Tuesday’s close of SpaceX at $201.68 a share valued the company at $2.64 trillion, placing it into the top market-cap neighborhood as the world’s biggest technology companies. As of Tuesday, SpaceX is a top 6 company, only behind Nvidia, Google, Apple, Microsoft, and Amazon.
SpaceX announced a $60 billion deal to by AI coding tool Cursor, one of the fastest-growing startups. Cursor is actually the quickest startup to reach $100 million, and in March 2025, the company said it reached $200 million in recurring revenue.
This acquisition expands SpaceX’s AI segment into agentic coding, allowing it to compete better with OpenAI’s Codex, and Anthropic’s Claude Code.
It seems that SpaceX is recognizing the pressure from AI competitors and instead of building out products, it’s buying existing ones to keep up with competition.
Beyond the Cursor buyout, options listing for SpaceX has been another factor in the company’s latest jump. Nearly 1 million call options traded as people have faith in further upside of SpaceX. It’s call volume was the fifth highest of the day.
As most investors believe in SpaceX’s upward momentum, some analysts are worried.
“There is no valuation support for this market cap as it’s all retail excitement meeting a very small float and no institutional sellers,” said Eric Clark, a portfolio manager and chief investment officer at Accuvest Global Advisors.
Clark has a point as retail investors have driven a historic wave of buying in SpaceX, attributing to 56% of net retail purchases on its IPO day.
“It’s just a momentum trade and retail excitement plus active growth managers wanting exposure,” Clark states.
