SpaceX Hits $2.94T Valuation After Passing Amazon And Microsoft

SpaceX climbed into the ranks of the world's most valuable companies on Tuesday, briefly passing Amazon and Microsoft near a $2.94 trillion valuation before momentum cooled and dragged shares back.

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SpaceX Stock Rockets Past Amazon

Shares of SpaceX climbed more than 10% before Tuesday's opening bell, lifting the company near $2.8 trillion and overtaking Amazon on only its third public session since the record listing. By midmorning the stock had gained about 12% and touched roughly $2.94 trillion, briefly passing Microsoft to rank fourth among U.S. companies. The advance then faded, and shares slipped back below those highs.

Trading turned relentless. More than $1.16 billion in stock changed hands before 5 a.m. in New York, several times the combined volume of the market's largest technology names.

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RSI Warning Cools SpaceX Momentum

The pullback left an early mark on the chart. The RSI had pushed deep into overbought territory during the climb, then rolled over as buyers eased off. That shift handed short-term control to sellers on the intraday timeframe.

Traders are now watching support near $201, the line that keeps the post-debut run intact. A clean break would turn attention toward the low $190s, and then the $179 area that capped the first surge after listing.

Fresh options on the shares are also set to begin trading this week, a change that often magnifies volatility in a thinly floated stock.

Swissquote Questions SpaceX Valuation

Skeptics argue the rally has outrun the business. Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, cautioned that the valuation "makes absolutely no sense today."

She pointed to 2025 revenue of $18.67 billion and a $4.94 billion net loss after the merger with Elon Musk's xAI.

The stock raised roughly $85.7 billion in the largest IPO on record when it debuted at $135 on Jun. 12. It then surged about 20% on Monday, adding $433 billion in a single session and making Musk the world's first trillionaire. The debut also earned the rocket maker fast-track entry to the Nasdaq 100, which should draw steady buying from index funds.

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