SpaceX Is Targeting the $3 Trillion Mark. Can the Newcomer Defend Its Giant Valuation?

Historical Debut Rewrites the Rankings of Giants

SpaceX’s rocket-like entry onto the public market will undoubtedly go down in history, as the company’s shares rose by approximately 50% during the first four trading days. Thanks to this increase, the newcomer’s market capitalization briefly exceeded the value of both Amazon and Microsoft, which also returned Elon Musk to the top of the ranking of the world’s richest people. At the same time, the stock market frenzy was actively fueled not only by strong investor euphoria and high market activity, but also by speculative trading in options and leveraged ETF products, which increased volatility. In the coming days, it will therefore be crucial for the company to prove whether it can defend its current valuation of around USD 2.7 trillion and once again challenge the USD 3 trillion threshold.

Share Performance of Space Exploration Technologies Corp [USD]*

(Source: CNBC)

Shortage of Shares Pushes the Price Artificially Higher

Behind this success, however, are primarily specific market mechanisms that are pushing the price higher without a direct link to real financial results. There is currently an acute shortage of freely tradable shares on the stock exchange, as only around 5% of them were sold in the IPO, while the stakes of key insiders are likely to remain locked up until early August. The enormous buying pressure is also being amplified by hedge funds and the expected inclusion of the stock in prestigious indices such as FTSE Russell, MSCI, and the Nasdaq-100, which will soon force passive funds to buy as well.

Retail Buying Frenzy Is Driven by the AI Vision

While the market focuses on technical indicators, management is trying to meet extreme expectations through a massive expansion into artificial intelligence, where it aims to compete with giants such as OpenAI, Anthropic, and Google. Evidence of this is the acquisition of the coding assistant Cursor for USD 60 billion in stock, which is used by 64% of Fortune 500 companies. Together with the partnership with xAI and the vision of space-based data centers, these steps have brought huge losses of USD 4.9 billion last year and USD 4.3 billion in the first quarter of 2026. Nevertheless, management believes in a future market worth USD 22.7 trillion. Retail investors are buying into these promises on a massive scale, and their buying boom has nearly matched the rest of the market combined, cementing the company’s dominant position on the stock exchange.

The Future Will Reveal the Reality

SpaceX’s stock market debut has shown how strongly the market can react to a combination of an attractive growth story, technological plans, and intense buying pressure. However, the company’s current valuation largely reflects expectations linked to its future potential, so the decisive factor will be whether SpaceX can gradually translate its ambitions in artificial intelligence, space infrastructure, and data services into stable and sustainable results.

Warning! This marketing material is not and must not be understood as investment advice. Past performance data is not a guarantee of future returns. Investing in a foreign currency may affect returns due to exchange rate fluctuations. All securities transactions may result in both profits and losses. Forward-looking statements represent assumptions and current expectations that may not be accurate or are based on the current economic environment, which may change. ETFobchodník is a trading brand of CAPITAL MARKETS, o.c.p., a.s., regulated by the National Bank of Slovakia.

* Past performance data is not a guarantee of future returns.

Sources:
https://www.investing.com/news/stock-market-news/spacex-surges-past-amazon-briefly-tops-microsoft-in-market-cap-4745872
https://www.cnbc.com/2026/06/16/technical-factors-are-adding-fuel-to-spacexs-meme-stock-fire.html
https://edition.cnn.com/2026/06/16/business/spacex-cursor-stock
https://www.cnbc.com/quotes/SPCX