SpaceX Soars Past Amazon and Microsoft in Market Value

SpaceX's stock price surged on Tuesday, briefly passing Amazon and Microsoft in market value. The rocket maker raised $85.7 billion in its record-breaking IPO, making Elon Musk the world's first trillionaire.

The company's shares climbed over 12% on Tuesday, lifting its valuation to nearly $2.94 trillion. This marked a significant milestone for SpaceX, which has been rapidly increasing its value since its listing on June 12.

However, skeptics have raised concerns about the valuation, citing the company's 2025 revenue projection of $18.67 billion and a net loss of $4.94 billion after the merger with Elon Musk's xAI.

Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, questioned the rally, stating that the valuation 'makes absolutely no sense today.'