SpaceX gains 3% after surpassing Amazon in market cap

SpaceX shares rose 3% in premarket trading on Wednesday, as the Elon Musk -led company extended a remarkable rally that's seen the stock surge around 62% since a blockbuster IPO on Friday. Consistent gains for SpaceX this week pushed its market cap above Amazon on Tuesday, and it briefly surpassed Microsoft to become the fourth-largest company by valuation in the U.S. SpaceX had a market cap of $2.65 trillion at close on Tuesday. Investors are betting big on the promise of founder and CEO Musk's ability to drive long-term returns. Musk posted on X on Sunday that the company "might be able to reach approximately" $1 trillion revenue in 2030. Stock Chart Icon Stock chart icon SpaceX shares over the past day. SpaceX posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year. The lofty valuation for the company that has become dominant in satellites through its Starlink service and reusable rockets has raised questions about the its ambitious growth plans. …