SpaceX shares extended their rally on Tuesday, placing Elon Musk’s space and technology company on course to overtake Amazon in market value. Strong trading activity, planned index additions, and the start of options trading supported demand after the company’s record initial public offering.
The stock gained about 10% in premarket trading to reach $212.50. That price stood more than 57% above the $135 IPO level and valued SpaceX at nearly $2.8 trillion. Amazon’s market capitalization stood at about $2.66 trillion.
A move above Amazon would make SpaceX the fifth-largest publicly traded company worldwide. Microsoft held a valuation of about $2.95 trillion, while the three leading companies each had market values above $4 trillion.
Still, the sharp rise has raised doubts about whether the stock price reflects SpaceX’s current financial position. Ipek Ozkardeskaya, a senior market analyst at Swissquote Bank, questioned the valuation and linked the rally to expectations of further buying.
“We can say with certainty that this valuation makes absolutely no sense today,” Ozkardeskaya said. “People are buying SpaceX in the expectation that others will buy too and push the price higher. That’s speculation.”
SpaceX reported revenue of $18.67 billion last year. It also recorded a net loss of $4.94 billion after combining its operations with xAI. Those results differ from the strong profits reported by several other large US technology companies.
Options tied to SpaceX shares are scheduled to begin trading on Tuesday. Market participants expect strong activity as investors seek new ways to trade the stock or protect existing positions. The contracts may carry high prices due to the stock’s recent swings and limited trading history.
Analysts have also raised doubts about possible short-term volatility. SpaceX has a relatively small number of shares available for public trading compared with its total share count. Limited supply can produce larger price moves when buying or selling increases.
Meanwhile, SpaceX is set to join the NASDAQ-100 through a fast-track process. Funds and exchange-traded funds that follow the index will need to adjust their holdings after the addition. FTSE Russell plans to add the company to its indexes on June 26, while MSCI has scheduled its inclusion for June 29.
Zephirin Group said index additions alone do not usually support a lasting rise. Nevertheless, the brokerage said passive fund purchases, market momentum and the limited float could produce stronger gains than those seen after typical index changes.
SpaceX trading volume rose above several major technology stocks before the market opened. More than $1.76 billion in shares changed hands by 5:02 a.m. Eastern Time. This total exceeded the combined early activity in NVIDIA, Microsoft, Tesla, and Apple.
The company also increased the size of its IPO after underwriters exercised an option to buy additional shares. The move raised total proceeds to $85.7 billion from the original $75 billion offering.
Separately, SpaceX agreed to acquire Anysphere, the company behind the Cursor AI coding platform, for $60 billion in stock. The transaction is expected to close in the third quarter of 2026.
SpaceX shares trimmed part of their premarket advance after the deal was announced. The purchase adds another large technology business to SpaceX following its combination with xAI, while investors assess the cost of the agreement and its role within the wider company.
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