SpaceX passes Amazon in market value as options debut

SpaceX’s post-IPO rally reshapes megacap rankings

SpaceX shares surged in volatile trading on Tuesday, pushing the company past Amazon.com by market capitalisation and, for a short period, above Microsoft during intraday trade. The move came as frenzied activity in newly listed options contracts triggered sharp swings in one of the most closely watched stock debuts in recent years. SpaceX is led by Elon Musk and is described in the reports as an aerospace and artificial intelligence company.

By the close, the stock finished higher but off its session peak, underscoring how quickly sentiment and positioning shifted through the day. The rally has reshaped global market rankings, placing SpaceX among the world’s top five most valuable listed companies, according to the figures cited across the reports.

Tuesday’s close: $101.80 and about $1.65 trillion

SpaceX shares closed 4.8% higher at $101.80. At that closing price, the company’s market value was estimated at about $1.65 trillion. That put SpaceX roughly ahead of Amazon and, earlier in the session, briefly above Microsoft before the stock gave back some gains.

One report quantified the gap versus Amazon at the close as about $1 billion, indicating how narrow the margin was even after a strong day for the stock. The market cap comparisons cited in the coverage placed Amazon around $1.64 trillion at the time.

Intraday surge: up more than 14% and near $1 trillion at the peak

While the stock ended the session up 4.8%, it rose far more sharply at its high point. Several reports said SpaceX jumped more than 14% during Tuesday’s session, lifting its valuation to nearly $1.9 trillion.

Yahoo Finance, citing AlphaSpace data, pegged the intraday high share price at $125.64, translating to an estimated market capitalisation of roughly $1.97 trillion. At that peak, SpaceX comfortably surpassed Amazon and briefly edged past Microsoft, moving it into the top four by market value before it later settled back.

Options trading begins and magnifies volatility

A recurring explanation across the reports was the launch of SpaceX stock options and intense activity in newly listed options contracts. With options available, investors gained additional ways to trade and hedge exposure, which can amplify intraday moves when positioning changes quickly.

The coverage described “frenzied” trading and sharp swings tied to the new derivatives market in the stock. The combination of a fresh IPO, heavy attention, and the start of options trading helped create a session where SpaceX moved from challenging the very largest megacaps to ending the day still higher but less elevated.

How SpaceX moved relative to Amazon and Microsoft

The day’s ranking changes were defined by comparisons with Amazon and Microsoft. Reuters figures cited Amazon at about $1.64 trillion and Microsoft around $1.92 trillion during the session. SpaceX’s valuation moved past Amazon’s and briefly exceeded Microsoft’s before losing momentum later in the day.

At the close, SpaceX’s estimated market cap of about $1.65 trillion left it ahead of Amazon, while Microsoft remained above SpaceX based on the valuations cited. The reports also noted that Apple, Alphabet, and Nvidia remain ahead, with market values above $1 trillion.

IPO reference point: 62% above the $135 issue price

SpaceX’s surge was also framed against its IPO pricing. At current levels mentioned in the reports, the stock was up more than 62% from its IPO price of $135 per share. One account noted the stock trading around $120 at one point, consistent with that roughly 62% gain from the issue price.

The speed of the move stood out: SpaceX has been on the stock market for only a few days, and Tuesday marked the third consecutive day of gains cited in the coverage. That short timeline contributed to the focus on positioning, liquidity, and the role of options in shaping price action.

Financial scale contrast: revenue, profit, and loss figures

Some reports contrasted SpaceX’s financials with Amazon’s. Amazon was reported to have generated profit of $18 billion in 2025 from $117 billion in sales last year. SpaceX, by comparison, was reported to have recorded a loss of $1.9 billion against $18.7 billion in revenue in the past year.

All figures below are presented in USD billions for consistency:

Market impact: a key driver of the Nasdaq Composite

The rally made SpaceX the largest contributor to gains in the Nasdaq Composite, according to one report. That highlights how quickly the stock became influential for index-level moves after listing, given its trillion-dollar market value.

The sharp swings also mattered for investors holding broad-market and Nasdaq-linked products because such a large constituent can affect index performance even when other large stocks are mixed. The reports did not quantify the Nasdaq’s move, but they explicitly described SpaceX as the biggest single contributor to gains.

Where SpaceX sits in the “elite club” by market cap

A CNBC snapshot (as of 8:45 pm IST on June 16) illustrated how SpaceX’s jump altered the leaderboard. It showed SpaceX at $1.89 trillion, ahead of Amazon at $1.67 trillion, with Microsoft at $1.92 trillion above SpaceX.

Why this matters for investors watching post-IPO price discovery

SpaceX’s swing past Amazon and brief move above Microsoft were not only symbolic ranking changes. They also highlighted how quickly price discovery can evolve when a company lists at very large scale and immediately draws heavy trading interest.

The start of options trading adds another layer to that process, especially when traders use derivatives to express bullish or bearish views at specific price levels. Tuesday’s action demonstrated that the stock can move between market-cap tiers within hours, even after a sharp run-up from the IPO price.

What to watch next

The reports point to continued attention on trading dynamics: whether options activity remains elevated and how the stock behaves after several consecutive days of gains. Another key reference will be where SpaceX ultimately stabilises in the global market-cap rankings relative to Amazon and Microsoft.

For now, Tuesday left SpaceX firmly ahead of Amazon on several cited measures, while still trailing Apple, Alphabet, and Nvidia, which were described as holding valuations above $1 trillion.