SpaceX jumps 17%, briefly ranks fourth worldwide
2026-06-17
SpaceX shares surge
In U.S. stock trading on the 16th, shares of SpaceX at one point rose 17% from the previous day. Its market capitalization reached about $2.97 trillion (475 trillion yen), briefly putting it ahead of U.S. Microsoft and U.S. Amazon.com to rank fourth in the world. Even so, speculation and supply-demand factors are driving the market more than earnings.
Late gains fade
By the end of trading, the gains had narrowed and the stock closed 5% higher at $201. That was about 50% above the IPO price of $135. On a closing basis, its market capitalization was $2.66 trillion, leaving it back behind Microsoft and in fifth place worldwide.
On the 16th, SpaceX announced it would acquire U.S. startup Cursor, which develops artificial intelligence services for programming, for $60 billion. The large deal helped fuel expectations for faster growth in its AI business.
Still, the recent share moves have been as wild as a money game, with speculation rather than earnings support appearing to dominate.
Options trading adds fuel
Options trading on SpaceX stock began on the 16th. As derivatives trades aimed at short-term price moves can be made with less capital than the underlying shares, they tend to attract retail money.
According to LSEG in Britain, the most actively traded contract was the June call giving the right to buy SpaceX shares at $220. In the June and July expiries, trading was also brisk in strikes of $300 and $380. When call buying dominates, the underlying shares can also come under upward pressure through hedging trades by brokers that take the orders.
Chris Murphy, co-head of derivatives strategy at Susquehanna International Group in the U.S., said the strong demand for SpaceX call buying 'symbolizes speculative chasing of higher prices.'
Short squeeze in decentralized market
There were also supply-demand factors spilling over from decentralized trading platforms outside the oversight of U.S. financial regulators.
Bloomberg reported that a short squeeze occurred in perpetual futures linked to SpaceX shares traded on Hyperliquid, a decentralized exchange (DEX). Investors holding short positions in the futures reportedly bought back contracts to avoid losses.
Such speculative moves appear to have tightened supply and demand even in SpaceX's spot shares.
Watch for quick profit-taking
SpaceX posted a net loss for the full year 2025 and the January-March 2026 quarter, weighed down by upfront costs related to AI. To justify the current share price gains, its AI business would need to turn profitable early and sustain high growth over the medium to long term, but uncertainty remains over the outlook.
As the stock may continue to be driven by supply and demand for now, investors also need to watch for factors that could loosen that balance.
Fidelity Investments and others have told customers who acquired SpaceX shares in the initial public offering that if they sell IPO stock within 15 days of listing, they may be barred from applying for future IPOs.
Given expectations that notable IPO cases such as Anthropic and OpenAI will continue, it is hard for individual investors to sell SpaceX shares quickly at present. Once such restrictions ease around the 29th, sizeable selling could emerge.
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