SpaceX stock jumps 49% since IPO, surpasses Amazon on Wednesday
Business
SpaceX, Elon Musk's rocket company, is having a huge week: its stock has jumped 49% since its record-breaking IPO, making it the fifth-largest public company in the world.
On Wednesday morning, shares climbed another 4.5%, pushing SpaceX ahead of Amazon in market value.
Limited shares drive volatile SpaceX trading
A limited number of shares were available on day one, so prices swung wildly as demand soared, especially with 30% of the IPO going to regular investors.
Now, SpaceX is only $150 billion behind Microsoft.
Plus, new Nasdaq rules could fast-track SpaceX into faster index inclusion soon (but not S&P 500 just yet), which might shake up trading even more in the coming months.