Elon Musk’s fortune breaks the $600 billion mark as new SpaceX valuation ignites wealth surge

Elon Musk has crossed a financial frontier no one else has reached before, and he has SpaceX to thank for it. The SpaceX CEO’s net worth has climbed past $600 billion for the first time, propelled by a fresh valuation of SpaceX that has pushed the private rocket maker into uncharted territory and cemented Musk’s position as the world’s richest person, according to the Bloomberg Billionaires Index.

Bloomberg estimates Musk’s wealth at nearly $638 billion after SpaceX was valued at about $800 billion in an insider share sale, a transaction that makes the Starbase, Texas-based company the world’s most valuable private firm. Musk, 54, is the founder and chief executive officer of SpaceX.

SpaceX deal redefines private valuations

Musk’s 42% stake in SpaceX is valued at about $317 billion after applying a liquidity discount typical for private companies, Bloomberg said. The latest deal effectively doubles SpaceX’s valuation from around $400 billion in a secondary offering in July.

It is the first time Bloomberg has calculated an individual’s fortune at more than $600 billion.

Musk at the top of the index

Musk’s ascent has been swift by billionaire standards. He was worth $4.8 billion when he was first added to Bloomberg’s wealth index in May 2013. He crossed the $100 billion threshold in 2020 as shares of Tesla Inc, where he is also chief executive officer, surged.

The latest milestone underscores how central SpaceX has become to Musk’s wealth, even as Tesla remains publicly traded and closely watched by investors.

IPO could push Musk's wealth even higher

Musk’s fortune could climb further if SpaceX proceeds with an initial public offering as soon as next year. The company is targeting a valuation of $1.5 trillion in such a listing, according to Bloomberg. At that level, Musk’s stake would be worth more than $625 billion, bringing him close to becoming the world’s first trillionaire.

SpaceX dominates the orbital launch market with its Falcon 9 rockets and operates Starlink, its satellite-based internet service. More recently, Musk has also touted plans for space-based artificial intelligence data centres, adding another layer to investor interest in the company’s long-term ambitions.

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