Elon Musk’s SpaceX has overtaken online retailer Amazon in market capitalization on its third day of trading.
At mid-session on Tuesday, SpaceX was valued at around $2.75 trillion following a further rise of around 9% while Amazon stood at $2.67 trillion. SpaceX had launched its shares at an issue price of $135; by Tuesday, the share price stood at $209.
At one point, following an even sharper rise, SpaceX was also worth more than the software giant Microsoft. The chip manufacturer Nvidia, valued at around $5 trillion, as well as Alphabet and Apple, remain significantly more valuable.
Investors have already delivered an unprecedented increase in value of around $1 trillion to Musk’s space and AI company by the third trading day since its initial listing.
Compared with other tech heavyweights, the gap between SpaceX’s current turnover and its market capitalization is dramatically wide.
However, Musk promises explosive growth in the future, driven primarily by artificial intelligence. This is set to include data centres in space.
Until now, Musk’s AI firm xAI – which was absorbed into SpaceX – had lagged behind ChatGPT developer OpenAI, its rival Anthropic, and Google.
Musk’s fortune – he became the first person to reach a trillion-dollar net worth last week – rose to just under $1.3 trillion after SpaceX’s first two days of trading, according to calculations by the financial news service Bloomberg.
