Key Points
Space Exploration Technologies (NASDAQ: SPCX) briefly reached a market cap of over $2.9 trillion shortly after its IPO, surpassing both Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT). Currently, SpaceX’s market cap stands at approximately $1.95 trillion, with second-quarter revenues for 2026 hitting $7.8 billion, a 92% increase year-over-year. In contrast, Amazon reported $201 billion and Microsoft $90 billion in the same quarter.
Despite significant revenue growth, SpaceX remains unprofitable, lacking a price-to-earnings ratio, while its price-to-sales ratio of 95 far exceeds Amazon’s 3.5 and Microsoft’s 12. Industry analysts suggest that if SpaceX merges with Tesla, which has a market cap of nearly $1.45 trillion and a P/S ratio of 13, it could potentially surpass Amazon and come close to Microsoft’s valuation.
Overall, while SpaceX could achieve a larger market cap than Amazon and Microsoft, it is unlikely to do so independently for several years without drastic changes or a merger with Tesla.
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