SpaceX overtakes Amazon to become the world's fifth most valuable company
SpaceX's stock market debut has been record-breaking, with a market capitalisation of $2.65 trillion, making it the fifth most valuable company globally, surpassing Amazon.
Elon Musk's space and AI conglomerate SpaceX ended its third day of public trading with a market capitalisation of approximately $2.65 trillion (€2.28 trillion), overtaking Amazon and becoming the world's fifth most valuable company. The stock closed at $201.8 per share, more than 50% above its IPO price of $135.
The milestone follows SpaceX's listing on the Nasdaq under the ticker SPCX last Friday. The initial public offering of 555.6 million Class A shares at $135 each raised about $75 billion (€65 billion), making it the largest IPO in history, surpassing Saudi Aramco's $29.4 billion (€25.3 billion) offering in 2019. Underwriters exercised the "greenshoe" option on Monday, increasing total raised capital to $85.7 billion (€73.8 billion) due to exceptional demand.
During Tuesday's trading, the share price climbed as high as $225.6, briefly pushing SpaceX's valuation above $3 trillion (€2.58 trillion) and ahead of Microsoft as the world's fourth most valuable company. However, gains later pared, closing below that threshold. Based on Tuesday's close, only Nvidia ($5 trillion), Alphabet ($4.5 trillion), Apple ($4.4 trillion), and Microsoft ($2.9 trillion) had larger market caps. Eight of the world's ten most valuable listed companies are in the tech and AI sector.
On the same day, SpaceX announced an all-stock agreement to acquire Anysphere, the developer of AI coding assistant Cursor, in a deal valuing the startup at $60 billion (€51.7 billion). The acquisition is expected to close in the third quarter, subject to regulatory approval, and follows SpaceX's merger with Musk's xAI venture in February.
Despite the positive news, sceptics argue that SpaceX is overvalued, as it has yet to turn a profit and only 3% to 4% of its total equity is publicly traded. A fast-track route into major stock indices could further amplify demand for the limited supply of shares. This article does not constitute financial advice.
