SpaceX (SPCX) Stock Up 10% Tuesday as Rally Pushes Toward Amazon Market Cap

TLDR

• SpaceX stock jumped over 10% in premarket Tuesday, up more than 57% above its $135 IPO price
• The rally could push SpaceX past Amazon’s $2.66 trillion market cap, making it the world’s fifth-largest company
• On Monday, SpaceX surged 20%, adding $433 billion in value — the second-largest one-day market cap gain for a U.S. company on record
• SpaceX is set for fast-track inclusion in the Nasdaq 100, which will drive buying from passive funds and ETFs
• IPO proceeds rose to $85.7 billion after underwriters exercised the greenshoe option

SpaceX stock was trading at $212.50 premarket Tuesday, up over 10%, after surging 20% on Monday. That Monday gain added $433 billion to its valuation — the second-largest single-day market cap increase for a U.S. company ever, per Dow Jones Market Data.

Space Exploration Technologies Corp., SPCX

At those levels, SpaceX’s market cap stands near $2.8 trillion, which would put it ahead of Amazon’s current $2.66 trillion.

That would make SpaceX the world’s fifth-largest company by market cap, behind Nvidia, Alphabet, Apple, and Microsoft.

The stock has now climbed more than 57% above its $135 IPO price. This is just the third day of trading.

Volume has been massive. Over $1.76 billion worth of SpaceX stock changed hands before 5 a.m. ET on Tuesday — several times the combined trading volumes of Nvidia, Microsoft, Tesla, and Apple.

Not everyone is convinced the rally reflects fundamentals. SpaceX reported sales of $18.67 billion last year and a net loss of $4.94 billion after merging with money-losing xAI.

Fast-Track Index Inclusion Could Fuel More Buying

The stock is set for fast-track inclusion in the Nasdaq 100, which will force passive funds and ETFs tracking the index to buy in. FTSE Russell and MSCI are also set to add it to their indexes on June 26 and June 29, respectively.

That kind of forced buying from index trackers could add a fresh wave of demand on top of the existing retail and institutional interest.

Analysts and portfolio managers are warning investors to brace for continued volatility, particularly early in SpaceX’s life as a public company, given its relatively small float and high valuation.

IPO Proceeds Rise After Greenshoe Option Exercised

SpaceX also confirmed Monday that its underwriters exercised the greenshoe option, lifting total IPO proceeds to $85.7 billion from the original $75 billion raised last week. That makes it one of the largest IPOs on record.

Options trading on SpaceX is expected to begin as early as Tuesday, with early activity expected to be heavy and likely expensive.

Other large-cap tech names were mixed on Tuesday. Nvidia and Alphabet traded slightly lower, while Tesla was down 1.5%.

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