Key Highlights
- SpaceX (SPCX) finished Tuesday’s trading at $201.80, gaining 4.83%, with a market capitalization of approximately $2.66 trillion — exceeding Amazon’s valuation
- Shares climbed an additional ~3.5% in Wednesday premarket trading, bringing total post-IPO gains beyond 50% from the initial $135 offering price
- SPCX momentarily hit $225.64 during Tuesday’s trading hours, propelling its valuation above $3 trillion and overtaking Microsoft temporarily
- The company unveiled an all-stock acquisition of Anysphere, Cursor’s parent company, valued at $60 billion
- Leveraged exchange-traded funds tracking SPCX climbed alongside the stock; options trading volume is being highlighted as a primary catalyst for the rally
Space Exploration Technologies went public June 12, 2026, pricing shares at $135 in what became the largest initial public offering ever recorded, generating $75 billion in capital — a sum that expanded to $85.7 billion when underwriters activated their greenshoe option on June 15.
Merely four trading days later, shares settled at $201.80 on Tuesday, climbing 4.83%, which translates to an estimated market capitalization of approximately $2.66 trillion. This valuation stands roughly $8 billion higher than Amazon’s current market cap.
Space Exploration Technologies Corp., SPCX
By 5:21 AM Eastern Time on Wednesday, SPCX gained an additional 3.5% during premarket hours, pushing cumulative gains beyond 50% since the initial offering.
Tuesday’s intraday action proved even more volatile. SPCX peaked at $225.64, momentarily elevating its market value past $3 trillion and surpassing Microsoft, which briefly positioned it as the world’s fourth-largest publicly traded company. The stock retreated from that peak before closing, though the intraday surge demonstrated remarkable buying pressure.
At Tuesday’s closing bell, only Nvidia ($5T), Alphabet ($4.5T), Apple ($4.4T), and Microsoft ($2.9T) maintained larger market valuations than SpaceX.
Anysphere Acquisition Bolsters Momentum
Ahead of Tuesday’s market open, SpaceX revealed plans to acquire Anysphere — the developer behind AI-powered coding tool Cursor — through an all-stock transaction that places a $60 billion valuation on the startup. A SpaceX entity will merge into Anysphere, integrating Cursor as a fully owned subsidiary. The transaction is anticipated to finalize during Q3, subject to regulatory clearance.
SpaceX had previously obtained an option to purchase Cursor for $60 billion in April, or alternatively pay $10 billion for a narrower technology licensing agreement.
This acquisition builds on SpaceX’s February combination with Elon Musk’s xAI venture, reinforcing the company’s expansion into enterprise artificial intelligence solutions.
Derivatives and Leveraged Instruments Magnify Price Action
Options market dynamics have been frequently referenced as a catalyst behind SPCX’s sharp appreciation. When market-makers hedge newly issued call options, they must purchase the underlying shares, creating a feedback mechanism that can accelerate upward price momentum.
Leveraged ETF products have mirrored the stock’s trajectory. ProShares Ultra SpaceX ETF (SPCF) concluded Tuesday’s session up 10.16% at $38.37, while GraniteShares 2x Long SpaceX (SPAL) advanced 9.84% to $38.26. Additional leveraged and inverse instruments are available through NYSE listings, including offerings from Direxion (LOFF), Tradr (SPCM), and Defiance (SPCU).
Tuesday’s trading volume for SPCX registered approximately 311.4 million shares, falling short of the four-day rolling average of roughly 389 million.
Not all market participants believe the valuation surge is warranted. Critics emphasize that SpaceX has not yet achieved profitability, and with only 3% to 4% of total shares available for public trading — the limited float creates conditions where price movements can be exaggerated.
A tokenized representation of SPCX is simultaneously trading on cryptocurrency exchange Biconomy.com, indicating the offering has attracted attention across both conventional and blockchain-based trading venues.
As of Wednesday’s premarket session, SPCX was changing hands near $208.
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