Stock Market Today: SpaceX Set to Overtake Amazon by Market Cap
SpaceX’s stock surged for a fourth consecutive day, pushing its market valuation past Amazon’s $2.66 trillion and briefly exceeding $3 trillion. The rally, fueled by retail investor demand, has made SpaceX the world’s fourth-largest company by market cap. Elon Musk’s net worth hit a record $1.3 trillion amid the surge, while the company announced a $60 billion acquisition of AI tool Cursor. Analysts warn of potential volatility ahead.
What changed
SpaceX’s market cap officially surpassed Amazon’s valuation, reaching $2.84 trillion on Thursday, marking its fourth day of gains and securing its position as the fifth-largest company globally.
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SpaceX Overtakes Amazon as Stock Soars on Retail Frenzy, Hitting $2.84T Market Cap
confidence 97%SpaceX’s stock surged for a fourth consecutive day, pushing its market valuation past Amazon’s $2.66 trillion and briefly exceeding $3 trillion. The rally, fueled by retail investor demand, has made SpaceX the world’s fourth-largest company by market cap. Elon Musk’s net worth hit a record $1.3 trillion amid the surge, while the company announced a $60 billion acquisition of AI tool Cursor. Analysts warn of potential volatility ahead.
What's confirmed:
- SpaceX’s stock rose 11% in premarket trading on Wednesday and surged another 10% on Thursday, pushing its market cap to $2.84 trillion and briefly exceeding $3 trillion.
- SpaceX’s market capitalization now exceeds Amazon’s $2.66 trillion valuation, making it the fourth-largest company by market cap ahead of Microsoft.
- Elon Musk’s net worth reached a record $1.3 trillion following the stock rally, surpassing previous highs.
- SpaceX announced a $60 billion deal to acquire AI coding tool Cursor, further boosting its valuation.
- Retail investors are driving the rally, with one research team noting ‘There is only one stock retail investors care about right now.’
- SpaceX’s stock has gained over 50% in just three trading sessions, with a 20% jump on its first full day of trading.
- Musk stated that SpaceX ‘might be able to reach approximately $1 trillion in revenue by 2030,’ though profitability remains unproven.
Still unconfirmed:
- SpaceX’s rally could face a ‘reality check’ as some analysts question long-term sustainability of the valuation without proven profitability.
- The acquisition of Cursor may signal SpaceX’s push into AI, though details of integration or financial impact remain unclear.
- Elon Musk’s past warnings about U.S. economic risks, including a claim that America could ‘1,000% go bankrupt,’ resurfaced amid his record wealth.