecting the continued dominance of technology and AI-driven firms at the top of global equity markets in 2026.
Investor enthusiasm was further fuelled by a major corporate development announced before markets opened. SpaceX revealed an all-stock agreement to acquire Anysphere, the company behind the AI coding tool Cursor, in a deal valued at $60 billion. The transaction is expected to complete in the third quarter, pending regulatory approval.
Under the agreement, a SpaceX subsidiary will merge into Anysphere, making Cursor a wholly owned arm of the company. The move strengthens SpaceX’s expansion into enterprise artificial intelligence, an area where competitors including OpenAI and Anthropic have already established significant traction.
The acquisition follows earlier integration steps, including SpaceX’s merger with Musk’s xAI venture in February. It also stems from an option agreement signed in April, which allowed SpaceX to either acquire Cursor outright or pursue a smaller partnership involving access to its computing systems.
Despite the momentum, the rapid rise has prompted caution among analysts and market observers. Critics point to SpaceX’s lack of profitability and the limited public float, with only around 3% to 4% of total equity currently available for trading, as factors that may amplify volatility.
Market structure may also play a role in sustaining demand. Inclusion in major indices is expected to bring passive fund inflows, potentially increasing pressure on a relatively small pool of available shares.
The surge marks one of the fastest valuation climbs in modern equity markets, underscoring both investor appetite for AI-linked companies and the speed at which market leadership is continuing to shift within the technology sector.
