SpaceX is on one of the most remarkable runs Wall Street has seen in recent memory. Shares rose 3% in premarket trading Wednesday, extending a rally that has pushed the stock up roughly 62% since its blockbuster IPO last Friday. The SpaceX market cap Amazon 2026 milestone arrived Tuesday, when consistent gains pushed the Elon Musk-led company’s valuation above Amazon. SpaceX even briefly surpassed Microsoft to become the fourth-largest company by valuation in the United States.
How big SpaceX has become
SpaceX closed Tuesday with a market cap of $2.65 trillion. That figure places the space and AI company among the largest publicly traded businesses in the world, just days after its public debut. The rapid ascent reflects extraordinary investor enthusiasm for a company that has become dominant in 2 major areas satellite internet through its Starlink service and reusable rocket technology.
Much of that enthusiasm centers on founder and CEO Elon Musk’s ability to drive long-term returns. Musk added fuel to the excitement on Sunday when he posted on social media platform X that the company might be able to reach approximately $1 trillion in revenue by 2030. That kind of projection, even framed cautiously, has clearly captured investor imagination during the stock’s first week of trading.
The financial reality behind the valuation
However, the numbers underlying SpaceX’s current financial performance tell a different story than its soaring stock price. The company posted a $4.9 billion net loss in 2025. It then lost an additional $4.28 billion in the first quarter of this year alone. Those losses raise legitimate questions about how the company’s ambitious growth plans will eventually translate into profitability.
Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, offered a blunt assessment of the situation on CNBC’s Squawk Box Asia. He said investors are trading the story, the excitement and Musk himself rather than the underlying fundamentals. According to Boockvar, the company’s results will eventually need to match the enthusiasm currently driving its valuation. He estimated that process could take at least a couple of years to play out, even if SpaceX ultimately delivers on its ambitions.
Why investors remain bullish despite the losses
Despite the significant financial losses, investors continue pouring into the stock. Several factors help explain that confidence. First, SpaceX holds a dominant position in commercial spaceflight, with reusable rocket technology that has fundamentally changed the economics of launching payloads into orbit. Second, Starlink has built a substantial and growing satellite internet business that serves both consumer and government customers around the world. Third, the company’s expansion into artificial intelligence applications adds another growth narrative that appeals to investors chasing exposure to the AI boom.
Furthermore, Musk’s personal track record with Tesla and SpaceX has earned him a level of investor trust that few executives command. That trust translates directly into valuation premium, even when current financial results suggest caution might be warranted.
What comes next for SpaceX investors
The coming months will likely determine whether SpaceX’s valuation can hold or whether it corrects toward levels more consistent with its current financial performance. Boockvar’s framework offers a useful way to think about it the story and the excitement got SpaceX to its current valuation, but sustaining that level over time will require real operational and financial progress.
For now, SpaceX sits among the most valuable companies in America, trading above Amazon and briefly ahead of Microsoft just days after going public. Whether that position proves durable will depend on how quickly the company can turn its ambitious technology roadmap into the kind of profitability that justifies a multitrillion-dollar valuation.
Source: CNBC
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