- Musk’s wealth increased by about $65 billion in one day, according to the Bloomberg Billionaires Index, as SpaceX shares extended their October rebound and Tesla also gained.
Elon Musk is a trillionaire again after a sharp rebound in Space Exploration Technologies Corp. (NASDAQ: SPCX) and Tesla Inc. (NASDAQ: TSLA) restored his fortune above the $1 trillion threshold. Musk’s wealth jumped by about $65 billion on Oct. 5 to approximately $1.04 trillion, according to the Bloomberg Billionaires Index. The move marked the first time in three months that his estimated fortune returned to 13 figures.
The recovery has been driven primarily by the value of Musk’s holdings in SpaceX and Tesla. Bloomberg reported that SpaceX shares had risen 13% since the beginning of October, while Tesla had gained 6.7% over the same period. Musk’s stakes in the two companies account for more than 98% of his net worth in the Bloomberg wealth index.
The rebound comes only months after Musk became the world’s first trillionaire following the SpaceX IPO, which priced shares at $135 in June. SpaceX ultimately issued 638.9 million Class A shares through the offering, generating $85.7 billion in net proceeds after underwriting commissions and offering costs, according to its SEC filing.
SpaceX Stock Rebound Restores Musk’s Trillionaire Status
SpaceX shares closed at $171.09 on Oct. 5, up 7.6% for the session and about 27% above the company's $135 IPO price. Barron’s reported that the stock had reached its highest level since June as investors reassessed the company’s growth prospects.
That recovery reverses a substantial portion of the decline that followed SpaceX’s public debut. The stock had fallen sharply after its initial surge, contributing to a dramatic reduction in Musk’s estimated wealth.
Bloomberg reported that Musk’s fortune had fallen by more than $600 billion from its June peak by late July. At its highest point, his estimated wealth reached roughly $1.32 trillion before the combined decline in SpaceX and Tesla shares erased hundreds of billions of dollars from the figure.
The latest rally has several potential drivers. Morgan Stanley analyst Adam Jonas reiterated an Overweight rating on SpaceX and a $300 price target on Oct. 5, arguing that the company looks more attractive when its expected growth is incorporated into the valuation.
Jonas estimated that SpaceX trades at roughly 30 times projected 2028 enterprise value to EBIT, compared with about 16 times for a group of large AI companies. On a growth-adjusted basis, however, he calculated that SpaceX trades at about 0.3 times projected 2028 EV/EBIT growth, below the comparison group's 0.5 median.
The analyst also said the market may be assigning most of the current SpaceX share price to its space and connectivity businesses while placing relatively little value on its developing AI operations. Morgan Stanley's valuation framework assigns additional potential value to enterprise AI, although that portion of the thesis depends on execution that has yet to be demonstrated at scale.
The setup gives investors another reason to watch SPCX stock after the company's volatile debut and subsequent correction.
Tesla Gains Add to Musk’s Wealth Recovery
Tesla has provided another source of momentum for Musk’s fortune. The electric-vehicle manufacturer reported better-than-expected third-quarter sales last week, according to Bloomberg, helping push its shares higher alongside the broader recovery in Musk-related stocks.
Because Musk owns substantial stakes in both Tesla and SpaceX, relatively small percentage changes in either company's market value can produce unusually large changes in his estimated personal wealth. That concentration also makes Musk’s trillionaire status particularly sensitive to market movements.
The Bloomberg Billionaires Index calculates his wealth largely from publicly traded assets, meaning the $1.04 trillion figure represents an estimate that can change as the underlying stocks move rather than a fixed amount of cash or other liquid assets.
The recent SpaceX rebound has also changed the narrative around the company's valuation. Morgan Stanley's bullish assessment came as SpaceX shares recovered roughly 58% from their August low, according to Bloomberg.
Several upcoming events could determine whether that recovery continues. Morgan Stanley identified SpaceX’s third-quarter earnings, expected later in October, and Starship Flight 15, expected in late October or early November, as potentially important catalysts. Jonas said a successful Starship ship catch could represent a major positive event for the stock.
At the same time, the bullish case remains dependent on execution. Morgan Stanley identified slower Starship progress, weaker AI monetization, higher computing costs, funding requirements, and regulatory delays among the risks that could undermine its valuation.
Musk’s return to trillionaire status therefore reflects more than a single stock-market rally. It demonstrates how closely his personal fortune is tied to the public-market performance of two companies at the center of his business empire.
For SpaceX investors, the more important question is whether the rebound represents a durable reassessment of the company’s growth prospects or another sharp move in an exceptionally volatile newly public stock.