Shares in Elon Musk’s rocket and satellite firm have climbed more than 50% since listing on New York’s tech-focused Nasdaq exchange, valuing SpaceX at about $2.78tn (£2.1tn). That puts it ahead of Amazon, which is currently valued at roughly $2.66tn.

The jump in SpaceX’s valuation comes after the company confirmed it would buy AI coding start-up Cursor for $60bn, taking over its parent firm, Anysphere. Investors have also been buoyed by SpaceX’s broader ambitions, which range from reusable rocket launches and its Starlink satellite network to expanding its presence in artificial intelligence.

SpaceX’s flotation raised $85.7bn, making it the largest public listing on record and turning Elon Musk into the world’s first trillionaire on paper. Since shares were first sold at $135 each, they have risen to around $209.

However, analysts have cautioned that the company’s soaring valuation is based more on future expectations than current financial performance. While Amazon, founded by Jeff Bezos, reported $30.3bn in profit in the first quarter of 2026, SpaceX posted a loss of $4.3bn. Annual revenues also remain far apart, with Amazon generating more than $700bn in sales last year compared with SpaceX’s $18.67bn.

Market watchers have also noted that only a small proportion of SpaceX shares are currently available to trade, which could be inflating the price. Some warn that smaller investors may face dilution later if larger institutional shareholders begin to sell.