SpaceX Overtakes Amazon to Become 5th-Largest Company

HAWTHORNE, Calif. — Just three days after its record-shattering market debut, SpaceX has vaulted past Amazon to become one of the most valuable companies on Earth.

On Tuesday, June 16, shares of SpaceX (SPCX) closed 4.8% higher, lifting the rocket and AI company's market capitalization to roughly $2.65 trillion — about $8 billion above Amazon and good for the title of the world's fifth-largest company. At its intraday peak, SpaceX briefly edged past Microsoft to touch fourth place. The surge capped a remarkable run that began with the stock closing its first session at $161, up 19%.

A Historic Climb

The three-day rally has been striking in both speed and scale. From its $135 IPO price, SPCX has jumped roughly 62% — a return that, by some measures, outpaced the entire multi-year AI rally. Only four companies now carry larger market capitalizations: Nvidia, Alphabet, Apple, and Microsoft.

The move also reshaped the global wealth rankings. Elon Musk's net worth climbed to about $1.27 trillion, more than triple that of the world's second-richest person, cementing his status as the planet's wealthiest individual by a wide margin.

Demand Outstripping Supply

A big part of the story is scarcity. Only about 4% of SpaceX's shares are currently trading freely; the rest remain locked up for roughly another week. That leaves a flood of demand chasing a thin float. Retail investors alone poured a net $225 million into the stock in its first two days — about 75% of all net single-stock buying across the entire market over that stretch, according to Vanda Research data reported by Bloomberg.

Options began trading Tuesday as well, with some 600,000 contracts changing hands in the first hour. And with major index funds expected to buy billions of dollars in shares once inclusion rules take effect, the structural demand picture looks unusually strong.

More Than a Rocket Company

Investors are betting on far more than launches. Under one roof, SpaceX now combines reusable rockets, the fast-growing Starlink broadband network, the xAI frontier lab, the X social platform, and the newly acquired Cursor coding tool. Bulls describe the combination as a pure play on what Wedbush analyst Dan Ives called "this fourth industrial revolution."

Musk has said the combined enterprise could approach $1 trillion in annual revenue by 2030, powered by Starlink's expansion and SpaceX's dominance in low-cost, reusable launch. That ambition was on full display during the company's record $75 billion raise, the largest IPO in history.

For a company that was still privately held just a week ago, leapfrogging a 31-year-old giant like Amazon is an extraordinary marker of how investors view its trajectory. With its float still tightly restricted and demand showing little sign of cooling, SpaceX has announced its arrival on the public markets in the loudest way possible — and Wall Street is still recalibrating what the company might ultimately be worth.