SpaceX surged past Microsoft in market capitalization on Wednesday, briefly becoming the fourth-largest U.S. company by value before giving back some gains. The stock extended its blistering post-IPO rally, overtaking Amazon in the process and closing in on the trillion-dollar club.
Catalysts include the company's recent agreement to acquire AI startup Cursor for $60 billion, according to Yahoo Finance. CEO Elon Musk said Sunday that SpaceX "might be able to reach approximately" $1 trillion in revenue by 2030, adding fuel to investor enthusiasm for the defense and space giant.
Broader markets were muted, with global stock indexes near flat as the Federal Reserve's meeting kicked off. Sequoia Capital partner Shaun Maguire, whose firm owns just under 1.5% of SpaceX, told Bloomberg he plans to hold his shares "forever," highlighting long-term conviction among early backers.
However, some analysts warn the valuation has become stretched. The intraday surge that briefly overtook Microsoft could signal near-term froth, and the ambitious $1 trillion revenue target hinges on unproven markets like orbital data centers and mega-AI infrastructure, according to Bloomberg reporting.