Elon Musk Returns to Trillionaire Status as SpaceX Shares Surge 7.6%
Elon Musk has once again joined the exclusive club of the world’s trillionaires. This comes as shares of his rocket and satellite company, SpaceX (NASDAQ: SPCX), experienced a 7.63% surge on Monday, October 5, closing at $171.09. This rally catapulted Musk’s estimated net worth back above the $1 trillion mark, according to Forbes’ real-time billionaire tracker.
With this increase, Musk is now positioned more than $628 billion ahead of the world’s second-richest person, Amazon founder Jeff Bezos. The stock jump was largely driven by a bullish note from Morgan Stanley, which reiterated an Overweight rating on SpaceX and set an ambitious $300 price target. This implies a nearly 75% upside from Monday’s close.
Analysts have cited several key catalysts for this surge. Among these are the company’s upcoming Starship rocket test flights, Starlink satellite revenue growth, and a pipeline of new AI-cloud (neocloud) contracts. SpaceX has also been gaining momentum from its artificial intelligence business, which has expanded through acquisitions including Musk’s xAI and AI coding tool Cursor.
The company is generating significant revenue by renting out computing capacity to major AI players like Google and Anthropic. Late last week, SpaceX made headlines with multiple historic flights in a single day. These included a crewed NASA mission to the International Space Station and a separate launch of Google AI chips into orbit.
The stock’s latest 16% weekly gain takes it to its highest level since SpaceX’s landmark IPO debut.
Source: CNBC – SpaceX stock climbs to highest since June, returning Musk to trillionaire status