SpaceX shares continued to soar in their third day of trading Tuesday, gaining another 4.7% as buyer interest in Elon Musk’s largest company showed no sign of slowing down.
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Since SpaceX shares began trading on the Nasdaq on Friday afternoon, the company’s stock price has climbed nearly 35% from $150 to as high as $225, pushing its market value to $2.65 trillion. Shares on Tuesday closed at $201.68.
The company debuted at a value of $1.77 trillion, and it has gained nearly $900 billion in value since then.
SpaceX’s value now makes it the world’s fifth-largest publicly traded company, leapfrogging Amazon. Earlier in the day, it also briefly surpassed Microsoft to become the fourth-largest firm in the world.
“There is only one stock retail [investors] care about right now,” researchers at Vanda wrote in a note to clients Monday night.
“On a net basis, retail investors have now bought almost as much SPCX over the last two sessions as they bought across the entire US stock market last week,” they wrote, referring to the ticker symbol under which SpaceX trades.
Forde Todd, 20, received three shares of SpaceX stock as part of the company’s initial public offering, then bought several more on the open market. He said Tuesday morning that between the shares he still has and the ones he sold, he was up around $600.
“I was considering selling all my eight shares that I currently hold today and profiting for a very nice gain,” Todd told NBC News in an interview. “However, at the end of the day, I do believe in the company. I do believe in Elon Musk. And I do believe in Starlink,” Musk’s satellite internet service company.
Still, Todd wants to be careful about his investment moving forward.
“My caution is that [this is] a company that has raised very little, that has made very little earnings, is currently worth more than companies that have existed for the past 20 years and have billions of dollars’ worth of revenue,” he said.
On Tuesday morning, SpaceX announced that it had formally sealed a deal to acquire the AI coding firm Cursor in a deal that values the AI company at $60 billion.
SpaceX and Cursor had agreed to the outline of a deal in April that gave SpaceX the option to acquire it “or pay $10 billion for our work together.”
SpaceX shares could see even more volatility Tuesday, when some financial exchanges are set to begin enabling trading in SpaceX options contracts, as those will contribute even more volume and trading activity.
Not all space stocks are benefiting from the SpaceX euphoria, however.
As soon as SpaceX began trading, “the rest of the space-stock space sold off hard as investors rotated into SPCX,” analysts at Bespoke Investment Group said Tuesday.
Shares of Virgin Galactic, which trades under “SPCE,” similar to SpaceX’s “SPCX,” have faced steep selling in recent days. Other space-aligned stocks such as EchoStar and AST SpaceMobile also fell sharply after SpaceX’s debut.
