Shares of Elon Musk's SpaceX continued their sharp rise on Wednesday, climbing more than 14% to push the company's market capitalisation past Amazon and briefly surpass Microsoft, in one of the strongest momentum waves since the company's recent listing.
The share price reached $220, up 14.3% during the trading session, bringing total gains to more than 62% compared with the initial public offering price of $135.
At those levels, SpaceX's market capitalisation reached approximately $2.8 trillion if current gains hold. The company surpassed Amazon's valuation of $2.64 trillion and briefly exceeded Microsoft's market capitalisation of approximately $2.92 trillion, entering the list of the world's five largest companies by market value within just days of its listing.
In a related development, analysts noted that SpaceX's anticipated inclusion in major indices such as the FTSE Russell and MSCI on 26 and 29 June respectively could boost passive liquidity flows and further increase demand for the stock. The company also announced on Wednesday its acquisition of software firm Anysphere for $60 billion, a move aimed at strengthening its enterprise artificial intelligence capabilities and expanding its technology ecosystem.