Elon Musk-led SpaceX has become the 5th largest company in the world by market capitalization, overtaking Amazon after its shares surged more than 14% on Tuesday, June 16. The rally briefly pushed SpaceX past Microsoft, but it has now settled just behind the software giant. At the time of writing, SpaceX stock was trading at $220, representing a 62% increase from its initial public offering (IPO) price of $135.
SpaceX Joins the Elite Club
With a market capitalization of approximately $2.85 trillion, SpaceX now sits behind Nvidia, Alphabet, Apple, and Microsoft. Amazon is valued at $2.64 trillion, while Microsoft stands at $2.92 trillion. The top five companies by market cap are as follows:
- Nvidia: $5.09 trillion
- Alphabet: $4.46 trillion
- Apple: $4.34 trillion
- Microsoft: $2.92 trillion
- SpaceX: $2.89 trillion
Other notable companies include Amazon ($2.67 trillion), Broadcom ($1.85 trillion), Meta ($1.52 trillion), Tesla ($1.51 trillion), and Micron ($1.24 trillion). Data is sourced from CNBC as of 8:45 pm IST on June 16.
Stock Options Launch Drives Rally
The surge in SpaceX's stock coincided with the launch of stock options, providing investors with new ways to trade the newly listed shares. According to Reuters, by 10:07 a.m. ET on Tuesday, over $23.1 billion worth of SpaceX shares had changed hands, a trading volume several times higher than Nvidia, Microsoft, Tesla, and Apple combined.
SpaceX-Cursor Deal
Earlier in the day, SpaceX announced an expansion into the enterprise artificial intelligence (AI) market. The company stated it will acquire Anysphere, the developer of the popular AI coding agent Cursor, for $60 billion. Reuters reported that SpaceX officials expect the merger to close in the third quarter of 2026. Since its founding in 2022, Cursor has grown by developing AI agents for coding. This acquisition is expected to boost xAI, which has lagged behind competitors like OpenAI and Anthropic in the specialized AI coding market.
