SpaceX Valued at $2.6 Trillion After IPO, Temporarily Surpasses Amazon

The stock price of U.S. space company SpaceX continued its ascent after the IPO, briefly surpassing Amazon in market capitalization. On June 16, 2026, the company’s share price soared following the announcement of its acquisition of AI coding firm Cursor and the launch of options trading. Its valuation hit $2.9 trillion during intraday trading before settling at $2.6 trillion by the market close. With this surge, SpaceX emerged as the world’s fifth most valuable company by market capitalization.

The First 3 Days After the IPO

SpaceX conducted its initial public offering (IPO) on Friday, June 12, 2026, achieving a valuation of approximately $1.7 trillion based on the issue price. Only about 4% of its outstanding shares were offered during the IPO, raising around $86 billion. The limited availability of shares led experts to warn about potential volatility in the stock price.

On the first full trading day—Monday, June 15—SpaceX’s stock price jumped 20%. The following day, June 16, news of the Cursor acquisition and the introduction of options trading further fueled the rally. According to Nasdaq data, over 300 million shares were traded that day, exceeding half of the 550 million shares available in the market post-IPO.

Even after market hours, volatility persisted, with SpaceX’s valuation briefly overtaking Amazon’s market cap before retreating.

Three Key Drivers Behind the Surge

The immediate trigger for this remarkable surge was the announcement on June 16 of SpaceX’s acquisition of the AI coding company Cursor. Back in April, SpaceX had announced a partnership with Cursor, during which CEO Elon Musk admitted that the company’s AI subsidiary, xAI (now integrated into SpaceX), required a complete overhaul. Musk revealed that xAI was being rebuilt from the ground up.

The acquisition, valued at approximately $60 billion in SpaceX shares, is expected to significantly enhance the company’s AI development capabilities.

The second factor is pending compute lease agreements with Anthropic and Google. While these contracts are not yet binding, they could provide SpaceX with new revenue streams. As demand for computational resources for AI grows rapidly, investors are optimistic about SpaceX’s ability to leverage its data centers and satellite launch capabilities to diversify its business operations.

Thirdly, the start of options trading for SpaceX shares amplified market volatility. The availability of options attracted speculative investments, further exacerbating short-term price fluctuations.

Significant Disparity with Financial Fundamentals

In fiscal year 2025, SpaceX reported revenue of $18.7 billion but also recorded a net loss of $4.9 billion. In comparison, Amazon generated $717 billion in revenue and netted $78 billion in profit during the same period.

A $2.6 trillion valuation corresponds to a price-to-earnings ratio (P/E ratio) of approximately 139x its revenue (since the company is not yet profitable, calculating a real P/E ratio is impossible). By contrast, Amazon’s P/E ratio is roughly 30x, highlighting the speculative nature of SpaceX’s valuation.

Investors are betting on the promise that SpaceX’s AI business could generate trillions of dollars in value in the future. However, given that xAI is still undergoing a fundamental rebuild and the Cursor acquisition has not yet been finalized (expected to close in the third quarter), this valuation appears to be based on highly optimistic expectations.

Rapid Valuation Surge and Its Implications

In the span of just a few days post-IPO, SpaceX’s valuation ballooned by approximately $1 trillion, rising from $1.7 trillion at the IPO to $2.6 trillion. This increase far exceeds the $86 billion raised during the IPO itself.

This phenomenon suggests that the market is beginning to perceive SpaceX as more than a space exploration company; it is increasingly being viewed as a burgeoning AI platform enterprise. CEO Elon Musk is not only rebuilding xAI but also integrating Cursor’s engineering talent and products to strengthen the company’s AI capabilities.

Editorial Opinion

In the short term, SpaceX’s stock price will likely hinge on developments such as the completion of the Cursor acquisition and the finalization of contracts with Anthropic and Google. The introduction of options trading is expected to further fuel volatility. With only 4% of shares publicly available, the timing of large shareholders’ sales could also trigger sharp price declines.

From a long-term perspective, SpaceX’s valuation depends on how successfully it can transcend its identity as a space company to establish itself as a leading AI platform. If the reconstruction of xAI and the integration of Cursor succeed, and its compute leasing business gains traction, the valuation may eventually be justified. However, the synergy between SpaceX’s core space-launch business and its AI ventures remains unclear. Whether SpaceX evolves into a next-generation AI-space hybrid enterprise or remains a space-focused company will depend on its strategic execution in the coming years.

A key question for the editorial team is whether SpaceX’s current market cap is sustainable or merely a symptom of post-IPO “limited float hype.” How should the market rationalize assigning a $2.6 trillion valuation to a loss-making company? This issue will require ongoing scrutiny.

References

• SpaceX valuation balloons to $2.6T, briefly passes Amazon - TechCrunch — Published June 16, 2026