Five hundred sixty billion dollars changed hands between two tech giants in just six weeks. Amazon gained it. SpaceX lost it. On June 16, they were neck and neck at $2.65 trillion each. Today, Amazon sits above $3 trillion while Elon Musk's company has crumbled to $1.44 trillion.

The Amazon surge

Amazon's climb started with a solid earnings report last week. The company posted $200 billion in second quarter sales and operating income jumped 43 percent, boosted largely by tariff refund checks and gains from its Anthropic stake. AWS, the cloud division everyone watches, grew at its fastest pace in nearly five years. Adjusted earnings hit $1.97 per share, beating Wall Street's $1.82 forecast.

Investors rewarded that performance hard. The stock jumped 15 percent the day after earnings dropped, then another 5 percent on Monday, touching new highs. CEO Andy Jassy kept the momentum going by nudging capital spending guidance up to $220 billion, signaling confidence in AI investments ahead. Instead of punishing the stock for higher capex, Wall Street bid it up 22 percent over the week. JPMorgan lifted its price target to $365 from $330. Amazon crossed the $3 trillion threshold today, joining only four other publicly traded companies to ever reach that valuation.

SpaceX's stunning collapse

SpaceX looked invincible for about three days after going public. The stock ran above $2.9 trillion and actually eclipsed Amazon for one brief week. Then it fell apart. Over the past month alone, shares have lost 32 percent of their value, wiping out roughly $1.5 trillion in market capitalization.

The gap between the two is now staggering. Amazon's $3.06 trillion market cap is more than twice the size of SpaceX's current $1.44 trillion valuation. What looked like a close race between two titans has turned into a clear separation, with Amazon accelerating while SpaceX struggles to find its footing in public markets.

Amazon shot past $3 trillion while SpaceX cratered from $2.9 trillion to $1.44 trillion in six weeks, a stunning $560 billion reversal between two tech giants.