SpaceX has submitted an IPO prospectus, revealing that Musk holds approximately 5.1 billion shares of the company. According to estimates, if the IPO valuation reaches the target of $2 trillion, Musk's net worth will rise to $1.1 trillion, making him the first "trillionaire" in human history. The wealth creation effect will not only belong to Musk; the company president, CFO, and board members will also become billionaires through their respective holdings. The IPO pricing is expected on June 11, with trading starting the next day.

Written by: Long Yue

Source: Wall Street News

An IPO prospectus brings Musk just one step away from becoming a "trillionaire."

SpaceX (Space Exploration Technologies Corp.) officially submitted its IPO prospectus (S-1 document) to U.S. securities regulators on May 20. This document reveals a key figure: Musk holds approximately 5.1 billion shares of SpaceX, as well as about 350 million options with an exercise price of $8.39.

According to Bloomberg's previous report of the $2 trillion target valuation, Musk's total net worth would reach an astonishing $1.1 trillion. Even if the valuation drops to $1.75 trillion, along with his shares in Tesla valued at $292 billion and other company interests, he will still cross this threshold.

The SpaceX IPO pricing is expected on June 11, with official trading commencing the next day.

How much money does Musk have now?

Currently, Bloomberg's Billionaires Index values SpaceX at $1.03 trillion. This figure is based on two reference points: the $80 billion valuation from a share transfer in December 2025, and the valuation from the xAI funding round in January 2026—Musk later merged the two companies a month after.

This valuation will be updated after the IPO pricing on June 11.

Musk is now 54 years old and has consecutively held the title of the world's richest person for nearly two years. If his net worth reaches $1.1 trillion, his wealth will be more than three times that of the second richest person, Google co-founder Larry Page (net worth $327.8 billion).

Compensation plan: the biggest reward only for Mars colonies

The prospectus also revealed Musk's compensation structure at SpaceX, which is similar to his plan at Tesla—financial and operational goals are interlinked, and reaching targets is required to receive stock rewards.

However, SpaceX's goals are much more ambitious than Tesla's.

The highest reward is: if SpaceX's market value exceeds $7.5 trillion (more than any company on Earth currently), and the company has established a permanent colony on Mars with at least 1 million people, Musk will be granted 1 billion shares of restricted stock.

There is also a separate reward: if SpaceX achieves the goal of "non-Earth data centers, with an annual computing power of 100 terawatts" and reaches a milestone of about $6.6 trillion in market value, Musk will receive over 300 million performance-linked restricted shares.

Bloomberg pointed out that even if none of the above goals are achieved, Musk is still very likely to maintain his status as the world's richest person in the coming years.

The IPO will make more than one person a billionaire

This IPO's wealth effect does not belong solely to Musk.

The prospectus shows that if SpaceX achieves a valuation of $2 trillion, the company's president Gwynne Shotwell, CFO Bret Johnsen, and board member Luke Nosek will also become billionaires through their respective holdings.

Wealth concentration sparks political controversy

The rapid expansion of Musk's wealth has sparked notable criticism in the U.S. political arena.

Democratic lawmakers, especially after Musk began using his personal wealth to support conservative politicians and led the Trump administration's actions to cut government spending, have raised their criticism significantly.

U.S. Congresswoman and Washington State Democrat Pramila Jayapal directly asked in an interview: "Is it reasonable to concentrate so much wealth in the hands of a few, controlling everything in our lives?"

SpaceX has not commented on this.