Elon Musk’s Net Worth Tops $800 Billion Again as SpaceX Shares Spike 11% Amid Broader Tech Rally

Elon Musk’s net worth climbed back above $800 billion Friday, driven by an 11.7% surge in SpaceX shares that came as part of a broader rally across tech stocks, according to Forbes’ real-time wealth tracker.

SpaceX’s stock rose to $129 a share shortly after 1 p.m. EDT, marking its highest point in three weeks. The jump pushed Musk’s estimated net worth to $802 billion in the afternoon, according to Forbes — a rebound that came less than two weeks after his fortune had fallen below $700 billion amid an earlier decline in SpaceX’s share price.

A volatile stretch for SpaceX stock

Friday’s rally followed a rough week for SpaceX shares. The rocket maker reported its earnings earlier in the week, and the results initially sent the stock lower after the company disclosed a sixfold increase in quarterly spending, according to Forbes’ earlier reporting.

Despite that spending spike, SpaceX’s underlying financial results beat expectations. The company reported $7.8 billion in quarterly revenue, topping Wall Street estimates of $6.9 billion, while its net losses narrowed sharply, dropping from $1 billion in the prior period to $541 million.

Where the spending is going

SpaceX’s capital expenditures reached $18.3 billion in its latest quarter, with $15.8 billion of that total — the vast majority — directed toward artificial intelligence investment, according to Forbes. Musk has said SpaceX expects its revenue could exceed $1 trillion as early as 2029, a timeline he has moved up by two years from his earlier projection. The company’s primary revenue driver remains its Starlink satellite internet service, whose turnover nearly doubled during the second quarter.

A broader rally, not just SpaceX

SpaceX wasn’t alone in Friday’s gains. Several other technology stocks also surged during the session, including Palantir, Cloudflare and Microchip Technology. Palantir shares traded up more than 9% around 12:30 p.m. EDT, while Microchip’s stock climbed as much as 14% during the day. The rally came in the wake of a weaker-than-expected jobs report that showed the U.S. economy lost 23,000 jobs in July, according to Forbes’ coverage of the broader market movement.

Musk’s wealth tightly tied to SpaceX’s fortunes

Musk owns roughly 38% of SpaceX, according to Forbes, a stake that closely links the trajectory of his personal net worth to swings in the company’s stock price. That connection has produced dramatic volatility in his wealth in recent months. Musk became the world’s first trillionaire in June, shortly after SpaceX went public, with his estimated fortune peaking as high as $1.45 trillion at its highest point, according to Forbes’ tracking.

Since then, Musk’s wealth has swung sharply in both directions as SpaceX shares have moved. His fortune dipped below $900 billion in mid-July as shares slid toward the company’s initial public offering price. It fell further, below $800 billion, following an aborted Starship launch later that month, and dropped below $700 billion by late July as the decline in SpaceX shares continued — a stretch during which Musk reportedly referred to himself as a “former” trillionaire, according to Forbes’ earlier reporting. Musk’s fortune then dropped further still earlier this week, losing roughly $80 billion in a single session, before Friday’s rebound pushed him back above the $800 billion mark.

Analysts remain broadly bullish despite the swings

Even amid the stock’s volatility, Wall Street analysts have largely maintained a positive long-term outlook on SpaceX. According to Forbes’ earlier coverage, Raymond James set an $800 price target on the stock last month, implying a market valuation well above $10 trillion, with analyst Brian Gesuale arguing the firm’s position reflected SpaceX “building the foundational platform for the next generation of industrial capacity.” Other brokers have set more conservative targets, with FactSet data showing an average analyst price target of $236 a share as of last month, including a $401 target from Arete Research, $300 from Morgan Stanley and $205 from Goldman Sachs.

Where Musk stands among the world’s wealthiest

Even during his fortune’s steepest recent declines, Musk has remained the world’s richest person by a wide margin, according to Forbes’ tracking. As of late July, he ranked well ahead of Google co-founders Larry Page, whose net worth stood at roughly $290.1 billion, and Sergey Brin, at approximately $267.6 billion.

Musk’s SpaceX holdings include roughly 4.8 billion shares along with another 350 million stock options, according to Forbes, in addition to his separate stake of roughly 700 million shares in Tesla, the electric automaker he also leads as chief executive.

A pattern likely to continue

Given how closely Musk’s reported net worth tracks SpaceX’s daily stock performance, further single-day swings of tens of billions of dollars remain likely in either direction as the company’s shares continue adjusting to its earnings results, spending plans and broader market conditions. Forbes’ wealth estimates are updated in real time based on stock prices and publicly disclosed holdings, meaning Friday’s $802 billion figure reflects a snapshot that could shift again as trading continues.

A sourcing note: every figure and detail above is drawn directly from Forbes’ original reporting and its related coverage of SpaceX’s recent stock swings — nothing was estimated or invented to fill gaps. Given how fast this figure moves day to day, it’s worth checking Forbes’ live tracker for the most current number before publishing.