SpaceX surges past $220, closes in on Microsoft’s market value

Shares of Elon Musk-backed SpaceX continued their sharp ascent in overnight trading, rising above $220 and bringing the company's market capitalisation within striking distance of software giant Microsoft.

According to market commentary platform The Kobeissi Letter, SpaceX is now valued less than $100 billion below Microsoft after an extraordinary rally that has seen its shares climb around 63 per cent from their initial public offering price of $135.

The stock's rapid rise since its market debut on 12 June has fuelled one of the strongest post-listing performances seen in recent years, drawing intense investor attention to the aerospace and satellite communications company.

The surge has also lifted the combined market value of SpaceX and electric vehicle maker Tesla to a record $4.4 trillion, surpassing the market capitalisation of Apple and moving closer to that of Google, according to the market analysis platform.

The Kobeissi Letter described the rally as unprecedented, arguing that few, if any, major public offerings have witnessed such a significant increase in value within days of listing.

SpaceX's public offering itself was historic in scale. The company raised approximately $85.7 billion after underwriters exercised the greenshoe option, making it one of the largest IPO fundraising exercises ever completed.

The rally has further strengthened Elon Musk's position as the world's wealthiest individual. Estimates cited by the platform suggest his net worth has crossed $1.3 trillion, a milestone never previously achieved by a single person.

At that level, Musk's personal wealth exceeds the market value of all but a handful of the world's largest listed corporations.

Investor enthusiasm surrounding Musk's business ventures has accelerated in recent sessions, with both SpaceX and Tesla benefiting from strong buying interest. Market observers noted that the combined valuation of the two companies now exceeds that of Apple, highlighting the scale of investor confidence in Musk-led enterprises.

SpaceX had already made a strong start on the Nasdaq, closing nearly 19 per cent above its offer price on its first day of trading. The gains have since accelerated, making the company one of the most closely watched stocks in global markets.

With IANS inputs