SpaceX rockets past Amazon and Microsoft to become one of the world’s most valuable companies
Key Points
- SpaceX went public on 11 June 2026 under the ticker SPCX, pricing at $135 a share and raising roughly $75 billion - the largest IPO on record - for an initial valuation of about $1.78 trillion.
- Shares rose around 19% on debut and climbed above $220 by 16 June, with after-hours moves briefly implying a market cap of $2.8 trillion to $3 trillion.
- That run carried SpaceX past Microsoft (around $2.92–2.97 trillion) and Amazon (around $2.65–2.7 trillion), leaving only Nvidia ahead among public companies.
- SpaceX reported $18.7 billion in 2025 revenue, up 33% year on year, but a net loss of roughly $4.9 billion, with Starlink driving most revenue and profit.
- The valuation reflects investor bets on future growth rather than current earnings; Elon Musk has suggested SpaceX could reach $1 trillion in annual revenue by 2030.
SpaceX has overtaken Microsoft to become one of the world’s five most valuable public companies, days after pulling off the largest stock market debut in history.
The space and satellite firm went public on 11 June under the ticker SPCX, pricing its shares at $135 and raising roughly $75 billion – the biggest initial public offering ever recorded, according to Reuters. The float valued SpaceX at about $1.78 trillion.
Shares jumped around 19% on their first day of trading, closing near $161 and lifting the company’s market capitalisation to roughly $2.1 trillion.
By Tuesday (16 June), the stock had climbed above $220, with after-hours and premarket moves briefly implying a valuation of between $2.8 trillion and $3 trillion, CNBC reported.
That run carried SpaceX past Microsoft, which sits at around $2.92 trillion to $2.97 trillion on CompaniesMarketCap data.
Reports on 16 June confirmed SpaceX had also moved ahead of Amazon, valued at roughly $2.65 trillion to $2.7 trillion, leaving only Nvidia ahead of it among publicly traded companies, 247WallSt noted.
SpaceX reported $18.7 billion in revenue for 2025, up 33% on the roughly $14 billion it booked in 2024, alongside a net loss of about $4.9 billion. Starlink, the company’s satellite broadband network, generated the bulk of both revenue and profit.
Starlink now anchors the investment case. The constellation has grown into the dominant low-Earth-orbit broadband service, selling consumer kits, maritime and aviation connectivity, and direct-to-cell coverage in partnership with mobile operators.
That recurring subscription revenue, rather than launch contracts, is what investors are paying for.
Microsoft operates on a far larger and more profitable revenue base, turning over hundreds of billions of dollars a year across cloud, software and gaming. SpaceX, by contrast, remains loss-making at scale. The valuation gap reflects how the market is pricing SpaceX’s projected growth rather than its current earnings.
Founder Elon Musk has now publicly floated the prospect of SpaceX reaching $1 trillion in annual revenue by 2030, underpinned by continued Starlink expansion and the operational rollout of the Starship launch vehicle.
Starship is central to that forecast, with the company positioning the fully reusable rocket as the platform for far cheaper satellite deployment and, eventually, cargo and crewed missions beyond Earth orbit.
The debut marks a sharp re-rating from SpaceX’s most recent private funding rounds, which had valued the company well below its opening market cap.
Forward-looking valuations of this kind are volatile, and the stock has already swung widely across its first week of public trading.
