SpaceX set to overtake Amazon as the fifth-largest company in the world. Now it’s closing in on Microsoft.

SpaceX has only been public for a few days, but it has already overtaken Amazon in the rankings of the world’s largest companies.

Shares of the rocket-launch company SPCX +12.02% were up in Tuesday’s premarket trading to levels just above $208. That implies a market capitalization of $2.70 trillion. Amazon.com’s stock is up fractionally premarket, implying a market capitalization of $2.67 trillion.

The jump in SpaceX shares has been meteoric. Shares rallied 19% on their first day of trading, then gained another 19% on Monday, buoyed by bullish projections from Elon Musk himself and the overall upbeat mood across markets in response to the proposed peace agreement in the Middle East.

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