Shares of Elon Musk-backed space and satellite company SpaceX continued their remarkable post-listing rally
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NEW DELHI — Shares of Elon Musk-backed space and satellite company SpaceX continued their remarkable post-listing rally, with the stock trading above $220 in overnight trading and pushing the company's market capitalisation close to tech giant Microsoft, a market commentary platform said on Tuesday.
In a post on X, The Kobeissi Letter said SpaceX is now valued at less than $100 billion below Microsoft, while the stock has gained about 63 per cent from its IPO price of $135 per share since its market debut on June 12.
The rally has propelled the combined market capitalisation of SpaceX and Tesla to a record $4.4 trillion, exceeding Apple's market value and approaching that of Google, according to the platform.
It described the surge as unprecedented, saying no initial public offering in history had witnessed a rally of such magnitude in such a short period.
SpaceX raised a record $85.7 billion after underwriters exercised the greenshoe overallotment option, making it one of the largest IPO fundraising exercises ever.
In addition, the rally has significantly boosted Elon Musk's personal fortune, with Musk's net worth surpassing $1.3 trillion, a level never before reached by an individual.
At that valuation, Musk's wealth exceeds the market capitalisation of all but 12 publicly listed companies worldwide, the platform noted.
It further said that the combined value of SpaceX and Tesla now surpasses that of Apple, underscoring the scale of investor enthusiasm surrounding Musk's business empire.
Notably, on its Nasdaq debut, SpaceX shares were settled 19 per cent above the offering price of $135.