SpaceX nears $2.75 trillion value, topping Amazon after IPO jump
What's next: Nasdaq 100 inclusion and index additions later this month could force passive funds to buy more shares.
SpaceX shares rose more than 8% in premarket trading Tuesday, putting the newly public company on track for a market value of about $2.75 trillion and ahead of Amazon’s roughly $2.66 trillion valuation. The move extended a sharp rally since last week’s IPO, with the stock trading about 54% above its $135 offer price. The company’s underwriters also exercised a greenshoe option, lifting total IPO proceeds to $85.7 billion from $75 billion. SpaceX said Monday it would buy software company Anysphere for $60 billion, trimming some of the stock’s early gains. Analysts warned the stock could stay volatile because of its limited float and rich valuation, even as upcoming additions to the Nasdaq 100, FTSE Russell and MSCI indexes create fresh demand.