SpaceX market cap tops $2.7 trillion, overtakes Amazon

SpaceX, Elon Musk's space, aerospace and artificial intelligence company, pushed its market capitalization above $2.7 trillion this week, briefly surpassing e-commerce giant Amazon and becoming the world's fifth most valuable company. Shares rose more than 8% on Tuesday to $208, extending gains for a third straight trading day since the company's historic Nasdaq listing. The rally lifted SpaceX's valuation past Amazon's roughly $2.6 trillion market cap, though Amazon later regained its lead. The surge followed the completion of SpaceX's initial public offering on Monday, which the company said generated about $85.7 billion in gross proceeds, including shares sold under an overallotment option. The stock first traded on Nasdaq on June 12 at a $135 offering price and closed its debut session at $160.95, a 19.2% gain. In the global market capitalization rankings, Nvidia leads at $5.1 trillion, followed by Alphabet at $4.5 trillion, Apple at $4.4 trillion and Microsoft at $2.9 trillion. SpaceX, the parent of rocket maker SpaceX and satellite operator Starlink, now sits in fifth place.