On June 16 (Tuesday), SpaceX's stock continued its strong performance in the Nasdaq market, surging more than 17% during the day and closing up 4.8% at $201.80. Driven by the listing of options contracts, both the early morning and intraday trading volumes surged, pushing the company's market valuation during trading hours to surpass Amazon's estimated valuation of approximately $2.646 trillion, peaking close to the $2.8 trillion range (even higher after hours), making it the fifth largest public company in the world, behind giants like NVIDIA, Google, and Apple.
This ranking occurred just a few days after SpaceX completed its largest IPO in history. On June 12, SpaceX completed its IPO priced at $135 per share, raising an initial fundraising amount of approximately $75 billion, and after exercising the overallotment option, the total fundraising reached $85.7 billion, setting a historical record. On its first day of trading, the stock price surged, with the cumulative rise in the first week nearing 50%, reflecting the strong market enthusiasm for this rocket and satellite internet giant.
A Rapid Leap from $1.8 Trillion to $2.65 Trillion
The pricing of SpaceX's IPO corresponded to an initial valuation of about $1.8 trillion, and the stock price rose rapidly after going public. By the close on June 16, the market capitalization was approximately $2.655 trillion, significantly above the IPO pricing. During trading, the company's market value briefly surpassed Microsoft’s estimated valuation of about $2.92 trillion, highlighting the trading activity's enthusiasm.
Trading data showed that on June 16, SpaceX's trading volume reached as high as $61 billion, the highest among large-cap stocks in the U.S. stock market. After the listing of options contracts on the same day, the trading volume in the first hour exceeded 500,000 contracts, with more than 1 million contracts traded cumulatively in the morning session, further amplifying stock price volatility due to market makers' hedging operations. Analysts pointed out that such high-valued new stocks often exhibit “meme stock” characteristics, where short-term momentum trading combines with optimistic sentiments about fundamentals, driving up volatility.
Starlink as the Core Growth Engine
SpaceX's core business includes reusable rocket launch services and Starlink satellite internet. For the fiscal year 2025, the company’s total revenue is approximately $18.7 billion, with Starlink contributing about $11.4 billion (61% of the total), a year-on-year growth of about 50%. By the end of 2025, Starlink's users are expected to reach about 9 million; by the end of March 2026, it reached 10.3 million, covering 155 countries and regions. Starlink has become the only segment of the company to achieve significant operating profit, contributing about $4.4 billion in operating profit in 2025, while rocket launches and AI-related businesses are still in the investment phase.
The company recorded a net loss of about $4.94 billion in 2025, primarily due to heavy investments in the expansion of the Starlink constellation, the development of the next-generation Starship rocket, and AI integration. Nevertheless, the high gross margin recurring revenue model of Starlink (with very low marginal costs after satellite deployment) is seen as a pillar for long-term profitability. Market optimism partly stems from recognizing SpaceX’s dominant position in the global low Earth orbit satellite communication sector, as well as the potential breakthroughs of the Starship project in human spaceflight and deep space exploration.
Global Ranking and Market Significance
After surpassing Amazon, SpaceX has joined the ranks of the top five publicly traded companies globally (with NVIDIA at about $5.02 trillion and Google at about $4.53 trillion). Previously, Amazon had long been among the top five U.S. stocks, but its replacement by SpaceX reflects a re-pricing by investors of the "new space economy" and the integration of technology.
From a broader perspective, this marks the transformation of private space companies from "high-risk start-ups" to core assets in mainstream capital markets. SpaceX holds an absolute dominant position in the global commercial launch market, with reusable technology significantly reducing costs; Starlink fills the gap for high-speed internet in remote areas and at sea, becoming critical infrastructure in defense, aviation, maritime, and other fields. AI integration further expands its business boundaries.
Elon Musk personally holds about 42% of the shares, and this surge in market capitalization has significantly increased his personal wealth, making him the world's first "paper trillionaire." This also strengthens the synergies within his ecosystems of Tesla, X, and others, while simultaneously raising discussions in the market about wealth concentration and regulatory concerns.
Cautious Optimism Under High Valuation
Despite the strong momentum, SpaceX still faces multiple challenges. The current price-to-sales ratio (P/S) far exceeds that of traditional mature companies, reflecting the market's aggressive expectations for future growth. Under the lock-up arrangement, the percentage of floating shares is relatively low (about 5%), and future unlocking may bring selling pressure. Regarding index inclusion, Nasdaq 100, FTSE Russell (June 26), and MSCI (June 29) are set to include it soon, which will attract passive fund inflows, but also amplify volatility during index rebalancing.
The company is still in a heavy investment stage, with its path to profitability dependent on the continuous growth of Starlink users and cost control. Geopolitical issues, regulations (satellite spectrum, export controls), technology risks (Starship test flights), and the macro interest rate environment may all affect its valuation. Some analysts warn that in a high-valuation environment, caution is needed regarding the risk of “narrative-driven” disconnection from fundamentals.
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Looking ahead, if SpaceX can achieve commercial operation of Starship, increase Starlink's global penetration, and gradually improve overall profitability, its market value still has room for further upward movement. However, as history has shown, the leap of emerging tech giants from high growth to stable profitability is not an instantaneous process. Investors need to remain rational amidst enthusiasm and focus on key indicators such as Starlink ARPU (average revenue per user), net user growth, and gross margin in quarterly reports.
The leap from private space pioneer to the fifth largest public company in the world is not just a success of a single enterprise; it is a microcosm of humanity's exploration of space, connection of the world, and integration of technological innovation.
June 16 may just be the beginning of a new chapter, not the end. The market will continue to test its ability to transition from “valuation story” to “sustainable value”.
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