SpaceX is now valued above Amazon in premarket trading. Shares of the newly public rocket company surged past $212 on June 16, pushing its market capitalization to roughly $2.75 trillion.
SpaceX priced its IPO at $135 per share. On its Nasdaq debut June 12, shares closed near $161. The continued rally has positioned the company as potentially the fifth-most valuable US public entity. The surge pushed CEO Elon Musk’s net worth past the trillion-dollar mark.
The financial fundamentals contrast sharply with the valuation. SpaceX reported $18.7 billion in revenue for 2025 against an operational loss of approximately $5 billion. Amazon’s revenue exceeded $742 billion in a similar timeframe.
Bullish investors are betting on three drivers: the Starlink satellite network, reusable rocket technology, and expanding defense contracts. The merger with Musk’s xAI adds artificial intelligence to the thesis. A limited share float has amplified price swings.
Skeptical analysts warn that a company losing $5 billion annually requires extreme long-term execution. The introduction of stock options and eventual index inclusion are expected to create further structural demand and volatility.