US stocks: SpaceX nears $3 trillion valuation, overtakes Amazon and Microsoft in market value

Shares of Elon Musk-led SpaceX jumped more than 14% on Tuesday, pushing the company's market value to nearly $2.9 trillion and briefly overtaking Amazon while challenging Microsoft for a place among the world's five most valuable companies.

The stock was trading around $220 in morning trade, extending gains from its blockbuster market debut last week. At current levels, SpaceX has risen more than 62% from its IPO price of $135 per share and carries a market capitalization of about $2.85 trillion.

The rally made SpaceX the largest contributor to gains in the Nasdaq Composite. The company's valuation moved past Amazon's $2.64 trillion and briefly exceeded Microsoft's $2.92 trillion before paring some gains. The world's three most valuable companies continue to command market values above $4 trillion.


Investor interest received another boost as options on SpaceX shares began trading on Tuesday, giving investors additional ways to bet on the stock's future direction.

"Today, SPCX options launch, offering standard monthly expirations and strikes ranging from $25 to $380. If call demand is heavy, dealers might be forced to buy SPCX into this low-liquidity situation," said Brent Kochuba, founder of options analytics platform SpotGamma.

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He added that demand from index funds could emerge as early as next week, with a larger pool of shares not expected to become available for another one to two months.

Market participants cautioned that the stock could remain highly volatile in the near term given its relatively limited free float and lofty valuation.

"We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher — that's speculation," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

The sharp rise comes despite the company remaining loss-making. SpaceX reported revenue of $18.67 billion in 2025, up from $14.02 billion a year earlier, but posted a net loss of $4.94 billion following its merger with artificial intelligence startup xAI.

Investors, however, continue to focus on the company's dominant position in commercial space launches, its Starlink satellite internet business and growing exposure to artificial intelligence through xAI.

The stock could receive additional support from upcoming index additions. SpaceX is expected to gain fast-track entry into the Nasdaq-100, making it a major holding for index-tracking funds. FTSE Russell and MSCI are also scheduled to add the stock to their indices on June 26 and June 29, respectively.

"While index inclusion alone is typically insufficient to drive sustained repricing, we see the combination of passive flows, momentum and limited float driving upside beyond historical index-addition moves," brokerage Zephirin Group said while initiating coverage with a "buy" rating.

The company also disclosed that underwriters had exercised the greenshoe option attached to its IPO, increasing total proceeds from the offering to $85.7 billion from the original $75 billion raised last week.

Trading activity remained exceptionally strong. More than $23 billion worth of SpaceX shares changed hands by mid-morning, exceeding the combined trading volumes of Nvidia, Microsoft, Tesla and Apple.