SpaceX went public on June 12 at $135 per share. Four days later, it’s worth more than Amazon.

The company’s market capitalization surged past $2.7 trillion on June 16, overtaking Amazon’s roughly $2.66 trillion valuation and making SpaceX the fifth-largest publicly traded company in the US. That’s a more than 50% jump from its IPO pricing in less than a week.

From $135 a share to fifth-largest company alive

SpaceX’s IPO raised $75 billion, the largest initial public offering ever recorded. At the offering price, the company debuted with an estimated valuation of approximately $1.77 trillion.

The stock briefly touched a $3 trillion market cap during trading on June 16 before settling above $2.7 trillion.

The surge also pushed Elon Musk’s personal net worth past the $1 trillion mark, a milestone that no individual has previously reached.

Why the market is this hungry

Two forces are driving the frenzy. The first is Starlink, SpaceX’s satellite internet constellation, which has become the company’s most visible commercial revenue engine. The second is SpaceX’s merger with xAI earlier in 2026. That deal valued SpaceX at $1 trillion and xAI at $250 billion, creating a combined entity that investors view as a vertically integrated play on both artificial intelligence and space infrastructure.

As recently as December 2025, SpaceX was in discussions at a private valuation of $800 billion. Six months later, the public market decided that number was quaint.

Analysts remain split on whether the current valuation is sustainable. The bull case centers on Starlink’s addressable market and xAI’s potential. The bear case is simpler: SpaceX still carries significant operational losses, and the stock trades at multiples that would make even the most aggressive growth investor squint.

What this means for investors

A stock that gains 50% in four days can also lose 50% in four days. The brief touch above $3 trillion followed by a pullback to $2.7 trillion on the same day illustrates the kind of price swings that can turn a great entry point into a painful lesson in minutes.

SpaceX’s IPO has no reported connection to any crypto tokens, no tokenized equity offering, no blockchain-based settlement layer. This remains a purely traditional equity event. When a $75 billion IPO can happen without touching crypto infrastructure at all, it suggests that the bridge between traditional equities and digital assets is still more theoretical than practical.

Whether SpaceX can sustain a valuation above Amazon’s is an open question. The company needs to convert its Starlink subscriber growth and xAI capabilities into consistent profitability at a scale that justifies a $2.7 trillion price tag.