#SpaceX市值超越微软跻身全球前五

June 16, 2026, SpaceX made financial history. Its stock price briefly reached a market capitalization of $2.94 trillion, surpassing Microsoft's $2.93 trillion for a moment. Although it retreated by the close, it has officially entered the top five global market caps.

The astonishing aspect of this milestone is its speed: Microsoft took nearly forty years to reach nearly $3 trillion in market value, while SpaceX achieved this in just a few days after its IPO on June 12.

📈 "Rocket-like" IPO performance

SpaceX's IPO itself set a record, raising $75 billion (up to $85.7 billion after over-allotments), the largest IPO in human history.

· Stock surge: Offering price was $135, rising 19% on the first day to $160.95, then another 20% increase the next day, with a total gain of 49% over three days. As of June 16 close, it had risen about 62% above the offering price.
· Wealth effect: SpaceX's listing made Elon Musk the first trillionaire in human history, with personal wealth reaching approximately $1.4 trillion, surpassing the GDP of over 140 countries worldwide.

🤔 Surpassing traditional valuation logic

SpaceX's market cap starkly contrasts with its financials:

· Modest revenue: $18.7 billion in 2025, compared to Microsoft's and Amazon's revenues of $281.7 billion and $717 billion respectively during the same period.
· Ongoing losses: $4.9 billion net loss in 2025, another $29.4k loss in Q1 2026, burning about $30 billion in cash flow over the past year.

This "divergence" stems from the market paying for the future:

· Betting on "Elon": Renowned financial host Jim Cramer pointed out that investors are not buying profits but Elon Musk himself.
· "Space AI Empire" narrative: SpaceX is no longer just a space company but also an AI giant. Its merged entity xAI has one of the world's largest AI computing clusters and announced a $60 billion all-stock acquisition of AI programming tool Cursor.
· "Starlink" as a cash generator: Starlink is the only profitable pillar, contributing about $11.4 billion in revenue and $4.4 billion in operating profit in 2025, providing financial support for other businesses.
· Very low float: Only about 4.2% of shares were tradable on the first day, and severe supply-demand imbalance amplified the stock price increase.

💎 New market narratives and risks coexist

SpaceX's rise has reshaped the tech investment landscape, giving rise to a new "MANGOS" portfolio emphasizing "AI + computing power + space."

However, risks are equally significant:

· Profitability uncertainty: Core Starship and AI businesses are still incurring massive losses.
· Valuation bubble risk: Analysts warn that its valuation is more driven by speculation and hype about future prospects.
· Future selling pressure: As insider lock-up periods expire, there may be significant downward pressure.

SpaceX's market cap surpassing Microsoft's is a peak valuation of the market's expectations for the future. Whether it marks the beginning of a new era or a bubble fueled by frenzy remains to be seen.