Amazon joins the $3T club as SpaceX braces for its first earnings

Amazon surpassed $3 trillion in market value for the first time on Monday, becoming only the fifth company ever to reach the milestone. Shares hit a record high of $287.16 during the session, capping a powerful post-earnings rally that has added significant weight to the @amazon bull case.

AWS and AI fuel the milestone

The move follows a surge in cloud growth during the second quarter driven by strong artificial intelligence demand. Amazon reported adjusted earnings per share of $1.97, beating estimates of $1.82, while revenue of $200.61 billion topped the $196.47 billion Wall Street had forecast.

Amazon Web Services posted $42.2 billion in quarterly revenue, exceeding analyst expectations of $40.54 billion. AWS operating margins reached 39% in Q2. The strength of that margin profile is central to how investors are pricing the broader company. CEO Andy Jassy also raised the company's full-year capital expenditure estimate to $220 billion, up from the $200 billion projected in February, citing continued AI buildout costs.

Amazon joins Apple, Microsoft, Alphabet, and Nvidia in the exclusive group of companies that have ever hit a $3 trillion valuation. Amazon first crossed the $2 trillion threshold in June 2024, meaning it needed just over two years to add the next trillion dollars in market value.

SpaceX steps into the spotlight

SpaceX ($SPCX) is set to debut its first public-company earnings report and conference call on August 4, 2026, with the call scheduled for 4:30 p.m. ET. The timing places the Elon Musk venture directly in Amazon's shadow, one day after its rival's landmark valuation moment.

SpaceX priced its IPO at $135 per share on June 11, 2026, raising $85.7 billion in the largest initial public offering in history. The stock reached $225.64 on June 16 but has fallen more than 45% since then. That sharp pullback has brought its valuation to around $1.4 trillion, roughly half of where it stood during its June peak.

Tuesday's report will be investors' first opportunity to evaluate SpaceX's audited operating results as a public company across its three segments: space, connectivity, and AI, following the February 2026 integration of xAI and X. Morgan Stanley expects SpaceX to miss consensus revenue and earnings estimates, and has warned the stock could come under new pressure following the results. Adding to the pressure, a lock-up period expires on August 6, allowing the first wave of insider stock sales.

The two companies are increasingly direct competitors, contesting the same ground across satellite internet and AI infrastructure as both ramp investment in those areas simultaneously.

Sources:
CNBC: Amazon tops $3 trillion market cap as stock continues post-earnings surge
TheStreet: What Wall Street expects from SpaceX's first earnings report
Forbes: SpaceX's First Earnings Report Is Coming. Here's What To Look For