SpaceX Surpasses Amazon to Become World’s 5th Largest Stock; Valuation Hits $2.65 Trillion

• Elon Musk-led SpaceX has achieved another historic milestone by surpassing Amazon in market value to become the world’s fifth-largest listed company.
• The stock rallied for the third consecutive session, closing 4.8% higher and pushing the company’s market capitalization to $2.65 trillion, about $8 billion more than Amazon.
• At one point during trading, SpaceX even overtook Microsoft briefly to become the world’s fourth-largest stock before settling back to fifth place.
• The remarkable rise comes just days after the company’s blockbuster IPO and highlights investors’ strong appetite for companies operating at the intersection of space technology and artificial intelligence.

SpaceX Valuation Touches $2.65 Trillion

The latest rally has propelled SpaceX into the ranks of the world’s most valuable companies.

Key figures include:

• Market Capitalization: $2.65 trillion
• Gain over Amazon: Approximately $8 billion
• Rise from IPO price: 49%
• Public float at listing: Only 4.2% of shares

The limited availability of shares has amplified investor demand and contributed to sharp price swings.

Analysts believe the scarcity of publicly traded shares has created a supply-demand imbalance that is pushing the stock higher.

Briefly Overtakes Microsoft

• During intraday trading, SpaceX’s market capitalization temporarily exceeded that of Microsoft.
• Although the company later slipped back to fifth place, the moment underscored the extraordinary enthusiasm surrounding the stock.
• The company now trails only a handful of technology giants in global market capitalization rankings.

Why is SpaceX Rising So Fast?

Several factors are driving the rapid appreciation in SpaceX shares.

1. Limited Public Float

Only around 4.2% of SpaceX shares were available for public trading after the IPO.

This means:

• Low supply of shares.
• High sensitivity to investor demand.
• Greater price volatility.
• Large movements in market capitalization.

2. Strong Retail Investor Demand

Retail investors have been aggressively buying SpaceX shares.

According to market data:

• Investors bought more SpaceX shares in its first two trading days than they purchased across the entire US stock market during the previous week.

This intense demand has fuelled the stock’s rapid rise.

3. Space and AI Growth Story

SpaceX is no longer viewed only as a rocket company.

The company is increasingly positioned as:

• A space exploration leader.
• A satellite internet provider.
• An artificial intelligence player.
• A frontier technology company.

This diversified growth narrative has attracted investors seeking exposure to future technologies.

SpaceX Acquires AI Startup Cursor

• Adding to investor optimism, SpaceX announced an agreement to acquire AI coding startup Cursor.
• The deal values Cursor at $60 billion
• Under the agreement cursor investors will receive SpaceX shares based on the startup’s valuation.
• The acquisition expands SpaceX’s presence in artificial intelligence and software.
• The move reflects Elon Musk’s broader strategy of integrating AI capabilities into his businesses.

Revenue Still Far Below Tech Giants

Despite its enormous valuation, SpaceX generates significantly lower revenue than many of its mega-cap peers.

Revenue Comparison (2025)

This gap has led some analysts to caution that SpaceX’s valuation is being driven more by future expectations than current earnings.

Index Inclusion Could Push Shares Higher

• Another important factor supporting SpaceX is the possibility of rapid inclusion in stock indices.
• Nasdaq recently changed its rules to allow Faster entry of large newly listed companies.
• If SpaceX is included Index funds tracking Nasdaq will be required to buy shares and additional institutional demand could support prices.
• However, SpaceX is not expected to join the S&P 500 immediately because S&P Dow Jones has retained its existing eligibility rules.

Risks Ahead: Lock-Up Expiry

• Despite the strong momentum, analysts warn that the stock may face challenges in the coming months.
• A major risk is the expiry of lock-up agreements.
• When insiders become eligible to sell shares:

1. More supply will enter the market.
2. The stock could experience increased volatility.
3. Market participants will gain a clearer picture of fair value.

• Notably, Elon Musk’s personal stake remains locked for the first year after listing.

Conclusion

• SpaceX’s rise from a blockbuster IPO to becoming the world’s fifth-largest stock within days is one of the most remarkable market stories of 2026.
• Driven by investor enthusiasm for space exploration, artificial intelligence and frontier technologies, the company has surpassed Amazon and briefly overtaken Microsoft.
• However, with limited share supply, high valuations and upcoming lock-up expiries, investors will be closely watching whether SpaceX can sustain its extraordinary momentum in the months ahead.