SpaceX shares climbed 8.06% to $173.91 as of 11:37 a.m. EDT on Monday, pushing the company’s market capitalization above $2.28 trillion during the session. The stock, trading on the Nasdaq under ticker SPCX, has drawn attention since the company’s initial public offering.
Monday’s trading surge
The gain came in heavy volume shortly after the opening bell. At its peak, SpaceX’s valuation tested the $2.28 trillion mark, a level few companies have reached in modern markets. The move extended a weeks-long rally that began after the company released its first post-IPO earnings report.
Nasdaq listing details
SPCX began trading on the Nasdaq exchange after SpaceX completed its IPO earlier this year. The listing gave retail and institutional investors a chance to buy into the private-spaceflight giant, which had long been valued in secondary markets. Monday’s jump brings the stock’s total return since the IPO to roughly 40%.
What’s behind the rally
Investors are reacting to a series of recent milestones: the successful launch of a new satellite constellation and a government contract for crewed lunar missions. The company hasn’t issued a formal statement about Monday’s price action. Shareholders are now watching for the next quarterly report, due in early November, to see if earnings can keep pace with the stock’s valuation.
