SpaceX valuation balloons to $2.6T, briefly passes Amazon

SpaceX 估值飙升至 2.6 万亿美元，短暂超越亚马逊

SpaceX briefly passed Amazon to become the fifth-most valuable company in the world, and nearly eclipsed Microsoft, before the company’s shares pared back those gains before the market closed Tuesday. The newly public company’s stock had already climbed 20% on Monday — its first full day of trading. SpaceX 短暂超越亚马逊，成为全球市值第五高的公司，并一度逼近微软，随后在周二收盘前股价回落。这家新上市公司的股票在周一（其首个完整交易日）已经上涨了 20%。

Tuesday’s news that SpaceX was acquiring AI coding company Cursor, along with the start of options trading on SpaceX’s shares, sent the share price even higher, spiking its valuation to $2.9 trillion before it ultimately settled back down. This is all despite the fact that SpaceX posted a $4.9 billion loss on $18.7 billion in revenue last year, compared to Amazon, which turned a $78 billion profit in 2025 on $717 billion in sales in 2025. 周二传出 SpaceX 将收购 AI 编程公司 Cursor 的消息，加上 SpaceX 股票期权交易的开启，推动股价进一步走高，市值一度飙升至 2.9 万亿美元，随后回落。尽管 SpaceX 去年营收 187 亿美元，却亏损了 49 亿美元；相比之下，亚马逊在 2025 年营收 7170 亿美元，利润高达 780 亿美元。

SpaceX has recently added new revenue streams in the form of compute leasing deals with Anthropic and Google, though, and will absorb the revenue from Cursor when that deal closes in the third quarter. The Anthropic and Google deals are non-binding, but investors don’t seem to mind either way. Elon Musk’s space-and-AI company had added roughly $1 trillion to its valuation since going public on Friday. 不过，SpaceX 最近通过与 Anthropic 和 Google 的计算租赁协议增加了新的收入来源，并且在第三季度完成收购后，将并入 Cursor 的营收。虽然与 Anthropic 和 Google 的协议不具约束力，但投资者似乎并不介意。自周五上市以来，埃隆·马斯克这家太空与 AI 公司的市值增加了约 1 万亿美元。

That transaction netted SpaceX nearly $86 billion in fresh capital, largely on promises that it can create an AI business worth trillions of dollars — a wild claim for a company that recently tore its AI division down to the studs. SpaceX first revealed a collaboration with Cursor in April, at a time when Musk said his AI company xAI — now a part of SpaceX — “was not built right [the] first time around” and that he was rebuilding it “from the foundations up.” SpaceX is making the acquisition with $60 billion in company shares. 此次交易为 SpaceX 筹集了近 860 亿美元的新资本，这主要基于其能够创造价值数万亿美元 AI 业务的承诺——对于一家最近才将其 AI 部门彻底重组的公司来说，这是一个大胆的说法。SpaceX 于 4 月首次披露了与 Cursor 的合作，当时马斯克表示，他的 AI 公司 xAI（现已并入 SpaceX）“最初构建得并不正确”，他正在“从基础开始”重建它。SpaceX 将以 600 亿美元的公司股票完成此次收购。

SpaceX’s historic IPO saw it debut with a valuation of around $1.7 trillion, and the transaction raised nearly $86 billion for Musk’s company. SpaceX only made about 4% of its total shares available for trading, which experts predicted would make the stock more susceptible to wild swings. That appeared to be the case Tuesday, as traders swapped more than 300 million SpaceX shares throughout the trading day — more than half of the 555 million available on the public market post-IPO, according to data from the Nasdaq stock exchange. SpaceX 的历史性 IPO 以约 1.7 万亿美元的估值亮相，并为马斯克的公司筹集了近 860 亿美元。SpaceX 仅将其总股本的约 4% 用于交易，专家预测这将使该股票更容易出现剧烈波动。周二的情况似乎印证了这一点：根据纳斯达克证券交易所的数据，交易员在全天交易中换手了超过 3 亿股 SpaceX 股票，超过了 IPO 后公开市场上 5.55 亿股流通盘的一半。

The volatility continued into after-hours trading, which saw SpaceX’s valuation briefly eclipse Amazon’s market cap for a second time before falling again. 这种波动一直持续到盘后交易，SpaceX 的市值在盘后第二次短暂超越亚马逊，随后再次回落。