SpaceX’s $800 billion valuation propels Elon Musk closer to trillionaire status

Elon Musk has moved dramatically closer to a milestone no individual has ever reached: a net worth of $1 trillion.

Earlier this month, his privately held aerospace company, SpaceX, launched a tender offer that values the firm at $800 billion—double its $400 billion valuation in August—according to two SpaceX investors cited by Forbes.

The new valuation sharply increases Musk’s personal wealth. Holding an estimated 42% stake in SpaceX, Musk saw his fortune rise by roughly $168 billion, bringing his net worth to about $677 billion. He has now become the first individual in history to surpass the $600 billion threshold; no one has previously reached even $500 billion.

The tender offer comes as SpaceX prepares for a potential initial public offering in 2026. One investor told Forbes the IPO could value the company at approximately $1.5 trillion. While multiple outlets have previously reported on both the tender offer and the IPO timeline, representatives for Musk and SpaceX did not respond to Forbes’ requests for comment.

Even without an IPO at that level—which would almost certainly make Musk the world’s first trillionaire—SpaceX has already become his most valuable asset. Forbes estimates Musk’s stake in the company at $336 billion, surpassing the value of his holdings in Tesla. Musk owns about 12% of Tesla, a stake worth roughly $197 billion, excluding stock options from his 2018 CEO Performance Award that were voided by a Delaware judge in January 2024.

Forbes currently discounts the value of those disputed Tesla options by 50%, assigning them a provisional value of $69 billion while Musk appeals the ruling to the Delaware Supreme Court. Should Musk ultimately lose that appeal, Tesla may still offer another route to trillionaire status. In November, Tesla shareholders approved a record-setting compensation package that could grant Musk up to $1 trillion in additional stock—before taxes and vesting costs—if the company meets long-term “Mars shot” performance targets, including increasing its market capitalization more than eightfold over the next decade.

Musk’s wealth is further bolstered by xAI Holdings, which is reportedly seeking new funding at a valuation of $230 billion. That figure would more than double the $113 billion valuation Musk cited in March, when he formed the company by merging his artificial intelligence startup xAI with his social media platform X, formerly known as Twitter. Forbes estimates Musk owns a 53% stake in xAI Holdings, worth approximately $60 billion.

Crossing the $600 billion mark is the latest step in a rapid ascent that has unfolded over just five years. In March 2020, Musk’s net worth stood at $24.6 billion. By August that year, surging Tesla shares made him only the fifth person ever worth $100 billion. He became the world’s richest person for the first time in January 2021 with nearly $190 billion, reached $200 billion in September 2021, $300 billion two months later, $400 billion in December 2024, and $500 billion in October. Aside from Musk, only Larry Ellison has reached both the $300 billion and $400 billion milestones.

At present, Musk’s lead over the world’s second-richest individual—Larry Page, worth an estimated $252 billion—is approximately $425 billion. With Musk now just $23 billion shy of $700 billion, his next record may arrive sooner rather than later.

By Tamilla Hasanova