SpaceX hits $2.1 trillion market cap following IPO

SpaceX has achieved a market cap of $2.1 trillion, surpassing Tesla’s valuation of $1.52 trillion as of market close on Friday. This shift has intensified speculation that the two companies could eventually merge. The speculation is anchored in new language found in a SpaceX S-1 document—the SEC registration document required for public offerings—which warns investors of potential future dilution, noting that the company may issue a significant amount of equity in connection with future transactions. Further fueling the discussion, SpaceX president and COO Gwynne Shotwell remarked in an interview that a merger “might make Elon’s life a little easier.”

Beyond the SpaceX public debut, other major developments occurred in the U.S. autonomous vehicle and energy sectors. Waymo acquired a 5,500-acre proving ground in Arizona for $220 million from a shell company associated with Apple, which shut down its own car project in 2024. Meanwhile, reporter Tim De Chant reported that General Motors has no current plans to manufacture lithium-iron-phosphate (LFP) batteries for its electric vehicles. While GM is utilizing LFP cells from a foreign supplier for its 2027 Chevrolet Bolt, its upcoming LFP production at an Ultium plant is destined for energy-storage systems rather than passenger EVs. Additionally, EV maker Lucid Motors is experiencing an executive departure, marking the first major exit since Silvio Napoli was named CEO in April.

The broader mobility market also experienced a surge in transaction and funding activity:

• Zepto: The Indian quick-commerce delivery startup announced plans for an initial public offering that could be valued at about $1 billion.
• CameraMatics: The Irish fleet-safety company, which specializes in video telematics, raised €49 million in a round led by U.K. investment firm Blume Equity, the Ireland Strategic Investment Fund, and Goodbody Capital Partners.
• Evotrex: The developer of hybrid RV travel trailers secured $30 million in a Series A funding round backed by a consortium of Chinese and Hong Kong-based investment firms.
• Volteum: The developer of fleet management software for electric and mixed fleets raised €2.5 million in a round led by Movens Capital.
• Clear Robotics: The Indian developer of autonomous ships raised a $1.75 million pre-Series A funding round led by Shipsfocus Ventures.
• Zūm: The startup is also positioned as an IPO candidate.

Why it matters

SpaceX has reached a $2.1 trillion market cap, surpassing Tesla, while new language in an S-1 filing and executive comments have fueled speculation about a potential merger between the two companies.