SpaceX briefly overtook Amazon by market value on June 16 and topped Microsoft intraday in volatile trading.

The company closed up 4.8% at US$201.80, giving it a market capitalization of about US$2.655 trillion, after rising as high as US$225.64.

More than 1 million listed options contracts had traded by early afternoon, and SpaceX share turnover reached US$61 billion.

The sharp swings reflect limited shares available for trading. SpaceX sold 555.6 million shares in its initial public offering, raising US$75 billion.

However, only about 4% of its equity was freely tradable at listing, out of roughly 13.1 billion shares outstanding.

Demand from index funds could keep influencing SpaceX shares because the stock is set for fast-track inclusion in the Nasdaq-100 and other major US indexes.

Morningstar estimates index funds could eventually hold US$36 billion to US$72 billion of the stock, depending on how the float expands.

SpaceX reported a 2025 net loss of about US$4.9 billion on about US$18.7 billion in revenue, with heavy capital spending and a US$6.4 billion AI segment loss weighing on results.

Supply could also rise after SpaceX’s first post-IPO earnings report, when some insiders become eligible to sell, although Musk and certain large investors remain restricted for 366 days.

🔗 Source: Reuters

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