SpaceX leapfrogs Amazon in market cap, briefly climbs Microsoft among top U.S. companies
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SpaceX shares popped about 12% on Tuesday, as Elon Musk 's rocket builder continued its meteoric rise following a record-breaking IPO on Friday.
Key facts
CFRA on Friday initiated coverage of the stock with a sell rating and a 12-month price target of $115, which is a nearly 29% drop from Friday's closing price
SpaceX's market cap touched $2.94 trillion in mid-morning trading, surpassing Microsoft's valuation of $2.93 trillion, before settling lower
SpaceX's stock has surged roughly 62% from its initial public offering price of $135 a share
That would be a huge jump from the $18.7 billion in revenue it had in 2025
Summary
With the skyrocketing share price, SpaceX briefly overtook Microsoft in market cap, becoming the fourth-largest company by valuation in the U.S. SpaceX's market cap touched $2.94 trillion in mid-morning trading, surpassing Microsoft's valuation of $2.93 trillion, before settling lower. SpaceX also leapfrogged Amazon, which has a market cap of about $2.66 trillion. The move comes after SpaceX shares jumped 20% in their first full day of trading after a blockbuster debut.