SpaceX shares rose more than 14% on Tuesday, lifting the company’s market value past Amazon.com and briefly above Microsoft within days of its IPO. Options trading has begun, and index add-ons scheduled for late June could draw more passive demand—though analy
Tuesday’s open didn’t just lift SpaceX—it reordered the market’s picture of who matters most.
Shares of Elon Musk’s SpaceX climbed more than 14% on Tuesday. lifting its valuation past Amazon.com and briefly above Microsoft to rank it among the top-five most valuable companies within days of a blockbuster debut. The stock was last up 14.3% at $220, jumping more than 62% above the $135 IPO price. If those gains held, the company’s market capitalization would be around $2.85 trillion.
At $2.64 trillion, Amazon’s valuation sat below SpaceX’s. SpaceX also briefly topped Microsoft’s valuation of $2.92 trillion. The world’s top three companies, meanwhile, exceed $4 trillion in market value.
The rally pushed the Nasdaq Composite index higher, and it came with a fresh mechanism for traders to express their bets. SpaceX options began trading, giving investors another avenue to trade the newly listed shares.
“Today the SPCX options launch, offering standard monthly expiration and strikes ranging from $25 to $380. If call demand is heavy, dealers might be forced to buy SPCX into this low-liquidity situation,” said Brent Kochuba, founder of option analytics platform SpotGamma.
He added: “Starting next week we may see index demand increase, with more shares not slated to be made available for 1-2 months.”
Portfolio managers and analysts said the early period as a public company is likely to be bumpy. They pointed to a relatively small float paired with a very high valuation.
“We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher – that’s speculation,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.
The company’s fundamentals are starkly different from the way Wall Street typically cheers big technology results. SpaceX reported sales of $18.67 billion last year and a net loss of $4.94 billion after merging with money-losing xAI—numbers that contrast with many of Wall Street’s big tech companies that have posted bumper results.
Still, the stock’s path may be helped by institutional plumbing. SpaceX is set for fast-track inclusion in the Nasdaq 100. which will soon make it a major holding for passive funds and ETFs that track the index. FTSE Russell and MSCI are also set to add the stock to their indexes, effective June 26 and June 29, respectively.
Brokerage Zephirin Group said: “While index inclusion alone is typically insufficient to drive sustained repricing, we see the combination of passive flows, momentum, and limited float driving upside beyond historical index-addition moves,” initiating coverage on the stock with a “buy” rating.
Beyond trading mechanics and index timing, SpaceX also reported an early boost to the IPO’s final haul. On Monday. the company said its underwriters had exercised the “greenshoe” option to purchase additional shares. increasing the total proceeds from its initial public offering to $85.7 billion from $75 billion it raised last week.
The excitement was visible in the tape. More than $23.1 billion worth of SpaceX shares exchanged hands as of 10:07 a.m. ET—several times the trading volumes in Nvidia, Microsoft, Tesla and Apple combined. Other heavyweight technology stocks, including Nvidia and Microsoft, were trading slightly lower.
Earlier in the day, SpaceX also said it would acquire software company Anysphere for $60 billion.
In the middle of all that, one thing remained consistent: the market’s sudden revaluation came faster than many investors are used to—especially for a company just days into public life.
SpaceX IPO Elon Musk Nasdaq 100 options trading Amazon market value Microsoft valuation FTSE Russell MSCI Anysphere acquisition