SpaceX shares jumped 4.8% Tuesday for the third-straight day of gains, surpassing Amazon’s market cap and briefly exceeding Microsoft – sending Elon Musk’s wealth to jaw-dropping new heights. 

Following a record-breaking Friday IPO that shot the company’s valuation above $2 trillion and made Elon Musk the world’s first trillionaire, the stock has so far added roughly another $660 billion for a $2.66 trillion market cap.

The hot streak on Tuesday pushed SpaceX’s worth past that of Amazon, at $2.65 trillion, and briefly past Microsoft, valued at $2.93 trillion. SpaceX later settled below the software powerhouse as the fifth-most valuable company in the US. 

Meanwhile, Musk saw his net worth soar even higher to $1.3 trillion Tuesday, according to Forbes – giving him a shockingly dominant lead as the world’s richest person.

He was nearly five times richer than the planet’s second-richest man, Google co-founder Larry Page, who was worth $303.9 billion. Page’s fellow Google guru Sergey Brin was worth $280.2 billion.

Still, some experts voiced caution that SpaceX’s skyrocketing path on the Nasdaq might not last.

Danish economist Andreas Steno Larsen wrote in a Tuesday post on X that his “best guess” is that the stock is down more than 50% a year from now.

In a note ahead of the IPO, Morningstar analyst Nicolas Owens said the firm values SpaceX at just $63 per share – calling the stock “overvalued.”

As some wary investors pointed out, both Amazon and Microsoft boast drastically higher profits than Musk’s firm – with Amazon hitting $77.7 billion last year and Microsoft bringing in $101.8 billion, while SpaceX lost $5 billion.

Investors have been concerned that SpaceX’s massive AI spending is weighing on profits – but the firm is showing no signs of slowing down. 

SpaceX announced Tuesday that it plans to acquire Anysphere – the San Francisco-based software firm behind AI coding agent Cursor – for $60 billion. 

The deal, which is expected to close in the third quarter of 2026, could give Musk’s xAI a larger presence in the AI coding sphere and provide Cursor with more computing capacity.

It is structured as a stock-based merger between Anysphere and SpaceX’s wholly-owned subsidiary, X67, signaling the capital raised in the IPO is not being put toward the acquisition.

“I would be careful calling SpaceX overvalued because the market is currently assigning value to several major narratives and business lines at once,” said Justin Barlow, a tech investor and venture partner at Faction VC.

Though SpaceX is known for its reusable rockets, the company also owns Musk’s social-media platform, X; his satellite internet service provider, Starlink; and his AI firm, xAI.

“This means that if you are bullish on AI, space travel, social media or fintech, SpaceX drives a strong value proposition even at current valuations,” Barlow told The Post, adding that bullish traders have been drawing comparisons to Meta and Anthropic.

But others are concerned that SpaceX’s explosive IPO means that even if there is aggressive financial growth over the next few years, it has already been priced into the stock – leaving it little room to climb.

“Some of the valuation concerns are fair,” Scott Martin, partner at Kingsview Wealth Management, told The Post. “The stock has gone from $135 at the IPO to more than $200 in just a few days. That’s a huge move in a very short period of time, and naturally people are going to ask whether SpaceX has gotten ahead of itself.”

“The hype will eventually cool off. It always does,” Martin said. “The real question is what replaces it. If SpaceX continues growing revenue, expanding Starlink, winning contracts and delivering on the opportunities investors see today, the company may very well grow into the valuation.”

Musk claimed Sunday that SpaceX “might be able to reach” roughly $1 trillion revenue in 2030 – and “I would be surprised if revenue is not greater than $1T in 2031.”

That would be a huge jump for SpaceX, which reported $18.7 billion in revenue last year.

Starlink, Musk’s satellite internet service provider and a major government contractor, was the company’s sole profitable division last year.

Meanwhile, its annual capex hit $20.7 billion in 2025. 

In the three months through March, SpaceX’s spending already hit $10.1 billion – with AI accounting for $7.7 billion. That dwarfed its total spending in the same period last year of $4.1 billion.

If SpaceX’s acquisition of Anysphere is terminated under certain circumstances, SpaceX will pay a $10 billion fee, according to regulatory filings.

It will also pay a “regulatory” termination fee of $4 billion if the deal is scrapped over antitrust issues.

Since its founding in 2022, Anysphere’s Cursor has seen an explosive rise, with roughly $2.6 billion in annualized business-to-business revenue and rapid sales growth.

The AI startup – which is backed by Andreessen Horowitz, Nvidia and Google – was reportedly in talks earlier this year to hold a funding round valuing it at $50 billion.