SpaceX continued its remarkable stock market surge on Tuesday, rising another 10% in its third day of trading and pushing its total gain since Friday's IPO to more than 50%.
The rally briefly lifted Elon Musk's rocket company above Microsoft before settling at a market value of nearly $2.8 trillion, making it the world's fifth-most valuable company and pushing it ahead of Amazon.
Trading under the ticker SPCX, SpaceX raised $75 billion in the largest IPO ever on Friday at a valuation of roughly $1.8 trillion. Since then, investor enthusiasm has added nearly $1 trillion in market value, placing the company well ahead of firms such as Meta, Broadcom, and Berkshire Hathaway.
The stock's rapid rise has divided Wall Street. Supporters point to Musk's leadership and SpaceX's dominance in the space industry, while critics argue the valuation has become increasingly speculative. Some analysts have even compared the stock's trading behavior to a meme stock, warning that expectations may be running ahead of the company's fundamentals.
Adding to the excitement, SpaceX also announced plans on Tuesday to acquire AI coding startup Cursor in a deal valued at $60 billion, further strengthening its ambitions beyond aerospace.