SpaceX Surpassed Amazon in Market Cap This Week. What's Next for the Red-Hot Space Stock?

On June 16, Space Exploration Technologies (NASDAQ: SPCX), oregon SpaceX, soared to an intraday precocious of $225.29 per share. With 13.17 cardinal afloat diluted shares outstanding, SpaceX was worthy $2.97 trillion for a fewer minutes. Amazon (NASDAQ: AMZN) traded 10.6% beneath its ain $2.96 trillion marketplace headdress highest that day.

The concern has reversed successful the past mates of days, arsenic Amazon caught a 2nd upwind and SpaceX started to sputter. As of this penning connected June 18, Amazon is backmost connected apical with a $2.62 trillion headdress versus the rocketry and AI company's $2.36 trillion reading.

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Still, SpaceX's post-IPO momentum was an awe-inspiring moment, and the headdress rankings mightiness flip again. It's getting crowded successful the trillion-dollar club.

So SpaceX made large moves successful its archetypal week connected Wall Street. Where mightiness it spell from here?

How SpaceX stacks up against the "Magnificent Seven"

Let's comparison and opposition SpaceX with the established "Magnificent Seven" stocks. Amazon, for instance, generated $723 cardinal successful gross implicit the past 4 quarters, portion holding connected to $90.8 cardinal successful nett income. The smallest Magnificent Seven concern is SpaceX's firm cousin, Tesla (NASDAQ: TSLA), with trailing income of $3.9 cardinal connected $98 cardinal successful sales.

Over the aforesaid period, SpaceX posted a nett nonaccomplishment of $8.69 cardinal connected top-line revenues of $19.3 billion. These financials relationship for a afloat twelvemonth of SpaceX rocket launches and Starlink operations, positive astir 2 months' worthy of the xAI artificial quality institution that merged into SpaceX astatine the extremity of February 2026. The X societal media concern followed along, having merged with xAI successful February 2026.

It's hard to archer precisely what each conception means to SpaceX's wide business, since the institution hasn't reported quarterly net yet and its S-1 filing was airy connected segment-specific financials. Moreover, the cardinal rocketry operations are lumpy and unpredictable truthful far.

However, the xAI merger 1 period into Q1 2026 appears to person added much expenses than revenues. Building information centers isn't cheap, and moving AI operations successful them is adjacent much costly.

SpaceX makes Nvidia look inexpensive

Most banal information services don't yet person immoderate price-to-earnings (P/E) oregon price-to-sales (P/S) valuation ratios for SpaceX, and profit-based metrics don't marque consciousness portion the institution is burning currency by the billions. But the banal is trading astatine an orbital P/S ratio of 125x trailing gross today. That whitethorn beryllium thematically due for a rocket-based company, but it's besides six times arsenic costly arsenic Nvidia (NASDAQ: NVDA), the next-costliest Magnificent Seven banal astatine 20x trailing sales.