By Kashmira Konduparty
SpaceX’s remarkable stock market debut continued this week, with shares of Elon Musk’s rocket and satellite company surging to push its market capitalization close to $3 trillion, briefly making it one of the most valuable companies in the world, according to CNBC.
The rally comes less than a week after SpaceX completed the largest initial public offering (IPO) in history. The company raised $75 billion after pricing shares at $135 each, valuing the aerospace giant at approximately $1.77 trillion at the time of its market debut.
Since then, investors have aggressively bid up the stock. SpaceX shares jumped nearly 50% in the first three trading sessions after the IPO, at one point surpassing the market values of both Amazon and Microsoft. The surge briefly elevated SpaceX into the ranks of the largest publicly traded U.S. companies.
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The company’s rapid rise has also significantly boosted the fortune of founder and CEO Elon Musk. Following the IPO and subsequent stock gains, Musk became the world’s first trillionaire, according to Reuters calculations based on his holdings across SpaceX and other companies.
Investor enthusiasm has been driven by optimism surrounding SpaceX’s dominant position in commercial space launches, its growing Starlink satellite internet business and its expanding ambitions in artificial intelligence. Earlier this week, the company announced a $60 billion all-stock acquisition of AI coding startup Cursor, a move that further fueled speculation about SpaceX’s future beyond aerospace.
Retail investors have played a major role in the stock’s early momentum. Individual traders poured hundreds of millions of dollars into SpaceX shares during the company’s first days on the market surpassing combined retail purchases of several major technology stocks.
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Despite its rapid growth, SpaceX remains unprofitable and faces substantial spending requirements as it expands Starlink, develops next-generation spacecraft and invests in AI initiatives.
Shared pulled back modestly on Wednesday after the initial surge, suggesting that some investors may be taking profits following the stock’s historic run. Even with decline, SpaceX remains among the world’s most valuable companies and has become a major focus of attention on Wall Street.
The stock’s performance is being closely watched as a test of investor appetite for large technology and growth-company listings. The enthusiasm surrounding SpaceX has transformed the company’s public-market debut into one of the most significant events in recent stock market history.