Amazon Retakes Lead Over SpaceX as the World’s 5th Most Valuable Company.
Here Are 3 Reasons Why It Won’t Last
Space Exploration Technologies (NASDAQ: SPCX) has been one of the most talked-about — and most volatile — stocks since it completed its initial public offering on June 12. SpaceX stock, at this writing, is trading 23% above its opening price of $150 and has a market cap of $2.43 trillion. It’s also down 8.3% from its highest closing price, and after briefly flirting with an intraday $3 trillion valuation, SpaceX stock has slipped behind fifth-placed Amazon (NASDAQ: AMZN) on the list of the world’s largest market caps.
SpaceX is already in rarefied air, having achieved the biggest IPO in history and raising more than $85 billion by going public. However, it’s common for IPO stocks to slip in the weeks and months after their debut as initial hype gives way to quarterly reporting and more in-depth analysis. Will Amazon continue to hold its lead over SpaceX?