SpaceX stock popped on Tuesday as investors continued to pile into Elon Musk's rocket builder. The skyrocketing share price briefly pushed SpaceX's market cap past Microsoft's valuation, and crossed Amazon's market value. The stock climbed 20% on Monday, its first full day of trading. In this article SpaceX shares popped about 9% on Tuesday, as Elon Musk's rocket builder continued its meteoric rise following a record-breaking IPO on Friday. With the skyrocketing share price, SpaceX briefly overtook Microsoft in market cap, becoming the fourth-largest company in the U.S. SpaceX's market cap touched $2.94 trillion in mid-morning trading, surpassing Microsoft's valuation of $2.93 trillion, before settling lower. SpaceX also leapfrogged Amazon , which has a market cap of about $2.66 trillion. The stock has a higher bar to clear to pass Apple , the third-largest U.S. company, with a market value of more than $4.3 trillion. The move comes after SpaceX shares jumped 20% in their first full day of trading after a blockbuster debut. SpaceX's stock has surged roughly 62% from its initial public offering price of $135 a share. That's more than Amazon gained in the past five years. The e-commerce giant's shares are up about 45% over that stretch. Earlier on Tuesday, SpaceX announced it would acquire popular artificial intelligence coding startup Cursor for $60 billion. The deal, which is expected to close in the third quarter of this year, could help give SpaceX an edge against leading AI labs OpenAI and Anthropic, which also offer coding tools. Musk, who serves as CEO of SpaceX, posted on X on Sunday that the company "might be able to reach approximately" $1 trillion revenue in 2030. That would be a huge jump from the $18.7 billion in revenue it had in 2025. The company posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year. Stock chart icon