Elon Musk has become the world’s first trillionaire on paper following the record-breaking initial public offering of SpaceX, according to calculations based on company and Tesla filings.
Space Exploration Technologies Corp., better known as SpaceX, priced 555.6 million Class A shares at $135 each, raising approximately $75 billion in what is being described as the largest IPO in history. The offering values the company at around $1.77 trillion and is expected to make SpaceX one of the world’s most valuable publicly traded companies when shares begin trading on Nasdaq under the ticker “SPCX.”
According to the company’s IPO prospectus, Musk will hold approximately 849.5 million Class A shares and 5.57 billion Class B shares after the offering, giving him 84.4% of the company’s combined voting power. At the IPO price, his disclosed SpaceX holdings are valued at roughly $866.5 billion.
Musk also beneficially owns about 717.1 million Tesla shares. Based on Tesla’s recent share price of $399.15, that stake is worth approximately $286.2 billion.
Combined, Musk’s SpaceX and Tesla holdings are valued at about $1.1 trillion on paper, making him the first person to surpass the trillion-dollar mark in notional wealth.
However, the figure remains largely theoretical and depends heavily on SpaceX’s post-listing market valuation and Tesla’s share price performance. The calculation also includes performance-based SpaceX stock awards tied to ambitious milestones, including market capitalization targets, the establishment of a permanent human colony on Mars with at least one million inhabitants, and the development of large-scale data centers beyond Earth.
Without these contingent stock awards, Musk’s wealth would remain below the trillion-dollar threshold based solely on his current Tesla stake and non-contingent SpaceX holdings.
Despite rapid growth, SpaceX remains loss-making. The company reported revenue of $18.7 billion in 2025, up from $14 billion in 2024, while its net loss widened to $4.9 billion from a profit of $791 million a year earlier.
Founded by Musk in 2002, SpaceX has evolved from a rocket launch provider into a diversified group spanning space transportation, satellite internet through Starlink, artificial intelligence infrastructure, and long-term Mars settlement projects.
The IPO surpasses the 2019 listing of Saudi Aramco, previously the largest public offering in history. Musk was already ranked as the world’s richest person before the SpaceX listing, largely due to his holdings in Tesla and other ventures. The IPO now pushes the paper value of his assets to a level never before reached in global wealth rankings.
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