Tech billionaire Elon Musk has created history by becoming the first person in the world to amass a net worth of more than $600 billion, according to Forbes. The milestone was reached on Monday amid reports that Musk’s aerospace company SpaceX is preparing for a public listing at a massive valuation, further strengthening his position as the world’s richest individual by a wide margin.

Forbes said Musk’s wealth surged on the back of expectations that SpaceX could go public next year at a valuation of around $800 billion. Musk, who already became the first person to cross the $500 billion net worth mark in October, now stands in uncharted territory, underscoring the extraordinary rise of founder-led technology enterprises.

SpaceX IPO speculation drives wealth surge

A major driver behind Musk’s wealth jump is SpaceX, the private rocket and satellite company he founded in 2002. According to earlier reports, SpaceX is preparing for an initial public offering next year, which could value the company at about $800 billion.

Musk is estimated to own around 42% of SpaceX. If the company lists at the projected valuation, Forbes estimates that Musk’s wealth from SpaceX alone would increase by approximately $168 billion. This would take his total net worth to around $677 billion as of 12 pm Eastern Time on Monday.

SpaceX has become a dominant force in the global space industry, with lucrative contracts from NASA, the US Department of Defense and commercial clients. Its Starlink satellite internet business, which provides broadband connectivity across the world, has also emerged as a key growth engine and a major contributor to the company’s valuation.

Tesla stake adds to Musk’s fortune

In addition to SpaceX, Musk’s wealth is significantly tied to his stake in electric vehicle maker Tesla. He owns roughly 12% of the company, which remains one of the most valuable automakers in the world by market capitalisation.

Tesla shares have risen about 13% so far this year, despite challenges such as slowing sales growth and intensifying competition in the global EV market. On Monday alone, Tesla stock jumped nearly 4% after Musk said the company was testing robotaxis without safety monitors in the front passenger seat, a development that renewed investor optimism around Tesla’s autonomous driving ambitions.

In November, Tesla shareholders approved a pay package for Musk valued at around $1 trillion, making it the largest corporate compensation plan in history. The approval signalled strong investor backing for Musk’s long-term vision of transforming Tesla from a pure electric vehicle company into a global leader in artificial intelligence, robotics and autonomous mobility.

xAI and diversification of wealth

Musk’s growing fortune is also being fuelled by his artificial intelligence startup xAI. According to media reports, xAI is in advanced talks to raise about $15 billion in fresh equity at a valuation of approximately $230 billion.

If the fundraising is completed at the reported valuation, it would add yet another major pillar to Musk’s business empire. xAI is seen as Musk’s counterweight to rival AI companies, as he positions himself at the centre of the rapidly expanding artificial intelligence sector.

Beyond Tesla, SpaceX and xAI, Musk also owns social media platform X, formerly Twitter, and has interests in infrastructure and technology ventures. While X has faced challenges related to advertising revenues and content moderation, Musk has repeatedly said he views the platform as a long-term investment tied to his broader vision of digital communication and AI integration.

Record-breaking wealth and global context

Musk’s rise to a $600 billion-plus net worth highlights the unprecedented concentration of wealth in the technology sector, particularly among founders who retain large ownership stakes in their companies. No individual in modern history has previously reached this level of personal wealth.

For comparison, the combined market value of several large multinational corporations or the annual GDP of many countries is lower than Musk’s estimated net worth. His fortune far exceeds that of other global billionaires, creating a historic gap between the world’s richest person and the rest of the wealth rankings.

Despite his immense wealth, Musk remains a polarising figure, admired by supporters for his innovation-driven leadership and criticised by others for his management style and controversial public statements. His ventures continue to influence sectors ranging from transportation and energy to space exploration and artificial intelligence.

Companies yet to comment

Musk, along with Tesla, SpaceX and xAI, did not immediately respond to requests for comment on the latest valuation estimates and reports, according to Reuters. Market observers note that much of Musk’s net worth remains tied to volatile equity valuations, particularly in technology-driven sectors.

Conclusion

Elon Musk’s ascent beyond a $600 billion net worth marks a historic moment in global wealth creation, driven largely by the soaring valuations of SpaceX and Tesla and growing investor confidence in his ventures. As SpaceX inches closer to a potential IPO and xAI seeks major funding, Musk’s financial dominance appears set to grow further, reinforcing his status as one of the most influential and wealthy entrepreneurs the world has ever seen.