Elon Musk is a trillionaire again. His net worth climbed to $1.04T on Monday after gaining $65B in a single day, according to the Bloomberg Billionaires Index.
It's the first time in three months that his fortune has crossed back above $1T.
Musk first reached the milestone in June, when SpaceX went public on the Nasdaq at $135 per share in a record-breaking listing. The celebration didn't last long. Investors pushed back on the valuation, and the stock spent much of the summer sliding.
By late July, Musk had lost more from his peak than the entire fortune of anyone else who has appeared on Bloomberg's list of the world's 500 richest people.
His wealth can move fast because so much of it rests on just two companies. Musk owns around 4.76B SpaceX shares and another 1.3B shares of unvested restricted stock, while more than 98% of his fortune is tied to SpaceX and Tesla.
Morgan Stanley sees another 75% upside
SpaceX's rebound got another boost Sunday when Morgan Stanley analyst Adam Jonas published a note titled "Cheap and Getting Cheaper."
Jonas kept his overweight rating and $300 price target, implying roughly 75% upside from Monday's close. He pointed to future AI product releases, progress on Starship, and additional neocloud contracts as potential drivers. He also suggested investors may not have much time to wait.
Morgan Stanley called SpaceX one of the cheapest ways to play growing demand for AI computing.
Starship has something left to prove
The next major test is whether SpaceX can bring Starship's upper stage back for a catch rather than sending it into the ocean.
Analysts see a successful catch on an upcoming test flight as the biggest potential catalyst since the IPO. Earlier flights finished with the upper stage splashing down, meaning SpaceX has yet to demonstrate that part of its reusability plan.
The company's Q3 earnings report, expected in late October, gives investors another near-term checkpoint.
Tesla added to Musk's gains after reporting 486.5K Q3 deliveries, ahead of the 456.9K consensus estimate.
For public investors, SpaceX combines rockets, satellite broadband, and AI under one ticker. Wall Street has increasingly valued those businesses separately rather than treating SpaceX as one operation.
That leaves Musk's trillion-dollar fortune riding on more than a SpaceX rebound. The next question is whether the businesses behind it can justify the price.
