<p>On June 16, <strong>Space Exploration Technologies</strong> <span class="ticker-mention inline-flex items-center font-bold">(SPCX <span class="ml-1 text-red-900">3.55%</span>)</span>, or SpaceX, soared to an intraday high of $225.29 per share. With 13.17 billion fully diluted shares outstanding, SpaceX was worth $2.97 trillion for a few minutes. <strong>Amazon</strong> <span class="ticker-mention inline-flex items-center font-bold">(AMZN <span class="ml-1 text-green-900">+3.01%</span>)</span> traded 10.6% below its own $2.96 trillion market cap peak that day.</p>
<p>The situation has reversed in the last couple of days, as Amazon caught a second wind and SpaceX started to sputter. As of this writing on June 18, Amazon is back on top with a $2.62 trillion cap versus the rocketry and AI company's $2.36 trillion reading.</p>
<p>Still, SpaceX's post-IPO momentum was an awe-inspiring moment, and the cap rankings might flip again. It's getting crowded in the trillion-dollar club.</p>
<p>So SpaceX made big moves in its first week on Wall Street. Where might it go from here?</p><div class="my-8 lg:hidden"><div id="foolcom_sidebar_top_container" class="pitch-container"><div><div class="min-h-[350px] rounded border border-gray-200 bg-white p-4 shadow-sm"><div class="mb-3 h-4 w-2/3 rounded bg-gray-200"></div><div class="mb-2 h-3 w-full rounded bg-gray-100"></div><div class="h-3 w-5/6 rounded bg-gray-100"></div></div></div><div></div></div></div>
<section><div class="flex flex-wrap place-content-between"><div class="flex w-full place-items-center lg:w-3/4"><div class="p-[8px] text-center" style="width: 95px"><small><div class="flex flex-col items-center gap-2">Expand</div></small></div><div class="py-4 pr-4"><img alt="Space Exploration Technologies Stock Quote" width="64" height="64" class="w-full flex-none object-contain" src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1NQQ1gucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL1NQQ1gucG5nJnc9MTI4"/></div><div class="pr-[16px]"><h2>NASDAQ: SPCX</h2><div class="text-md leading-[1] font-medium text-gray-800">Space Exploration Technologies</div></div></div><div class="flex w-full place-items-center lg:w-1/4"><div class="h-full w-5/6 px-4 py-2.5 lg:text-right bg-red-200"><div class="mb-[2px] text-[10px] text-gray-800">Today's Change</div><div class="mb-6 text-[18px] leading-none font-medium text-red-900">(-3.55%) $-6.82</div><div class="mb-[2px] text-[10px] text-gray-800">Current Price</div><div class="text-gray-1100 text-[18px] leading-none font-medium">$185.00</div></div><div class="flex h-full w-1/6 items-center justify-center py-2.5 bg-red-900"></div></div></div><div class="flex flex-wrap overflow-hidden transition-all duration-300 h-0"><div class="w-full border-t border-gray-300 p-2 lg:w-3/4 lg:border-r lg:p-6"></div><div class="w-full p-2 lg:w-1/4 lg:p-4"><h3>Key Data Points</h3><div class="text-gray-1100 my-[14px] grid grid-cols-2 text-sm"><div class="border-b border-gray-300 py-[14px] text-gray-800">Market Cap</div><div class="border-b border-gray-300 py-[14px] text-right font-bold">$2.4T</div><div class="border-b border-gray-300 py-[14px] text-gray-800">Day's Range</div><div class="border-b border-gray-300 py-[14px] text-right font-bold">$172.11 - $190.00</div><div class="border-b border-gray-300 py-[14px] text-gray-800">52wk Range</div><div class="border-b border-gray-300 py-[14px] text-right font-bold">$149.34 - $225.64</div><div class="border-b border-gray-300 py-[14px] text-gray-800">Volume</div><div class="border-b border-gray-300 py-[14px] text-right font-bold">272.1M</div><div class="border-b border-gray-300 py-[14px] text-gray-800">Avg Vol</div><div class="border-b border-gray-300 py-[14px] text-right font-bold">314.9M</div></div></div></div></section>
<h2>How SpaceX stacks up against the &#34;Magnificent Seven&#34;</h2>
<p>Let's compare and contrast SpaceX with the established &#34;Magnificent Seven&#34; stocks. Amazon, for instance, generated $723 billion in revenue over the last four quarters, while holding on to $90.8 billion in net income. The smallest Magnificent Seven business is SpaceX's corporate cousin, <strong>Tesla</strong> <span class="ticker-mention inline-flex items-center font-bold">(TSLA <span class="ml-1 text-green-900">+1.18%</span>)</span>, with trailing income of $3.9 billion on $98 billion in sales.</p><div class="mb-8 flex justify-center"></div>
<p>Over the same period, SpaceX posted a net loss of $8.69 billion on top-line revenues of $19.3 billion. These financials account for a full year of SpaceX rocket launches and Starlink operations, plus about two months' worth of the xAI artificial intelligence company that merged into SpaceX at the end of February 2026. The X social media business followed along, having merged with xAI in February 2026.</p><div><div id="in_line_article_pitch_container" class="pitch-container"><div><div class="my-32px p-40px relative mx-auto min-h-[660px] overflow-hidden rounded border border-gray-200 bg-gray-100 md:min-h-[300px]"><div class="border-b-1px pb-16px border-dotted border-gray-300"><div class="h-8 w-2/3 rounded bg-gray-200"></div></div><div class="mt-16px space-y-3"><div class="h-6 w-full rounded bg-gray-200"></div><div class="h-6 w-11/12 rounded bg-gray-200"></div><div class="h-12 w-48 rounded bg-gray-300"></div></div></div></div><div></div></div></div>
