SpaceX shares keep drawing investor interest: after closing the previous session at $201.80, up 4.83% on the Nasdaq, the stock continued to march higher, further inflating the market value of the aerospace company founded by tycoon Elon Musk.
SpaceX’s market value yesterday rose to surpass even Amazon’s, jumping to $2.94 trillion at the intraday highs tested by the stock, against Amazon’s $2.64 trillion.
And there is more: even if only for a very brief window, the company’s market cap also beat that of the other tech-and-AI giant Microsoft, worth $2.93 trillion, before pulling back to $2.65 trillion by the close of Wall Street trading. The gains faded into the finish, down from the +16% recorded earlier in the session.
SpaceX’s stock run since its IPO last Friday, June 12, 2026, continues, though at a slower pace than the +19% surge of its market debut.
The question troubling long-term investors in particular: is the rally sustainable, especially in light of what some experts have said, having already dismissed the enthusiasm both before and after the IPO?
SpaceX stock: an analyst tells Money.it the value is «completely disconnected from the company’s fundamentals»
Money.it reached out to Tobias Robinson, financial analyst and CEO of BrokerListing.com, a firm specializing in comparing and reviewing online brokers that produces reports and research on the online trading and retail investing sector. Robinson commented on the SpaceX phenomenon, urging investors to be cautious and comparing what is happening to a very specific speculative bubble: the Mississippi Bubble of the early 18th century.
Robinson told Money.it that the wave of buying in SpaceX shares did not «surprise [him] at all», given the media hype that accompanied the IPO.
That said, the value the market is assigning to the company founded by Musk «is totally disconnected from the company’s actual fundamentals», and what is fueling the buying spree is the fact that «the stock is being promoted extremely aggressively».
The marketing strategy, in short, has paid off and for now is still paying off. Perhaps too well, as Robinson noted, pointing out that SpaceX’s stock trajectory is mirroring Tesla’s: «with the difference that the company’s financial condition is worse, considering losses of around $4 billion suffered in the first quarter alone».
What has succeeded so far is rather the modus operandi of SpaceX and Elon Musk, who has managed to «shift the public’s attention away from what the company is today toward promises about the future». Promises presented as if their realization were imminent, in order to support the stock’s positive trend on Wall Street.
A shame the reality is entirely different.
In the words of the BrokerListing.com CEO:
«This narrative is also fundamental to raising capital. The $75 billion (now $86 billion) raised through the IPO guarantees a few years of financial autonomy, but the company will end up burning through these resources and will have to raise new capital. Musk does not have a cash-generating engine to draw on and cannot self-finance the way Google, Meta or Microsoft can for their artificial intelligence initiatives. As a result, SpaceX depends entirely on the willingness of outside investors to keep funding the project.»
In this situation, Robinson added, «it is impossible to give a 12-month target price», because the possible scenarios are so numerous.
There also remains the fact that «it is very difficult to assign a value to a stock built on narratives about a very distant future that, to a large extent, will probably never come true».
The open questions are far too many: «Will SpaceX really build autonomous satellite factories on the Moon run by Optimus robots? Will those factories mine resources from asteroids? Or are these promises made simply to reap benefits on the stock market?»
SpaceX and the Mississippi Bubble
Robinson did nothing to hide his skepticism, going so far as to compare the SpaceX case to the «Mississippi Bubble of the 18th century», which centered on the intense speculation that built up around shares of the Mississippi Company, led by financier John Law.
Law promised enormous riches by leveraging a monopoly over the exploitation of Louisiana, convincing thousands of investors to buy shares in his company.
The euphoria and speculation were such that the share price soared. But when investors woke up to nonexistent profits and demanded to convert their banknotes into gold, France’s central bank of the time ran out of reserves and the entire financial system collapsed, bringing France to its knees.
The bursting of the bubble, which occurred in 1720, is still remembered today as one of the great examples of a speculative bubble and a financial crash in history.
For Robinson, the parallel with the mania that has erupted over SpaceX shares is more than fitting:
«The promotion of the project by financier John Law and his ties to the government contributed enormously to its success in valuation terms, creating immense fortunes on paper. However, the promises were not real, and there was no concrete economic activity capable of forming the foundation and the authentic value of the enterprise.»
The same thing, he argues, is happening with the shares of Musk’s gamble, which have ground out gains, according to the expert, based on practically nothing. And the problem is that a growing number of analysts and experts are shaking their heads at the bullish stance investors are taking toward SPCX stock.
An increasingly AI-focused SpaceX: the Cursor acquisition
Meanwhile, for those who see SpaceX not so much as an aerospace company but as one effectively active in the artificial intelligence (AI) market, following its acquisition of xAI, the other company founded by Elon Musk, and for anyone interested in tracking the stock, a new announcement landed yesterday.
SpaceX wasted no time diving into acquisitions of potential AI gems, announcing it had reached a definitive agreement to acquire the artificial intelligence startup Cursor. The purchase will be made entirely in stock, for a value of $60 billion.
Cursor is known for having created a popular AI-based coding tool that helps software developers generate, edit and review code. Since its founding in 2022, the company has seen extraordinary growth. In November, Cursor announced it had surpassed $1 billion in annualized revenue, according to a statement released at the time. In 2026, the company also ranked 37th on the annual CNBC Disruptor 50 list.
Editor’s note
This article was originally published in Italian on money.it by Laura Naka Antonelli on June 17, 2026 as «Azioni SpaceX, la capitalizzazione ha già battuto quella di Amazon. Ma l’analista a Money.it: “Come la bolla del Mississippi”». It has been translated and adapted for an international audience by the Money.it International desk.
