Key facts
- SpaceX's market capitalization reached $2.85 trillion, briefly surpassing Microsoft and overtaking Amazon.
- The surge was fueled by options trading, speculation, and anticipation of index inclusion.
- SpaceX plans to acquire software company Anysphere for $60 billion.
- SpaceX reported sales of $18.67 billion and a net loss of $4.94 billion last year.
- SpaceX's IPO fundraising increased to $85.7 billion after underwriters exercised the greenshoe option.
SpaceX's market capitalization surged past Amazon's and briefly Microsoft's, reaching $2.85 trillion, driven by intense activity in its newly listed options contracts and investor speculation on its sprawling business empire. The company's shares traded as high as $225.64, with turnover reaching $44 billion, the highest among large U.S.-listed firms. This surge occurred despite a broader decline in technology stocks, including the semiconductor index and the Nasdaq Composite. A significant factor in the stock's rise was the launch of options in SpaceX stock, with over 500,000 contracts changing hands in the first hour. Options dealers buying and selling shares to hedge their risk likely contributed to the stock's upward swing. Analysts and portfolio managers are cautioning investors to expect volatility due to SpaceX's relatively small free float and high valuation. The company reported sales of $18.67 billion last year but a net loss of $4.94 billion, contrasting with many profitable tech giants. Further demand for SpaceX shares is anticipated as the company is slated for fast-track inclusion in the Nasdaq 100 index, followed by additions to FTSE Russell and MSCI indexes. This inclusion will make it a significant holding for passive funds and ETFs. In other news, SpaceX announced it would acquire software company Anysphere for $60 billion.