#SpaceX市值超越微软跻身全球前五

On June 16, 2026, SpaceX made financial history. During trading, its stock price briefly reached a market capitalization of $2.94 trillion, temporarily surpassing Microsoft’s $2.93 trillion. Although it fell back by the close, it has officially moved into the world’s top five by market capitalization.
What makes this milestone astonishing is its speed: Microsoft took nearly forty years to reach a market cap of nearly $3 trillion, while SpaceX, after its IPO on June 12, completed that journey in just a few days.
📈 “Rocket-like” IPO performance
SpaceX’s IPO itself is a record: it raised $75 billion (reaching $85.7 billion after the over-allotment option), the largest IPO in human history.
· Stock price surge: The offering price was $135. It jumped 19% to $160.95 on the first day, rose another 20% the next day, and gained 49% cumulatively over three days. As of the close on June 16, it was up about 62% from the offering price.
· Wealth effect: SpaceX’s listing made Elon Musk the first trillionaire in human history, with personal wealth of about $1.4 trillion—surpassing the GDPs of more than 140 countries worldwide.
🤔 Overturning traditional valuation logic
SpaceX’s market capitalization stands in stark contrast to its financial condition:
· Thin revenue: In 2025, revenue was only $18.7 billion, while in the same period Microsoft and Amazon recorded $281.7 billion and $717.0 billion, respectively.
· Ongoing losses: In 2025, net loss was $4.9 billion; in 2026 Q1, it lost an additional $4.28 billion, burning about $30 billion in cash flow over the past year.
This “divergence” comes from the market paying for the future:
· Betting on “Musk”: CNBC’s Jim Cramer said that investors are not buying profits, but Musk himself.
· The “Space AI empire” narrative: SpaceX is no longer only a space company—it is also an AI giant. Its combined xAI has one of the world’s largest AI computing cluster(s), and it announced a $60 billion all-stock acquisition of the AI programming tool Cursor.
· Starlink “cash generation”: Starlink is the only profitable pillar. In 2025, it contributed about $11.4 billion in revenue and $4.4 billion in operating profit, funding the other businesses.
· Extremely low float: On the first day after listing, only about 4.2% of the shares could be traded—severe imbalances between supply and demand amplified the surge in the stock price.
💎 New market narrative coexists with risks
SpaceX’s rise has reshaped the tech investment landscape, giving birth to a new “MANGOS” combination emphasizing “AI + computing power + space.”
However, risks cannot be ignored either:
· Profitability uncertainty: Core Starship and AI businesses are still in massive losses.
· Valuation bubble risk: Analysts warn that its valuation is driven more by speculation and hype about future expectations.
· Future selling pressure: As the insiders’ lock-up release periods arrive, it may face significant downside pressure.
SpaceX’s market capitalization surpassing Microsoft is an extreme pricing of the capital market’s expectations for the future. Whether it is the prologue to a new era or a bubble fueled by frenzy remains to be tested over time.