SpaceX stock kept climbing on Wednesday, building on gains that have pushed the rocket and satellite company's market value above Amazon $AMZN's since its record-setting Nasdaq $NDAQ debut last Friday, according to CNBC.
Closing Tuesday at a market cap of $2.66 trillion, SpaceX overtook Amazon in valuation and at one point during the session eclipsed Microsoft $MSFT's $2.93 trillion, a threshold that would have ranked it fourth among all publicly traded U.S. companies. The stock has risen around 50% since the company priced its IPO at $135 per share.
The rally began when SpaceX opened on the Nasdaq at $150 per share, rising 19% on its first session before adding another 6% on Monday. The IPO raised $75 billion, surpassing Saudi Aramco's 2019 offering to set a new all-time record. Elon Musk controls approximately 82.4% of voting power, with his shares subject to a 366-day lockup.
Much of the buying reflects confidence in what Musk could deliver over time. On Sunday, Musk posted on X $TWTR that SpaceX "might be able to reach approximately" $1 trillion in revenue in 2030. In 2025, SpaceX recorded $18.7 billion in revenue but ran a net loss of $4.9 billion, and the red ink continued into the new year with $4.28 billion in losses through the first quarter.
The soaring valuation has drawn skepticism alongside enthusiasm. Appearing on CNBC's "Squawk Box Asia," Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, offered a cautionary take: "trading the story, they're trading the action, they're trading the excitement, they're trading Elon Musk, but at some point the rubber meets the road in terms of the fundamentals having to match up with that excitement." Boockvar put a timeline on it as well, saying he believes closing the gap between price and performance "is going to take at least a couple of years."
Analysts have been split on the stock since the IPO. CFRA started coverage with a sell rating and a 12-month price target of $115, citing SpaceX's expensive business model and high valuation. Morningstar, in a June 8 note, said fair value is $63 per share. SpaceX runs the Starlink satellite internet service and a fleet of reusable rockets. In February, it bought Elon Musk's AI company xAI, adding its data centers, Grok AI models, and the social platform X to its business.
Catching Apple $AAPL remains a steep challenge. The iPhone maker holds third place among U.S. publicly traded companies with a market value exceeding $4.3 trillion.