SpaceX Surpasses Amazon in Market Value After IPO Rally

SpaceX shares rose 4% in premarket trading on Wednesday after the company’s market capitalization exceeded Amazon’s on Tuesday.

SpaceX briefly became the fourth-largest U.S. company by valuation before settling as the fifth-largest. Its market cap reached $2.65 trillion at Tuesday’s close. The stock has climbed roughly 62% since the company’s IPO on Friday. Investors have focused on the company’s growth prospects in satellites and reusable rockets.

SpaceX posted a $4.9 billion net loss for 2025 and a $4.28 billion loss in the first quarter of this year. The company’s valuation has drawn attention to questions about whether its growth plans can support the current price level.

The company’s founder posted on X on Sunday that revenue might reach approximately $1 trillion by 2030. Analysts have noted that investors are trading the company’s story and momentum more than current fundamentals.

“Investors are trading the story, they're trading the action, they're trading the excitement, they're trading Elon Musk, but at some point the rubber meets the road in terms of the fundamentals having to match up with that excitement.”