![\"Starlink\"](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/11\/Starlink-website.png\")
Elon Musk\u2019s rocket and AI company SpaceX has overtaken Amazon as the world\u2019s fifth largest company just days after its spectacular flotation. <\/p>\n
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.<\/p>\n
Already most of the money raised in the initial public offering on the Nasdaq exchange on Friday has been spent.<\/p>\n
\u201cElon Musk wasted no time in splashing a massive chunk of the $85.7 billion SpaceX raised in cash last week,\u201d said AJ Bell head of markets Dan Coatsworth.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n
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.<\/p>\n
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.<\/p>\n
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