Elon Musk has set a new global wealth milestone, becoming the first individual in history to surpass a $600 billion net worth. According to Forbes estimates as of 12 p.m. U.S. Eastern Time on Monday, Musk’s fortune now stands at approximately $677 billion, driven largely by a dramatic revaluation of his private space company, SpaceX.

The jump in Musk’s net worth follows a tender offer that valued SpaceX at $800 billion, double its estimated valuation just months earlier. Musk owns about 42% of the company, meaning the repricing alone added roughly $168 billion to his personal wealth.

SpaceX emerges as Musk’s Most Valuable Asset

SpaceX has now overtaken Tesla as the largest single contributor to Musk’s fortune. Forbes estimates that Musk’s stake in the rocket maker is worth around $336 billion, making it his most valuable holding to date.

The company is also reportedly targeting an initial public offering in 2026, with internal discussions pointing to a potential valuation of $1.5 trillion. If achieved, such an IPO could push Musk into unprecedented financial territory, potentially making him the world’s first trillionaire.

Neither SpaceX nor Musk has publicly commented on the tender offer or IPO plans.

Tesla’s Role and the Legal Cloud Over Stock Options

Musk still holds roughly 12% of Tesla, a stake currently valued at about $197 billion. However, his broader Tesla-linked wealth remains complicated by legal uncertainty.

In January 2024, a Delaware judge voided Musk’s 2018 CEO performance stock options. While Musk is appealing the decision to the Delaware Supreme Court, Forbes has discounted the value of those options by 50%, assigning them an estimated worth of $69 billion pending the outcome.

Even if the appeal fails, Tesla could still offer Musk another path toward extreme wealth. In November, shareholders approved a new long-term compensation plan that could eventually award Musk up to $1 trillion in Tesla stock, provided the company meets aggressive market capitalisation and operational targets over the next decade.

xAI adds another layer to Musk’s expanding empire

Beyond SpaceX and Tesla, Musk’s artificial intelligence venture xAI Holdings is emerging as a major wealth driver. The company, formed earlier this year through the merger of xAI and Musk’s social media platform X, is reportedly raising new capital at a valuation of $230 billion.

That figure more than doubles the $113 billion valuation Musk cited at the time of the merger. Musk owns approximately 53% of xAI Holdings, which Forbes estimates is now worth around $60 billion to him personally.

From $25 Billion to $677 Billion in Five Years

Musk’s rise has been one of the fastest wealth expansions in modern history. In March 2020, his net worth stood at just $24.6 billion. By August of that year, soaring Tesla shares made him one of the few people ever worth $100 billion.

Since then, Musk has repeatedly reset the benchmark for personal wealth, crossing $200 billion in 2021, $300 billion later that year, $400 billion in 2024 and $500 billion in October. No other individual has ever reached the $500 billion mark.

Today, Musk leads the world’s second-richest person, Google co-founder Larry Page, by roughly $425 billion, making his position at the top of the global wealth rankings unusually secure.

Closer to $700 Billion, and beyond

With Musk now less than $23 billion away from the $700 billion threshold, analysts say his next milestone may arrive sooner rather than later. Whether driven by SpaceX’s IPO ambitions, xAI’s funding rounds or Tesla’s long-term growth targets, Musk’s financial trajectory suggests the era of ultra-high net worth individuals is entering entirely new territory.

For now, one thing is clear: Elon Musk has not only become the world’s richest person, he has redefined what that title means.