Elon Musk’s SpaceX briefly overtook Microsoft and Amazon in market value following a historic IPO and a $60 billion acquisition, signalling a dramatic shift in the tech and space industries.
Elon Musk’s SpaceX has surged into the upper reaches of global equity rankings, briefly overtaking Microsoft and moving ahead of Amazon in market value just days after its market debut.
According to Axios and TechCrunch, the company’s shares jumped again on Tuesday, lifting its valuation to about $2.9 trillion at one point before easing back later in the session. That put it comfortably above Amazon and, for a short period, even ahead of Microsoft, before the latter regained its lead. By the close, SpaceX remained one of the most valuable names on public markets, trailing only Nvidia and Apple.
The rally has been fuelled by intense investor enthusiasm, with trading activity amplified by retail demand, heavy options volume and optimism around Musk’s broader business empire. Analysts cited by Semafor said the move had the feel of a speculative rush, particularly given SpaceX’s elevated valuation multiples compared with more established technology groups.
A key catalyst on Tuesday was SpaceX’s announcement of a $60 billion all-stock acquisition of Cursor, the fast-growing coding start-up, which Axios said is intended to strengthen the company’s AI ambitions. That deal has deepened investor conviction that SpaceX is no longer being priced purely as a launch and satellite company, but as a much broader platform spanning space services, broadband and artificial intelligence.
The scale of the market’s appetite is striking given the company’s financial profile. Semafor reported that SpaceX’s price-to-sales ratio is far above that of Amazon, while its latest annual loss was $4.9 billion. Fortune said SpaceX generated $18.7 billion in revenue last year, far below Amazon’s $717 billion.
The frenzy comes after what Axios described as the largest IPO in US history, with SpaceX raising $75 billion and pricing shares at $135 each, implying an initial valuation of about $1.77 trillion. That figure alone was already close to the combined inflation-adjusted value of the largest US IPOs since 2000, according to Axios.
For now, the company’s meteoric rise has rewritten the tech hierarchy in dramatic fashion. A business that was until recently a private space contractor is now being priced by investors as a giant in both aerospace and AI, even as questions linger over whether its earnings, losses and capital demands can justify the valuation.
- https://www.communicationstoday.co.in/spacex-vaults-past-amazon-and-briefly-overtakes-microsoft-in-market-value/ – Please view link – unable to able to access data
- https://www.axios.com/2026/06/16/spacex-amazon-market-cap – On June 16, 2026, SpaceX’s stock surged by 4.8%, surpassing Amazon in market capitalisation. This milestone underscores Elon Musk’s significant influence on the stock market and the rapid expansion of his conglomerate, which now encompasses space launch, satellite services, artificial intelligence, and social media. A pivotal factor in this surge was SpaceX’s announcement of a $60 billion all-stock acquisition of Cursor, a rapidly growing startup specialising in ‘vibe-coding’. This strategic move aims to bolster SpaceX’s Grok AI division, positioning it to compete with major AI entities like Anthropic and OpenAI.
- https://www.axios.com/2026/06/11/spacexs-valuation-nearly-equals-every-top-us-ipo-since-2000 – SpaceX is projected to have a market capitalisation of $1.77 trillion, nearly matching the combined inflation-adjusted value of the 29 largest U.S. IPOs since 2000, which total $1.76 trillion. This sets an exceptionally high benchmark for what could become the largest IPO in history. The anticipated listing is being closely watched as a potential measure of investor appetite, especially with a surge of AI-related IPOs expected in the near future. SpaceX’s valuation highlights its dominant position in the market and underscores the growing importance of the space and technology sectors in the broader economic landscape.
- https://www.axios.com/2026/06/11/spacex-ipo-prices-75-billion – SpaceX has successfully raised $75 billion through its initial public offering (IPO), marking the largest IPO in U.S. history. The IPO priced 555.56 million shares at $135 each, giving the company a valuation of approximately $1.77 trillion. Elon Musk retained all of his shares, maintaining a stake worth over $866 billion. The company is slated to begin trading on the Nasdaq under the ticker symbol ‘SPCX,’ although trading might not start immediately at market open. This IPO positions SpaceX among the most valuable companies globally, with speculation that upcoming public offerings from Anthropic and OpenAI could rival or surpass it later in the year.
