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Elon Musk is a trillionaire again after SpaceX stock jumped 7.63% Monday to $171.09, lifting his fortune to an estimated $1.04 trillion. Wall Street sees more room to run: Morgan Stanley reiterated a $300 price target, about 75% above Monday’s close.
The rally added $65 billion to Musk’s net worth, according to the Bloomberg Billionaires Index. SpaceX rose another 0.49% Tuesday to $171.92, its highest close since mid-June and about 27% above its $135 initial public offering price.
Why does Morgan Stanley think SpaceX stock could climb another 75%?
Analyst Adam Jonas reaffirmed his $300 price target, the level he expects the stock to reach, in a note to clients Sunday. He pointed to upcoming AI product releases, Starship progress and new deals to rent out AI computing capacity.
“Adjusted for growth, SpaceX is one of the cheaper ways to play the strong optionality of the Space and Intelligence Economy,” Jonas wrote.
On Oct. 1, a Falcon 9 rocket also carried four astronauts to the International Space Station in 7 hours and 55 minutes. That was the fastest trip there by a U.S. spacecraft.
What makes up Elon Musk’s trillion-dollar net worth?
Almost all of it is stock. Musk’s stakes in SpaceX and Tesla account for more than 98% of his fortune, according to Bloomberg, so his net worth rises and falls with both share prices.
SpaceX is the bigger piece. Musk owns about 4.76 billion SpaceX shares, including 1.3 billion shares of unvested restricted stock, which he can’t sell until they vest.
The SpaceX listing capped a steep climb. Musk was worth about $28 billion in January 2020, when he ranked as the world’s 35th richest person, according to Bloomberg. By the company’s June 12 debut, his fortune had reached $1.11 trillion.
That concentration also explains the swings. Musk’s fortune peaked at $1.32 trillion June 16, according to Bloomberg, then fell below $1 trillion a week later. By Aug. 1, it had dropped to $684 billion as SpaceX shares lost more than half their value.