QualityStocksNewsBreaks – Space Exploration Technologies Corp. (NASDAQ: SPCX) (SpaceX) Surpasses Amazon in Market Value as Post-IPO Rally Accelerates
SpaceX (NASDAQ: SPCX) briefly surpassed Amazon.com in market capitalization on June 16 as investors continued piling into shares following the company's record-setting initial public offering, according to a Reuters report. Reuters reported that shares of Elon Musk's rocket, satellite and artificial intelligence company climbed as much as 10%, pushing its valuation above $2.7 trillion and, at one point, ahead of both Amazon and Microsoft among the world's most valuable companies. The surge was fueled in part by the launch of options trading in SpaceX shares and growing investor enthusiasm surrounding the company's expanding presence in space technology, communications and artificial intelligence. Reuters noted that analysts expect additional buying pressure as SpaceX is positioned…