Space Exploration Technologies Corp. (SPCX) has been on a remarkable roll since its IPO, briefly exceeding Amazon's market valuation on Tuesday and even outpacing Microsoft at one point. Investors are diving into the stock, especially with the launch of its new options market.
Shares of the company, led by Elon Musk, jumped as much as 10% to hit an intraday high of $225.64, pushing its market cap to over $2.7 trillion.
This marks a significant rise from last week's record-setting IPO and highlights the strong interest from investors in its ventures, which include space exploration, satellite communications, and AI.
Part of this rally is thanks to the start of options trading for SpaceX shares. More than 500,000 options contracts were traded in the first hour alone, indicating a lot of activity among traders eager to take advantage of the stock's quick price shifts.
On the trading floor, SpaceX stock saw one of the highest volumes on Wall Street, with about 200 million shares changing hands by noon. The dollar turnover was around $44 billion, outpacing several major companies in the market.
Retail investors have also been a big part of this surge. Market research shows that individual investors bought over $43 million worth of SpaceX shares during the early trading hours on Tuesday, contributing to more than $200 million in net purchases over the last two sessions.
Even with all this excitement, analysts are warning that SpaceX's relatively small public float and high valuation could lead to some wild price swings.
The stock's rapid rise has drawn parallels to previous meme-stock surges, and market watchers are advising investors to brace for ongoing volatility as trading activity stays high.
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