SpaceX stock passes Amazon in market cap after record IPO

Closing Tuesday astatine a marketplace headdress of $2.66 trillion, SpaceX overtook Amazon successful valuation and astatine 1 constituent during the league eclipsed Microsoft's $2.93 trillion, a threshold that would person ranked it 4th among each publically traded U.S. companies. The banal has risen astir 50% since the institution priced its IPO astatine $135 per share.

The rally began erstwhile SpaceX opened connected the Nasdaq astatine $150 per share, rising 19% connected its archetypal league earlier adding different 6% connected Monday. The IPO raised $75 billion, surpassing Saudi Aramco's 2019 offering to acceptable a caller all-time record. Elon Musk controls astir 82.4% of voting power, with his shares taxable to a 366-day lockup.

Much of the buying reflects assurance successful what Musk could present implicit time. On Sunday, Musk posted connected X that SpaceX "might beryllium capable to scope approximately" $1 trillion successful gross successful 2030. In 2025, SpaceX recorded $18.7 cardinal successful gross but ran a nett nonaccomplishment of $4.9 billion, and the reddish ink continued into the caller twelvemonth with $4.28 cardinal successful losses done the archetypal quarter.

The soaring valuation has drawn skepticism alongside enthusiasm. Appearing connected CNBC's "Squawk Box Asia," Peter Boockvar, main concern serviceman astatine One Point BFG Wealth Partners, offered a cautionary take: "trading the story, they're trading the action, they're trading the excitement, they're trading Elon Musk, but astatine immoderate constituent the rubber meets the roadworthy successful presumption of the fundamentals having to lucifer up with that excitement." Boockvar enactment a timeline connected it arsenic well, saying helium believes closing the spread betwixt terms and show "is going to instrumentality astatine slightest a mates of years."

Analysts person been divided connected the banal since the IPO. CFRA started sum with a merchantability standing and a 12-month terms people of $115, citing SpaceX's costly concern exemplary and precocious valuation. Morningstar, successful a June 8 note, said just worth is $63 per share. SpaceX runs the Starlink outer net work and a fleet of reusable rockets. In February, it bought Elon Musk's AI institution xAI, adding its information centers, Grok AI models, and the societal level X to its business.

Catching Apple remains a steep challenge. The iPhone shaper holds 3rd spot among U.S. publically traded companies with a marketplace worth exceeding $4.3 trillion.