SpaceX wasn't a public company a week ago - and now it's already among the most valuable companies on earth.
Shares have ripped higher since the IPO, vaulting Elon Musk's rocket company past Amazon's total market value.
SpaceX is now worth roughly $2.85 trillion, putting it just ahead of Amazon's $2.64 trillion market cap - and briefly above Microsoft's $2.92 trillion.
The gap flipped in a single trading session. That's a wild place for a company that wasn't publicly traded last week.
The IPO priced at $135 per share, and shares have since climbed more than 60% - one of the strongest post-IPO runs in years.
For context, Amazon spent decades building the empire it has today: a retail business, a cloud business, an ads business. SpaceX is matching that valuation off three things - rockets, satellites, and AI (after folding in xAI earlier this year).
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Two pieces of the SpaceX story are doing the heavy lifting: Starlink and Starship.
Starlink is the satellite internet business, with more than 12 million subscribers and a near-monopoly in low-earth orbit broadband - the kind that beams internet to places cable companies skipped.
Revenue from Starlink alone is reportedly running at roughly $15 billion a year, a recurring subscription business growing fast - exactly what public market investors pay up for.
Starship is the next-generation rocket, and if it works at the cost SpaceX is targeting, it changes the math on getting anything into space - satellites, cargo, eventually people.
Think of it like the shift from sending one package by courier to filling a cargo plane: same destination at a fraction of the price. The contracts that follow - commercial and government - could be enormous.
The question isn't whether SpaceX passes Amazon - it already has. The real question is whether it can hold the spot.
IPO pops can fade fast, and lockup expirations - the dates when insiders are first allowed to sell their shares - tend to put pressure on the stock.
SpaceX's first partial unlock (20% of insider shares) comes two days after its Q2 2026 earnings report in late July or early August, with the main 180-day lockup expiring December 8, 2026 - so watch what insiders do when those windows open.
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