SpaceX stock continued climbing Wednesday, pushing its market capitalization above Amazon's since its record-setting Nasdaq debut last Friday. Closing Tuesday at a market cap of $2.66 trillion, SpaceX overtook Amazon in valuation and at one point during the session eclipsed Microsoft's $2.93 trillion, a threshold that would have ranked it fourth among all publicly traded U.S. companies. The stock has risen around 50% since the company priced its IPO at $135 per share, with the rally beginning when SpaceX opened on the Nasdaq at $150 per share, rising 19% on its first session before adding another 6% on Monday. The IPO raised $75 billion, surpassing Saudi Aramco's 2019 offering to set a new all-time record, while Elon Musk controls approximately 82.4% of voting power with his shares subject to a 366-day lockup. Much of the buying reflects confidence in what Musk could deliver over time, though the soaring valuation has drawn skepticism alongside enthusiasm, with analysts split on the stock since the IPO.
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