Meta Platforms Inc. (NASDAQ:META) has overtaken Space Exploration Technologies Corp. (NASDAQ:SPCX) to become the world’s seventh-largest public company by market capitalization, as excitement builds around its new AI agent, Muse.
Muse Gives Meta a New Growth Story
At Thursday’s close, Meta’s market cap was roughly $1.72 trillion, ahead of SpaceX’s $1.14 trillion, according to Yahoo Finance data.
Muse was launched on Sept. 8 and quickly climbed to No. 1 on Apple’s U.S. App Store, with its 12-day iOS download period outpacing OpenAI‘s ChatGPT’s own comparable launch window.
The app is free for most users, with $20 and $100 monthly tiers for heavier use, and Meta has since struck integration deals with retailers including Walmart Inc., Sephora, Best Buy, and Wayfair.
SpaceX, meanwhile, had swung sharply since its June IPO, the largest on record, with shares hitting a closing high of $201.80 on June 16 before sliding to a record low over the summer.
Meta now trails only Nvidia Corp., which holds the top spot at $5.42 trillion, and Apple Inc., which holds the second spot at $4.9 trillion, followed by Alphabet Inc., Microsoft Corp., Amazon.com Inc. and Taiwan Semiconductor Manufacturing Co. among the world’s most valuable public companies.
Wall Street Sees Room for Muse to Keep Growing
JPMorgan’s Doug Anmuth said Muse “has the potential to become the most widely used consumer AI application since ChatGPT.”
Evercore’s Mark Mahaney expects the app could reach 100 million users within six to 12 months, while Yorkville Ives’ Dan Ives said Muse finally gives investors tangible proof that Meta’s AI spending is paying off.
Meta’s Shares Are Soaring
Meta shares have surged more than 27% since Muse launched, pushing the stock up 19.55% year-to-date and 2.23% over the past year.
SpaceX shares, by contrast, have declined 8.03% from their debut-day closing price.
Price Action: Meta closed 4.50% higher on Thursday at $777.59 and fell 0.13% in after-hours trading to $776.61. Meanwhile, SpaceX closed 0.22% lower at $148.03 and was up 0.17% at $148.28 in extended trading, according to Yahoo Finance.
Benzinga edge rankings indicate Meta stock has a Momentum score in the 82nd percentile and a Growth score in the 79th percentile.
See More: Top Momentum Stocks
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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