SpaceX is now worth more than Amazon. Shares of the newly public rocket and satellite company climbed 3.9% to push its market capitalization past Amazon’s, making SpaceX the fifth-largest public company in the United States. The stock has been trading above $208, representing a gain of more than 50% from its IPO price of $135 per share just days earlier.

Amazon, valued at roughly $2.66 to $2.72 trillion, now sits behind a company that didn’t even have a public stock ticker a week ago. SpaceX’s market cap during the surge reached between $2.75 and $2.84 trillion, with some estimates briefly exceeding $3 trillion.

The IPO that rewrote the record books

SpaceX went public on June 12, 2026, in what became the largest initial public offering in US history. The company raised $75 billion by selling 555.6 million shares at $135 each, valuing the business between $1.75 and $2 trillion at debut.

Shares closed their first trading day at $160.95, putting the implied market cap at roughly $2.1 trillion. By June 16, just four days after the IPO, the stock had surged past $208 per share, putting investors who bought at the offering price on returns north of 50%.

SpaceX reported revenue of $18.7 billion. That means the market is currently pricing the company at roughly 107 times its revenue. For comparison, Amazon trades at a fraction of that revenue multiple.

What crypto investors should know

The company holds 18,712 BTC on its balance sheet, with a fair value of $1.29 billion as of March 31, 2026. That makes SpaceX one of the largest corporate Bitcoin treasuries in existence.

Crypto platforms had already been offering pre-IPO shares and trading options on SpaceX before the listing. Now that the stock trades publicly under the ticker SPCX, that demand has a proper outlet.

What this means for investors

The rally has made Elon Musk the world’s first trillionaire, a milestone driven almost entirely by the surge in SpaceX shares alongside his existing holdings in Tesla and other ventures.

SpaceX is widely expected to be included in major stock indices, which would trigger automatic buying from index funds and ETFs. It’s the same mechanism that benefited Tesla when it joined the S&P 500, and SpaceX’s market cap already dwarfs what Tesla’s was at the time of its inclusion.

Apple, Microsoft, Nvidia, and Alphabet still sit above SpaceX in market cap, but the gap has narrowed remarkably fast. A company that generates $18.7 billion in revenue is now valued more highly than Amazon, which brings in hundreds of billions.