SpaceX Market Cap Hits $2.9 Trillion, Overtakes Microsoft
SpaceX (SPCX) had the biggest IPO (Initial Public Offering) in history, and the stock continues its upward trajectory, hitting new heights. The stock has risen by nearly 70% since its IPO, and has added about $1.2 trillion in market cap. According to SPCX reports, SPCX stock price has surged to more than $229 in overnight trading, pushing the company’s market cap to the $2.9 trillion mark. Hitting $2.9 trillion in market cap puts SpaceX at the 4th spot among the top companies by valuation, ahead of Microsoft (MSFT).Will SpaceX Reach Nvidia-Level Market Cap?Source: SpaceSpaceX’s (SPCX) has been nothing short of historic. Not only has the company broken records, founder Elon Musk has become the world’s first trillionaire following the IPO. The competition in front are Apple, Alphabet (Google) and Nvidia.What makes SpaceX attractive is its forward-looking nature. The company is not just a space-venturing rocket manufacturer, but also has an AI side to it. SpaceX acquired xAI, which was also owned by Elon Musk, earlier this year. SpaceX seems to also be riding the ongoing AI stock boom.Nvidia (NVDA) has seen massive growth over the last few years thanks to the rise in AI demand. AI chips and memory chips are in huge demand, and supply seems to be selling out faster than production. While SpaceX may be in the AI field, it does not manufacture any chips. In fact, SpaceX has its Colossus 1 supercomputer facility in Memphis, which houses about 220,000 Nvidia chips. Hence, given that Nvidia is a manufacturer and not a deployer, it may be difficult for SpaceX to overtake the company’s market cap.Also Read: When Will SpaceX Launch The Dogecoin-Funded Doge-1 Satellite?Additionally, there is also a chance that SpaceX (SPCX) stock could face a correction once the hype cools off. Many investors are following the crowd, while many could book profits in the coming weeks. Such a development could lead to the stock price dipping or moving in a sideways trajectory.
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