3 hours ago - Business
SpaceX soars above Amazon in market cap
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SpaceX jumped another 4.8% Tuesday, enabling Elon Musk's space launch/satellite services/AI/social media conglomerate to leapfrog Amazon.com in market value.
- In just its first two full days of trading, SpaceX has added roughly $537 billion to push its market value to $2.659 trillion, according to FactSet data.
- That puts it ahead of Amazon.com, which was valued at $2.646 trillion at Tuesday's close.
Why it matters: The gain underscores the extraordinary power Musk's mastery of the stock market gives him.
- Essentially, the surge in market value provides SpaceX with hundreds of billions of dollars out of thin air, which it can then use to remarkable operational advantage.
Case in point: SpaceX announced a $60 billion all-stock deal Tuesday, essentially using its stock as currency to buy fast-growing vibe-coding startup Cursor, instantly bolstering its Grok AI division against Anthropic and OpenAI.
