SpaceX, trading as SPCX, has seen its stock surge nearly 70% since what is described as the biggest IPO in history. Overnight trading pushed the share price above $229, elevating the company’s market capitalization to approximately $2.9 trillion. This valuation places SpaceX as the world’s fourth most valuable company, surpassing Microsoft and trailing only Apple, Alphabet, and Nvidia.
SpaceX stock has risen by nearly 70% since its historic initial public offering, adding about $1.2 trillion in market capitalization. According to SPCX reports, the share price surged to more than $229 in overnight trading, pushing the company’s market cap to the $2.9 trillion mark.
Hitting $2.9 trillion puts SpaceX in the fourth spot among the top companies by valuation, ahead of Microsoft. Founder Elon Musk has consequently become the world’s first trillionaire following the IPO, with the competition ahead being Apple, Alphabet, and Nvidia.
The company’s forward-looking nature extends beyond rocketry, as it acquired xAI earlier this year and is riding the ongoing AI stock boom. However, SpaceX does not manufacture AI chips like Nvidia, instead housing about 220,000 Nvidia chips in its Colossus 1 supercomputer facility.
This distinction as a deployer rather than a manufacturer may make it difficult for SpaceX to overtake Nvidia‘s market capitalization. There is also a chance the stock could face a correction once the initial hype cools off, as investors may book profits in the coming weeks.
