The Kobeissi Letter: Elon Musk’s SpaceX has yet again stunned Wall Street, achieving another milestone, with its valuation soaring to levels few companies in history have ever approached.
According to market commentary shared by The Kobeissi Letter, the aerospace giant is now trading above $220 per share in overnight trading, pushing its valuation to nearly $2.9 trillion and placing it within striking distance of Microsoft, one of the world’s most valuable companies.
“SpaceX is now trading above $220/share in overnight trading. This makes SpaceX worth nearly $2.9 TRILLION, less than $100 billion away from surpassing Microsoft,” The Kobeissi Letter said in a post on X.
The recent rally has also dramatically boosted the combined value of Elon Musk’s two flagship companies. According to The Kobeissi Letter, the combined market capitalisation of SpaceX and Tesla has climbed to a record $4.4 trillion.
“Furthermore, the combined market cap of both SpaceX and Tesla is now at a record $4.4 trillion. That’s bigger than the market cap of Apple and roughly equivalent to the market cap of Google,” it added.
That figure is larger than the market value of Apple and roughly equivalent to the market capitalisation of Alphabet, Google’s parent company. The comparison highlights the growing influence of Musk-led businesses across industries ranging from electric vehicles and artificial intelligence to space technology and communications.
SpaceX IPO soars 63% from IPO price
The letter also noted that SpaceX is now trading 63% above its IPO price of $135 per share and such a valuation surge is particularly remarkable.
Gains like these are also rare even among the largest and most successful public offerings, making the company’s performance one of the most closely watched stories in global financial markets.
The development underscores the extraordinary investor enthusiasm surrounding SpaceX, whose business spans satellite internet services, launch operations, space exploration and government contracts. Once viewed as a highly ambitious private venture, the company is now being discussed in the same breath as the world’s biggest technology giants.
Capital Raise
Another factor drawing attention is the sheer scale of capital raised through the offering. SpaceX reportedly secured a record $85.7 billion after underwriters exercised the greenshoe overallotment option, significantly increasing the total amount raised.
“To top it all off, SpaceX raised a record $85.7 billion after underwriters exercised the ‘greenshoe’ overallotment. Never in history has an IPO ever come remotely close to what we are seeing right now,” the post added.
SpaceX’s rise represents one of the most extraordinary wealth-creation stories in modern corporate history. With a valuation approaching Microsoft’s and a combined worth with Tesla exceeding that of some of the world’s largest technology giants, the company has become a symbol of how investor appetite for transformative technologies continues to reshape global markets.
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