SpaceX (SPCX) Stock Climbs 50% Since IPO, Overtakes Amazon in Valuation

Key Highlights

• SpaceX (SPCX) finished Tuesday’s trading at $201.80, gaining 4.83% and achieving a market capitalization of approximately $2.66 trillion — exceeding Amazon’s valuation
• Premarket trading Wednesday saw shares climb an additional ~3.5%, bringing total post-IPO appreciation beyond 50% from the initial $135 offering price
• Intraday trading Tuesday witnessed SPCX peak at $225.64, momentarily elevating its market value past $3 trillion and ahead of Microsoft
• The company revealed plans to acquire Anysphere, creator of Cursor, through an all-stock transaction valued at $60 billion
• Leveraged exchange-traded funds linked to SPCX experienced significant gains; market observers attribute momentum partly to options trading dynamics

Space Exploration Technologies Corporation debuted on public markets June 12, 2026, pricing shares at $135 in what became history’s largest initial public offering, generating $75 billion in capital — a figure that expanded to $85.7 billion following the June 15 greenshoe option exercise by underwriters.

Merely four trading days following the listing, shares concluded Tuesday at $201.80, marking a 4.83% daily increase and establishing SpaceX’s approximate market capitalization at $2.66 trillion. This valuation sits roughly $8 billion higher than Amazon’s current standing.

Space Exploration Technologies Corp., SPCX

By 5:21 AM Eastern Time Wednesday, SPCX demonstrated additional strength with a 3.5% premarket advance, pushing cumulative gains beyond the 50% threshold relative to its IPO pricing.

Tuesday’s trading session featured even more remarkable volatility during regular hours. The stock reached an intraday peak of $225.64, temporarily catapulting its market value above $3 trillion and positioning it ahead of Microsoft, briefly establishing SpaceX as the globe’s fourth-largest company by valuation. Although shares retreated from these heights before the closing bell, the intraday surge illustrated extraordinary investor appetite.

When Tuesday’s session concluded, only Nvidia ($5T), Alphabet ($4.5T), Apple ($4.4T), and Microsoft ($2.9T) maintained larger market capitalizations than SpaceX.

Anysphere Acquisition Boosts Sentiment

Prior to Tuesday’s market open, SpaceX disclosed its intention to acquire Anysphere — the organization behind artificial intelligence coding tool Cursor — through an all-stock arrangement placing a $60 billion valuation on the startup. A SpaceX subsidiary will be absorbed into Anysphere, transforming Cursor into a fully owned division. The transaction anticipates completion during Q3, subject to regulatory clearance.

SpaceX had previously negotiated an option to purchase Cursor for $60 billion in April, alternatively paying $10 billion for a narrower technology collaboration agreement.

This acquisition follows SpaceX’s February integration with Elon Musk’s xAI venture, further solidifying the company’s enterprise artificial intelligence ambitions.

Derivatives Trading and Leveraged Instruments Magnify Price Action

Options market dynamics have been frequently identified as contributing factors to SPCX’s accelerated appreciation. When market-makers establish hedges for newly issued call options, they must purchase underlying shares, potentially creating upward price pressure through a feedback mechanism.

Leveraged ETF products have mirrored this movement closely. ProShares Ultra SpaceX ETF (SPCF) concluded Tuesday with a 10.16% gain at $38.37, while GraniteShares 2x Long SpaceX (SPAL) advanced 9.84% to $38.26. Multiple additional leveraged and inverse instruments trade on NYSE, including offerings from Direxion (LOFF), Tradr (SPCM), and Defiance (SPCU).

Tuesday’s SPCX trading volume registered approximately 311.4 million shares, falling short of the four-session average near 389 million.

Not all market participants view the rally as sustainable. Critics highlight that SpaceX remains unprofitable, with merely 3% to 4% of total equity available for public trading — creating a constrained float that can exaggerate price fluctuations.

A tokenized representation of SPCX also trades on cryptocurrency platform Biconomy.com, demonstrating the listing’s appeal spans traditional and decentralized financial ecosystems.

As Wednesday premarket activity progressed, SPCX changed hands near $208.

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