SpaceX Surpassed Amazon in Market Cap This Week. What's Next for the Red-Hot Space Stock?
SpaceX briefly surpassed Amazon's market cap in its first week as a public company. Is the hype justified?
SpaceX Surpassed Amazon in Market Cap This Week. What's Next for the Red-Hot Space Stock?
Overview
On June 16, Space Exploration Technologies (NASDAQ: SPCX), or SpaceX, soared to an intraday high of $225.29 per share. With 13.17 billion fully diluted shares outstanding, SpaceX was worth $2.97 trillion for a few minutes. Amazon (NASDAQ: AMZN) traded 10.6% below its own $2.96 trillion market cap peak that day.
The situation has reversed in the last couple of days, as Amazon caught a second wind and SpaceX started to sputter. As of this writing on June 18, Amazon is back on top with a $2.62 trillion cap versus the rocketry and AI company's $2.36 trillion reading.
Details
Still, SpaceX's post-IPO momentum was an awe-inspiring moment, and the cap rankings might flip again. It's getting crowded in the trillion-dollar club.
Source
Originally published at www.fool.com.
