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It’s blast-off for the newly minted public rocket company SpaceX (SPCX).
SpaceX stock is up 9% in premarket trading on Tuesday, indicating an open of above $200 for the first time. At this level, SpaceX would open with a market cap of more than $2.9 trillion.
And with that comes a few milestones.
A $2.9 trillion market cap for SpaceX would put it roughly in line with tech heavyweight and nicely profitable Microsoft (MSFT), with a $2.95 trillion market cap, according to Yahoo Finance AlphaSpace data.
What’s more, the combined market cap of Elon Musk’s SpaceX ($2.9 trillion) and Tesla (TSLA) ($1.3 trillion) would be near the $4.3 trillion market cap of Apple (AAPL), which is also nicely profitable, unlike SpaceX.
To say it has been a sizzling start for SpaceX would be an understatement.
SpaceX officially priced its stock at $135 on June 11, offering 555.6 million shares. The pricing valued SpaceX at $1.78 trillion.
SpaceX made its historic public debut on the Nasdaq on June 12, when the stock officially opened for trading around midday at $150 per share.
Driven by heavy demand from both institutional and retail investors, the stock steadily climbed throughout the session before closing its first day at $160.95.
This successful 19.2% gain from its initial offering price instantly catapulted SpaceX to a massive $2.1 trillion market capitalization, according to Yahoo Finance AlphaSpace.
SpaceX stock rose another 11% to $178 on Monday in its second day of trading.
It topped the leaderboard as the most bought stock by retail investors for a second consecutive session on Monday, with net buying of around $100 million, according to data from Vanda Research.
On a net basis, retail investors have now bought almost as much SpaceX over the last two sessions as they bought across the entire US stock market last week.
Brian Sozzi is Yahoo Finance’s Executive Editor and a member of Yahoo Finance’s editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.
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