SpaceX Valuation Nears $3 Trillion, Surpassing Amazon and Microsoft

Elon Musk’s SpaceX has staged a historic market debut, seeing its valuation soar past industry titans Amazon and Microsoft. Following a massive post-IPO rally, the rockets-to-AI powerhouse is now positioned as one of the world's most valuable companies.

A Meteoric Rise in Market Capitalization

SpaceX shares experienced a massive surge, climbing over 14% on Tuesday to reach $220 per share. This represents a staggering 62% jump from its initial public offering (IPO) price of $135. If these gains hold, the company’s market capitalization stands at approximately $2.85 trillion.

This rapid ascent allowed SpaceX to overtake Amazon, which holds a valuation of $2.64 trillion, and briefly eclipse Microsoft’s $2.92 trillion valuation. The sheer volume of trading was unprecedented; over $23.1 billion worth of SpaceX shares changed hands in a single morning, dwarfing the combined trading volumes of Nvidia, Microsoft, Tesla, and Apple.

Speculation vs. Fundamentals: The Valuation Debate

Despite the market frenzy, financial analysts are divided on whether the current valuation is sustainable. Unlike many Big Tech giants that report massive profits, SpaceX reported sales of $18.67 billion last year but recorded a net loss of $4.94 billion, largely due to its merger with the money-losing xAI.

Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, noted that the current valuation appears driven by speculation rather than fundamentals, suggesting investors are buying in anticipation of further price increases. Additionally, the company’s decision to acquire software firm Anysphere for $60 billion adds another layer of complexity to its rapid expansion strategy.

Index Inclusion and the Catalyst for Future Growth

While volatility is expected due to a relatively small stock float, several institutional catalysts could drive further demand. SpaceX is on track for fast-track inclusion in the Nasdaq 100, which will mandate buying from passive funds and ETFs. Furthermore, FTSE Russell and MSCI are scheduled to add the stock to their respective indexes on June 26 and June 29.

The brokerage Zephirin Group has initiated coverage with a "buy" rating, citing the combination of momentum, passive inflows, and limited available shares as drivers for potential upside. The IPO's success was further cemented when underwriters exercised the "greenshoe" option, boosting the total proceeds from $75 billion to $85.7 billion.

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