Elon Musk has become the world’s first trillionaire on paper following the record-breaking initial public offering of SpaceX, which was priced at $135 per share and raised about $75 billion.
The listing values SpaceX at approximately $1.77 trillion, making it one of the world’s most valuable publicly traded companies and surpassing Saudi Aramco’s 2019 listing as the largest IPO in history.
According to the company’s prospectus, Musk will own about 849.5 million Class A shares and 5.57 billion Class B shares after the offering, giving him 84.4 per cent of the company’s voting power. At the IPO price, his SpaceX stake is valued at roughly $866.5 billion.
Combined with his estimated 717.1 million Tesla shares, worth about $286.2 billion based on recent market prices, Musk’s holdings are valued at around $1.1 trillion on paper.
However, the milestone remains largely theoretical, as it depends on SpaceX maintaining its valuation after trading begins and Tesla’s share price remaining strong. Part of the valuation also includes performance-based stock awards tied to ambitious goals such as establishing a permanent human colony on Mars and developing large-scale space-based computing infrastructure.
Despite its soaring valuation, SpaceX remains loss-making. The company reported revenue of $18.7 billion in 2025, up from $14 billion the previous year, while posting a net loss of $4.9 billion.
