SpaceX Stock Jumps 10% as Valuation Nears Amazon

SpaceX shares climbed 10.1% in premarket trading to $211.95, extending a post-IPO rally that has put the company’s market value near $2.8 trillion and briefly above Amazon’s roughly $2.7 trillion valuation. The stock has risen more than 57% since the $135 offering price.

Trading volume was heavy in early hours, with more than $1.8 billion of SpaceX shares changing hands by 5:02 a.m. ET. At one point overnight the company’s implied market value briefly exceeded about $3 trillion, a level near the world’s largest technology firms, before settling closer to the Amazon threshold.

Market participants point to an unusually small public float as a factor in the price swings. Only about 5% of SpaceX’s total shares are available for public trading, limiting supply and magnifying the effect of buyer demand. The first scheduled release of insider shares is set for Aug. 11, when roughly 20% of insider-held stock becomes eligible for sale, followed by additional tranches of about 7% every few weeks through October.

Television host Jim Cramer wrote on social media that buyers were aggressively purchasing SpaceX shares in the early hours and that there were few large sellers available. “The buyers, right now, 4 am are going nuts for SpaceX, taking it through $210. They just can’t stop buying and as you can imagine, there are no sellers of size around at this hour,” he wrote.

Some market analysts warned the rally is not tied to recent company results. Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, described the valuation as making “absolutely no sense today” and characterized the trading as speculative. Research firm CFRA began coverage with a sell rating and set a 12-month price target of $115, citing SpaceX’s capital-intensive growth plans and elevated valuation.

On the financial side, SpaceX reported $18.7 billion in revenue last year and a net loss of $4.9 billion following its merger with xAI. Underwriters exercised their greenshoe option, increasing total IPO proceeds to $85.7 billion from the initial $75 billion.

Near-term market mechanics could keep demand elevated. Fast-track inclusion into the Nasdaq-100 is expected, which would require index-tracking funds and ETFs that follow that benchmark to add the stock. FTSE Russell and MSCI are also expected to add SpaceX to their indexes later this month. Options trading in SpaceX is expected to begin as soon as Tuesday, a development that market participants say could add volatility.

Investors are likely to watch the upcoming insider share releases and the start of options trading for signs of whether the recent price moves will continue.