Elon Musk is poised to become the world’s first trillionaire when SpaceX (SPAX.PVT) stock debuts next week, with the company’s target IPO price valuing his stake at a considerable $866.5 billion on paper.
On Wednesday, SpaceX said in a filing that it will seek proceeds of $75 billion from its initial public offering, a record amount for any IPO. In the filing, the company said it would offer 555,555,555 shares at $135 each. It’s an unusual move not to implement a price range and offer a set price, perhaps because demand for SpaceX stock is high.
Musk holds approximately 42% of SpaceX’s equity through a dual-class share structure that grants him roughly 82% of voting control via Class B stock. At the $135 IPO price, the updated prospectus values that equity stake at $866.5 billion.
While that amount nearly gets him to $1 trillion, there’s also his Tesla (TSLA) stake.
Musk holds approximately 717 million Tesla shares, not including vested stock options, according to the most recent regulatory filings — a position that, at the electric carmaker’s current price of roughly $420 per share, is worth approximately $301.1 billion.
Add the two together — $866.5 billion from SpaceX and roughly $301 billion from Tesla — and Musk’s stakes in those two companies alone total approximately $1.168 trillion, not including his stakes in Neuralink, the Boring Company, and other investments and assets he may have.
The Bloomberg Billionaires Index, which applies adjustments for lock-up restrictions and other constraints on his ability to liquidate shares, places his net worth at approximately $988 billion at the $135 IPO price, just below the trillion-dollar threshold. On that measure, any appreciation in SpaceX shares above the IPO level when trading opens June 12 would push Musk past the mark.
SpaceX will list under the ticker SPCX. The company has grown rapidly on the back of Starlink, its satellite internet service, which now serves millions of paying subscribers globally and generates the majority of the company’s revenue.
SpaceX has continued to post annual losses as it invests in Starship, its next-generation heavy-lift rocket, and with its AI holdings from its merger with Musk’s xAI. Capital expenditures have surged over the past year, as xAI spends heavily on data centers like Colossus and Colossus II.
But investors appear to be looking past red flags like cash burn and corporate governance issues like a dual-class stock structure, with Musk’s vision in the forefront — and a big payoff for him on the way.
The final IPO price is expected to be set on the night of Thursday, June 11, with trading beginning the next day on the Nasdaq (^IXIC).
