SpaceX Rockets Past Amazon to Become Fourth Most Valuable US Company

SpaceX has briefly surpassed Amazon and Microsoft in market value, climbing to nearly $2.94 trillion on Tuesday before its momentum cooled.

The rocket maker's stock jumped about 12% on its third trading day, outpacing other tech giants. This surge comes after SpaceX raised a record-breaking $85.7 billion in its IPO, making Elon Musk the world's first trillionaire.

However, skeptics have questioned the valuation, citing a projected 2025 revenue of $18.67 billion and a net loss of $4.94 billion. Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, called the valuation 'absurd', stating that it makes 'no sense today.'

Despite this criticism, SpaceX's stock has continued to attract attention, with over $1.16 billion in shares changing hands before 5 a.m. in New York.