Amazon Hits $3T As SpaceX Plummets

Amazon just passed a massive milestone by pushing its market value above three trillion dollars for the first time. Shares climbed past $284, making Amazon one of the only publicly traded companies to ever reach this elite club. The surge comes after a stellar earnings report showing second quarter net sales hitting $200 billion alongside strong growth in cloud computing.

While Amazon celebrates, SpaceX is facing a very different reality. After a huge initial public offering in June that briefly pushed its valuation near $2.9 trillion, the stock has tumbled by nearly a third. SpaceX now sits at an all time low near $105 per share, shedding billions in market value as investors grow increasingly nervous.

Things might get even rockier for SpaceX in the coming days. The company is set to report its first quarterly earnings as a public firm, followed quickly by a major share unlock that will flood the market with nearly a billion additional shares. Traders should watch closely to see if upcoming earnings offer any relief or if the heavy selling pressure continues.