Photo by Martin Schoeller; Photo illustration by Jamel ToppinSpaceX plans to price its highly anticipated IPO later this month at a valuation of $1.75 trillion, or $135 per share, multiple outlets reported Wednesday. That would make Elon Musk the world’s first trillionaire, worth an estimated $1 trillion according to Forbes’ estimates, up from $825 billion as of 2 p.m. eastern time Wednesday. Musk owns 4.8 million shares of SpaceX (or 42% of the company’s common stock) plus 350 million stock options with an exercise price of $8.39 per share, according to an IPO prospectus filed last month. That stash of shares and options would be worth $688 billion if SpaceX’s stock does indeed start trading at $135 per share. (Forbes currently values Musk’s stake at around $500 billion, based on the $1.25 trillion valuation of the company’s merger with Musk’s artificial intelligence and social media company xAI in February.) That would be enough to push Musk into 13 digits, given that he also owns nearly 12% of Tesla’s stock (worth $174 billion); Tesla stock options worth another $121 billion; smaller stakes in his brain interface startup Neuralink and his tunneling firm Boring Company; and several billion dollars’ of wealth from previous Tesla share sales. Becoming a trillionaire would be the latest major net worth milestone for 54-year-old Musk, who became the first person ever worth $500 billion just eight months ago, in October. Only one other person, Oracle’s Larry Ellison, has ever been worth $400 billion. Musk is currently nearly three times richer than the planet’s next-wealthiest person, Google cofounder Larry Page, who is worth an estimated $295 billion. Ellison, meanwhile, has fallen to $283 billion, good for third place. SpaceX has been the major reason for Musk’s incredible ascent to wealth records previously unthinkable. The company has boosted its valuation more than twelvefold since 2021, when it first crossed the $100 billion mark in a private secondary transaction. That’s despite the fact that SpaceX reported a net loss of $4.9 billion on $18.7 billion of revenue in 2025. The company expects to draw in public shareholders with its fast-growing Starlink satellite network and ambitious AI plans, including building solar-powered data centers in space. Yet Tesla remains a key part of Musk’s finances as well—and a modest slump in the company’s stock price could potentially prevent Musk from becoming a trillionaire when SpaceX goes public. And if Musk tries to shift too much of his focus from the electric carmaker over the next year and a half, he could wind up losing 12 figures. That’s because Musk must forfeit his $121 billion worth of Tesla stock options if he doesn’t continue to serve as Tesla’s CEO (or as an "executive officer responsible for the Company’s product development or operations") until January 2028, under the terms of an updated agreement between Musk and Tesla signed in April. Then again, Tesla shareholders approved another record-breaking pay package for Musk in November to further incentivize him. The award could give him around $1 trillion of additional Tesla stock (before taxes and the cost of unlocking the restricted shares) if he remains at the company and Tesla achieves “Mars shot” performance milestones like growing its market cap more than eightfold over the next decade. In other words, if SpaceX hits its IPO target and Tesla shares don’t fall too far, Elon Musk will become the first trillionaire in world history. And he may soon be headed for the $2 trillion record as well.