SpaceX shares surged about 10 per cent on Tuesday, extending the momentum from the company’s record-breaking IPO last Friday and cementing its status as one of the most valuable companies in the United States.

The rally briefly propelled SpaceX past Microsoft in market capitalization, making it the fourth-largest U.S. company.

During mid-morning trading, SpaceX’s market value climbed to $2.94 trillion, edging above Microsoft’s $2.93 trillion valuation.

SpaceX also moved ahead of Amazon, which is valued at roughly $2.66 trillion.

However, the company still trails Apple, the third-largest U.S. company, whose market capitalization exceeds $4.3 trillion.

The surge follows a blockbuster market debut, with SpaceX shares soaring 20 per cent during their first full day of trading after the company’s highly anticipated IPO.

Earlier on Tuesday, SpaceX announced a $60 billion all-stock deal to acquire artificial intelligence coding startup Cursor, marking one of the largest AI acquisitions on record.

SpaceX’s chief executive, Elon Musk, added to investor optimism over the weekend, saying in a post on X that the company “might be able to reach approximately” $1 trillion in revenue by 2030.

The target would represent a dramatic leap from the $18.7 billion in revenue SpaceX generated in 2025.

Despite its rapid growth, the company remains unprofitable, reporting a net loss of $4.9 billion in 2025 and a further $4.28 billion loss in the first quarter of 2026.