SpaceX Surges Past Amazon in Valuation Amid Post-IPO Trading Frenzy

Elon Musk’s SpaceX has achieved a historic milestone, with its market valuation soaring past Amazon and briefly overtaking Microsoft following a massive post-IPO rally. Driven by intense investor enthusiasm and the commencement of options trading, the rocket and AI giant has solidified its position among the world's most valuable corporations.

A Trillion-Dollar Leap in Market Capitalisation

SpaceX shares witnessed a dramatic 14.3% surge on Tuesday, trading at approximately $220. This rally brings the company's share price to more than 62% above its initial IPO price of $135. As a result, SpaceX’s market capitalisation has climbed to roughly $2.85 trillion.

To put this scale into perspective, SpaceX has officially surpassed Amazon’s market value of $2.64 trillion and briefly edged past Microsoft’s $2.92 trillion valuation. The sheer volume of market activity was unprecedented, with over $23.1 billion worth of SpaceX shares changing hands by mid-morning Tuesday—a figure that exceeded the combined trading volumes of Nvidia, Microsoft, Tesla, and Apple.

Options Trading Ignites High Demand

The introduction of options trading on Tuesday acted as a massive catalyst for the stock. Within just the first 10 minutes of trading, approximately 115,000 options contracts were exchanged. Demand was heavily skewed toward bullish sentiment, with call options outnumbering put options by a ratio of 1.7-to-1.

This surge has made SpaceX the third most actively traded single-stock contract globally, trailing only Nvidia and Tesla. Analysts from SpotGamma noted that heavy call demand in a low-liquidity environment could force dealers to buy more SpaceX stock, potentially fueling further upward momentum.

Analysts Warn of Speculation and Volatility

Despite the meteoric rise, the market remains cautious regarding the company's fundamentals. SpaceX reported a revenue of $18.67 billion last year, but recorded a net loss of $4.94 billion following its merger with the AI firm xAI.

Los expertos del mercado han dado señales de alerta sobre la valoración actual. Ipek Ozkardeskaya, analista sénior de mercado en Swissquote Bank, describió la valoración actual como algo que "no tiene ningún sentido", sugiriendo que gran parte de la acción actual del precio está impulsada por el impulso especulativo en lugar de los fundamentos financieros. El flotante público relativamente pequeño aumenta aún más el riesgo de una volatilidad extrema de los precios.

Próximas inclusiones en índices y movimientos estratégicos

De cara al futuro, SpaceX está posicionada para recibir más flujos institucionales. La empresa se está preparando para una inclusión por vía rápida en el índice Nasdaq 100, junto con las próximas incorporaciones a los índices FTSE Russell y MSCI a finales de este mes. La correduría Zephirin Group espera que una combinación de flujos pasivos y un flotante limitado impulse al alza durante estas adiciones a los índices.

Además, SpaceX está expandiendo agresivamente su ecosistema. La empresa anunció recientemente planes para adquirir la firma de software Anysphere en una operación valorada en 60.000 millones de dólares. Tras el ejercicio de la opción de sobreasignación (greenshoe) por parte de los suscriptores, los ingresos totales de la salida a bolsa de SpaceX han aumentado a 85.700 millones de dólares, frente a los 75.000 millones iniciales.

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