SpaceX Valuation Surges Past Amazon in Volatile Trading Debut

The company’s market cap climbed toward Microsoft-level territory on Tuesday, driven by news of its acquisition of AI coding firm Cursor. This momentum followed an already aggressive 20% stock jump on Monday. Traders exchanged over 300 million shares throughout the day, highlighting the extreme volatility expected from a debut that made only 4% of total shares available to the public.

Financial analysts remain wary of the gap between market enthusiasm and performance. While SpaceX raised $86 billion in fresh capital, it remains anchored by a $18.7 billion revenue base that failed to turn a profit in the previous year. Elon Musk’s aggressive restructuring of the firm’s AI division, previously known as xAI, serves as the primary engine for this investor appetite. As the Cursor deal moves toward a third-quarter close, the company faces the challenge of proving that its non-binding partnerships can translate into the multi-trillion-dollar AI business promised during the IPO.