Elon Musk’s net worth has dropped by more than $50 billion in a month as Tesla’s stock price fell nearly 16%, but the SpaceX IPO could still catapult him to becoming the world’s first trillionaire.
Tesla’s shares, which peaked at $453.40 on May 13, closed at $381.59 on Wednesday, marking the seventh straight decline over nine sessions. That slide has erased roughly $51.5 billion from Musk’s fortune, leaving him with $782 billion—still far ahead of Google co-founders Larry Page ($290.9 billion) and Sergey Brin ($268.3 billion), according to Forbes. Yet despite the volatility, SpaceX’s upcoming IPO—set to price shares at $135 on Thursday—could add $688 billion to Musk’s wealth, valuing the company at a record $1.77 trillion and making him the first person to lead two $1 trillion companies.
Why Tesla’s Slide Doesn’t Stop Musk’s Trillionaire Rush
Musk’s fortune has taken a hit, but the SpaceX IPO is the real driver of his wealth surge. The aerospace company plans to sell 555.6 million shares at $135 each, raising $75 billion—a move that would value SpaceX at $1.77 trillion, according to Forbes. With Musk holding a 42% stake, his shares alone would add $688 billion to his net worth, pushing him past the $1 trillion mark—even if Tesla’s stock keeps falling.
The timing couldn’t be more dramatic. Tesla’s stock has been under pressure, but analysts like JPMorgan’s Rajat Gupta remain bullish, raising their price target to $475 from a prior forecast of $145—a 230% increase. Gupta’s team argues Tesla is at the “forefront of physical AI” and “unmatched at industrial level scale,” framing the company’s autonomous driving and robotics push as long-term growth drivers. Musk himself dismissed the bearish outlook on X, replying with a simple “lol” to the downgrade.
The SpaceX IPO: A $1.77 Trillion Valuation and Its Critics
SpaceX’s IPO is shaping up to be one of the most anticipated in history, but not everyone is convinced of its $1.77 trillion valuation. Morningstar has warned the stock could trade at just $63 per share, while “Big Short” investor Michael Burry called the valuation “ridiculous,” arguing there was “nothing” in the IPO filing to justify $1 trillion, “let alone $2 trillion.” Yet the company’s backers—including early investor Antonio Gracias, whose stake could surge by nearly $68 billion—are betting big on its future.
For more on this story, see SpaceX plans biggest stock market debut ever – and it could make Elon Musk world’s first trillionaire.
If the IPO proceeds as planned, SpaceX would become the second $1 trillion company Musk leads, joining Tesla. The move would also make him the first person to head two trillion-dollar firms simultaneously—a feat that underscores his outsized influence in both tech and aerospace. The IPO filing revealed Musk’s tight control over voting power, a detail that has raised eyebrows among some investors.
Who Stands to Gain—and Who Could Lose?
The SpaceX IPO isn’t just about Musk. Executives like Gwynne Shotwell, the company’s president, could see their stakes balloon. Shotwell’s current $1.2 billion fortune could grow to $1.6 billion at the projected $135 share price, while CFO Bret Johnson’s $700 million stake could make him a billionaire overnight. Meanwhile, early investors like Gracias—who holds over 500 million shares—could see their wealth jump by tens of billions.
But the risks aren’t just for skeptics. If the IPO underperforms, Musk’s trillionaire status could hinge on Tesla’s recovery—or SpaceX’s ability to deliver on its ambitious goals. The company’s valuation assumes continued dominance in satellite launches, space tourism, and government contracts, but critics argue the market may be pricing in too much optimism.
What Happens Next: The IPO and Beyond
Thursday’s IPO pricing will be the first major test. If SpaceX’s shares debut at $135, Musk’s net worth could surge by nearly $700 billion in a single day, cementing his trillionaire status. But if the market reacts poorly—perhaps due to macroeconomic concerns or skepticism about SpaceX’s growth—his fortune could take another hit. Either way, the event will reshape the global billionaire landscape, with Musk either solidifying his lead or facing a new set of challenges.
Beyond the IPO, SpaceX’s long-term success hinges on execution. The company’s Starlink division, Starship development, and commercial satellite contracts are all critical to maintaining its valuation. If these efforts stall, even a high-flying IPO could prove fleeting. For now, though, the focus remains on Thursday—and whether Musk will finally cross the trillion-dollar threshold.
One thing is certain: This isn’t just about numbers. It’s about power. Musk’s ability to lead two $1 trillion companies simultaneously would redefine corporate influence, blending tech, aerospace, and even social media in ways no other executive has attempted. Whether the market agrees remains to be seen.
