Phoenix 24
A record IPO and Cursor acquisition ignite extraordinary investor demand.
NEW YORK, UNITED STATES — June 2026. SpaceX has overtaken Amazon to become the world’s fifth most valuable publicly traded company only three trading sessions after completing the largest initial public offering in history. The space and artificial intelligence conglomerate founded by Elon Musk ended Tuesday’s session with a market capitalization of approximately $2.65 trillion, reflecting extraordinary investor demand and a rapid reordering of the global corporate hierarchy.
Shares closed at $201.80, more than 50% above their $135 offering price, after another volatile session on the Nasdaq. At one point, the stock climbed to $225.60, temporarily pushing the company’s valuation beyond $3 trillion and briefly placing it ahead of Microsoft as the fourth most valuable listed corporation. The share price later surrendered part of those gains, but the intraday surge demonstrated the intensity of interest surrounding SpaceX’s public-market debut.
The company began trading under the ticker SPCX after pricing 555.6 million Class A shares at $135 each. The offering initially raised about $75 billion, comfortably surpassing the $29.4 billion collected by Saudi Aramco in its 2019 market debut. Additional shares purchased by the underwriters through the offering’s overallotment mechanism increased the total capital raised to approximately $85.7 billion.
That figure established SpaceX’s flotation as the largest IPO ever completed and provided the company with substantial resources for expansion. The capital could support satellite infrastructure, rocket development, launch capacity, artificial intelligence projects and other parts of Musk’s growing technology ecosystem. The scale of the transaction also showed that institutional and retail investors were willing to commit unprecedented sums despite concerns about profitability and valuation.
At Tuesday’s closing prices, only Nvidia, Alphabet, Apple and Microsoft were valued more highly than SpaceX. Nvidia led the ranking at around $5 trillion, followed by Alphabet at $4.5 trillion, Apple at $4.4 trillion and Microsoft at approximately $2.9 trillion. SpaceX’s advance placed it ahead of Amazon and reinforced the dominance of technology and artificial intelligence companies within global equity markets.
Eight of the world’s ten most valuable publicly traded corporations are now associated with technology or artificial intelligence. This concentration reflects the enormous amounts of capital flowing toward companies expected to benefit from advanced computing, automation, satellite connectivity and data-intensive services. It also raises questions about whether market valuations have moved faster than the underlying earnings of some companies.
SpaceX’s rally accelerated after the company announced an all-stock agreement to acquire Anysphere, the developer of the artificial intelligence coding assistant Cursor. The deal values the startup at $60 billion and is expected to close during the third quarter, subject to regulatory approval. Under the proposed structure, a SpaceX subsidiary will merge with Anysphere, making Cursor a wholly owned division of the broader group.
The acquisition expands SpaceX’s ambitions beyond rockets, satellites and space-based communications. Cursor has attracted attention as an AI-powered programming platform designed to help software developers generate, edit and understand code. By incorporating the business, SpaceX will enter the competitive enterprise artificial intelligence market more directly, challenging companies such as OpenAI and Anthropic.
The agreement follows SpaceX’s merger with Musk’s artificial intelligence company xAI in February. Together, the transactions are transforming the group into a diversified technology conglomerate combining launch systems, satellite networks, artificial intelligence models, software-development tools and large-scale computing infrastructure. Investors appear to be valuing the company not only for its existing aerospace operations but also for its potential position across several rapidly expanding technology sectors.
SpaceX had secured an option related to Cursor in April. The arrangement required the company either to acquire Anysphere for $60 billion later in the year or pay $10 billion for a more limited partnership providing access to its computing technology. The full acquisition indicates that SpaceX decided integration would offer greater strategic value than a narrower commercial agreement.
Despite the enthusiasm, analysts have warned that the speed of the rally requires caution. SpaceX has not yet recorded a profit, while only an estimated 3% to 4% of its total shares are freely available for public trading. That limited supply can intensify price movements because relatively small changes in demand may produce disproportionate gains or losses.
Expectations that SpaceX could quickly enter major stock-market indices may add further pressure to the available shares. Passive investment funds that track those indices would be required to buy the stock after its inclusion, potentially increasing demand while the public float remains restricted. This possibility has encouraged speculative buying but also contributed to concerns that the valuation may not accurately reflect the company’s current financial performance.
Supporters argue that conventional valuation methods may fail to capture the company’s strategic position. SpaceX operates one of the world’s most important satellite internet networks, dominates a significant portion of the commercial launch market and controls technologies with major implications for communications, national security and space exploration. Its growing exposure to artificial intelligence could create additional revenue sources and strengthen integration across Musk’s companies.
Skeptics counter that the company must eventually demonstrate that its expansion can produce sustainable earnings. Major aerospace projects require continuous investment, while AI infrastructure demands vast amounts of computing power, energy and specialized hardware. Acquisitions can accelerate growth, but they also increase operational complexity and expose shareholders to execution and regulatory risks.
SpaceX’s first week on the Nasdaq has nevertheless become one of the most consequential market events of 2026. In only three sessions, the company has surpassed Amazon, briefly challenged Microsoft and attracted a valuation comparable to the largest technology groups in the world. Whether that position proves durable will depend on its ability to convert investor expectations into revenue, profitability and long-term industrial leadership.
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