Elon Musk’s SpaceX has overtaken Amazon as the world’s fifth-most valuable company days after its stock market debut, as investors piled into the newly listed rocket, satellite and AI group in one of the most aggressive post-IPO rallies in recent market history.
SpaceX shares closed Tuesday at $201.80, up 4.83 percent, before rising further in post-market trading to around $208.02. The move valued the company at roughly $2.66 trillion, just ahead of Amazon, after a volatile session in which the stock touched $225.64 before giving back part of its gains.
Options trading adds fuel to the SpaceX run
The latest surge came after options trading opened on SpaceX shares, giving traders another way to bet on one of Wall Street’s most closely watched new listings.
Nearly 1.8 million SpaceX options contracts traded on Tuesday, while turnover in the stock reached roughly $61 billion, making it the busiest large U.S.-listed name of the session.
The jump followed SpaceX’s record market debut last week, when the company priced its IPO at $135 a share and raised $75 billion. Underwriters later exercised their overallotment option, lifting total proceeds to $85.7 billion.
Big investors line up behind the listing
SpaceX managed to capture the interest of major investors before its debut, with demand building around its rare mix of satellite broadband, launch capacity and AI exposure.
BlackRock planned to buy at least $5 billion worth of shares in the IPO, while major Gulf sovereign investors also lined up multibillion-dollar orders.
Saudi Arabia’s Public Investment Fund and Kuwait Investment Authority each submitted orders valued between $1 billion and $5 billion, while Qatar’s sovereign wealth fund was also expected to make a significant commitment.
Demand from individual investors also exceeded $70 billion, showing how much public appetite had built around a company that had long remained out of reach for retail buyers.
SpaceX moves beyond rockets with Cursor deal
SpaceX’s valuation is now tied to more than launch services, with investors looking beyond reusable rockets and Starlink satellite internet to Musk’s wider push into artificial intelligence, software and infrastructure.
To meet that investor appetite, SpaceX has pushed further into AI, agreeing to buy Anysphere, the parent company of Cursor, in a $60 billion stock deal.
Cursor, launched in 2023, was built as an AI-first code editor that can write, edit and debug software using natural-language instructions.
The deal gives Anysphere $60 billion in SpaceX class A stock and adds about 2.2 percent dilution, marking another step in Musk’s effort to build SpaceX into a broader AI and infrastructure company.
