SpaceX briefly leapfrogged Microsoft on Tuesday morning, hitting a mid-morning market valuation of $2.94 trillion—just ahead of Microsoft’s $2.93 trillion—before cooling off. The surge marks another milestone for the newly public space company, which has rallied more than 30% since its IPO over the past five trading days and is rapidly closing in on a $3 trillion market cap.
The move also pushed SpaceX past Amazon in the global market-cap rankings and represents the company’s third consecutive session of gains. Traders reacted most strongly to SpaceX’s announced deal to acquire AI-coding startup Cursor for $60 billion, a move that puts the space firm squarely in the fast-growing AI software arena and helps explain the spike in investor enthusiasm.
The Cursor transaction is the culmination of a pact first disclosed in April, when SpaceX agreed either to invest $10 billion in Cursor or to buy it outright for $60 billion. Less than two months later, the companies are advancing the full acquisition, which SpaceX expects to close later this year. Cursor—best known for its namesake AI coding assistant—had recently been in talks to raise roughly $2 billion from investors including Andreessen Horowitz and NVIDIA before coming under the SpaceX umbrella.
Elon Musk, SpaceX’s CEO, fueled the bullish narrative on Sunday, posting on X that SpaceX “might be able to reach approximately $1 trillion revenue in 2030,” a dramatic projection compared with the company’s $18.7 billion in revenue for 2025. Financials remain mixed: SpaceX reported a $4.9 billion net loss in 2025 and posted a $4.28 billion loss in the first quarter of this year.
For crypto market participants, the headline-grabbing jump underscores how big-cap equities—and their bets on AI—can shift risk appetite and liquidity across asset classes. Whether SPCX’s momentum endures will depend on how well SpaceX integrates AI assets like Cursor and whether its ambitious revenue goals translate into profitability over the medium term.
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