SpaceX surpasses Amazon to become world's fifth most valuable company
Elon Musk's SpaceX has surpassed Amazon as the world's fifth most valuable company, just days after its IPO. The milestone came as it agreed to buy the startup behind the artificial intelligence-powered coding app Cursor for $60 billion, in a bid to capitalize on the technology's success as a coding tool.
SpaceX is the parent company of Musk’s artificial intelligence business, xAI, which will be able to expand its capabilities in an area that has proven to be a strong commercial success for Anthropic, the rival company behind the chatbot Claude. The group also includes rocket company SpaceX, social media platform X, and satellite maker and internet service provider Starlink, which is the only profitable part of the business.
The news of the Cursor acquisition came as SpaceX surpassed Amazon in market capitalization, a key measure of value for a publicly traded company. At one point, its valuation had ballooned to $2.97 trillion, surpassing Amazon’s $2.65 trillion to become the world’s fifth most valuable company by market value. Its shares later fell back to about 5% at the close, a valuation just ahead of the e-commerce company’s $2.66 trillion.
SpaceX lost $4.9 billion in 2025 on revenue of $18.7 billion, while Amazon recorded revenue of $717 billion and net income - a US measure of profit - of $78 billion.
SpaceX went public at $135 a share on Friday, and its shares have risen nearly 50% since then. The rise made Musk, the founder and CEO of SpaceX, the world's first trillionaire, with a net worth of $1.1 trillion. According to Forbes, the 54-year-old's fortune is now worth $1.3 trillion.
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