SpaceX's Record-Breaking IPO Sparks Frenzy Among Investors

SpaceX's stock price has surged by over 50% since its record-breaking IPO, with shares trading as high as $210. The company's unusually small public float and limited supply have created a frenzy among investors, who are piling into the stock in hopes of making quick gains.

The situation is reminiscent of a meme stock, according to CNBC's Jim Cramer, who noted that there are 'no sellers' on the other side. This has led to sharp price swings, with the stock climbing more than 13% in early market trading on Tuesday.

The rally has also spilled over into the cryptocurrency markets, where SPCX-linked perpetual futures have become one of the busiest contracts across crypto trading platforms. Traders are using leveraged contracts to chase the rally around the clock, with volume jumping 501.5% to nearly $9 billion and open interest climbing to $813 million.

However, not all experts are convinced that the rally will continue. Henrik Zeberg, a macro strategist at Swissblock, warned that the market is driven by late-cycle speculation rather than fundamentals, saying 'This is NOT what you see at Bull Market Take-Offs.'