Space Exploration Technologies Corp. (NASDAQ: SPCX) briefly surpassed Amazon.com in market capitalization on June 16 as investors continued piling into shares following the company's record-setting initial public offering, according to a Reuters report. Shares of Elon Musk's rocket, satellite and artificial intelligence company climbed as much as 10%, pushing its valuation above $2.7 trillion and, at one point, ahead of both Amazon and Microsoft among the world's most valuable companies.
The surge was fueled in part by the launch of options trading in SpaceX shares and growing investor enthusiasm surrounding the company's expanding presence in space technology, communications and artificial intelligence. Reuters noted that analysts expect additional buying pressure as SpaceX is positioned for inclusion in major equity indexes, including the Nasdaq-100, FTSE Russell and MSCI indexes later this month.
The stock's rapid ascent follows last week's historic IPO, which raised approximately $75 billion and valued the company at $1.77 trillion, the largest public offering on record. As of 11:30 a.m. ET on June 16, 2026, SpaceX stock was trading at approximately $211.63, up about 10%, with a market capitalization exceeding $2.7 trillion.
The milestone underscores the market's confidence in SpaceX's diversified business model, which spans aerospace, satellite communications, defense and artificial intelligence. The company's Starlink satellite internet network has been a key growth driver, alongside its Falcon launch vehicle family and AI initiatives.
SpaceX's brief market cap lead over Amazon highlights the shifting landscape among tech giants, as investors bet on space and AI technologies as the next frontier. The company's inclusion in major indexes could attract further institutional investment, potentially sustaining the rally.
The report was written by Echo Wang and Suzanne McGee. For more details, see the full Reuters article.
