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SpaceX surges past Microsoft in market cap, becoming fourth-biggest U.S. company
SpaceX shares popped about 9% on Tuesday, as Elon Musk's rocket-builder continued its meteoric rise following a record-breaking IPO on Friday.
With the skyrocketing share price, SpaceX briefly overtook Microsoft in market cap, becoming the fourth-largest company in the U.S.
SpaceX's market cap touched $2.94 trillion in mid morning trading, surpassing Microsoft's valuation of $2.93 trillion, before settling lower.
SpaceX also leapfrogged Amazon, which has a market cap of about $2.66 trillion. The stock has a higher bar to clear to pass Apple, the third-largest U.S. company, with a market value of more than $4.3 trillion.
The move comes after SpaceX shares jumped 20% in their first full day of trading after a blockbuster debut.
SpaceX Passes Amazon As Fifth-Largest Company—Surges Another 10%
Elon Musk’s fortune swelled above $1.4 trillion on Tuesday as SpaceX shares extended a rally in their second full trading day, ranking Musk’s rocket maker ahead of Amazon as the world’s fifth-largest company by market value.
Shares of SpaceX rallied by just over 10% shortly after trading opened on Tuesday, raising its market value to about $2.77 trillion and ranking it ahead of Amazon ($2.6 trillion) as the fifth-largest company.
A further boost to SpaceX’s stock marks a nearly 35% rally since its IPO on Friday, when shares closed up 19%, and surged another 19.5% on Monday.
The latest increase in SpaceX shares added $119.1 billion to Musk’s net worth, which is now valued at about $1.4 trillion, ranking him more than $1 trillion ahead of Google cofounder Larry Page ($300.7 billion), who Forbes ranks as the world’s second-richest person.
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