Elon Musk Is a Trillionaire Again as SpaceX Stock Soars to Highest Since June, Adding $65 Billion in a Day

NEW YORK — Elon Musk is a trillionaire again.

The fortune of the world's richest person jumped by about $65 billion on Monday to an estimated $1.04 trillion, according to the Bloomberg Billionaires Index, as shares of SpaceX and Tesla rallied. The gain returned Musk above the trillion-dollar threshold he first crossed in June but lost as the value of his companies fell over the summer.

Forbes' real-time billionaires list also put Musk's net worth at about $1.03 trillion to $1.04 trillion late Monday.

SpaceX leads the rally

SpaceX was the biggest driver of Monday's gain. Shares of the rocket and satellite company rose 7.63% to close at $171.09, their highest level since mid-June, shortly after the company's record-setting initial public offering.

SpaceX shares have climbed about 13% since the start of October and are up nearly 60% from their low in early August, boosted by optimism about the company's artificial intelligence business and progress on its Starship rocket.

Over the two trading sessions through Monday, the stock gained about 15%.

Tesla also contributed. The electric vehicle maker's shares rose 2.2% on Monday and have gained about 6.7% since the start of the month.

Musk's stakes in SpaceX and Tesla account for more than 98% of his estimated net worth, according to Bloomberg. That concentration means relatively modest moves in the two companies' stock prices can add or erase tens of billions of dollars from his fortune in a single day.

What's driving SpaceX

Several factors have fueled SpaceX's recent rebound.

Investor confidence grew after the company's Starship spacecraft successfully reached orbit last week, a key milestone for the giant rocket that SpaceX plans to use for future missions to the moon and Mars, as well as to deploy larger satellites.

Morgan Stanley analysts also recommended that investors buy SpaceX shares ahead of the company's next planned Starship test flight and its third-quarter earnings report, expected in late October, according to CNBC. The analysts described the stock as undervalued, and some reports said the firm set a $300 price target.

SpaceX shares also rose after Musk posted on social media about talks related to semiconductor manufacturing, including a possible facility that could produce chips for the company, according to several reports.

Tesla deliveries help

Tesla's recent gains have also added to Musk's wealth.

Last week, the company reported third-quarter deliveries of 486,532 vehicles, beating analysts' expectations and sending the stock up more than 4% on Friday. That rally added about $61 billion to Musk's fortune in a single day, according to Forbes.

Investors are now looking ahead to Tesla's third-quarter earnings report, scheduled for Oct. 21, for updates on profit margins, the company's robotaxi plans and its Optimus humanoid robot.

A volatile ride

Musk's trillionaire status has proven highly volatile.

He first became the world's first trillionaire in June, after SpaceX went public in what was described as the largest IPO in history. His fortune briefly peaked above $1.4 trillion before SpaceX shares retreated.

He lost the title later in June, briefly regained it, then fell below the threshold again in early July as both SpaceX and Tesla shares declined. Changes to the methodology used to value some of his Tesla holdings also affected estimates of his wealth. At one point over the summer, his estimated fortune fell below $700 billion.

The figure represents an estimate of the value of Musk's assets, largely his stock holdings, rather than cash. A significant drop in SpaceX or Tesla shares could push his net worth back below $1 trillion.

Far ahead of rivals

Even with the swings, Musk remains far ahead of every other person on global wealth rankings.

Amazon founder Jeff Bezos, the world's second-richest person, was estimated at about $371.5 billion, leaving Musk more than $600 billion ahead.

No individual has ever come close to Musk's level of wealth. His fortune is larger than the annual economic output of many countries.

Ties to Washington

Musk's business interests have also benefited from close ties to the federal government. SpaceX holds major contracts with NASA and the Pentagon, and Musk has been involved in several government initiatives.

Last week, Defense Secretary Pete Hegseth named Musk as a co-leader of Project Meridian, a 120-day Pentagon initiative to study the future of warfare, raising questions from critics about potential conflicts of interest given SpaceX's defense contracts.

Criticism of extreme wealth

Musk's return to trillionaire status has also renewed debate about wealth inequality and the influence of the AI boom on stock market valuations.

New York City Councilmember Shekar Krishnan criticized the concentration of wealth in a statement cited by CNBC.

"AI has taken over our economy, inflated valuations, stealing our public land for data centers, and increasing the net worth of AI CEOs like Elon Musk, who became our first ever trillionaire," Krishnan said.

Musk's fortune will remain closely tied to the performance of SpaceX and Tesla in the coming weeks.

Key upcoming events include Tesla's earnings report on Oct. 21, SpaceX's third-quarter results expected later this month and the next Starship test flight.

Strong results could push Musk's wealth even higher, while any disappointment could quickly erase the gains that returned him to the trillionaire club.