SpaceX rally pushes Elon Musk back into trillionaire status, narrowing gap with global wealth leaders

Key points

• SpaceX stock rose nearly 8% to $171, making Elon Musk a trillionaire again with a net worth of $1.04 trillion.
• Morgan Stanley analyst Adam Jonas reiterated a $300 price target, citing AI product releases and Starship progress.
• SpaceX’s market cap is now close to $1 trillion, potentially overtaking Amazon and TSMC.
• Musk’s wealth has fluctuated since his first trillion-dollar milestone in June, dropping to $683.6 billion in August before rebounding.
• Options volume for SpaceX doubled, with 1.7 million contracts exchanged, indicating strong investor interest.

Background

SpaceX went public in June 2026, with Elon Musk becoming the first trillionaire. His wealth dropped below $1 trillion shortly after, reaching a low of $683.6 billion in August. The current rally is part of a broader AI-driven market surge, with Nvidia also hitting record highs. The S&P 500 has shown narrow market participation, with fewer than 25% of stocks above their 50-day moving averages.

How outlets are covering it

Fortune emphasizes Musk’s wealth disparity, noting he could give $90 to every person on Earth and still be the richest. CNBC highlights the lower implied volatility compared to the June debut, suggesting a more sustained rally. Seeking Alpha focuses on Morgan Stanley’s bullish outlook, while Yahoo Finance notes SpaceX’s potential to overtake Amazon and TSMC in market cap.

Why it matters

SpaceX’s rally underscores the growing influence of AI and space technology in the stock market. Musk’s return to trillionaire status highlights the volatility of wealth in the tech sector and the potential for SpaceX to become a dominant player in the global economy. The rally also reflects broader market trends, with AI leaders driving market performance despite narrow participation.

What to watch

Investors will watch SpaceX’s stock for continued momentum, particularly if it reaches Morgan Stanley’s $300 price target. The company’s progress on Starship and AI products will be key drivers. Broader market participation and the performance of other mega-cap tech firms will also influence the trajectory of the rally.