SpaceX shares rise 11%, flip Amazon to become fifth largest company by market cap

SpaceX shares rose more than 11% Tuesday morning, extending a rally that has pushed the stock into the top tier of global public companies less than a week after its record IPO.

SPCX was recently trading near $213, up about 42% from its $150 opening trade and nearly 58% above its $135 IPO price. The stock traded as high as $225 in early action after strong after hours demand on Monday.

The move pushed SpaceX’s implied market value above Amazon’s, making Elon Musk’s rocket, satellite, and AI company the fifth largest public company by market cap, according to CompaniesMarketCap data. SpaceX is now valued near $2.8 trillion, compared with Amazon’s roughly $2.7 trillion market value.

SpaceX is also closing in on Microsoft. At a roughly $2.8 trillion valuation, the company is about $132 billion below Microsoft’s $2.93 trillion market cap.

The latest leg higher comes as retail demand continues to dominate the trade. Retail investors bought almost as much SpaceX stock in the first two sessions as they bought across the entire US market last week, according to Yahoo Finance.

Options trading also began Tuesday, adding a new layer of volatility to one of the most heavily watched listings in years. Reuters reported that more than 675,000 SpaceX options contracts traded by mid morning, with activity heavily concentrated in calls.

The rally is being amplified by the stock’s limited float. SpaceX sold only a small portion of its shares in the IPO, leaving less than 5% of its stock available for public trading. That low float structure can intensify price moves when demand rises faster than available supply.

The move also comes as SpaceX pushes deeper into AI. The company agreed to acquire Anysphere, the developer of Cursor, in a $60 billion all stock deal, giving Musk’s company a major foothold in AI coding tools after its earlier combination with xAI.

SpaceX is now trading less like a newly public stock and more like a mega cap momentum vehicle. Retail demand, options activity, low float dynamics and AI dealmaking have combined to turn SPCX into one of the market’s most crowded trades days after its debut.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.