SpaceX Is Now Bigger Than Amazon...

$SPCX officially overtook $AMZN on Tuesday to become the fifth most valuable company in the world, just three days after its Nasdaq debut. The move caps a remarkable post-IPO run for Elon Musk's aerospace company.

A Rally That Keeps Running

Shares of SpaceX rose more than 10% in premarket trading on Tuesday, extending a post-IPO rally, with the stock last seen up around 10.4% at $212.50, more than 57% above its $135 IPO price. That puts the company's market capitalization at roughly $2.78 trillion, compared with Amazon's valuation of $2.66 trillion.

SpaceX's IPO raised more than $75 billion, topping the combined total from all other 2026 IPOs. Shares have risen about 35% since the company began trading last week. Trading volume has been extraordinary: more than $1.16 billion worth of SpaceX shares exchanged hands in early morning trading alone, several times the combined volumes of Nvidia, Microsoft, Tesla, and Apple.

Where SpaceX Sits in the Ranking

Amazon's valuation stands at $2.66 trillion and Microsoft's at $2.95 trillion. That leaves SpaceX sitting just behind Microsoft for the fourth-largest valuation worldwide, having already displaced Amazon from the top five. SpaceX CEO Elon Musk became the world's first trillionaire on paper following the company's IPO last week.

Not everyone is convinced the rally reflects fundamentals. Senior market analyst Ipek Ozkardeskaya at Swissquote Bank said the valuation "makes absolutely no sense today," adding that buyers appear to be speculating on further price appreciation rather than acting on underlying value. The company reported sales of $18.67 billion last year and a net loss of $4.94 billion after merging with money-losing xAI.

Institutional desks have nonetheless continued to rebalance aggressively toward the stock, with momentum showing little sign of slowing as of Tuesday's session.

Sources:
Reuters via Investing.com: SpaceX set to surpass Amazon's market cap as post-IPO rally continues
Fox Business: SpaceX surpasses Amazon in market cap as post-IPO momentum picks up
MarketScreener: SpaceX set to surpass Amazon's market cap as post-IPO rally continues