SpaceX roared past Amazon's market valuation on Tuesday and briefly topped that of Microsoft, rapidly scaling the list of the world's most valuable companies on a topsy-turvy trading day fueled by frenzied action in the firm's newly listed option contracts.SpaceX shares were up 10% at $211.63 after trading as high as $225.64 during intraday trade—jumping more than 66% above the $135 IPO price—giving Elon Musk's company a market value exceeding $2.75 trillion—nearly $1 trillion above its record IPO valuation set last week.The shares have surged as investors pile in to bet on SpaceX's sprawling empire, which spans rockets to AI.On Tuesday, its market value surpassed Amazon's at $2.65 trillion and briefly topped Microsoft's $2.92 trillion. Next up are Apple, Alphabet and Nvidia, all above $4 trillion in market value.A big driver of the early surge was Tuesday's launch of options in SpaceX stock, which confer the right, though not the obligation, to buy or sell the shares at a certain price by a stated date.They are often used by traders seeking to cash in on rising interest in a stock or to wager that shares will rise or fall quickly. More than 500,000 SpaceX options contracts changed hands within the first hour of trading, according to Trade Alert data.SpaceX's heavy bullish options trading volume likely helped lift the stock early in the session, said Brent Kochuba, founder of options analytics service SpotGamma.A surge of options volume can at times cause the underlying stock price to swing as options dealers, who facilitate trading by taking the other side of options trades, buy and sell shares to square their own risk."If you're a market maker, you can't hedge SpaceX with anything else other than SpaceX," he said.Trading volume in SpaceX shares was enormous, with 200 million shares traded at 10.30 pm, according to LSEG data. Turnover in SpaceX shares, reflecting the approximate dollar value of the day's trades, was highest among large US-listed firms at $44 billion, outranking chipmaker Micron Technology with $28 billion.The latest blastoff in SpaceX shares came on a day when technology stocks were otherwise falling, with the semiconductor index down 3% and the Nasdaq Composite off 0.5%. The S&P 500 slipped 0.2% following a rally that’s brought it back within 1% of its record set earlier this month, while the Dow Jones Industrial Average was up 502 points, or 1%, as of 11:16 pm.“It’s time to approve regulated futures contracts that have no expiration date,” Commodity Futures Trading Commission Chair Michael Selig said on Monday on CNBC.$165bn added in a day: Inside Musk's wealth surgeWith a sharp 20% jump in SpaceX's stock price on Monday, Elon Musk's net worth rose even further to $1.3 trillion, according to Forbes data. The newly minted trillionaire's net worth rose by $164.8 billion in a single day. For most people, that single-day gain isn't even how much they have made in a lifetime. For context, only eight people are worth more than that; legendary investor Warren Buffett is worth $146 billion. In September 2025, Musk briefly lost his title of the world's wealthiest person to Larry Ellison when his net worth was still short of $400 billion. But since then, Musk's notional wealth has zoomed rapidly, way past anyone else's reach. His rise has led to an unprecedented "inequality" between the two richest persons of the world: now, even the net worth of the 2nd-ranked billionaire is dwarfed by that of the Tesla CEO. ET explains the dramatic scale of growth.ET BureauHeavy trading, more volatility expectedRetail investors—who received about 20% of the SpaceX IPO allocation—bought net $43.2 million worth of the shares, building on more than $200 million in net purchases in the last two sessions, according to Vanda Research data. The company reported sales of $18.67 billion last year and a net loss of $4.94 billion, in contrast to many of Wall Street's big technology companies that have posted bumper numbers.SpaceX also said on Monday that its underwriters had exercised the “greenshoe” option to purchase additional shares, increasing the total proceeds from its initial public offering to $85.7 billion from $75 billion that it raised last week.