Elon Musk firm adds startup behind Cursor app to its portfolio with xAI and reaches $2.8tn market capitalisation

Shares of SpaceX surged Tuesday, pushing the Elon Musk-led company above Amazon and into a neck-and-neck race with Microsoft for the title of the world's fourth-most valuable public company less than a week after its blockbuster $75 billion IPO.

SpaceX may soon challenge Microsoft as the fourth-largest company, falling behind the software giant's market value of $2.92 trillion. Apple is the next largest with a market capitalization of $4.3 trillion, followed by Alphabet at $4.4 trillion.

SpaceX soared past Amazon's $2.66 trillion market capitalization on Tuesday as its momentum continued in the wake of its record-setting IPO on the Nasdaq last week.

This is a developing story.

Swami Sivasubramanian runs dozens of small teams building agentic AI tools and products inside Amazon Web Services.

SpaceX passed Amazon to become the fifth-most valuable company in the world, after its stock price climbed 20% on Monday and more than 8% in early trading Tuesday, bringing its valuation to more than $2.7 trillion.

Stock futures are ticking higher as the market looks to add to the big gains posted on Monday following news of an Iran peace deal; SpaceX shares are poised to climb for the another session after the company's record-setting Friday IPO; the Fed will kick off its two-day meeting on interest rates; world leaders are meeting in France, with discussions focused on the next steps in securing peace in the Middle East; and GM is reportedly in talks to supply Lockheed Martin with parts for weapons. Here's what you need to know today.

SpaceX ( NASDAQ:SPCX ) spent more than two decades transforming itself from an ambitious rocket startup into one of the world's most important technology companies.

FedEx Corporation has outperformed SPY recently, with a 17%+ stock price increase over the past quarter. FDX is receiving tariff refunds as expected, though these will be passed to customers; ongoing legal and operational complexities remain. Amazon's logistics expansion is not viewed as a material threat to FDX's core business, given limited overlap and a renewed partnership.