SpaceX’s market capitalization surpassed Amazon’s on Tuesday, closing at $2.66 trillion before slipping back below $2.5 trillion on Thursday.
Fundamentals tell a very different story.
Amazon made $716.92 billion in revenue for the full year of 2025, while SpaceX generated $18.67 billion in revenue last year.
Amazon did 38 times more revenue than SpaceX last year, generating almost as much in sales every week as Musk’s company pulled in all year.
As for actually making money, Amazon’s net income of nearly $78 billion in 2025 was more than four times SpaceX’s total revenue. Meanwhile, SpaceX is losing billions of dollars annually, posting a net loss of $4.94 billion in 2025.
Shares of SpaceX plunged about 18% from their peak, wiping out over $500 billion in market cap in last two trading days.
With Thursday’s loss, SpaceX closed at a market cap of $2.43 trillion, slipping below Amazon, which ended the day up 2.9% with a cap of $2.63 trillion, among the most valuable companies in the U.S.$SPCXB
