SpaceX Valuation Surges Past Amazon as Post-IPO Frenzy Ignites

Elon Musk’s SpaceX has officially entered the stratosphere of global tech giants, with its market valuation soaring past Amazon following a massive post-IPO rally. Driven by intense investor demand and the commencement of options trading, the rocket and AI powerhouse is reshaping the landscape of high-growth equities.

A Trillion-Dollar Leap in Market Capitalization

SpaceX shares witnessed a massive surge of over 14% on Tuesday, reaching a trading price of approximately $220. This jump represents a staggering 62% increase from its initial IPO price of $135. The rally pushed SpaceX’s market capitalization to roughly $2.85 trillion, allowing it to surpass Amazon’s $2.64 trillion valuation and briefly eclipse Microsoft’s $2.92 trillion mark.

The scale of liquidity seen in the market is unprecedented. By mid-morning on Tuesday, over $23.1 billion worth of SpaceX shares changed hands, a trading volume that exceeded the combined totals of Nvidia, Microsoft, Tesla, and Apple. Furthermore, the company bolstered its capital reserves as underwriters exercised the greenshoe option, raising total IPO proceeds from $75 billion to $85.7 billion.

Options Trading Sparks Speculative Momentum

The frenzy intensified on Tuesday with the launch of SpaceX options trading. The market responded with immediate aggression: approximately 115,000 options contracts were traded within just the first 10 minutes of the session. Notably, call options—bets that the stock price will rise—outnumbered put options by a ratio of 1.7-to-1.

This surge in activity placed SpaceX as the third most actively traded single-stock contract globally, trailing only Nvidia and Tesla. Analysts, including Brent Kochuba of SpotGamma, noted that heavy call demand in a low-liquidity environment could force dealers to buy the underlying stock, potentially creating a feedback loop that drives prices even higher.

Volatility Risks and Financial Realities

Despite the euphoria, seasoned analysts are urging caution. The company’s current valuation is being questioned by experts like Ipek Ozkardeskaya of Swissquote Bank, who suggests the price is driven more by speculative momentum than fundamental metrics.

同社の財務状況は、重大な転換期にあることを反映しています。SpaceXは昨年の売上高として186.7億ドルを報告しましたが、49.4億ドルの純損失を記録しました。この数字は、AI企業xAIとの最近の合併に起因するものです。さらに、SpaceXはソフトウェア企業Anysphereを600億ドルで買収する計画を通じて、積極的な拡大を示唆しています。

今後のカタリスト：指数採用

今後を見据えると、SpaceXはさらなる機関投資家による資金流入が見込まれるポジションにあります。同社は、今月後半に予定されているFTSEラッセルおよびMSCI指数への採用に加え、Nasdaq 100指数への迅速な採用も予定されています。Zephirin Groupによれば、市場が同社の高いバリュエーションに苦慮している一方で、パッシブ指数フロー、モメンタム、そして限られた浮動株の組み合わせが、大幅な株価上昇を牽引する可能性があります。

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