Elon Musk has become the first person in history to amass a fortune exceeding $1 trillion after SpaceX’s record-breaking $75 billion initial public offering (IPO) sharply increased the value of his holdings in the company.
The successful share sale, completed on Thursday, lifted Musk’s estimated net worth to more than $1.1 trillion ahead of the stock’s market debut on Friday, June 12, 2026.
The IPO highlighted strong investor confidence in SpaceX, the rocket, satellite and artificial intelligence company that has become the cornerstone of Musk’s vast business empire. Musk’s stake in SpaceX alone is now valued at roughly $866 billion.
Prior to the IPO, Forbes estimated Musk’s fortune at approximately $780 billion, already well ahead of other global billionaires. The latest valuation surge places him in a financial category of his own, with his wealth more than triple that of many of the world’s richest individuals.
“The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth tomorrow,” said Matt Durot, deputy editor at Forbes Wealth.
Musk, 54, built his reputation through SpaceX and Tesla, transforming both the space and automotive industries.
Tesla’s rise helped accelerate the global transition to electric vehicles, while SpaceX emerged as a dominant player in commercial space launches and satellite communications.
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The entrepreneur further expanded his influence with the acquisition of X (formerly Twitter) in 2022, giving him a powerful platform to engage directly with hundreds of millions of users worldwide.
Despite his business success, Musk has remained a polarising figure. Critics have raised concerns about his growing political influence, corporate governance practices, and public interventions on political and social issues.
His involvement in U.S. politics, including a role in President Donald Trump’s Department of Government Efficiency, attracted significant attention and controversy.
Born in Pretoria, South Africa, Musk moved to the United States after studying at the University of Pennsylvania.
Beyond Tesla and SpaceX, he has launched or co-founded several companies, including Neuralink and The Boring Company.
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