At the same time, Elon Musk became the world's first trillionaire. And thousands of retail investors who rushed into the IPO received only a tiny fraction of the shares they requested.
As if that wasn't enough, the company has already announced its first major acquisition.
Let's start from the beginning. The IPO was priced at $135 per share. And from there, the rally took off.
On Friday, its first trading day, the stock closed around $161, up nearly 19%. On Monday, it gained another 20%. Then on Tuesday, it added another 5%, reaching almost $202.
In just three trading days, the stock climbed roughly 50% above its IPO price.
To put that into perspective, that's a bigger gain than Amazon ($AMZN) delivered over the past five years. Yes, you read that right. Five years for one company, three days for the other.
At its peak, SpaceX ($SPCX) briefly reached a market capitalization of $2.94 trillion, surpassing Microsoft ($MSFT) at $2.93 trillion and Amazon ($AMZN) at $2.66 trillion. It ultimately finished as the fifth most valuable company in the United States.
There is, however, a major caveat.
Not everyone is convinced. CFRA issued a "Sell" rating with a price target of $115 per share, implying a decline of nearly 29%.
Why?
The company generated $18.7 billion in revenue during 2025 but also reported a loss of $4.9 billion. Meanwhile, Musk is talking about revenue potentially reaching $1 trillion by 2030.
This is where things become even more remarkable.
The rally pushed Elon Musk to become the first trillionaire in history. His net worth is estimated at approximately $1.11 trillion.
For comparison, that makes him almost four times wealthier than the world's second-richest person, Google's Larry Page.
But there is an important detail worth mentioning.
This wealth is not cash.
Musk owns 42% of SpaceX ($SPCX) and 12% of Tesla. He has stated that less than 0.1% of his wealth is held in cash.
In other words, his fortune rises and falls alongside the value of his shares. It's largely paper wealth.
Now let's look at the other side of the story: retail investors.
Demand for the IPO was extraordinary.
SoFi described it as the largest IPO offering in its history. Schwab called investor interest "unprecedented."
The problem was that demand massively exceeded supply.
As a result, many investors received only a tiny allocation.
One investor requested 1,000 shares and received just 17. Another asked for 4,250 shares and got only 147. Some users on investing forums posted screenshots showing they received a single share.
A souvenir, they joked.
What are investors doing now?
Some sold immediately, arguing the stock is already too expensive. Others are holding for the long term. Many are worried about a potential wave of selling once the lockup period expires in about six months and additional shares become available.
And this is where things get even more interesting.
Just days after its IPO, SpaceX ($SPCX) announced its first major acquisition.
Yesterday, the company revealed plans to acquire Cursor, an artificial intelligence company, in an all-stock transaction valued at $60 billion.
So what exactly is Cursor?
Simply put, it develops AI tools that help programmers write, debug, and review code.
Founded in 2022, the company surpassed $1 billion in annual revenue last November.
Why is Musk making this move?
Earlier this year, he merged SpaceX ($SPCX) with his AI company, xAI.
Cursor is intended to strengthen that effort and help SpaceX compete against companies such as Anthropic and OpenAI, both of which have their own AI coding tools.
Of course, not everything is perfect.
Cursor's market share has fallen from 41% in June 2025 to roughly 26% in May, while Anthropic now controls about half of the market.
The acquisition is expected to close during the third quarter, pending regulatory approval.
But the deal clearly signals where Musk wants to take the company.
Not just rockets and satellites.
Artificial intelligence as well.
