SpaceX (SPCX) briefly topped Microsoft (MSFT) as the fourth-largest company in the world by market cap on Tuesday morning. SpaceX’s market cap touched $2.94 trillion in mid-morning trading, surpassing Microsoft’s valuation of $2.93 trillion, before settling lower. The newly public space company has had a terrific surge over the past week since going public. Over the last five days, it’s climbed over 30% from its initial IPO, and its market cap is also quickly climbing the charts, inching closer to a $3T market cap.
Also this morning, SpaceX overtook Amazon (AMZN) on the market capitalization rankings. Tuesday’s SpaceX jump, which would be the third session of gains in a row, came as the company announced a deal to buy AI-coding startup Cursor for $60 billion. It also puts SpaceX’s market cap neck-and-neck with Microsoft’s.
Musk, who serves as CEO of SpaceX, posted on X on Sunday that the company “might be able to reach approximately $1 trillion revenue in 2030″. That would be a huge jump from the $18.7 billion in revenue it made in 2025. The company posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year.
In April, SpaceX and Cursor signed a partnership that saw SpaceX agree to either invest $10 billion into Cursor or buy it outright for $60 billion. Now, less than two months later, the two are moving forward with an acquisition, which SpaceX expects to close later this year. Cursor is known for its AI coding tool of the same name. As recently as April, the company was reportedly in talks to raise approximately $2 billion in new funding from Andreessen Horowitz, NVIDIA, and other investors. Now, it is under the SpaceX umbrella, helping the latter’s market cap surge.