Elon Musk has become the first person ever to amass a fortune exceeding $600 billion, propelled by SpaceX's surging valuation as the rocket maker prepares for what could be the largest initial public offering (IPO) in history.

Credit：SpaceX

The world's richest person is now worth almost $638 billion, according to the Bloomberg Billionaires Index, or $677 billion as of 12 p.m. ‍ET per Forbes estimates, following an insider share sale that valued SpaceX at about $800 billion on Monday. Musk owns a 42% stake in his aerospace company, which became the world's most valuable private enterprise following the share sale, surpassing OpenAI.

The milestone comes as SpaceX confirmed plans to pursue a public listing in 2026, targeting a company valuation of approximately $1.5 trillion-- a transaction that would eclipse Saudi Aramco’s record $29 billion IPO in 2019. If executed at that level, Musk's stake could be worth more than $625 billion, potentially positioning him to become the world's first trillionaire.

Musk first crossed the $100 billion threshold in 2020 as Tesla shares soared, and surpassed $500 billion in October. His wealth has been amplified by his roughly 12% stake in Tesla, shares of which gained nearly 4% Monday and are up 13% year-to-date, as well as his investments in artificial intelligence startup xAI, which is reportedly in advanced talks to raise $15 billion at a $230 billion valuation.

Historic Wealth Accumulation Accelerates

Musk's fortune has experienced unprecedented growth since his addition to the Bloomberg Billionaires Index in May 2013, when he was worth just $4.8 billion. The recent surge stems primarily from SpaceX's doubling in value over six months, driven by the strength of its Starlink satellite internet service and development of its Starship rocket system.

The latest insider share sale set SpaceX's per-share price at $421, nearly doubling the $212 a share established in July. Chief Financial Officer Bret Johnsen laid out the new valuation in a memo to shareholders on Friday, according to documents seen by Bloomberg on Saturday. SpaceX conducts such tender offers twice annually, giving shareholders including employees the opportunity to buy or sell shares.

After applying a liquidity discount typical for private companies, Musk's 42% stake is valued at $317 billion under Bloomberg’s methodology. Forbes, which appears to use different calculations, pegged his total weal that $677 billion as of Monday midday,  with the SpaceX valuation adding an estimated $168 billion to his net worth.

IPO Timeline Takes Shape

SpaceX's path to public markets has accelerated rapidly in recent weeks. On December 5, multiple outlets reported the company was pursuing a tender offer at an $800 billion valuation and targeting a 2026 IPO—a significant shift from previous executive statements suggesting such a move remained years away.

Last Tuesday, Bloomberg and Reuters reported SpaceX was planning to raise more than $30 billion through an IPO that could value the entire company above $1 trillion. The timing represents a departure from earlier plans to spin off only the Starlink business as a separate publicly traded entity, an idea President Gwynne Shotwell first floated in 2020.

On Thursday, Musk responded to an Ars Technica article about the 2026 IPO timeline by writing on X that the report was "accurate." The article examined why the timing was right for SpaceX to go public, citing the rise of artificial intelligence and opportunities for space-based data centers as key factors.

On Friday, Bloomberg obtained documents showing SpaceX is preparing for a possible 2026 offering aimed at funding an "insane flight rate" for Starship, AI data centers in space, and a lunar base. Johnsen's memo to shareholders noted the timing and valuation remain uncertain and the company may decide not to proceed.

SpaceX Revenue Growth Drives Valuation

SpaceX's soaring valuation is underpinned by strong operational performance and revenue growth. The company reportedly expects revenue of around $15 billion in 2025, increasing to between $22 billion and $24 billion in 2026, with the majority coming from Starlink. Musk said in a December 6 post on X that SpaceX has been cash-flow positive for many years and that NASA will constitute less than 5% of revenue next year.

Starlink operates more than 9,000 satellites serving eight million active customers, positioning it far ahead of competitors including Amazon's Amazon Leo. The company also dominates the orbital launch industry with its Falcon 9 rockets and provides services for commercial satellite operators and government agencies including NASA.

The current secondary offering allows employees to sell around $2 billion worth of stock, with SpaceX participating in buying back some shares. The company's board of directors has advanced plans for the listing in recent days, including hiring for key roles and capital allocation decisions, according to Bloomberg sources last Tuesday.

At a $1.5 trillion IPO valuation, SpaceX would rank among the world's 20 largest public companies and approach the market value Saudi Aramco established during its record 2019 listing. The transaction could generate hundreds of millions of dollars in underwriting fees for investment banks. The timing could slip into 2027 depending on market conditions and other factors, one person told Bloomberg.