This shift positioned Elon Musk’s rocket and satellite firm as the fourth-most valuable publicly traded company in the U.S., trailing only Apple, Nvidia, and Saudi Aramco globally.
At its peak intraday, SpaceX’s market capitalisation reached approximately $2.94 trillion, surpassing Microsoft’s $2.93 trillion valuation and comfortably moving ahead of Amazon, which sits at around $2.66 trillion.
These recent gains follow SpaceX’s record-setting IPO and a remarkable 20% increase during its inaugural full trading day. The stock has quickly become one of the market’s hottest topics, with investors placing significant bets on the company’s leading position in satellites, reusable rockets, and artificial intelligence.
Further boosting optimism, SpaceX announced earlier on Tuesday its acquisition of AI coding assistant Cursor in a deal worth $60 billion. This move aligns with Musk’s broader strategy in artificial intelligence, which included merging xAI with social media platform X, followed by integrating xAI with SpaceX.
Investor enthusiasm has also been fueled by Musk’s long-term growth vision. Over the weekend, he mentioned on X that SpaceX “might be able to reach approximately” $1 trillion in annual revenue by 2030.
This forecast starkly contrasts with the company’s recent financial results. In 2025, SpaceX reported $18.7 billion in revenue but also a net loss of $4.9 billion. Additionally, the company experienced a loss of $4.28 billion in the first quarter of 2026.
However, not everyone believes the valuation is warranted.
CFRA, a research firm, has initiated coverage of SpaceX with a “sell” rating and a 12-month price target of $115, pointing out ambitious growth expectations, heightened valuation concerns, and the capital-intensive nature of the business model.
Speaking to CNBC, former Tesla board member Steve Westly cautioned that investors may grow impatient if SpaceX does not meet the high projections outlined during its IPO.
Others, however, are focused on the long-term potential. Dan Ives, an analyst at Wedbush, mentioned that investors are looking past short-term earnings, preparing for what he describes as the next stage of the industrial and AI revolution.
For now, Wall Street seems inclined to give Musk the benefit of the doubt.
