SpaceX stock ipo price jumped 8.7% on Tuesday to US$209.30, putting the company more than 54% above its $135 IPO price and lifting its market value above Amazon’s. The move pushed SpaceX into fifth place globally by market value, a step that matters most to traders chasing a thinly held name with index demand still ahead.
US$209.30 Triggers $2.75 Trillion Valuation
US$209.30 was enough to lift SpaceX’s market capitalization to around $2.75 trillion if the gains held, above Amazon.com’s $2.65 trillion and behind Microsoft’s $2.92 trillion. The stock traded at that level after rising more than eight per cent, a run that left SpaceX roughly 54 per cent above the price set in its IPO.
$9.1 billion worth of SpaceX shares had changed hands by 09:32 a.m. ET, a heavy tape for a company that just came public. The activity came as SpaceX options began trading on Tuesday, with the SPCX launch offering standard monthly expiration and strikes ranging from $25 to $380.
Ipek Ozkardeskaya Calls It Speculation
One analyst drew the sharpest line under the move. Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, said: “We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher - that’s speculation.”
$85.7 billion in IPO proceeds followed Monday’s greenshoe exercise, up from $75 billion raised last week, after underwriters exercised the option to buy additional shares. SpaceX also said Monday it would acquire software company Anysphere for $60 billion, adding another large transaction to a week already dominated by stock demand and valuation chatter.
FTSE Russell And MSCI Demand
$25 to $380 is the options range now on offer, and Brent Kochuba, founder of SpotGamma, said: “Today the SPCX options launch, offering standard monthly expiration and strikes ranging from $25 to $380. If call demand is heavy, dealers might be forced to buy SPCX into this low-liquidity situation,”
Starting next week, he added, “we may see index demand increase, with more shares not slated to be made available for 1-2 months.” FTSE Russell plans to add SpaceX to its indexes on June 26, and MSCI plans to add it on June 29, a calendar that can pull passive funds and ETFs toward a stock that is already trading with limited float and high volatility.
$18.67 billion in sales last year came with a $4.94 billion net loss after merging with money-losing xAI, a combination that leaves the current valuation far ahead of the latest reported operating results. Zephirin Group said: “While index inclusion alone is typically insufficient to drive sustained repricing, we see the combination of passive flows, momentum, and limited float driving upside beyond historical index-addition moves,” and that is the setup traders now have to price.
