SpaceX gains 4% after surpassing Amazon in market cap

Shares of SpaceX experienced a notable increase of 4% in premarket trading on Wednesday, marking a significant continuation of the company's impressive performance since its IPO last Friday, where its stock surged by approximately 62%. This upward momentum has propelled SpaceX's market capitalization to exceed that of Amazon, and it briefly overtook Microsoft to become the fourth-largest company by valuation in the United States. As of the close on Tuesday, SpaceX's market cap stood at an astonishing $2.65 trillion. Investors are increasingly optimistic about the prospects of the company under the leadership of Elon Musk, who recently hinted at the potential for SpaceX to achieve $1 trillion in revenue by 2030. However, it's important to note that SpaceX reported a net loss of $4.9 billion in 2025 and incurred a loss of $4.28 billion in the first quarter of this year. The company's lofty valuation, driven by its dominance in satellite technology through the Starlink service and advancements in reusable rocket systems, has led to scrutiny regarding its ambitious growth forecasts. "Investors are engaging with the narrative, the excitement, and the innovative spirit that Elon Musk embodies, but eventually, the fundamentals will need to align with this enthusiasm," commented Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, during an appearance on CNBC's "Squawk Box Asia." He emphasized that while there is significant upside potential if SpaceX can deliver on its promises, the company's current valuation is extraordinarily high. Boockvar suggested that it may take a few years for SpaceX to prove its ability to grow into this valuation, raising critical questions about its future financial performance.