SpaceX shares jumped about 10% Tuesday morning for the third straight day of gains, surpassing Amazon’s market capitalization and briefly exceeding even mighty Microsoft.
Following a record-breaking Friday IPO that shot the company’s valuation above $2 trillion and made Elon Musk the world’s first trillionaire, the stock had added about $890 billion as of Tuesday morning.
The hot streak pushed SpaceX’s worth past that of Amazon — which was valued at $2.66 trillion — and briefly past Microsoft, valued at $2.93 trillion, too.
SpaceX pared some gains a bit later in the morning, putting it in the enviable spot of fifth-biggest publicly traded US company.
The surge came as SpaceX announced a $60 billion acquisition of an AI coding startup amid concerns it has been overspending.
SpaceX said Tuesday it was acquiring Anysphere – a San Francisco-based software firm behind AI coding agent Cursor – for $60 billion.
The deal, which is expected to close in the third quarter of 2026, could give Musk’s xAI a larger presence in the AI coding sphere and provide Cursor with more computing capacity.
It’s a sign that Musk does not plan to slow down on AI spending anytime soon, even as massive capital expenditures weigh on SpaceX’s profits – fueling concerns over whether the stock is overvalued.
The deal is structured as a stock-based merger between Anysphere and SpaceX’s wholly-owned subsidiary, X67, signaling the capital raised in the IPO is not being put toward the acquisition.
Since its founding in 2022, Cursor has seen an explosive rise, with roughly $2.6 billion in annualized business-to-business revenue and rapid sales growth.
The AI startup – which is backed by Andreessen Horowitz, Nvidia and Google – was reportedly in talks earlier this year to hold a funding round valuing it at $50 billion.
If the acquisition is terminated under certain circumstances, SpaceX will pay a $10 billion fee, according to regulatory filings.
It will also pay a “regulatory” termination fee of $4 billion if the deal is scrapped over antitrust issues.
Musk claimed Sunday that SpaceX “might be able to reach” roughly $1 trillion revenue in 2030 – and “I would be surprised if revenue is not greater than $1T in 2031.”
SpaceX, which also owns xAI, Starlink and social media platform X, reported $18.7 billion in revenue last year. It lost nearly $5 billion as its annual capex hit $20.7 billion.
Starlink, Musk’s satellite internet service provider and a major government contractor, was the company’s sole profitable division last year.
In just the first quarter of 2026, SpaceX’s spending hit $10.1 billion – with AI accounting for $7.7 billion. That dwarfed its total spending in the same period last year of $4.1 billion.
At yesterday’s close, SpaceX reached a market cap of $2.538 trillion – the second-largest single-day gain for a US company on record, trailing behind a slightly larger jump from Nvidia last year.