SpaceX shares surged Tuesday, lifting Elon Musk's rocket company into the world's top five in market value for most of the session. The stock gained 3% after surpassing Amazon in market cap, according to CNBC. The buying frenzy followed a record-breaking IPO on Friday.
The space and AI company's ascent marks a dramatic shift in market rankings, with a firm founded barely two decades ago now rivaling the world's most entrenched tech giants. The milestone highlights investor appetite for high-growth space ventures and Musk's broader business ecosystem.
Specific market cap figures were not disclosed, but the company traded among the top five global companies by value during the session. The IPO on Friday was described as record-breaking, though no dollar amounts or share pricing details were provided in available sources.
For existing shareholders, the rally represents substantial paper gains. For the broader market, it signals that space technology — once seen as a niche — can generate valuations comparable to cloud computing and e-commerce leaders.
Some analysts caution that post-IPO volatility is common. The stock's rapid ascent may overshoot fundamentals, especially given SpaceX's reliance on government contracts and its capital-intensive Starship program.