Musk's net worth hits $600b as SpaceX prepares for IPO

Elon Musk has become the first person to reach a net worth of US$600 billion, according to Forbes.

Musk’s fortune rose after SpaceX, his rocket company, launched a tender offer that valued the firm at US$800 billion, up from US$400 billion in August.

Forbes estimates Musk owns 42% of SpaceX, making his stake in the company worth about US$336 billion.

His 12% stake in Tesla is valued at US$197 billion, not including stock options that remain under legal dispute.

Musk also owns a 53% stake in xAI Holdings, which Forbes estimates is worth US$60 billion.

SpaceX is reportedly targeting an IPO in 2026, which could further increase Musk’s wealth.

🔗 Source: Forbes

🧠 Food for thought

Implications, context, and why it matters.

US$800 billion tag puts SpaceX near software as a service (SaaS) revenue multiples

SpaceX booked an estimated US$13.1 billion in 2024 revenue 1. A reported US$800 billion tender offer values it at about 61x sales.
The multiple bakes in Starlink, SpaceX’s satellite internet service, and its recurring model more than launch revenue 2.
Starlink produced US$8.2 billion in 2024 revenue, with 79% from subscriptions over equipment sales 2.
Starlink revenue doubled year over year, while launch revenue grew about 19% 1 2. SpaceX is moving from a launch provider to a satellite internet operator.

Satellite to cellular ties offer new paths for Internet of Things (IoT) makers and app developers

Direct to Cell offers satellite connectivity that works with phones. It supports existing Long Term Evolution (LTE) phones without hardware or app changes, using 650+ satellites with onboard Evolved Node B (eNodeB) modems that act as cell towers in space 3.
More than 50% of the world’s land mass sits outside terrestrial cellular coverage. Direct to Cell will work with mobile partners such as T‑Mobile, Rogers and KDDI among others 3. Plans in approved countries start in 2025 3.
LTE device categories CAT‑1/CAT‑1 Bis/CAT‑4 work with it, so current cellular IoT devices add satellite links in remote areas without hardware redesigns 3.
App builders for emergency services, logistics or outdoor recreation can plan for connectivity in former dead zones as coverage rolls out 3. That opens new asset tracking and safety uses 3.