#MyGateTradeStory

Elon Musk's SpaceX has achieved something that took Microsoft nearly four decades to build, and it did so in three trading days. The rocket and AI company, which debuted on public markets on June 12, 2026 at a $1.8 trillion valuation, has surged roughly 50 percent through its first three sessions, pushing its market capitalization to $2.65 trillion at Tuesday's close and briefly exceeding Microsoft's $2.93 trillion valuation during intraday trading on June 16.

The stock gained another 4 percent in Wednesday's premarket session, extending a rally that has defied every conventional valuation framework. To put the trajectory in perspective: SpaceX added approximately $890 billion in market value between Friday's IPO and Tuesday morning. Its trading volumes in premarket on Tuesday exceeded $1.76 billion by 5:02 AM ET, several times the combined volume of Nvidia, Microsoft, Tesla, and Apple during the same window. This is not gradual price discovery.

This is momentum trading at institutional scale, driven by a combination of Elon Musk's celebrity capital, the strategic narrative around SpaceX's dual identity as both a space infrastructure company and an AI compute platform, and the frenzy around newly listed options contracts that began trading on June 16 and amplified speculative positioning.

The valuation debate is fierce. SpaceX's Q1 2026 capital expenditure hit $10.1 billion, with $7.7 billion allocated to AI infrastructure alone. The company is spending at a rate that exceeds its current earnings capacity, which means the stock's premium is built entirely on forward expectations of Starlink revenue scaling, government contract expansion, and xAI integration. Critics like Peter Boockvar of One Point BFG Wealth Partners have been direct: investors are trading the story and the excitement, not the fundamentals, and at some point the rubber meets the road.

Musk's net worth has crossed $1.3 trillion according to Forbes, making him the world's first trillionaire. Whether SpaceX's market cap sustains its position in the global top five depends on whether the company can convert its spending velocity into revenue velocity. For now, it ranks among the six largest companies on Earth, ahead of Meta, Saudi Aramco, and Tesla, and behind only Apple, Nvidia, Microsoft, and Amazon. The speed of this ascent is unprecedented in modern market history, and it raises fundamental questions about how capital markets value companies that operate at the intersection of infrastructure, defense, and artificial intelligence, where traditional earnings multiples may no longer be the dominant pricing mechanism.

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