<p>It's hard to tell exactly what each segment means to SpaceX's overall business, since the company hasn't reported quarterly earnings yet and its S-1 filing was light on segment-specific financials. Moreover, the fundamental rocketry operations are lumpy and unpredictable so far.</p>
<p>However, the xAI merger one month into Q1 2026 appears to have added more expenses than revenues. Building data centers isn't cheap, and running AI operations in them is even more costly.</p>
<h2>SpaceX makes Nvidia look cheap</h2>
<p>Most stock data services don't yet have any price-to-earnings (P/E) or price-to-sales (P/S) valuation ratios for SpaceX, and profit-based metrics don't make sense while the company is burning cash by the billions. But the stock is trading at an orbital P/S ratio of 125x trailing revenue today. That may be thematically appropriate for a rocket-based company, but it's also six times as expensive as <strong>Nvidia</strong> <span class="ticker-mention inline-flex items-center font-bold">(NVDA <span class="ml-1 text-green-900">+3.08%</span>)</span>, the next-costliest Magnificent Seven stock at 20x trailing sales.</p>
<p>So SpaceX just elbowed past Amazon for a few glorious hours before reality reasserted itself. The stock's lofty valuation makes Nvidia look downright frugal. Elon Musk has merged rockets, chatbots, and a social media platform into one publicly traded entity. Whether that's brilliant vertical integration or a corporate turducken of epic proportions remains to be seen.</p>
<div class="image"><img alt="White Amazon and SpaceX logos side by side." width="880" height="587" class="h-auto max-w-full rounded object-contain" src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUwNDUvc3BjeC1hbXpuLWxvZ29zLnBuZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzUwNDUvc3BjeC1hbXpuLWxvZ29zLnBuZyZ3PTM4NDA"/>
<p>Image source: The Motley Fool.</p>
</div>
<h2>Rockets, chatbots, and tweets under one roof (and I'm staying out)</h2>
<p>The trillion-dollar club sure got a lot more interesting, adding a conglomerate of rocketry, social media, satellite-based internet, and AI businesses. The SpaceX headlines will write themselves for years to come.</p>
<p>But I don't mind watching the struggle from Wall Street's sidelines. I expect the red-hot stock to cool down considerably over the next couple of years.</p><div id="article_pitch_container" class="pitch-container"><div><div class="mb-32px p-24px min-h-[1000px] bg-gray-100 md:min-h-[560px]"><div class="mb-8px h-10 w-60 rounded bg-gray-200"></div><div class="mb-16px h-8 w-48 rounded bg-gray-200"></div><div class="mb-2 h-4 w-full rounded bg-gray-200"></div><div class="mb-2 h-4 w-5/6 rounded bg-gray-200"></div><div class="mb-2 h-4 w-4/6 rounded bg-gray-200"></div><div class="mt-16px h-12 w-44 rounded bg-gray-300"></div><div class="mt-20px h-3 w-3/4 rounded bg-gray-200"></div></div></div><div></div></div><div id="promobox_container" class="pitch-container"><div><div class="min-h-[570px] rounded border border-gray-200 bg-gray-100 p-4 md:min-h-[350px]"><div class="mb-3 h-4 w-2/3 rounded bg-gray-200"></div><div class="mb-2 h-3 w-full rounded bg-gray-100"></div><div class="mb-2 h-3 w-5/6 rounded bg-gray-100"></div><div class="mt-6 h-28 w-full rounded bg-gray-200"></div></div></div><div></div></div>

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<p>SpaceX briefly surpassed Amazon in market cap, reaching $2.97 trillion, before Amazon reclaimed the top spot at $2.62 trillion. Despite this momentum, SpaceX faces significant challenges, including an $8.69 billion net loss and a high price-to-sales ratio of 125x, which is six times that of Nvidia. The company's valuation reflects its complex merger of rocketry, AI, and social media assets, leading to expectations that the stock may cool down significantly in the coming years.</p>

- On June 16, SpaceX briefly reached a market cap of $2.97 trillion before Amazon regained its lead, ending June 18 at $2.62 trillion compared to SpaceX's $2.36 trillion.  
- SpaceX reported a net loss of $8.69 billion on $19.3 billion in revenues for the past year, amid concerns about high expenses from an AI merger and unpredictable rocketry operations.  
- The company trades at a 125x price-to-sales ratio, significantly higher than competitors like Nvidia, raising questions about its long-term valuation amidst rapid growth and expense challenges.

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