SpaceX Value Hits $2.7 Trillion, Briefly Surpasses Amazon in Market Ranking
AMZN•SpaceX's post-IPO rally pushed its market valuation above $2.7 trillion, briefly overtaking Amazon as the world's fifth-largest public company after a 19% premarket gain and a 40% jump in initial sessions. Separately, the ARK Innovation ETF trimmed its Amazon stake among cuts to Tesla, AMD and other tech holdings, reflecting cautious positioning during sector rotation.
1. SpaceX Post-IPO Rally
SpaceX shares climbed as much as 19% in premarket trading following its record IPO, building on a 40% gain in the first two sessions and lifting its market value above $2.7 trillion, temporarily overtaking Amazon as the fifth-largest public company. The limited 4.2% free float and early options activity contributed to heightened volatility.
2. ARK Innovation ETF Trims Amazon Stake
Cathie Wood’s ARK Innovation ETF sold a slice of its Amazon position alongside cuts to Tesla, Advanced Micro Devices and other tech names, with no reported buys across its three ETFs. The move underscores cautious fund positioning as investors adjust exposures ahead of potential sector shifts.
3. Potential Impact on Amazon
The brief market ranking shift may influence investor perception of Amazon’s growth trajectory relative to high-profile IPOs, while ETF trimming indicates a rebalancing trend that could modestly weigh on Amazon shares if replicated by other major funds.
