Overnight price spike sees SpaceX overtake Amazon as America's fifth-largest company

Dow Jones06-16

MW Overnight price spike sees SpaceX overtake Amazon as America's fifth-largest company

By Jules Rimmer

SpaceX market cap reaches $2.84 trillion, briefly exceeds $3 trillion

Photo by Spencer Platt/Getty Images

SpaceX has only been public for three days and already it has overtaken Amazon in the rankings of the largest stocks.

Shares in the rocket launching company $(SPCX)$have traded up in early Tuesday pre-market trading and were changing hands around $213.

That's almost 11% higher than Monday's close on Nasdaq, implying a market capitalization of $2.84 trillion. Amazon shares (AMZN) are also higher in pre-market trading but up less than 1% that gives Jeff Bezos's company a market capitalization of around $2.72 trillion.

The jump in SpaceX shares has been nothing less than meteoric. Floating at $1.77 trillion Friday, the shares rallied 19%, then added another 19% on Monday, buoyed by bullish projections from Elon Musk himself and the overall upbeat mood across markets in response to the proposed peace agreement in the Middle East.

SpaceX is already closing in on Microsoft $(MSFT)$, presently standing fourth in the table on $3 trillion. At one stage in overnight trading SpaceX actually did overtake Microsoft. Investors should note, of course, that the free float of SpaceX is only 5%, a tiny sliver of the total shares outstanding and that the first wave of 20% of shares held by insiders that can be sold will be released on Aug. 11. Thereafter, there are rolling releases of 7% every few weeks through October.

Evidence of fear of missing out and intense retail demand for the stock was demonstrated by the exercise Monday of the greenshoe option, some 83 million shares, by lead underwriters.

-Jules Rimmer

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June 16, 2026 06:17 ET (10:17 GMT)

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