SpaceX Proxy SPCX Hits $3 Trillion Valuation, Surpassing Microsoft in After-Hours Surge

The move followed two days of concentrated retail net buying exceeding $180 million, with today's $93.8 million alone representing 73 percent of all single-stock retail purchases. Low float mechanics allowed OTM call options to trigger a gamma squeeze that added $650 billion in one session. Unlike broad market frenzies, flows remained isolated to this name while semiconductor names saw only modest interest.

SpaceX's actual private valuation stood near $210 billion in its most recent tender offer round, making the proxy's leap a pure liquidity and positioning event rather than a re-rating of underlying contracts or launch cadence. The structure reveals how retail capital can now price control rights in strategic aerospace assets without access to primary shares or governance.

Tomorrow's introduction of listed SPCX options extends the incentive for further short covering. Regulators have monitored similar low-float proxies in prior cycles; any sustained breach of $300 would test existing circuit-breaker thresholds calibrated for public issuers. Primary documents show SpaceX continues to rely on government launch contracts and Starlink spectrum allocations, neither of which scales with secondary proxy prices.