Newly listed SpaceX (SPCX) pulled off a notable feat on Tuesday morning. For a brief stretch, the company edged past Microsoft (MSFT) to become the fourth-largest company in the world by market capitalization. During mid-morning trading, SpaceX's market cap touched $2.94 trillion, topping Microsoft's valuation of $2.93 trillion, before drifting lower and settling.
A steep climb since going public
The space company has been on a remarkable run ever since its market debut. Over the past five days, the stock has gained more than 30% from its initial IPO price, and its market cap has been racing up the rankings, now closing in on the $3 trillion mark.
Microsoft was not the only giant in SpaceX's path that morning. In the same session, SpaceX also leapfrogged Amazon (AMZN) in the market capitalization standings. Tuesday's jump marked the third straight session of gains for the company, leaving its market cap running neck and neck with Microsoft's.
The Cursor deal behind the surge
A major trigger for the latest spike was the announcement of a deal to buy AI coding startup Cursor for $60 billion. The move did not come out of nowhere. Back in April, SpaceX and Cursor struck a partnership under which SpaceX agreed either to invest $10 billion into Cursor or to acquire it outright for $60 billion. Now, less than two months later, the two sides are pushing ahead with a full acquisition, which SpaceX expects to close later this year.
Cursor is best known for its AI coding tool of the same name. Notably, as recently as April the company was reportedly in talks to raise roughly $2 billion in fresh funding from Andreessen Horowitz, NVIDIA, and other investors. Instead, it now sits under the SpaceX umbrella, and the deal has helped push SpaceX's valuation even higher.
Musk's bold 2030 revenue claim
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 mark an enormous leap from where the business stands today. In 2025, SpaceX brought in $18.7 billion in revenue. The profit picture, however, remains a different story. The company posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year.
