en.Wedoany.com Reported - During the trading session on June 18, the market value of Space Exploration Technologies Corp (SpaceX) briefly surpassed that of Amazon, highlighting investor interest in artificial intelligence infrastructure companies. On the third day of its listing, the aerospace company's stock rose 4.83% to $201.80, giving it a valuation of approximately $2.6 trillion, placing it among the world's largest publicly traded companies. By market close, its market value was roughly on par with Amazon, surpassing Meta and Tesla.

This milestone followed a rally driven by SpaceX's initial public offering (IPO), with the launch of stock options trading and growing investor expectations that its business could expand from launch services and satellite connectivity to AI infrastructure. Although the stock retreated on Wednesday after surging about 40% from its IPO price, SpaceX's market value remained near $2.66 trillion, with sustained investor enthusiasm despite valuation concerns.

SpaceX entered the public market with a business model distinct from established tech giants such as Amazon, Microsoft, Apple, and Alphabet. While these companies generate stable profits from mature operations, SpaceX continues to prioritize growth in commercial launch services, satellite communications, Starlink, connectivity solutions, and artificial intelligence.

According to the company's 2025 financial results, SpaceX generated revenue of $18.67 billion but reported a net loss of $4.94 billion, primarily reflecting the acquisition of AI startup xAI. The company also reported an additional loss of $4.28 billion in the first quarter of 2026.

Despite these losses, investors have assigned SpaceX a market value comparable to Amazon, reflecting expectations that its assets could become critical infrastructure for the next phase of AI deployment. SpaceX is increasingly positioning itself not just as an aerospace company, but as an AI infrastructure provider supported by a global satellite network, communication systems, computing power, proprietary data, and software.

This strategy gained further momentum after SpaceX announced the acquisition of AI coding platform Cursor for $60 billion. The acquisition, expected to close in the third quarter, will enhance the company's software capabilities by integrating AI tools for generating, reviewing, and editing computer code.

Adding Cursor supports SpaceX's broader strategy of combining software with its satellite, launch, and connectivity operations, solidifying its position alongside AI leaders like OpenAI and Anthropic. The company is no longer solely reliant on launch services or satellite internet but is building a comprehensive technology platform centered on AI infrastructure.

The rapid growth in SpaceX's market value has also prompted investors to reassess the long-standing "Magnificent Seven" concept—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla—which traditionally represents the concentration of gains among leading U.S. tech stocks.

UBS recently described this shift as the next phase of AI investment, maintaining a constructive outlook on the sector while anticipating that future spending will expand from AI models and chips to semiconductors, storage, optical technology, energy infrastructure, and semiconductor manufacturing equipment.

Goldman Sachs reinforced this broader investment thesis, estimating that global investment in AI infrastructure could reach approximately $7.6 trillion between 2026 and 2031, including computing power, data centers, and power generation.

Goldman Sachs also warned that future growth could face physical constraints, including chip replacement cycles, system architecture limitations, power availability, data center construction costs, labor shortages, and equipment supply.

Market participants emphasized that SpaceX's valuation is primarily driven by future expectations rather than current financial performance. The relatively limited float of shares after the IPO and the introduction of options trading have amplified stock price gains, both of which could exacerbate price volatility.

Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners, said investors are currently focused on SpaceX's long-term growth story rather than its financial fundamentals. He added that future execution will ultimately determine whether the valuation is justified. "If they can deliver, the upside certainly exists, but the valuation is so high that the company must truly prove it can grow into it."

Elon Musk also outlined ambitious long-term financial goals after the IPO. In a post on X, he stated that SpaceX "could potentially achieve annual revenue of around $1 trillion by 2030."

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