SpaceX's $2.7T valuation surpasses Amazon on AI infrastructure bets

SpaceX briefly passed Amazon in market capitalization on June 16, 2026, after its record IPO on June 12. The company priced at $135 per share, raising $75 billion, and its valuation surged to $2.7 trillion—despite reporting a $4.9 billion net loss on $18.7 billion in revenue in 2025 (Amazon generated $78 billion net income on $717 billion revenue). Investors are pricing SpaceX as an AI infrastructure platform, not an aerospace company. The IPO materials cited a $28.5 trillion total addressable market, with most linked to AI. SpaceX bolstered this thesis with its $60 billion Cursor deal, gaining an AI coding business days after the IPO, plus a Google compute partnership. However, orbital AI compute lacks mature pricing, service-level terms, and operating history, making it a speculative bet for now.

For enterprise technology buyers, the immediate value rests on proven products: Starlink satellite broadband and launch services. SpaceX completed over 160 orbital launches in 2025, far outpacing competitors. Starlink leads low-Earth-orbit broadband, but Amazon Leo (FCC-authorized for 3,236 satellites) is a growing threat. Key vendor risks include Elon Musk's voting control, which can shift strategy quickly, and the lack of transparent AI revenue disclosures. Buyers should negotiate pricing protections, outage remedies, and flexible exit provisions rather than locking into long-term assumptions based on SpaceX's inflated valuation. Enterprises should monitor Amazon Leo's deployment pace and SpaceX's AI revenue separation before building roadmaps around orbital AI infrastructure.