Forbes has put Elon Musk’s net worth above $600 billion after a new SpaceX tender offer that, according to two investors cited by the magazine, prices the company at $800 billion. The same sources said SpaceX was valued at $400 billion in August, marking a sharp step up in a matter of months.
The magazine estimates Musk owns about 42% of SpaceX. On Forbes’s numbers, the tender offer lifts his overall fortune to about $677 billion as of midday Eastern time on Monday, putting him in territory no one has previously reached on the rich list.
SpaceX Now Musk’s Largest Holding
Forbes says Musk’s SpaceX stake is now worth about $336 billion, overtaking his Tesla holding as his largest shareholding by value. It values his roughly 12% stake in Tesla at about $197 billion, not including stock options from his 2018 CEO performance award, voided by a Delaware judge in January 2024. Forbes adds that it is discounting those options by 50% to $69 billion while Musk appeals the decision to the Delaware Supreme Court.
SpaceX IPO Expectations
The Forbes report also points to a SpaceX IPO target in 2026. One investor told the magazine that internal expectations could put an offering valuation around $1.5 trillion. SpaceX and Musk did not respond to Forbes’s request for comment, it said.
Alongside SpaceX and Tesla, Forbes highlights Musk’s xAI Holdings as another major component. It notes reports that the business is in talks to raise new funding at a $230 billion valuation, more than double the $113 billion figure Musk cited when he merged xAI with X earlier this year. Forbes estimates Musk holds around 53% of xAI Holdings, valuing that stake at roughly $60 billion.
Forbes and the Rich List Tradition
Rich lists have been a Forbes staple for decades, and it’s become one of the main places people check when they want a headline view of how wealthy public figures are. The magazine launched the Forbes 400 in 1982 and began publishing its international billionaires list in 1987.
Musk’s net worth has fluctuated wildly over the years because so much of it is tied to Tesla’s share price, plus private valuation resets for SpaceX. Personal controversy has also affected sentiment around the companies he holds shares in. Tesla shares fell after a straight-arm gesture at a Trump inauguration event drew comparisons from critics to a Nazi salute. Musk rejected the accusation, and some Tesla owners later said they were distancing themselves from the brand.
How Net Worth Is Calculated
Net worth in this format is always an estimate, built from public filings, reported stakes, known debts and the latest pricing signals from deals involving private companies. That means the rankings can lurch when a tender offer, new paperwork, or a legal decision changes what can reasonably be counted. Forbes also says Elon Musk now leads the second-ranked name on its list, Google cofounder Larry Page, by roughly $425 billion.
Source: Forbes (Matt Durot), 15 December 2025
Published by Ben Ward
Ben Ward studied English Literature and Language at the University of Bristol. With a background in analytical news writing and an interest in space exploration, his work focuses on the connection between science, history, and language. He has a measured approach to space journalism, always prioritising accuracy. He is interested in how the decisions of private industry, government agencies, and scientific institutions shape the future of space exploration. When not writing, He closely follows updates in Geopolitics, Aerospace and Planetary science, considering how humanity’s presence on earth has an influence far beyond it.