SpaceX has rocketed past Amazon and Microsoft to become the fourth largest company in the world just three days after its record-breaking stock market listing.
Shares jumped another 17 per cent in early trading on Tuesday – taking gains since its initial public offering (IPO) in New York on Friday to around 60 per cent.
That pushed the value of SpaceX to close to $3trillion - making it the fourth biggest company in the world ahead of Amazon and Microsoft.
'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 latest share price rise came as Elon Musk’s rocket company, which has ambitions to colonise Mars and build data centres on the Moon, struck a $60billion deal to buy the company behind AI coding agent Cursor.
