The news
Elon Musk's net worth climbed back above $1 trillion on Monday, October 5, after SpaceX shares rose almost 8% to close at $171.09, their highest level since mid-June, CNBC reported. Forbes' real-time billionaires list put Musk at $1.046 trillion as of October 5, up $65.3 billion, or 6.66%, from the prior trading day's close.
The move followed a note published on Sunday, October 4, by Morgan Stanley analysts, who called SpaceX "cheap" at current prices, according to CNBC. The analysts recommend buying the shares and set a $300 price target, about 75% above Monday's close. They pointed to future AI product releases, progress on the Starship rocket and more "neocloud" contracts, in which SpaceX rents out computing capacity. The Financial News, a Korean business daily, reported that the team is led by analyst Adam Jonas and rates the stock Outperform.
The Morgan Stanley analysts also flagged two near-term events, CNBC reported: SpaceX's next planned Starship test flight and its third-quarter earnings report, expected in late October. If SpaceX tries to catch the Starship upper stage on its next flight, the analysts wrote, that could be "the biggest positive catalyst since the IPO." CNBC noted that in earlier test flights the upper stage has only splashed down.
Monday's rally capped a strong run. SpaceX launched a crewed NASA mission to the International Space Station and, separately, a payload of Google AI chips into orbit late in the prior week, according to CNBC. On Friday, October 2, Tesla (TSLA) reported third-quarter deliveries of 486,532 vehicles and production of 464,391, according to its filing with the Securities and Exchange Commission. Quartz reported that Musk's fortune rose by $61 billion that day. The Financial News reported that Tesla shares added 2.2% on October 5.
Musk first became a trillionaire on June 12, when SpaceX went public, according to Forbes. Quartz reported that the company sold 555.6 million shares at $135 each, raising $75 billion. The stock reached a record close of $201.80 on June 16, then slid, bottoming in early August, and has since climbed about 58%, CNBC reported. SpaceX did not immediately respond to CNBC's request for comment.
Why it's trending: searches for "Elon Musk net worth" jumped in the US on the evening of October 5, as Forbes, CNBC, Quartz and others reported that the SpaceX rally had returned Musk to trillionaire status.
The numbers
- SpaceX close, Oct. 5
- $171.09 (up almost 8%)
- Musk net worth (Forbes, Oct. 5)
- $1.046 trillion
- Morgan Stanley price target
- $300
- SpaceX IPO price (June 12)
- $135
- Record close (June 16)
- $201.80
- Musk's SpaceX stake (Forbes)
- 38%, including options
Why CEOs should care
For companies that buy from SpaceX, the share price is less important than what is driving it. Morgan Stanley's case rests on Starship progress and on SpaceX renting computing capacity to customers; CNBC reported that Google and Anthropic are among them. Technology buyers weighing Starlink connectivity, launch services or SpaceX compute should ask how capacity is allocated as demand grows, what service-level terms apply, and how pricing could change as the company answers to public shareholders.
For CFOs and boards, the episode is a reminder of key-person and concentration risk. Forbes estimates Musk owns 38% of SpaceX, including options, and nearly 11% of Tesla, and Quartz reported that he controls about 82.4% of SpaceX's voting power after the IPO. Much of the swing in his fortune comes from the price of one stock. Counterparties with large Starlink, launch or Tesla exposure should map which contracts depend on decisions concentrated in one executive.
Government contractors and defense suppliers should also watch Musk's widening public role. CNBC reported that the Pentagon named him co-lead of Project Meridian, a defense initiative, on September 30, and that SpaceX has earned $12.7 billion from Defense Department work, citing FedScout. Firms competing for the same contracts should follow how that role is structured.
The bigger picture
SpaceX's results are now public, which gives investors and customers numbers to test the story against. Quartz reported that SpaceX had 2025 revenue of $18.67 billion, up 33% from the year before, and a net loss of $4.94 billion, compared with a $791 million profit in 2024. A net worth measured in trillions rests on market prices, not cash, and the June-to-August slide showed how quickly that paper value can move in both directions.
What’s next
Two dates matter next. SpaceX's third-quarter earnings are expected in late October, according to CNBC, and Tesla said in its filing that it will post third-quarter financial results after the market closes on Wednesday, October 21. The timing of the next Starship test flight, and whether SpaceX attempts to catch the upper stage, is the other event analysts are watching.
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