SpaceX Rises Above $200 as Meme Stock Frenzy Intensifies

SpaceX's post-IPO rally has been intense, with shares rising as much as 13% to $210 in early market trading. The company's unusually small float and limited public supply have created a frenzy among investors.

The stock's behavior is reminiscent of a high-leverage crypto asset, where perpetual futures are being used to chase the rally around the clock. SPCX-linked perpetual futures have become one of the busiest contracts across crypto trading platforms.

Thierry Borgeat, co-founder of Arvy, noted that the small liquid float has created an exceptionally tight supply setup for a company of SpaceX's scale. This imbalance has made each wave of demand more powerful, with buying from retail investors and index-linked funds driving the stock sharply higher.

The rally gained another narrative boost after SpaceX announced an agreement to acquire Anysphere, the software company behind the AI coding tool Cursor, for $60 billion. The transaction is expected to close in the third quarter of 2026.