source: techcrunch ai: spacex valuation balloons to $2.6t, briefly passes amazon
level: business
spacex shares jumped on tuesday, pushing the company's valuation to $2.9 trillion at one point before settling back. the spike came after spacex said it would buy cursor, an ai coding company, for $60 billion in stock. options trading on spacex shares also began that day, adding to the volatility. earlier, the stock had already risen 20% on monday, its first full day of trading after going public.
the valuation surge happened despite spacex reporting a $4.9 billion loss on $18.7 billion in revenue last year. by comparison, amazon earned a $78 billion profit on $717 billion in sales in 2025. spacex has been adding new revenue through compute leasing deals with anthropic and google, though those agreements are non-binding. the cursor acquisition is expected to close in the third quarter and will bring in additional revenue.
spacex went public on friday with a valuation around $1.7 trillion, raising nearly $86 billion. only about 4% of shares were made available, which experts said could lead to large price swings. on tuesday, traders exchanged more than 300 million shares, over half the public float. the volatility continued after hours, with spacex's valuation briefly passing amazon's market cap again before falling back.
why it matters: the deal shows how ai acquisitions can rapidly shift market valuations, even for companies with large losses, highlighting investor focus on ai growth potential.
source: techcrunch ai: spacex valuation balloons to $2.6t, briefly passes amazon