SpaceX has overtaken Amazon to become the world's fifth-most valuable company, after a sharp rally in its shares extended gains made since the rocket maker's stock-market debut.
According to a Moneycontrol report, SpaceX shares rose 8.7% to $209.30, extending a post-listing rally that has pushed the stock more than 54% above its initial public offering price of $135.
A $2.75 trillion valuation
At that level, the company was valued at roughly $2.75 trillion, overtaking Amazon's $2.65 trillion market capitalisation and moving closer to Microsoft, which was valued at $2.92 trillion.
The move reshuffles the upper ranks of the world's most valuable listed companies. The three largest each carry market values exceeding $4 trillion, leaving SpaceX, Amazon and Microsoft to compete for the places just below the top tier.
Rally since listing
The latest jump builds on a steady climb since SpaceX began trading publicly. Pricing the stock at $135 at IPO, the shares have since added more than half their value, reflecting strong investor demand for exposure to the company's launch business and satellite-internet operations.
Questions over the valuation
Despite the surge, some market observers questioned whether the valuation was justified, pointing to the gap between the company's current market price and more conservative estimates of its underlying earnings.
Investors weighing the stock will be watching upcoming results and launch milestones for signs that revenue growth can support a valuation now measured in the trillions.
Source: Moneycontrol.