SpaceX just surpassed Amazon’s market cap, overtaking the 31-year-old company on day three of public trading

Space X, the freshly-IPO’d company that barely has been on the public markets for three days, has already surpassed 31-year-old Amazon in market cap. Not only that, it briefly overtook Microsoft too on Tuesday morning. This is a major pull for a company that earned less than a quarter of what Amazon raked in. Last year, Space X took in $18.7 billion in revenue and lost $4.9 billion, while Amazon took in $717 billion and earned $77.7 billion—more profit than Space X has made in sales. With the euphoria, Elon Musk is now worth $1.27 trillion; more than triple the wealth of Larry Page, at $314 billion, who sits in second place on the world’s richest people list. He’s made more money on Tuesday—about $165 billion—than Warren Buffett has made in his entire career. Tuesday’s jump is partly due to SpaceX’s acquisition of Cursor, of vibe-coding fame, for more money than it has spent on rockets in the company’s lifetime, according to Eric Berger, a leading expert on SpaceX and a Senior Space Editor at publication Ars Technica If you bought the SpaceX IPO at its starting price at $135 a share, you would have a higher return in three days than in the three years of the AI rally. So the question remains: is SpaceX truly worth more than the summed ingenuity of the entire AI race? Or is this its apogee—the highest point of the arc, just before gravity takes back over? SpaceX: to Mars or off a cliff? First, who’s buying. Retail investors have poured $225 million into SpaceX on a net basis in its first two days, a startling amount: that’s about 75% of all the net single-stock buying in the entire market over that stretch, per Vanda Research.Now all that salivating demand for SpaceX for retail is chasing a small amount of shares— about 4% of SpaceX. The rest is locked up for about another week, until there will be mechanistically more demand. Under early index-inclusion rules, passive funds have to buy approximately $22 billion to $27 billion SPCX to hit its new weight, exc