A 54% surge past its IPO price puts SpaceX on track to become the world’s fifth-largest company by market cap.

SpaceX stock isn’t slowing down. Shares jumped another 8.5% in Tuesday premarket trading, hitting $208.90 – that’s 54% above the $135 IPO price from just last week. At that level, the company’s market cap sits around $2.75 trillion, putting it ahead of Amazon’s $2.66 trillion.

Key Details

SpaceX went public on June 12 and immediately became one of the most-traded names on the market. By 7:21 a.m. ET Tuesday, more than $3 billion worth of shares had already changed hands, dwarfing the combined volume of Nvidia, Microsoft, Tesla, and Apple.

The IPO itself pulled in $85.7 billion after underwriters exercised the greenshoe option to buy additional shares, up from the original $75 billion raise.

Index inclusion is adding fuel: SpaceX is headed for fast-track entry into the Nasdaq 100, with FTSE Russell and MSCI both adding it to their indexes on June 26 and June 29, respectively. That means passive funds and ETFs will be forced buyers soon.

One note of caution: SpaceX posted $18.67 billion in revenue last year but recorded a $4.94 billion net loss after absorbing xAI. Swissquote Bank analyst Ipek Ozkardeskaya called the valuation pure speculation – people buying in hopes others will push the price even higher.

Market Reaction

NVIDIA and Alphabet traded slightly lower on Tuesday. SpaceX trimmed some gains after announcing a $60 billion acquisition of software company Anysphere.

Why It Matters for Traders

Options on SPCX begin trading on Tuesday. Expect heavy volume, wide spreads, and sharp swings – the float is still small relative to the valuation.

What to Watch

Index inclusion dates (June 26 & 29) will be the next major catalyst. How passive fund flows interact with a limited float could determine whether this rally has legs or runs out of air.

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