① During Tuesday’s early U.S. trading session, SpaceX shares rose 7.7% to $207.40, giving the company a market capitalization exceeding $2.7 trillion and making it the world’s fifth most valuable publicly listed company;
② SpaceX’s continued share price gains reflect strong investor demand and have alleviated earlier market concerns that this historically large IPO might be “too big for the market to absorb.”
SpaceX shares continued to rise, and the company—fresh off its high-profile IPO—surpassed Microsoft on its third day of trading to become the world's fifth-largest publicly listed company by market capitalization.
During Tuesday’s (June 16) early U.S. trading session,$SpaceX (SPCX.US)$the stock surged nearly 13% at one point to $216.80, valuing the company at $2.88 trillion.
This means that SpaceX's market capitalization has surpassed Microsoft's, making it the world's fifth most valuable publicly listed company. Over the previous two trading days, the stock has risen by a cumulative 42.59%, adding nearly $1 trillion to its market cap compared to its IPO valuation.
The continued rise in SpaceX shares reflects robust investor demand and has eased prior market concerns that this record-breaking IPO was 'too large for the market to digest.'
Meanwhile, SpaceX’s strong performance has paved the way for other AI giants expected to go public this year—namely Anthropic and OpenAI, both valued near $1 trillion.
Shortly before publication, SpaceX announced it had reached an agreement to acquire AI coding startup Cursor, valuing Cursor at $60 billion. According to company filings, Cursor’s investors will have the right to exchange their holdings for SpaceX shares based on Cursor’s implied equity value.
Angelo Kourkafas, Senior Global Investment Strategist at Edward Jones, stated: 'What we’re seeing is a signal that investors remain willing to provide capital to companies characterized by high growth, high capital intensity, and elevated valuations.'
‘To some extent, this is a classic risk-on signal, indicating that the market has not shown signs of fatigue toward growth stocks.’
Retail investors have been a key driver of this rally. According to Vanda Research, in the first two trading days following SpaceX’s IPO, retail investors purchased a volume of SpaceX shares nearly equivalent to the total amount they spent buying all U.S. equities the previous week.
Vanda wrote in its report: 'Currently, retail investors care about only one stock—SpaceX. Retail investors continue to concentrate their capital into this single company while remaining relatively cautious toward other market sectors.'
However, some analysts have pointed out that the recent surge in the stock price is partly attributable to the limited number of shares available for public trading. On SpaceX’s listing day, the freely tradable shares accounted for only approximately 4.2% of the total outstanding shares.
Market observers expect that as lock-up periods expire later this year, allowing insiders to sell more shares, SpaceX’s stock price could face significant downward pressure.
Meanwhile,$SpaceX (SPCX.US)$Options contracts will officially begin trading on Tuesday on multiple exchanges, including the Chicago Board Options Exchange and Nasdaq, a development that could further increase the stock’s volatility.
Editor/melody