Amazon Surges Past SpaceX as Market Cap Swings $560 Billion
In a remarkable reversal of fortunes, Amazon has surged past SpaceX in market value over just six weeks. Since June 26th, Amazon has gained almost $560 billion in market capitalization, while SpaceX has lost an identical amount.
This dramatic shift in valuation is even more striking when considering that both companies had the same market cap of $2.65 trillion as recently as June 16th.
Amazon's meteoric rise can be attributed to its impressive second-quarter earnings report, which saw net sales reach $200 billion and operating income increase by 43% due to tariff refund checks and investments in Anthropic. The company's Amazon Web Services division also experienced its fastest growth rate in 18 quarters.
In contrast, SpaceX has struggled since its IPO, with its stock price plummeting by 32% over the past month. Despite the poor performance, investors remain optimistic ahead of the company's upcoming earnings report and share unlock event on Thursday.