SpaceX shares rose another 13% on Tuesday, lifting the company's market capitalization to about $2.94 trillion. That value briefly exceeded Microsoft's $2.93 trillion market cap, making SpaceX the fourth-most valuable U.S. company just two days after its stock market debut.
Where it sits in the rankings
The current top three are Alphabet, Apple and Nvidia, each with market capitalizations above $4 trillion. Since the IPO, SpaceX's stock price has advanced more than 60% relative to the offering price.
Growth outlook and financials
Elon Musk posted on X on Sunday that he expects SpaceX could reach "approximately" $1,000 billion (about $1 trillion) in revenue by 2030. That would represent a dramatic increase from projected 2025 revenue of $18.7 billion. The company has posted substantial losses in recent periods: a $4.9 billion net loss last year and an additional $4.28 billion loss in the first quarter of this year.
Business operations and strategic moves
Founded in 2002, SpaceX became a defining player in the space industry through its Starlink satellite internet service and reusable launch vehicles. In February, Elon Musk unified the company with xAI, the artificial-intelligence startup; xAI had previously been merged into the X social platform in 2025.
Analyst views and risks
Despite the surge, several analysts have questioned SpaceX's lofty valuation. CFRA initiated coverage on Friday with a "sell" rating and a 12-month price target of $115, which is below the IPO price. The firm cited SpaceX's very ambitious growth strategy, high valuation and sizable capital requirements as reasons for caution.
Steve Westly, founder of the Westly Group and a former Tesla board member, told CNBC that if SpaceX fails to meet the growth targets outlined in its public filings within three to four quarters, investor patience could evaporate quickly. By contrast, Dan Ives, head of technology sector analysis at Wedbush Securities, urged patience and a longer-term investment perspective, referring to a potential "fourth industrial revolution."
Summary
SpaceX's rapid market debut and steep share-price rise propelled it into the No. 4 spot among U.S. companies by market capitalization. However, analysts remain divided about the company's long-term prospects given its high valuation, recent large losses and substantial future capital needs.
