SpaceX Surpasses Amazon in Market Value After IPO Surge

SpaceX shares climbed another 3 percent in premarket trading Wednesday, extending a blistering rally that has lifted the company well beyond Amazon in market value just days after its initial public offering. The surge caps a remarkable stretch for the rocket and satellite firm, whose stock has jumped roughly 62 percent since debuting at $135 last Friday and now carries a valuation topping $2.65 trillion.

Traders pointed to enthusiasm over founder Elon Musk's long-term vision, including his recent claim that revenue could approach $1 trillion by 2030. SpaceX's dominance in reusable rockets and its Starlink network has drawn heavy bets from investors eager for growth stories outside traditional tech corridors. Yet the company's reported losses of $4.9 billion last year and another $4.28 billion in the first quarter underscore how much of the current price rests on future promises rather than current earnings.

Broader futures showed modest gains ahead of the Federal Reserve's policy announcement scheduled for 2 p.m. Eastern. Contracts tied to the S&P 500 edged up 0.1 percent while Nasdaq-linked futures rose 0.5 percent. Dow futures held near flat. Chip stocks led early moves, with ASML up 4 percent and Intel nearly 3 percent higher. Overseas, Japan's Nikkei hit a fresh record while European shares ticked modestly upward.

The Fed meeting marks the first under new Chairman Kevin Warsh. Most traders expect rates to stay in the current 3.5 to 3.75 percent range, though questions linger over whether Warsh will offer fresh projections on future policy. Markets closed mixed Tuesday after the Dow briefly crossed 52,000 for the first time, even as the S&P 500 and Nasdaq finished lower.

SpaceX's rapid ascent has drawn comparisons to past market manias, with some analysts warning that lofty valuations leave little room for execution shortfalls. Others view the gains as validation of private-sector ingenuity in sectors long dominated by slower-moving incumbents. Either way, the stock's trajectory highlights how quickly capital can shift toward companies promising breakthroughs in space and communications, regardless of near-term profitability.

Attention now turns to Washington, where the central bank's signals on inflation and growth will shape trading in the sessions ahead. For SpaceX investors, the focus remains on whether Musk can translate ambitious targets into sustained results that justify the premium the market has already assigned.