SpaceX Just Passed the Value of Amazon and Microsoft. At What Share Price Does it Become the World’s Most Valuable Company?

SpaceX’s after-hours high last night at $229.85 briefly pushed its market value above $3 trillion, leapfrogging two of the largest companies in the world. Amazon (NASDAQ:AMZN | AMZN Price Prediction) carries a market cap of $2.57 trillion, and Microsoft (NASDAQ:MSFT) sits at $2.90 trillion.

Shares of SpaceX aren’t trading at quite such lofty heights this morning; they’re currently trading for $201.30. Still, that would make SpaceX the fifth most valuable company in the world behind a select group of stocks that also includes Apple, Alphabet, and NVIDIA.  With NVIDIA (NASDAQ:NVDA), valued at roughly $5.14 trillion, let’s look at what share price SpaceX (NASDAQ:SPCX) shares would need to hit to claim the title of world’s most valuable company.

Then we’ll look at some risks ahead, like the lock-up wall facing the company in the coming months.

The Math Behind the Crown

SpaceX has approximately $13.076 billion shares outstanding. Using that share count, you can see how shares trading after-hours near $230 per share briefly touched $3 trillion in market value. Hitting $300 per share would mean SpaceX was worth a bit under $4 trillion. Here’s some other ‘milestones:’

• At around $333 per share, SpaceX would pass Apple’s current market value.
• At around $343 per share, SpaceX would pass Alphabet’s current market value and become the world’s second most valuable company
• And to become the largest company in the world (at today’s prices), SpaceX shares would need to hit about $395 to pass NVIDIA as the world’s most valuable company.

The Lock-Up Wall Ahead

The bigger near-term issue is supply. Only a sliver of float is currently tradable, and the S-1 lays out a lock-up structure that drip-feeds shares back into the market. Holders generally are subject to a 180-day lock-up on common stock and convertible securities. A separate 366-day lock-up covers founder Elon Musk and certain significant investors, including 100% of Musk’s shares, with no early-release carve-outs for that block.

Early releases for the broader pool begin the second full trading day after Q2 2026 earnings (the quarter ended June 30, 2026), at which point up to 20% of Early Release Eligible Shares may be transferred. An additional 10% tranche unlocks if SpaceX’s closing price is at least 30% above the IPO price for at least five of the ten consecutive trading days ending on the first earnings release date.

Currently, only about four percent of SpaceX’s shares are trading. So while its ‘market cap’ works out to more than $2.5 trillion this morning, only a fraction of shares are eligible to trade. This is obviously a positive catalyst for the company, but the limited number of shares available won’t last throughout the next year.