Spacex Stock Extends Its Post-ipo Climb. It's Worth More Than Amazon Now

Key Takeaways

• Shares of SpaceX continued to climb Tuesday, topping $200 per share for the first time.
• The stock reached levels approaching those that would give it a market capitalization of $3 trillion.

SpaceX stock continued its post-IPO climb Tuesday, with the stock rising above $200 per share for the first time.

Shares of SpaceX (SPCX) were recently up 11% in the company's third session on public markets; yesterday, they rose some 20%. Recent prices marked a pullback from morning highs above $225, which at those levels had the company's market capitalization in the neighborhood of $3 trillion—a level that took Apple, the first company to see its market value reach that milestone, more than four decades to accomplish.

Why This Matters to Investors

Shares of SpaceX have wavered at times in their early days as publicly traded assets, but they've mostly climbed—and current prices have them as one of the five most-valuable U.S. companies after less than three full days on the stock market.

There was also news on the corporate front at Elon Musk's space exploration and AI company, which confirmed it would go through with a proposed acquisition of AI coding agent Cursor. SpaceX disclosed in April that it had secured the right to buy Cursor for $60 billion at some point this year, or pay the company $10 billion for their work together training models with SpaceX's Colossus GPU cluster, and it on Tuesday said Cursor shareholders would receive SpaceX stock of equal value when the deal closes, which is expected in the third quarter. The deal was delayed until after SpaceX's blockbuster IPO last Friday, in which it raised a record $75 billion. 

Cursor will build on SpaceX's efforts to keep up with competitors like Anthropic, OpenAI, and Alphabet (GOOG) in the race to develop the most capable AI. Musk merged SpaceX and his AI start-up xAI, home to social media platform X and chatbot Grok, in February. SpaceX's AI lags its biggest competitors in capabilities, a gap that the Cursor merger could narrow. 

Coding agents have emerged as one of the most valuable AI-powered products in the past year. The success of Anthropic's Claude Code has turbocharged its revenue growth since late last year, prompting OpenAI to shift its focus from consumer tools like ChatGPT to business tools like its coding agent Codex. Both Anthropic and ChatGPT could themselves go public this year at valuations potentially surpassing $1 trillion.

SpaceX shares were trading around $214 on Tuesday, nearly 60% above their $135 IPO price. Tuesday's gains valued it as America's fifth-most valuable company, ahead of retail giant Amazon (AMZN) and not far off Microsoft (MSFT).