SpaceX overtakes Amazon as fifth biggest firm – Daily Business

Elon Musk’s rocket and AI company SpaceX has overtaken Amazon as the world’s fifth largest company just days after its spectacular flotation.

SpaceX, which is not yet a constituent of major stock index benchmarks, continued to forge ahead following its strong stock market debut which saw its value soar to $2.78 trillion.

Already most of the money raised in the initial public offering on the Nasdaq exchange on Friday has been spent.

“Elon Musk wasted no time in splashing a massive chunk of the $85.7 billion SpaceX raised in cash last week,” said AJ Bell head of markets Dan Coatsworth.

The company agreed to buy AI coding start-up Cursor for $60bn. That deal, together with $20bn earmarked to repay a bridge loan, means SpaceX has already used up most of the IPO proceeds only four days since listing.

The SpaceX share price moved through $200 as it overtook Amazon, worth $2.66trn, and briefly Microsoft, to become the fourth-largest company in the world by market valuation. Later in the Wall Street session it had slipped back below Microsoft.

While investors cannot get enough of SpaceX, analysts have questioned the sustainability of its high share price given the huge amount of uncertainty over its future earnings and long-term ambitions.

It also remains a huge loss-maker. Amazon made $30.3bn of profit in the first quarter of 2026, while SpaceX lost $4.3bn. Most of its revenue comes from its Starlink internet satellites, and it is ramping up its presence in the AI race.

While markets have rocketed on the back of the US-Iran agreement, oil companies have seen their values slump as the oil price has fallen.