SpaceX has muscled its way past Microsoft to claim the fourth spot among the world’s most valuable publicly traded companies. The milestone, which occurred on June 16, came just four days after the company’s record-shattering initial public offering.
Microsoft’s market capitalization sat at roughly $2.92 to $2.97 trillion at the time SpaceX overtook it. SpaceX’s market cap had climbed toward the $2.8 to $3 trillion range following a blistering post-IPO rally.
The IPO that broke records
SpaceX’s June 12 debut was the largest IPO ever conducted. The company raised $75 billion by pricing shares at $135, giving it an initial valuation between $1.75 trillion and $2.1 trillion.
Shares surged more than 19% in early trading sessions, pushing the price above the $200 to $220 range.
