SpaceX has overtaken Amazon in market value following a sharp rally in its shares after the company’s historic stock market debut.
SpaceX shares climbed nearly 5% on Tuesday, lifting the company’s market capitalization to about $2.66 trillion, slightly ahead of Amazon’s estimated value of around $2.65 trillion. The surge briefly pushed SpaceX above software giant Microsoft before the stock pared some of its gains later in the trading session.
The rapid rise comes just days after SpaceX completed the largest initial public offering in history, raising $85.7 billion after underwriters exercised an additional share option. Since its IPO at $135 per share, the stock has gained more than 50%, driven by strong investor demand and optimism around the company’s space launch business, Starlink satellite network, and expanding artificial intelligence operations.
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