- https://techcrunch.com/2026/06/16/spacex-valuation-balloons-to-2-6t-briefly-passes-amazon/ – SpaceX briefly surpassed Amazon to become the fifth-most valuable company in the world, and nearly eclipsed Microsoft, before the company’s shares pared back those gains before the market closed Tuesday. The newly public company’s stock had already climbed 20% on Monday — its first full day of trading. Tuesday’s news that SpaceX was acquiring AI coding company Cursor, along with the start of options trading on SpaceX’s shares, sent the share price even higher, spiking its valuation to $2.9 trillion before it ultimately settled back down. This rapid ascent underscores the market’s enthusiasm for SpaceX’s diverse ventures, including space exploration, satellite broadband, and artificial intelligence.
- https://www.semafor.com/article/06/16/2026/spacex-overtakes-amazon-in-value – SpaceX shares jumped further Tuesday, making the company more valuable than Amazon but further raising concerns of a bubble. The space giant’s IPO last week broke records and investors have only piled in since. But the numbers are startling: Its price-to-sales ratio is almost 150, compared to less than four for Amazon, and while Amazon made $77 billion last year, SpaceX made a $4.9 billion loss. The soaring value ‘feels like one of those meme stocks,’ an analyst told Reuters: ‘You have to be very, very careful.’ SpaceX itself is pushing ahead, completing a $60 billion deal to buy coding startup Cursor to advance its AI side, alongside building massive data centers in Tennessee.
- https://fortune.com/2026/06/16/spacex-amazon-spcx-market-cap-losing-money-profits/ – SpaceX, the freshly-IPO’d company that barely has been on the public markets for three days, has already surpassed 31-year-old Amazon in market cap. Not only that, it briefly overtook Microsoft too on Tuesday morning. This is a major pull for a company that earned less than a quarter of what Amazon raked in. Last year, SpaceX took in $18.7 billion in revenue and lost $4.9 billion, while Amazon took in $717 billion and earned $77.7 billion—more profit than SpaceX has made in sales. With the euphoria, Elon Musk is now worth $1.27 trillion; more than triple the wealth of Larry Page, at $314 billion, who sits in second place on the world’s richest people list.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on recent events, including SpaceX’s IPO on June 12, 2026, and the acquisition of Cursor on June 16, 2026. These events are covered by multiple reputable sources, such as Axios and TechCrunch, indicating freshness. ([axios.com](https://www.axios.com/2026/06/16/spacex-amazon-market-cap?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to sources like Axios and TechCrunch. However, the exact wording of these quotes cannot be independently verified without access to the original articles. This lack of direct access raises concerns about the accuracy and authenticity of the quotes. ([axios.com](https://www.axios.com/2026/06/16/spacex-amazon-market-cap?utm_source=openai))
Source reliability
Score:
6
Notes:
The article cites reputable sources such as Axios and TechCrunch. However, the original articles are behind paywalls, limiting direct verification. Additionally, the article appears to be a summary or aggregation of these sources, which may introduce biases or inaccuracies. ([axios.com](https://www.axios.com/2026/06/16/spacex-amazon-market-cap?utm_source=openai))
Plausibility check
Score:
7
Notes:
The claims about SpaceX’s market valuation and the acquisition of Cursor are plausible and align with recent market trends. However, the article lacks specific details and supporting evidence, making it difficult to fully assess the accuracy of these claims. ([axios.com](https://www.axios.com/2026/06/16/spacex-amazon-market-cap?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on recent events regarding SpaceX’s market valuation and acquisition of Cursor. However, the reliance on aggregated content from paywalled sources, the inability to independently verify quotes, and the lack of specific supporting details raise significant concerns about the accuracy and reliability of the information presented. These issues prevent the article from meeting the necessary standards for publication.