SpaceX Briefly Reaches $2.8T, Falls Back After RSI Drop
SpaceX stock spiked to about $212 premarket, valuing it near $2.8 trillion and briefly placing it as the sixth-largest; price fell to about $202 as the five-minute RSI dropped to the low 40s.
In premarket trading on Tuesday, SpaceX stock jumped to about $212, valuing the company near $2.8 trillion and briefly making it the sixth-largest firm by market capitalization. The price then fell to about $202 as the five-minute relative strength index moved from near 80 into the low 40s.
The spike came three trading sessions after SpaceX priced its IPO at $135. The stock reached an intraday high near $214 before retreating, and short-term momentum weakened as the five-minute RSI left overbought territory.
Recent market-cap rankings place SpaceX at roughly $2.52 trillion, ahead of Taiwan Semiconductor at about $2.29 trillion and just behind Amazon at around $2.65 trillion. The premarket jump briefly lifted SpaceX above Amazon on several occasions before the price settled lower.
Issuers launched leveraged SpaceX exchange-traded products, and trading venues recorded heavy activity in derivatives. Approximately $1.4 billion in SPCX perpetual contracts traded on a single decentralized platform while some exchanges reported shortages of available shares.
A Fibonacci retracement drawn from the $214.77 intraday high to the $157.41 first-session low highlights key technical levels: 0.236 at $201.23, 0.382 at $192.86, 0.5 at $186.09 and 0.618 at $179.32. Price near $202 corresponds with the 0.236 level.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote that the valuation ‘makes absolutely no sense today’ and described the buying as speculative.
Market participants and short-term traders noted that rapid issuance of leveraged products and limited share availability on some venues coincided with high retail interest and large derivative flows. Traders continue to monitor short-term momentum indicators and the technical levels listed above.
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