SpaceX Is Worth $2 Trillion. Why Does Its Stock Swing Like a Small-Cap?

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Elon Musk's SpaceX(NASDAQ:SPCX) has a market cap of about $2 trillion, but its stock doesn't trade like it. Over the past 22 trading sessions, the gap between SpaceX's daily high and low averaged 4.53% of its closing price. That compares with 4.52% for $38 billion Rocket Lab Corp.(NASDAQ:RKLB) and 1.89% for Microsoft Corp. (NASDAQ:MSFT), based on S&P Global Market Intelligence daily price data. Three factors may help explain the gap: relatively little SpaceX stock is available to trade, investors are pricing several fast-changing businesses at once, and Musk has attracted an unusually committed retail shareholder base.