SpaceX is now worth more than Amazon, at least for as long as the rally holds. Shares of the rocket company rose more than 10% on Tuesday, extending a run that began at its market debut and putting it on course to become the world’s fifth most valuable listed company, four trading days after it went public.
The stock was last up 10.1% at $211.80, according to Reuters, which works out to a market capitalisation of nearly $2.8tn if the gains stick. Amazon was last valued at $2.66tn.
The move followed a 19% jump on Monday, the first full day of trading, which itself followed a debut that already ranked as the largest initial public offering ever attempted.
The numbers underneath the rally are unusual enough to merit a second look. More than $1.16bn worth of SpaceX shares changed hands, which Reuters reported was several times the combined trading volume in Nvidia, Microsoft, Tesla, and Apple. A newly listed company outtrading four of the most heavily traded stocks on the market, put together, is not a normal week on the Nasdaq.
Much of that comes down to scarcity. SpaceX’s IPO floated only about 4.2% of the company’s shares, rising to roughly 4.9% once underwriters exercised the greenshoe option in full.
