Just four trading days after its IPO, SpaceX has reached a market cap of about USD 2.65 trillion, overtaking Amazon to become the world's fifth largest listed company, behind only Nvidia, Apple, Microsoft and Alphabet. Priced at USD 135, it is already up over 50%. But only around 4% of shares actually trade, so the price is set by a very thin float. Once lockups unwind and the first earnings land, can this valuation hold?

Just four trading days after its IPO, SpaceX has reached a market cap of about USD 2.65 trillion, overtaking Amazon to become the world's fifth largest listed company, behind only Nvidia, Apple, Microsoft and Alphabet. Priced at USD 135, it is already up over 50%. But only around 4% of shares actually trade, so the price is set by a very thin float. Once lockups unwind and the first earnings land, can this valuation hold?

SpaceX Tops Amazon: Can A 4% Float Hold? 

$SpaceX(SPCX.US)SPCX closed at $161 on its first day, jumping 19% above the $135 IPO price.Total revenue reached $18.7 billion in 2025, up 33% from $14.1 billion in 2024. Starlink generated $11.4 billion (61% of group revenue) and posted an operating profit of about $4.4 billion — making it the only segment printing consistent GAAP profit and the financial backbone of the IPO story.