SpaceX (SPCX) Stock Surges Past Amazon in Market Cap Just Days After IPO

TLDR

• SpaceX (SPCX) closed Tuesday at $201.80, up 4.83%, giving it a market cap of ~$2.66 trillion — surpassing Amazon
• The stock rose another ~3.5% in premarket Wednesday, extending its post-IPO gains to over 50% from the $135 IPO price
• During Tuesday’s session, SPCX briefly touched $225.64 intraday, pushing its valuation above $3 trillion and past Microsoft
• SpaceX announced an all-stock deal to acquire Cursor developer Anysphere at a $60 billion valuation
• Leveraged ETFs tracking SPCX surged in line with the move; options activity is being cited as a key driver of momentum

SpaceX went public on June 12, 2026 at $135 per share in the largest IPO in history, raising $75 billion — a figure that grew to $85.7 billion after underwriters exercised the greenshoe option on June 15.

Just four trading sessions later, the stock closed Tuesday at $201.80, up 4.83%, giving SpaceX an implied market cap of roughly $2.66 trillion. That’s about $8 billion above Amazon.

Space Exploration Technologies Corp., SPCX

By 5:21 AM ET Wednesday, SPCX had added another 3.5% in premarket, extending its total gain to more than 50% from IPO price.

Tuesday’s session was even more dramatic intraday. SPCX touched a high of $225.64, briefly pushing its valuation past $3 trillion and ahead of Microsoft, making it the world’s fourth most valuable company for a short time. It pulled back to close below that level, but the intraday spike showed just how strong demand has been.

At Tuesday’s close, only Nvidia ($5T), Alphabet ($4.5T), Apple ($4.4T), and Microsoft ($2.9T) had larger market caps than SpaceX.

Cursor Deal Adds Fuel

Before Tuesday’s opening bell, SpaceX announced it would acquire Anysphere — the company behind AI coding assistant Cursor — in an all-stock deal valuing the startup at $60 billion. A SpaceX subsidiary will merge into Anysphere, making Cursor a wholly owned part of the group. The deal is expected to close in Q3, pending regulatory approval.

SpaceX had secured an option to buy Cursor in April for $60 billion, or pay $10 billion for a more limited technology partnership.

This follows SpaceX’s merger with Elon Musk’s xAI in February, deepening the company’s push into enterprise AI.

Options and Leveraged Products Amplify the Move

Options activity has been widely cited as a driver of SPCX’s rapid gains. As market-makers hedge freshly written call options, they are required to buy the underlying stock, which can push prices higher in a self-reinforcing loop.

The leveraged ETF complex has tracked the move closely. ProShares Ultra SpaceX ETF (SPCF) closed up 10.16% at $38.37, and GraniteShares 2x Long SpaceX (SPAL) gained 9.84% to $38.26. A range of other leveraged and inverse products are listed on NYSE, including Direxion’s LOFF, Tradr’s SPCM, and Defiance’s SPCU.

Volume in SPCX came in at around 311.4 million on Tuesday, below the four-day average of roughly 389 million.

Not everyone is convinced the rally is justified. Skeptics point out SpaceX has yet to turn a profit, and only 3% to 4% of total equity is publicly traded — meaning the float is tight and price moves can be amplified.

A tokenized version of SPCX is also trading on crypto platform Biconomy.com, showing the listing is drawing interest across both traditional and decentralized markets.

As of Wednesday premarket, SPCX was trading near $208.

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