SpaceX overtakes Amazon in market value after IPO

SpaceX has experienced a dramatic surge in its market value just days after its initial public offering, reaching a staggering $2.75 trillion. This valuation briefly propelled the aerospace company, founded by Elon Musk, to become more valuable than Amazon, which holds a market capitalization of $2.67 trillion. At one point, SpaceX's valuation even exceeded that of Microsoft, valued at $2.9 trillion.

The company's stock price climbed to $209, positioning SpaceX as the third most valuable publicly traded company globally on its third day of trading. It now ranks among the top five, alongside chipmaker Nvidia and tech giants Alphabet, Apple, and Microsoft. During its IPO on June 12, SpaceX was valued at nearly $1.8 trillion, issuing 555.6 million shares at an initial price of $135 each. Currently, only about five percent of the company's shares are available for public trading.

This significant market performance has also boosted Elon Musk's personal fortune, with his net worth surpassing $1 trillion and currently estimated by Forbes at $1.4 trillion. Musk, who holds 42 percent of SpaceX's equity, also retains 85 percent of the company's voting rights, a level of control considered unusually high for a publicly traded entity.