All of this was in the run-up to SpaceX’s initial public offering, which was expected to move more than 555 million shares of SpaceX stock, raise $75 billion in fresh capital, put the company’s valuation at a staggering $1.77 trillion, and make Musk, who is also the CEO and founder of the electric car maker Tesla, the world’s first trillionaire, thanks to his stake in both companies.
That’s an awful lot of hype and an awful lot of cash for a company that lost $4.9 billion last year, and is net-negative—to the tune of $41.3 billion— since its founding in 2002. The company’s massive, 407-ft.-tall Starship rocket—on which SpaceX stakes the future of its long-term goals of getting humans back to the moon and later to Mars, not to mention launching data centers and satellite constellations into Earth orbit—has flown 12 times since 2023 with a mixed record of success. NASA is counting on Starship as much as SpaceX is, having cut the company checks totalling more than $4 billion to develop a modified version of the upper stage of the rocket as NASA’s Human Landing System (HLS) in the Artemis lunar exploration program. Artemis III is supposed to test the Starship HLS on a crewed mission in low-Earth orbit (LEO) toward the end of next year, with Artemis IV making a crewed lunar landing in 2028. Whether Starship will be fit and flight-ready by either of those deadlines remains a question mark.
But challenges remain for Musk. The newly minted trillionaire saw investors dumping shares of Tesla, along with other tech companies, last week—paradoxically so that they could free up cash to buy into SpaceX, making at least some of today’s gains net-neutral for Musk.
Bezos’s company is under contract to produce an HLS of its own for Artemis V and VI, and it was supposed to be test-flown on Artemis III along with the Starship lander. Many analysts see Blue’s HLS as the better of the two options.
Then too, there’s the voluble—sometimes volatile—Musk himself. During his tumultuous tenure as head of the Department of Government Efficience—or DOGE—in 2025, Musk pledged to cut $2 trillion from the federal budget by slashing jobs and cutting waste, fraud, and abuse. In the course of his 130 days on the job, however, he saved barely $32.5 billion according to an analysis by the BBC, while furloughing employees, slashing jobs, and infamously wielding a chainsaw during a public event to illustrate what he planned to do to the federal budget. He ended his tenure with a public feud with President Donald Trump—a one time bestie—during which he trolled Trump on X about his relationship with the disgraced and deceased Jeffrey Epstein. (Musk and the president have since patched things up, traveling to China together on Trump’s recent state visit.)
“The most important part of my job is to keep my now-23,000 employees focused on the great work we do every day,” she said. “I feel like we put our heads down, we plow through our very difficult jobs. Maybe my best contribution…would be keeping everyone focused, not listening to the noise.”
“Think Musk the Billionaire was bad?” wrote The Guardian. “Brace Yourself for Musk the Trillionaire.”
Maybe. Maybe the high public dudgeon is just envy masquerading as principle. Musk’s cars, after all, get you where you’re going, and his rockets do the same for satellites and astronauts. Either way, a fabulously wealthy man has just gotten fabulously wealthier, as has his fabulously huge company. Now let’s see if they’re both worth the money.
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