A recent IPO filing has brought Elon Musk within striking distance of becoming a trillionaire. SpaceX officially submitted its S-1 registration statement to U.S. securities regulators on May 20, revealing a crucial detail: Musk holds approximately 5.1 billion shares in SpaceX, along with about 350 million options with an exercise price of $8.39.
Based on a previously reported target valuation of $2 trillion, Musk's total net worth would reach an astonishing $1.1 trillion. Even if the valuation is adjusted down to $1.75 trillion, combined with his $292 billion stake in Tesla Motors and other assets, he would still surpass the trillion-dollar threshold.
The pricing for SpaceX's IPO is expected on June 11, with trading commencing the following day.
How much is Musk worth currently? The Bloomberg Billionaires Index currently values SpaceX at $1.03 trillion. This figure is derived from two reference points: an $80 billion valuation from a share transfer in December 2025, and the valuation from an xAI funding round in January 2026, after which Musk merged the two companies a month later. This valuation will be updated following the IPO pricing on June 11.
Musk, aged 54, has been the world's richest person for nearly two consecutive years. With a net worth of $1.1 trillion, his wealth would be more than triple that of the second-richest individual, Google co-founder Larry Page, whose net worth stands at $327.8 billion.
The filing also outlines Musk's compensation structure at SpaceX, which mirrors his arrangement at Tesla Motors—tying financial rewards to the achievement of specific operational milestones. However, SpaceX's targets are far more ambitious.
The top-tier incentive stipulates that Musk would receive 1 billion restricted shares if SpaceX's market capitalization exceeds $7.5 trillion—surpassing any current company on Earth—and the company has established a permanent colony on Mars with at least one million inhabitants.
A separate incentive offers over 300 million performance-based restricted shares if SpaceX achieves a "non-Earth data center with an annual computing capacity of 100 terawatts" and reaches a market capitalization milestone of approximately $6.6 trillion.
Analysts note that even if none of these targets are met, Musk is highly likely to retain his position as the world's wealthiest individual for years to come.
The wealth generated by this IPO extends beyond Musk. According to the filing, if SpaceX achieves a $2 trillion valuation, President Gwynne Shotwell, CFO Bret Johnsen, and board member Luke Nosek would each become billionaires based on their respective shareholdings.
The rapid concentration of wealth has sparked political controversy in the United States. Criticism from Democratic lawmakers has intensified, particularly after Musk began using his personal fortune to support conservative political figures and spearheaded efforts to reduce government spending during the Trump administration.
U.S. Representative Pramila Jayapal, a Democrat from Washington, questioned in an interview, "Is it reasonable to concentrate so much wealth in the hands of so few, allowing them to control every aspect of our lives?" SpaceX has not commented on these remarks.
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