SpaceX shares rose about 4 percent Tuesday and added another 3 percent in premarket trade Wednesday, lifting Elon Musk's rocket-and-AI company past Amazon by market value, briefly above Microsoft and within reach of Apple just four trading days after its $75 billion initial public offering. The same morning, SpaceX announced a $60 billion all-stock takeover of the AI coding startup Cursor, the largest software deal yet attached to the company's lurch into artificial intelligence.

The twin moves crown one of the most violent post-IPO rallies on record and put SpaceX, a company that lost $4.9 billion last year on $18.7 billion of revenue, on a price-to-sales multiple of roughly 150. Amazon, the company it just leapfrogged, trades below four times sales and earned $77 billion last year. The gap is the central question hanging over the U.S. equity market this week: whether the country's fourth-largest listed company by capitalization is the next Berkshire Hathaway or the highest-profile mega-cap bubble since the dot-com era.

The run

SpaceX closed Friday's debut session 19 percent above the $135 IPO price. It then jumped 20 percent in its first full trading day, popped about 4 percent more on Tuesday and was indicated up another 3 percent Wednesday morning. The cumulative gain from the offer price is roughly 62 percent, more than Amazon shares have returned over the past five years.

At its Tuesday intraday peak the company touched a $2.94 trillion market capitalization, edging Microsoft's $2.93 trillion before fading to close at $2.65 trillion. That left it ahead of Amazon at $2.64 trillion and behind only Apple, which carries a market value near $4.4 trillion. CNBC reported that SpaceX briefly held the rank of fourth-largest U.S. company by valuation.

The Cursor deal

The $60 billion takeover of Cursor, announced Tuesday and expected to close in the third quarter, slots into the AI-coding race led by OpenAI and Anthropic. SpaceX is paying in stock, which is now plentiful and richly priced, and inherits a customer base built around developer subscriptions. The deal arrives four months after SpaceX absorbed Musk's xAI, itself a 2025 merger with the social platform X. CNBC said the combination could give SpaceX an edge against the labs that dominate coding tools.

Musk posted on X over the weekend that SpaceX, parent of the Starlink satellite network and the world's only reusable orbital-class booster fleet, could approach $1 trillion in revenue by 2030. The company is also building large data centers in Tennessee, Semafor reported. Hitting Musk's target would require revenue to grow roughly fiftyfold within four years from the $18.7 billion booked in 2025.

On the Street

Reaction from Wall Street has split between long-horizon bulls and valuation hawks. Dan Ives of Wedbush Securities told CNBC the rally reflects positioning for what he called a fourth industrial revolution across ships, space, infrastructure and industrials. Jim Cramer of CNBC's Mad Money said the rally is, in effect, a single-name bet on Musk himself. The stock might as well be called Elon Musk, Cramer said, and described what he called a real cult of Musk among buyers.

The skeptics are louder. Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, told CNBC that investors are trading the story and the action and at some point fundamentals will have to match the excitement, a process he expects to take at least a couple of years. CFRA opened coverage Friday with a sell rating and a 12-month price target of $115, implying a roughly 29 percent decline. Steve Westly, a former Tesla director, told the network that SpaceX backers would get grumpy after three or four quarters if Musk missed the growth projections laid out in the company's S-1 filing.

Michael Burry, the investor who shorted U.S. housing before the 2008 crisis, said in a Substack post Tuesday that he was tempted but had passed on every bearish options trade he reviewed. A December 2028 SpaceX put with a $100 strike was priced near $25 per contract with the stock around $212, he said. A June 2027 put cost about $13 and a December 2026 put traded around $6.75. Burry described SpaceX as fundamentally a small space company, a niche telecom, a bedeviled social media company and what he called a Coreweave-light, and noted that its market capitalization had eclipsed Warren Buffett's Berkshire Hathaway two and a half times over in three days.

The counterpoint

Today's dossier draws solely on center-leaning business outlets, with no political or labor critique of the post-IPO concentration represented. Within that lane, the skepticism is nonetheless concentrated. Semafor cited an unnamed analyst describing the stock as feeling like a meme stock, called the numbers startling and noted that Cursor is being absorbed while SpaceX is still building out the data center footprint required to support it. Burry's framing of the run as the late stages of the dot-com bubble, alongside CFRA's 29 percent downside target, is the dossier's strongest dissent.

What is next

Options on SpaceX began listing this week, and Cursor's takeover is set to close in the third quarter. The company has yet to report its first full quarter as a public entity. The next test of whether the rally is a re-rating or an overshoot will be the second-quarter results expected in late July.