SpaceX Market Cap Hopes Pinched by Revenue Gap
SpaceX briefly surpassed Amazon and Microsoft in market cap after its IPO, but it's unlikely to do so again anytime soon. In the early days following its listing on the NASDAQ under the ticker SPCX, SpaceX's price-to-sales ratio surged above 110, giving it a larger market cap than Amazon (AMZN) and Microsoft (MSFT), both of which were trading at their 2026 lows.
The company's revenue is a small fraction of that of its megacap counterparts, with $7.8 billion in Q2 2026 revenue, up 92% from the year-ago level, but still far below Amazon's $201 billion and Microsoft's $90 billion in quarterly revenue.
To reach market caps comparable to those of Amazon and Microsoft, SpaceX would need to sustain its current growth rates for years. However, a potential catalyst for a stock double could be a merger with Tesla (TSLA), which has a market cap of nearly $1.45 trillion and a price-to-sales ratio of 13.
With this move, the combined entity's market cap would be around $3.4 trillion, surpassing Amazon's current value of $2.7 trillion and only modestly lagging Microsoft's current value of $3.8 trillion.