SpaceX (SPCX) stock was poised to gain for a third day in a row on Tuesday as retail investors wasted no time jumping aboard the rocketship that is the newly public stock.
The stock is up another 10% in premarket trading on Tuesday, indicating an open to above $200 for the first time. At the premarket price, SpaceX would be worth about $2.9 trillion, less than $100 billion away from surpassing tech heavyweight Microsoft (MSFT).
SpaceX stock rose another 11% to $178 on Monday in its second day of trading, following a successful 19.2% gain from its initial offering price, which instantly catapulted SpaceX to a massive $2.1 trillion market capitalization, according to Yahoo Finance AlphaSpace.
SpaceX topped the leaderboard as the most-bought stock by retail investors for a second consecutive session on Monday, with net buying of around $100 million for the second day in a row, according to data from Vanda Research.
On a net basis, retail investors have now bought almost as much SpaceX stock over the past two sessions as they bought across the entire US stock market last week.
“SpaceX has not sparked a retail buying frenzy across the market. Instead, retail investors continue to direct capital into this one name, while maintaining a relatively cautious stance elsewhere,” the strategists at the research firm said.
The Elon Musk-led rocket company officially priced its stock at $135 on June 11, offering 555.6 million shares. The pricing valued SpaceX at $1.78 trillion.
SpaceX made its historic public debut on the Nasdaq on June 12, when the stock officially opened for trading around midday at $150 per share.
Driven by heavy demand from both institutional and retail investors, the stock steadily climbed throughout the session before closing its first day at $160.95.
Brian Sozzi is Yahoo Finance’s Executive Editor and a member of Yahoo Finance’s editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.
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