SpaceX shares surge, trading above the $2 trillion market capitalisation

SpaceX shares jumped by 7.63%, regaining a $2.32 trillion market capitalisation.

SpaceX gained 7.63% to reach a $2.32 trillion market capitalisation, surpassing Meta, Broadcom, and Tesla in valuation.
Morgan Stanley described the shares as "cheap at today’s prices", citing Starship progress, AI products, and expanding neocloud contracts.
Valuation metrics remain elevated, with a price-to-sales (P/S) ratio near 79.51x compared to the broader industry average of 2.01x.

Date: 6 October 2026

What is driving SpaceX shares higher?

Shares of Space Exploration Technologies Corp. (SpaceX) are exhibiting robust bullish momentum. At the market close, the shares jumped by 7.63%, taking their total appreciation to approximately 57% since reaching a trough on 5 August. Consequently, SpaceX's market capitalisation has reclaimed the $2.32 trillion mark, positioning it as the sixth-largest company within the Nasdaq 100 index, ahead of mega-cap peers such as Meta, Broadcom, and Tesla.

According to reports from CNBC, this strong market performance followed comments from Morgan Stanley analysts, who described SpaceX as “cheap at today’s prices”. The analysts highlighted potential product releases in artificial intelligence, continued progress on Starship, and additional neocloud contracts as key operational catalysts for the company.

Against this backdrop, market participants appear to be pricing in significant improvements in revenue growth and operating income, aligned with optimistic analyst projections, despite the company trading at elevated valuation multiples. According to Investing.com, SpaceX's price-to-sales (P/S) ratio stands at 79.51x, representing a substantial premium over the industry average ratio of 2.01x. Meanwhile, Yahoo Finance estimates a P/S ratio of 68.49x.

Technical analysis of SpaceX shares

Given the lack of historical trading data required for an extended technical analysis of SpaceX shares, this evaluation focuses exclusively on four-month price action using 3-hour candle periods. Key observations include:

Trend Context: SpaceX shares have exhibited a sustained upward trajectory over the past two months, accumulating an appreciation of approximately 57%. However, the price is approaching two prominent resistance levels at $171.50 and $175.45, with the latter converging with the Volume Profile's Value Area High (VAH) level.
Resistance Levels: Should the Volume Profile's VAH level be breached to the upside, the next key technical level sits at $201.80—the record high. A decisive breakout above this level would increase the likelihood of the stock entering uncharted territory.
Support Levels: In the event of a market retracement, critical support is identified at $152.73, a zone that converges with the Volume Profile's Point of Control (POC). A failure to defend this support level would heighten the probability of a more pronounced short-term correction.
Momentum Indicators: On the 3-hour timeframe, the Moving Average Convergence Divergence (MACD) indicator is rising above the zero line, suggesting that short-term bullish momentum could persist. Nevertheless, the Relative Strength Index (RSI) is currently trading in overbought territory, signalling a potential short-term retracement or consolidation phase.