SpaceX extended its post-IPO advance on Tuesday, moving ahead of Amazon in market capitalization and briefly eclipsing Microsoft on an intraday basis as investors piled into the newly listed stock.
SPCX finished the session up 4.83% at $201.80, which translates to an implied market capitalization of roughly $2.65 trillion - about $8 billion more than Amazon.com (NASDAQ:AMZN). The move followed an even more pronounced spike in after-hours trading on Monday, when SPCX reached $229.85, sending its implied valuation above $3 trillion and allowing it to overtake both Amazon and Microsoft simultaneously.
Although the shares retreated from the after-hours high during regular trading on Tuesday, the intraday peak of $225.64 reinforced SpaceX's climb above Amazon and placed it nearly tied with Microsoft for the fourth-largest market capitalization on the globe by that measure. Tuesday's close marks roughly a 50% gain from the IPO price in just four trading sessions.
The IPO itself was historic in scale. SpaceX priced the offering at $135 per share on June 12, 2026, raising $75 billion in the initial sale. Underwriters exercised their greenshoe option on June 15, increasing total proceeds to $85.7 billion.
The dramatic appreciation in market value has also affected personal wealth rankings. As SpaceX's market capitalization climbed past $2.7 trillion, CEO Elon Musk's stake in the company pushed him back to the top of global wealth lists, widening his lead as his net worth rose in step with the stock's gains.
Market structure changes tied to the listing of tradable derivatives on SPCX have been widely cited as a key factor in the recent acceleration. The availability of listed options expanded the set of participants able to take directional positions, and convexity flows from options market-makers hedging freshly written calls can amplify price moves - a dynamic that appears active in SPCX trading.
Leveraged exchange-traded products tracking SpaceX confirmed the stock's strength on Tuesday. The ProShares Ultra SpaceX ETF (SPCF) closed up 10.16% at $38.37, while the GraniteShares 2x Long SpaceX Daily ETF (SPAL) rose 9.84% to $38.26, broadly consistent with what 2x leveraged instruments would produce on an underlying move near 5%. A broader array of leveraged and inverse funds, including Direxion's LOFF and DOWN, Tradr's SPCM and SPCG, and Defiance's SPCU, are actively listed on the NYSE, giving retail traders multiple ways to express views on SPCX volatility in either direction.
Trading volume in SPCX for the session was approximately 311.4 million shares, compared with an average of about 389 million. While substantial, that session volume did not markedly exceed the developing average, which itself remains in formation given the stock has been publicly traded for only four days. The concentration of activity in leveraged products suggests a meaningful portion of volume may be attributable to structured instruments rather than outright long-only equity purchases.
Beyond traditional capital markets, SpaceX's public listing has also extended into crypto rails. A tokenized version of SPCX, identified as SPACEX/USD, is listed on Biconomy.com, illustrating that the IPO is straining both conventional and decentralized trading infrastructure.
Looking forward, the central questions for market participants are whether SpaceX can sustain the roughly $2.7 trillion level recorded at Tuesday's close and whether it will build toward the $3 trillion mark briefly implied by after-hours trading. The $225.64 session high serves as an immediate technical ceiling, while the $135 IPO price functions as a psychological floor for longer-term holders.
Analyst coverage will also be watched closely once the underwriting syndicate's quiet period ends, as formal price-target initiations from syndicate members could influence sentiment when they are permitted. Similarly, upcoming lockup releases will be monitored. Until those events occur, the tape is likely to be driven by options flow, the timing of potential index inclusions, and broader market risk appetite.
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