SpaceX overtakes Amazon in premarket trade valuation as shares climb past $212

SpaceX is now worth more than Amazon. At least, that’s what premarket trading suggested on June 16, when shares of the freshly public rocket company climbed above $212, pushing its market capitalization past Amazon’s roughly $2.66 trillion valuation.

From IPO to $2.75 trillion in four trading days

SpaceX priced its IPO at $135 per share, targeting an initial valuation of approximately $1.75 trillion. That alone would have made it the largest initial public offering in history.

On its Nasdaq debut June 12, SPCX shares surged nearly 20%, closing near $161. That pushed the company’s market cap above $2 trillion on day one.

The rally didn’t stop there. By June 16, premarket activity showed shares climbing another 10%-plus, landing around $212. That trajectory positions SpaceX to potentially touch $2.75 trillion when regular trading opens.

The move vaulted SpaceX past Amazon and put it on the doorstep of becoming the fifth-most valuable US public company. It had already claimed the sixth spot after its debut.

The stock surge pushed Musk’s net worth past the trillion-dollar mark, making him the world’s first trillionaire.

The numbers behind the hype

SpaceX reported $18.7 billion in revenue for 2025. Amazon pulled in more than $742 billion over the same general timeframe. That’s a revenue gap of roughly 40x.

SpaceX isn’t just generating less revenue. It’s losing money doing it. The company posted an operational loss of approximately $5 billion alongside that $18.7 billion top line.

The bull case rests on three pillars: Starlink’s satellite internet business and its global growth trajectory, the continued advancement of reusable rocket technology, and a growing portfolio of defense contracts. SpaceX’s merger with Musk’s xAI venture adds an AI dimension to the thesis.

Limited share float is also doing heavy lifting here. When you combine a small number of available shares with enormous retail demand, you get the kind of volatility that makes a stock jump 20% on day one and another 10% four days later.

What this means for investors

A company losing $5 billion a year needs a very long runway of growth before the math starts making sense at a $2.7 trillion price tag.

Analysts are split. The cautious camp points to those operational losses and the challenge of transitioning from a private company with selective disclosure to a public one with quarterly earnings scrutiny. The optimistic camp counters that SpaceX is a category-defining monopoly in commercial launch services with no real competitor at scale.

Once SPCX options become available, the dynamics could shift dramatically. Options can amplify moves in both directions, and given the stock’s already extreme volatility, that could create opportunities and landmines in equal measure.

Index inclusion is another major event on the horizon. When SpaceX enters major indices, passive funds that track those benchmarks will be forced buyers, creating structural demand regardless of valuation concerns.

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