Elon Musk has slipped back below the trillion-dollar mark on major wealth trackers after a sharp drop in the value of SpaceX stock.
Forbes’ Real-Time Billionaires list now estimates his net worth at about $956.5 billion, down from around $1.1 trillion just a few days earlier. The decline is mainly linked to a pullback in SpaceX’s valuation after its recent surge to record highs.
SpaceX’s subdued IPO listing has resulted in a huge loss for the firm’s shareholders, making them lose a huge chunk of money. Because a large share of Musk’s wealth is tied up in SpaceX, even relatively short swings in the company’s stock can significantly change his overall net worth.
When SpaceX rises, he can briefly cross symbolic milestones like $1 trillion; when it falls, those gains can disappear just as quickly.
Despite the drop, Musk remains comfortably the world’s richest person. The move below the trillion-dollar level is more about market volatility and valuation shifts than any real change in his long-term financial position.
It also highlights how sensitive billionaire rankings are to private company valuations, especially for firms like SpaceX that don’t trade on public exchanges but are still frequently repriced based on investor activity and major deals.
Experts see SpaceX IPO reflecting cracks in tech listings
Commenting on the stock’s recent performance, Nagham Hassan, Market Analyst at eToro, said: “The extreme volatility we’ve seen since SpaceX’s market debut reflects the challenge investors face when valuing a company of this scale and ambition.”
They add, “A limited public float, expectations around insider share unlocks, and the company’s move into the debt markets have all contributed to significant price swings. While the pullback may appear dramatic, the stock remains above its IPO price, suggesting investors continue to see long-term potential despite the near-term uncertainty.”
With the company’s first earnings report expected in August and several significant lock-up expirations approaching, the coming months are likely to play a key role in shaping investor sentiment and establishing a clearer picture of the company’s public market valuation.
SpaceX IPO history
SpaceX’s stock has had a volatile start since going public on June 12. It launched at $135 per share and opened trading around $150, but strong early demand quickly pushed it higher.
Within just a few days, the stock surged to about $226, briefly making SpaceX the fourth most valuable listed company in the world, ahead of giants like Amazon and Microsoft.
That momentum didn’t last. In the following sessions, the stock fell sharply, wiping out more than $600 billion in market value and sliding back toward its IPO range. On Tuesday, it even dipped below its $150 debut price before recovering slightly. Today, it sits around $157, still above the IPO level, but far below its peak.
A big reason for the swings is that only a small portion of shares, about 4.2 percent, were available for trading when the company listed. With so few shares in circulation, even modest buying or selling has had a big impact on the price.
Investors are also looking ahead to more selling pressure. In August, a portion of insider shares is expected to become tradable, starting with a 20 percent unlock tied to earnings, followed by additional unlocks in the weeks after. That potential increase in supply is already shaping expectations and adding to the uncertainty around where the stock settles next.
