SpaceX briefly passed Amazon to become the fifth-most valuable company in the world, and nearly eclipsed Microsoft, before the company’s shares pared back those gains before the market closed Tuesday.
The newly-public company’s stock had already climbed 20% on Monday — its first full day of trading. Tuesday’s news that SpaceX was acquiring AI coding company Cursor, along with the start of options trading on SpaceX’s shares, sent the share price even higher, spiking its valuation to $2.9 trillion before it ultimately settled back down.
