Elon Musk’s paper wealth has surpassed $1 trillion following the record-breaking initial public offering of Space Exploration Technologies Corp. (SpaceX), making him the first person to reach the milestone based on publicly disclosed shareholdings and company valuations.
SpaceX priced its IPO at $135 per share, selling 555.6 million Class A shares and raising approximately $75 billion in the largest public offering in history. The listing values the company at about $1.77 trillion and is expected to make it one of the world's most valuable publicly traded firms when trading begins on Nasdaq under the ticker "SPCX".
According to the company’s IPO prospectus, Musk will hold around 849.5 million Class A shares and 5.57 billion Class B shares following the offering. Those holdings give him 84.4% of the company’s combined voting power.
At the IPO price, his disclosed SpaceX stake is worth approximately $866.5 billion on paper.
The entrepreneur also beneficially owns about 717.1 million shares in Tesla. Based on Tesla’s recent share price of $399.15, that holding is valued at roughly $286.2 billion.
Combined, Musk’s stakes in SpaceX and Tesla are worth around $1.1 trillion on paper.
The figure remains largely theoretical and depends heavily on SpaceX maintaining its valuation after trading begins, as well as the future performance of Tesla’s share price.
The calculation also includes performance-based SpaceX stock awards linked to a series of ambitious milestones. These include achieving specified market capitalisation targets, establishing a permanent human settlement on Mars with at least one million inhabitants, and creating non-Earth-based data centres capable of providing large-scale computing capacity.
Without those contingent stock awards, Musk’s wealth would remain below the trillion-dollar mark based solely on his Tesla stake and non-contingent SpaceX holdings.
The prospectus also revealed that SpaceX remains loss-making despite strong revenue growth. The company reported revenue of $18.7 billion in 2025, up from $14 billion in 2024. However, its net loss widened to $4.9 billion, compared with a profit of $791 million a year earlier.
The financial results include historical figures from xAI and X Holdings following transactions involving companies under Musk’s control.
Founded in 2002, SpaceX has expanded beyond rocket launches into satellite internet, artificial intelligence infrastructure and long-term projects focused on space-based computing and the future settlement of Mars. Its operations now include the Starlink satellite internet network alongside its launch business and AI-related ventures.
The IPO surpasses the 2019 listing of Saudi Aramco, which previously held the record as the largest public offering ever completed.
Musk was already recognised as the world’s richest person before the SpaceX flotation, largely because of his holdings in Tesla and other companies. The listing has now lifted the notional value of his assets to a level not previously seen in public wealth rankings, although the vast majority of that fortune remains tied to equity valuations rather than cash holdings.
