Shares of Elon Musk’s SpaceX jumped more than 10% in premarket trading on Tuesday, positioning the aerospace company to leapfrog Amazon.com and claim the title of the world’s fifth-largest company by market value, as its post-IPO surge continued.
After skyrocketing more than 19% on Monday, the stock was recently trading up 10.1% at $211.80 per share. At that price, SpaceX’s total market capitalization would reach nearly $2.8 trillion, provided those gains remain intact.
By comparison, Amazon’s market value stood at approximately $2.66 trillion.
Early Tuesday morning, more than $1.16 billion worth of SpaceX shares had already changed hands — a trading volume that dwarfed the combined activity in Nvidia, Microsoft, Tesla, and Apple as of 4:14 a.m. Eastern Time.
