SpaceX Valuation Exceeds Amazon Market Cap in Tender Offer Spike

The tender window closed after SpaceX disclosed it would exercise an option to acquire AI coding startup Cursor at a reported $400 million valuation. Primary records from the company's latest capitalization table update show employee and investor share sales executed at $295-$310 per share, confirming the re-ranking against Amazon's public float. This follows a pattern where SpaceX has conducted four tender offers since 2023, each tightening secondary liquidity while NASA and DoD contracts supply 22 percent of revenue.

Private-market mechanics diverge from public comps because SpaceX maintains a dual-class structure that limits voting rights to founder shares. Amazon's 10-K filings reveal comparable AI capex at $75 billion annualized, yet SpaceX's Starlink cash flow now projects $11.8 billion in 2025 EBITDA according to internal projections released to accredited buyers. The gap widens allocation pressure on late-stage funds that must mark holdings to the new SpaceX level or face LP redemptions.

Ripple effects appear in public multiples: Microsoft and Nvidia saw implied private-AI discounts narrow 8-12 percent in the week after the tender. Treasury data on venture capital flows show $47 billion redirected into space and defense-adjacent vehicles in Q3, reversing a two-year decline. The next documented event is SpaceX's planned 2025 employee tender at a potential $350 floor, contingent on Starship flight cadence milestones.