SpaceX Surges Past Amazon as $60 Billion AI Takeover and Retail Mania Drive Shares to Record Highs

Space Exploration Technologies has blown past one of the most closely watched valuation milestones just days after its public debut, with a market capitalisation of $2.659 trillion that officially overtakes Amazon. The Elon Musk-led company, better known as SpaceX, saw its shares rise as high as $225 on Wednesday before profit-taking pulled them back to $190 – still a roughly 50% gain from the $135 IPO price.

The blockbuster listing was turbocharged by a so-called greenshoe mechanism, underwriters exercising an option to buy an additional 83.3 million shares. That lifted total IPO proceeds from $75 billion to $85.7 billion, making it one of the largest capital raises in history. Retail investors piled in with particular fervour: on Monday alone, individual buyers snapped up $93.8 million worth of stock, accounting for 73% of all single-stock retail trades that day. Korean investors also emerged as heavy buyers in the days following the listing.

But the real catalyst for the rally came when SpaceX announced a $60 billion all-stock acquisition of Anysphere, the developer of the AI coding assistant Cursor. The deal is expected to close in the third quarter of 2026. Alongside the takeover, the company revealed a $39 billion cloud-computing contract with Google and annual leasing costs of $26 billion for data centre capacity rented from Anthropic and Google itself. The message is clear: SpaceX is remaking itself as a full-spectrum AI and infrastructure giant, not just a rocket builder.

The options market reacted with explosive activity on Wednesday, as 1.8 million contracts changed hands – a first-day record that shattered the previous mark held by Meta. Total premiums paid reached $2.8 billion. One whale placed a $58 million bet on straddles, positioning for violent price swings in either direction. The day’s high of $225 was quickly erased as traders took profits, but the underlying enthusiasm remains intense.

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All this exuberance comes despite a deeply unprofitable operating picture. SpaceX generated roughly $19 billion in revenue last year, but burned $4.28 billion in the first quarter of 2026 alone. The stock now trades at more than 100 times sales, a level that has drawn warnings from prominent short sellers such as Jim Chanos. Management is betting on explosive growth, projecting revenue of $1 trillion by 2030. Whether that forecast is credible will be tested when the company reports its first quarterly results as a public entity.

Index inclusion is already on the horizon. While losses make it ineligible for the S&P 500, SpaceX is set to join both the Nasdaq 100 and the FTSE Russell, forcing passive funds to buy billions of dollars’ worth of shares in the months ahead.

In a further break with convention, the company announced it will publish all quarterly results, annual reports and material announcements exclusively on its own website and via its official X account – bypassing traditional newswires entirely. Investors and media have been directed to follow the investor relations page and the X feed directly. The experiment in direct-to-shareholder disclosure will face its first real test with the upcoming earnings release.

With a market cap that has already surpassed Amazon and a share price that has doubled from the IPO in a matter of days, SpaceX is rewriting the rules of how a company goes public, communicates with its owners, and positions itself for the next technology cycle – even as it racks up billions in losses and courts accusations of overvaluation.