SpaceX Market Cap Drops After Brief IPO Peak

Space Exploration Technologies Corp. experienced a volatile market debut, briefly peaking above $2.9 trillion in market capitalization to surpass Amazon and Microsoft before declining to approximately $1.95 trillion. The stock price fell to $147, dropping below its initial opening price of $150 as early IPO hype subsided.

Financial reports show the company generated $7.8 billion in second-quarter 2026 revenue, marking a 92% increase year-over-year. Despite this growth, the company remains the only one among the three to not yet earn a profit, and its revenue is a small fraction of Amazon's $201 billion and Microsoft's $90 billion quarterly figures.

Analysts project a shift toward profitability in the coming quarters. While they suggest SpaceX is unlikely to overtake the tech giants independently in the near term, a potential merger with Tesla, which holds a market cap of nearly $1.45 trillion, could create a combined entity valued at roughly $3.4 trillion.