SpaceX shares rose more than 11% Tuesday morning, extending a rally that has pushed the stock into the top tier of global public companies less than a week after its record IPO.
SPCX was recently trading near $213, up about 42% from its $150 opening trade and nearly 58% above its $135 IPO price. The stock traded as high as $225 in early action after strong after hours demand on Monday.
The move pushed SpaceX’s implied market value above Amazon’s, making Elon Musk’s rocket, satellite, and AI company the fifth largest public company by market cap, according to CompaniesMarketCap data. SpaceX is now valued near $2.8 trillion, compared with Amazon’s roughly $2.7 trillion market value.
SpaceX is also closing in on Microsoft. At a roughly $2.8 trillion valuation, the company is about $132 billion below Microsoft’s $2.93 trillion market cap.
The latest leg higher comes as retail demand continues to dominate the trade. Retail investors bought almost as much SpaceX stock in the first two sessions as they bought across the entire US market last week, according to Yahoo Finance.
