Space Exploration Technologies Corporation, operating as SpaceX, has closed in on Amazon as one of the world’s most valuable publicly traded companies, after its stock continued a post-IPO surge.
- +SpaceX overtakes Amazon’s market cap after record IPO rally
The American public spaceflight, telecommunications, and artificial intelligence company, SpaceX, having leapfrogged Amazon on the market-capitalisation table, is already closing in on Microsoft (MSFT) at 2.31 percent growth, which ranks fourth.
The American public spaceflight, telecommunications, and artificial intelligence company, SpaceX, having leapfrogged Amazon on the market-capitalisation table, is already closing in on Microsoft (MSFT) at 2.31 percent growth, which ranks fourth.
Over $1.16 billion worth of SpaceX shares exchanged hands in a single morning premarket session—several times the combined volume of heavyweights like Apple, Microsoft, and Nvidia, according to Marketscreener.
Shares in the rocket launching company (SPCX) have traded up by 19.60 percent in early Tuesday premarket trading and were changing hands at around $213 which is almost 11 percent higher than Monday’s close on Nasdaq. Amazon shares(AMZN) traded up by 3.13 percent.
Floating at $1.77 trillion on Friday, the shares rallied 19 percent, then added another 19 percent on Monday, buoyed by bullish projections from Elon Musk himself and the overall upbeat mood across markets in response to the proposed peace agreement in the Middle East.
Evidence of fear of missing out, or ‘FOMO’ and intense retail demand for the stock was demonstrated by the exercise on Monday of the greenshoe option, some 83 million shares, by lead underwriters.
Shares of SpaceX jumped more than 10 percent in premarket trading on Tuesday, pushing the company’s market valuation close to $2.8 trillion and also positioning it to overtake Amazon’s roughly $2.66 trillion market value.
The rally comes only days after SpaceX completed its historic initial public offering, which became one of the largest IPOs ever. The company priced shares at $135 each, raising tens of billions of dollars and entering public markets with a valuation of about $1.8 trillion.
Investor enthusiasm increased after trading began, with SpaceX shares climbing sharply. The stock reached around $212 per share, representing a gain of more than 50 percent from its IPO price and lifting its market capitalisation above $2.7 trillion.
The surge has been driven by investor confidence in SpaceX’s long-term ambitions, including its reusable rocket business, Starlink satellite internet network, and expansion into artificial intelligence and space-based infrastructure.
The company’s rapid rise has reshaped the global technology rankings as SpaceX moved past several major technology firms shortly after listing and is now challenging established giants that have dominated public markets for years.
SpaceX’s market debut has increased attention on Elon Musk, its founder, whose stake in the firm has become one of the most valuable holdings in the world following the stock rally.
