SpaceX roared past Amazon's market valuation on Tuesday and briefly topped that of Microsoft, rapidly scaling the list of the world's most valuable companies on a topsy-turvy trading day fueled by frenzied action in the firm's newly listed option contracts. SpaceX shares rose 4.8 per cent to close at $201.80, giving Elon Musk's company a market value of roughly $2.655 trillion — some $800 billion more than its value when it sold its record initial public offering last week and about $10 billion more than that of Amazon, until Tuesday the fifth-largest U.S.-listed firm by market value.
Shares surged early on Tuesday as investors bet on Musk's sprawling empire that spans rockets to AI, even though the stock carries a higher valuation than the other trillion-dollar behemoths. The stock is expected to enjoy additional demand in coming weeks as it joins major indexes. Even so, selling was strong in the afternoon, with SpaceX shares giving back the majority of gains that at one point took them as high as $225.64.
