SpaceX extended its post-IPO rally in premarket trading on June 16, with shares climbing to $210 to $213 and gaining more than 10% on the session. That move pushed the company’s market capitalization to roughly $2.8 trillion, with an intraday peak briefly crossing $3 trillion. At that level, SpaceX moved ahead of Amazon, whose market value was cited at about $2.66 trillion to $2.72 trillion, becoming the world’s fifth-largest listed company.
The rally followed a rapid sequence of gains after the company’s June 12 listing. SpaceX priced its IPO at $135 per share and raised $75 billion, a deal described in the source material as the largest IPO on record. The stock closed up 19% on its first trading day, then added nearly 20% again on June 15 before extending higher in the next premarket session.
Only Four Tech Giants Still Ahead
Based on the figures provided, the companies still ahead of SpaceX by market value are Nvidia at about $5.1 trillion, Alphabet at roughly $4.4 trillion to $4.5 trillion, Apple at around $4.3 trillion to $4.35 trillion, and Microsoft at about $2.9 trillion to $3.0 trillion. The jump past Amazon reshaped the top tier of global equity rankings.
Buying interest has been tied to investor expectations for SpaceX’s launch business, the Starlink low-earth-orbit satellite network, and space-related AI infrastructure. The move has been sharp. So has the repricing.
Valuation Debate Turns to Price-to-Sales
The surge has also brought fresh scrutiny to valuation. The source says SpaceX generated about $18.7 billion in revenue in 2025. Using a market capitalization close to $3 trillion, its price-to-sales ratio stands well above those of the four larger technology companies listed above.
That gap is now at the center of the debate on Wall Street. Bulls are paying for future growth across several frontier businesses, while some institutions are warning that profit pressure remains and that the valuation may be running too far ahead of current revenue.