SpaceX Surges Past Microsoft and Amazon in Historic Post-IPO Rally
Elon Musk’s SpaceX has staged a monumental market debut, catapulting its valuation past industry titans Amazon and Microsoft within days of going public. Driven by intense investor enthusiasm and high-stakes speculation, the company is rapidly redefining the hierarchy of the world's most valuable corporations.
A Trillion-Dollar Leap: Breaking the Tech Hierarchy
The post-IPO momentum for SpaceX (SPCX) has been nothing short of extraordinary. Following a 14.3% surge on Tuesday, shares climbed to $220, representing a massive 62% jump from its initial IPO price of $135. This rally pushed SpaceX’s market capitalization to approximately $2.85 trillion.
During the trading session, SpaceX briefly eclipsed Microsoft’s $2.92 trillion valuation and comfortably moved past Amazon’s $2.64 trillion market cap. The sheer scale of trading activity was unprecedented; more than $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, Volatility, and the "Greenshoe" Boost
Despite the soaring stock price, market analysts are urging caution. SpaceX reported sales of $18.67 billion last year but posted a net loss of $4.94 billion, largely due to its merger with the money-losing xAI. This financial profile stands in stark contrast to the profitable giants it is currently outperforming.
Ipek Ozkardeskaya, a senior market analyst at Swissquote Bank, noted that the current valuation appears driven more by speculation than fundamentals, suggesting investors are buying in anticipation of further price hikes. Adding to the complexity is the introduction of SpaceX options, with strikes ranging from $25 to $380. Analysts warn that a low-liquidity environment combined with high call demand could force dealers to buy more shares, potentially fueling further volatility.
Furthermore, the IPO's total proceeds increased from an initial $75 billion to $85.7 billion after underwriters exercised the "greenshoe" option to purchase additional shares.
The Roadmap to Index Inclusion and Sustained Demand
Walaupun kenaikan semasa didorong oleh momentum, beberapa faktor struktur boleh memberikan sokongan jangka panjang kepada saham tersebut. SpaceX sedang dalam laluan pantas untuk dimasukkan ke dalam Nasdaq 100, yang akan mewajibkan pembelian besar-besaran daripada dana pasif dan ETF.
Faktor pemangkin tambahan termasuk:
- Penambahan Indeks: FTSE Russell dan MSCI dijadualkan untuk menambah saham tersebut ke dalam indeks masing-masing pada 26 Jun dan 29 Jun.
- Pengambilalihan Strategik: SpaceX baru-baru ini mengumumkan pengambilalihan syarikat perisian Anysphere bernilai $60 bilion, menandakan pengembangan agresifnya ke dalam sektor perisian.
- Aliran Pasif: Firma broker Zephirin Group meramalkan bahawa gabungan momentum, jumlah saham terapung yang terhad, dan aliran masuk pasif yang besar boleh melonjakkan harga dengan lebih tinggi lagi.
Rumusan Utama
- Dominasi Pasaran: SpaceX telah mencapai penilaian luar biasa sebanyak $2.85 trilion, seketika memintas Microsoft dan mengatasi Amazon dalam nilai pasaran.
- Risiko Volatiliti Tinggi: Walaupun terdapat kenaikan, syarikat kini melaporkan kerugian bersih sebanyak $4.94 bilion, menyebabkan penganalisis memberi amaran tentang volatiliti spekulatif.
- Permintaan Institusi: Kemasukan akan datang ke dalam indeks Nasdaq 100, FTSE Russell, dan MSCI dijangka akan mencetuskan pembelian besar-besaran daripada dana pelaburan pasif.