SpaceX surges past Microsoft in market cap, becoming fourth-biggest U.S. company

SpaceX  shares surged about 6% on Tuesday, as Elon Musk’s rocket-builder continued its meteoric rise following a record-breaking IPO on Friday.

With the skyrocketing share price, SpaceX briefly overtook Microsoft  in market cap, becoming the fourth-largest company in the U.S. SpaceX’s market cap touched $2.94 trillion in mid morning trading, surpassing Microsoft’s valuation of $2.93 trillion.

SpaceX also leapfrogged Amazon

, which has a market cap of about $2.66 trillion. The stock has a higher bar to clear to pass Apple, the third-largest U.S. company, with a market value of more than $4.3 trillion.

The move comes after SpaceX shares jumped 20% in their first full day of trading after a blockbuster debut.

Earlier on Tuesday, SpaceX announced it would acquire popular artificial intelligence coding agent Cursor for $60 billion.

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.