SpaceX overtook Amazon as the third-largest publicly traded company in the United States on Tuesday, June 16, as the stock market surged on hopes of a US-Iran peace deal that could ease energy constraints and inflation fears.
SpaceX’s market capitalization reached $2.74 trillion to $2.84 trillion in early trading, surpassing Amazon’s roughly $2.7 trillion valuation, according to multiple sources including WSJ and Yahoo Finance. The milestone came just four trading days after the rocket company’s historic $75 billion initial public offering on June 12, which raised more capital than any IPO in history.
The company’s stock jumped 20% on its first trading day, adding $433 billion to its market value, according to WSJ. By Tuesday morning, shares were trading around $208-213, continuing an extraordinary rally that reflected investor appetite for Elon Musk’s aerospace and AI ventures.
The broader market surge, however, was driven largely by relief over the tentative US-Iran peace deal announced Sunday. The United States and Iran agreed to extend their ceasefire for 60 days and reopen the Strait of Hormuz, a critical global shipping channel that Iran had largely controlled during the four-month conflict. The agreement is set to be formally signed on Friday, according to multiple news outlets including Axios and NBC News.
The Iran deal sent shock waves through energy markets. Oil prices fell more than 4% to three-month lows on the announcement, with Brent crude trading around $83-84 per barrel by Monday, according to Reuters and Foreign Policy. The prospect of restored energy supplies eased inflation concerns that had weighed on markets throughout the conflict.
Equities responded decisively. The S&P 500 rose 1.7%, while the tech-heavy Nasdaq jumped significantly—sources report gains ranging from 2.3% to over 3%—on the combination of SpaceX momentum and Iran deal relief, according to Al Jazeera and Seeking Alpha. The Dow climbed to a record close, with one source reporting a gain of more than 450 points. The market rally extended into Tuesday, with the Dow climbing for a fourth consecutive day, according to CNBC.
The timing of SpaceX’s IPO and the Iran peace framework created a rare confluence of positive catalysts. SpaceX’s record fundraising—which raised more than $75 billion, topping the combined $36 billion from all other 2026 IPOs—demonstrated investor confidence in growth equities despite broader macroeconomic headwinds. The ceasefire extension, meanwhile, addressed one of the year’s biggest sources of market volatility by potentially stabilizing global energy supplies and reducing geopolitical risk.
Analysts noted that while oil prices had already begun falling in anticipation of a deal, the formal framework agreement accelerated the rally. The Strait of Hormuz, through which roughly 20% of global oil trade flows, had been partially blocked during the conflict, driving crude prices to multi-year highs. Reopening the waterway could take weeks or months to fully restore pre-war shipping volumes, according to The Guardian, but markets responded to the signal that the blockade would end.
Sources
- WSJ — SpaceX’s market cap and stock performance on first and subsequent trading days; Dow record close on Iran deal
- Yahoo Finance — SpaceX market cap at $2.84 trillion, overtaking Amazon on day 4 of trading
- Reuters — Oil prices fell over 4% to three-month lows; US and Iran deal framework and signing timeline
- Bloomberg — SpaceX IPO raising $75 billion at $135 per share; market rally on Iran deal
- Al Jazeera — S&P 500 rose 1.7%, Nasdaq jumped significantly on Iran deal
- CNBC — SpaceX raises $75 billion in record IPO; Dow climbs for fourth consecutive day
- Axios — US-Iran ceasefire extension framework; oil prices fall 4%
- NBC News — US-Iran framework deal to reopen Strait of Hormuz; formal signing Friday
- Seeking Alpha — S&P 500, Dow, and Nasdaq gains on Iran deal
- Foreign Policy — Brent crude trading around $83 per barrel on Iran deal; oil price trajectory
- The Guardian — Oil and gas supply restoration timeline after Hormuz reopening
