SpaceX vaults past Amazon as Cursor deal ignites $2.9T surge

SpaceX has climbed to a market value of nearly $2.93 trillion after its shares jumped more than 17%, briefly pushing Elon Musk’s aerospace company ahead of both Amazon and Microsoft in the global corporate rankings.

According to data from Yahoo Finance, SpaceX shares rose as much as 17.21% on Tuesday to an intraday high of $225.64, lifting the company’s valuation to approximately $2.93 trillion.

The move temporarily placed SpaceX above Microsoft, whose shares fell 1.63% to value the software giant at roughly $2.92 trillion. Microsoft later reclaimed the position as SpaceX pared some gains, though the aerospace company remained comfortably ahead of Amazon.

At the time of writing, Amazon shares were up 0.68%, giving the company a market capitalization of about $2.66 trillion, well below SpaceX’s despite volatility in early trading.

The latest rally extended momentum that began a day earlier. SpaceX stock gained 19.6% on Monday following news of a U.S.-Iran peace agreement, before advancing another 11.57% in after-hours trading. Shares then added nearly 10% in premarket activity on Tuesday before accelerating further after the opening bell.

Cursor merger drives investor demand

According to SpaceX, the company and its subsidiary X67 Inc. have entered into a merger agreement with Anysphere Inc., the developer of Cursor AI. Under the proposed transaction, X67 will become a wholly owned subsidiary of SpaceX.

SpaceX said all common and preferred Cursor shares will automatically convert into rights linked to SpaceX stock once the merger closes. The company valued Cursor at approximately $60 billion in the all-stock transaction.

Regulatory approvals and customary closing conditions remain outstanding, with SpaceX stating that completion is expected during the third quarter of 2026.

Investor enthusiasm surrounding the merger announcement appeared to fuel much of the premarket buying activity. Reports ahead of the company’s Nasdaq debut indicated that retail demand for SpaceX shares had significantly exceeded available supply, with some investors reportedly seeking additional financing and loans to increase their allocations.

Binance activity highlights growing interest

Interest in SpaceX has also expanded into crypto-linked markets. As crypto.news reported, Binance said its SPCXUSDT perpetual futures contract has become the exchange’s second-largest futures product by trading volume, trailing only Bitcoin perpetual futures.

According to Binance, the contract generated more than $5.6 billion in rolling 24-hour trading volume and over $9 billion in combined volume across its pre-IPO and post-IPO trading periods.

Binance further stated that it currently leads both centralized and decentralized trading activity for the product while holding the largest open interest position among competing venues.

The increase in derivatives activity has coincided with growing attention on SpaceX following its public listing. Binance also reported that its equity-linked products surpassed $1 billion in turnover within nine days, with SpaceX-related contracts contributing to that growth as traders sought exposure to the company’s rapidly rising valuation.