SpaceX, 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, SpaceX 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 SpaceX 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.
