The rocket and satellite company raised $75 billion on Thursday in the largest IPO ever after offering more than 555 million shares at $135 a piece, valuing the company at $1.77 trillion.
Meanwhile, his real estate portfolio is more modest. After Musk moved to Texas in 2020 and eventually brought his companies with him, he sold most of his homes in California.
As recently as this past March, Musk’s mother, Maye Musk, added more color to her son’s very unglamorous lifestyle, describing a visit to his house.
Long known as a workaholic, Musk has often lived close to his companies, especially during critical periods. For example, he slept at Tesla’s California plant while the EV maker was ironing out production issues with its Model 3.
Similarly, SpaceX is at a pivotal moment as it develops the next-generation Starship rocket, which will be key to the company’s future.
As rich as Musk is now, he could expand his wealth even more if SpaceX achieves incredibly ambitious milestones. He could be awarded up to 200 million additional Class B shares if the company reaches a $7.5 trillion valuation and builds a colony on Mars with 1 million human inhabitants.
Another milestone would give Musk 60 million more shares if the valuation hits $6.6 trillion and SpaceX deploys a network of space-based data centers with 100 terawatts of computing capacity.
Despite still being relatively new, SpaceX has taken over the market. By pioneering reusable boosters that can land autonomously, the company slashed launch costs and ramped up its launch cadence—suddenly making low earth orbit more accessible to a broad range of customers.
It accounted for more than 50% of global rocket launches last year and has roughly 10,000 Starlink satellites in orbit, providing space-based internet connectivity to businesses and militaries.
SpaceX is a top launch provider for NASA and the Pentagon, which is also looking to the company to help develop President Donald Trump’s “Golden Dome” missile-defense shield.
Revenue grew by more than 30% last year to $18.7 billion, but the bottom line swung to a loss of $4.9 billion as xAI’s losses deepened to $6.4 billion. Starlink more than doubled its profit to $4.4 billion.
As a major disrupter in the space industry, SpaceX’s private valuation had already been soaring ahead of its public debut.
In December, it was valued at $800 billion after the sale of insider shares. Then secondary trading on private markets put it at $1.54 trillion in April and $1.7 trillion today.
