SpaceX (NASDAQ: SPCX) closed on June 16 local time at $201.80 on Nasdaq, up 4.83 percent from the previous day. That was a gain of $9.30. The stock rose as high as $225.64 during the session, setting a new 52-week high. In after-hours trading after the regular session, it added 2.48 percent to $206.80.

By the closing price, its market capitalisation was $2.66 trillion, putting it about $8 billion ahead of Amazon and making it the world’s fifth-largest company, Bloomberg and other major foreign media reported. At the intraday peak, it briefly exceeded Microsoft’s market value as well.

SpaceX launched its initial public offering on June 12 at $135 a share, then broke through the $200 level in just three trading sessions. It surged 19 percent on its first day of listing and climbed about 50 percent over three days.

The key driver of the surge is supply and demand. With only about 4 percent of total shares available for trading, early inclusion in the MSCI index on June 13, the day after listing, drew passive buying that is insensitive to price. The market’s common assessment is that the rally was driven by a supply-demand imbalance rather than a revaluation of business fundamentals.

Based on its S-1 filing, SpaceX posted 2025 revenue of $11.387 billion and operating profit of $4.423 billion. Starlink subscribers rose over a year to 10.3 million from 4.5 million, and its adjusted EBITDA margin reached 63 percent. It recently showed its intent to expand its AI business by acquiring AI coding platform Cursor for $60 billion.

Short-term variables are clear. The first earnings release after the listing, on Sept. 2, is the first test of whether current valuation can be justified. Analysts’ average 12-month target price is $164, well below the current share price. The release of shares from the 180-day lockup on Dec. 8 is also a key supply risk for the stock. Elon Musk’s stake is subject to a separate 366-day lockup, restricting sales until June 2027.