SpaceX has muscled its way past Microsoft to claim the fourth spot among the world’s most valuable publicly traded companies. The milestone, which occurred on June 16, came just four days after the company’s record-shattering initial public offering.

Microsoft’s market capitalization sat at roughly $2.92 to $2.97 trillion at the time SpaceX overtook it. SpaceX’s market cap had climbed toward the $2.8 to $3 trillion range following a blistering post-IPO rally.

The IPO that broke records

SpaceX’s June 12 debut was the largest IPO ever conducted. The company raised $75 billion by pricing shares at $135, giving it an initial valuation between $1.75 trillion and $2.1 trillion.

Shares surged more than 19% in early trading sessions, pushing the price above the $200 to $220 range.

SpaceX’s public float remains extremely limited, estimated at around 5% of total shares outstanding. Revenue projections for 2025 were approximately $18 to $19 billion, and the company still carries operational losses.

Why crypto investors should care

The company holds around 18,700 Bitcoin, valued between $1.2 and $1.4 billion at the time of disclosure, putting SpaceX in the upper tier of public companies with BTC on their balance sheets.

Dogecoin experienced short-term rallies of approximately 7.6% tied to SpaceX and Musk-related headlines around the IPO.

Earlier in 2026, SpaceX merged with xAI, Musk’s artificial intelligence venture. That deal valued the combined entity at about $1 trillion. The combination of all these ventures pushed Elon Musk’s total net worth past the $1 trillion threshold.

What investors should watch

The 5% float is doing a lot of heavy lifting here. When lockup periods expire and insiders become eligible to sell their shares, the sudden increase in available stock could put significant downward pressure on the price.

Retail trading behavior has been a major driver of the post-IPO surge. With a company still posting operational losses, any disappointing earnings report could trigger a reassessment.

The company’s Bitcoin holdings mean its balance sheet partially moves with BTC prices. Musk’s public statements and business moves continue to influence tokens like Dogecoin. SpaceX operates in markets including satellite internet via Starlink, space launch services, and following the xAI merger, AI development.