Key facts
- SpaceX's market capitalization reached approximately $2.65 trillion at Tuesday's close, surpassing Amazon.
- During intraday trading, SpaceX's valuation briefly exceeded $3 trillion, placing it ahead of Microsoft.
- SpaceX announced an all-stock acquisition of AI coding assistant developer Cursor for $60 billion.
- SpaceX's IPO raised $75 billion, the largest in history, with an additional $10.7 billion exercised via the greenshoe option.
- SpaceX's stock closed at $201.8 per share, more than 50% above its IPO price.
SpaceX's shares surged to approximately $2.65 trillion in market capitalization by the close of trading on Tuesday, surpassing Amazon and securing its position as the world's fifth most valuable listed company. During the trading session, the stock's intraday peak briefly pushed its valuation above $3 trillion, momentarily exceeding Microsoft's market cap and making it the fourth most valuable company globally. The stock settled at $201.8 per share, more than 50% above its IPO price.
The company's rapid ascent follows its record-breaking initial public offering last Friday, where it priced 555.6 million Class A shares at $135 each, raising $75 billion. An additional $10.7 billion was raised after underwriters exercised the greenshoe option due to high demand.
Tuesday's advance was also bolstered by SpaceX's announcement of an all-stock agreement to acquire Anysphere, the developer of the AI coding assistant Cursor, for $60 billion. This acquisition deepens SpaceX's involvement in the enterprise AI market and is expected to close in the third quarter, subject to regulatory approval.
Despite the rapid climb, some analysts express caution, citing SpaceX's lack of profitability and the limited percentage of its total equity being publicly traded. The anticipated inclusion of SpaceX in major stock indices is expected to further drive demand for its shares.