SpaceX shares are poised for a fourth straight day of gains, reinforcing the company's place among the world's largest after it surpassed Amazon.com Inc. by market value. Shares of Elon Musk's rocket and AI company Space Exploration Technologies Corp. rose 4.5% in New York premarket trading Wednesday, signaling a slower pace of gains than previous sessions. The company has rallied about 49% since going public through Tuesday's close, overtaking Amazon in value to become the fifth-largest stock in the world, and is now roughly $150 billion away from Microsoft Corp. The rally signals consistent demand after its record initial public offering, easing concerns about the market absorbing large IPOs, especially with potential offerings from AI competitors Anthropic PBC and OpenAI expected by year's end, both likely in the $1 trillion valuation range. Some of the volatile intraday trading can be attributed to low float, with only about 4.2% of total stock available on day one, and as lockups expire in the coming months, it could add downside pressure to shares.
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