In fact, shares aren’t even public yet, but Musk may have already become the world’s first trillionaire. Based on how SpaceX has traded recently on private markets, Barron’s calculated the CEO’s 6.4 billion shares are worth $830 billion. Add his $290 billon in Tesla stock, and he’s now sitting on $1.1 trillion.

For now, however, the Bloomberg Billionaires Index puts Musk’s net worth at $722 billion, still plenty to make him with world’s richest person.

SpaceX filed publicly for the IPO on Wednesday. A roadshow will likely kick off on June 4. Pricing would follow a week after that, with a trading debut on the Nasdaq coming on June 12 under the ticker SPCX.

The rocket, satellite, and AI company is seeking to raise up to $80 billion at a valuation that could near $2 trillion. If the company surpasses $1.7 trillion after going public, it would confirm Musk’s $1 trillion net worth.

The riches don’t stop there. SpaceX stock holdings owned by Chief Operating Officer Gwynne Shotwell as well as Chief Financial Officer Bret Johnsen will be worth more than $1 billion each, according to the Financial Times.

SpaceX director and head of Valor Equity Partners, Antonio Gracias, owns 503 million shares that could top $70 billion in value. Another director, Luke Nosek, has a stake worth about $5 billion.

Meanwhile, big investors will be rewarded for their prescient bets on SpaceX, which was started in 2002 to challenge the dominance of Boeing and Lockheed Martin in the space-launch market .

Hedge fund Darsana Capital Partners first invested in SpaceX in 2019 and is such a staunch backer that 60% of its assets under management are tied up in Musk’s company, sources told the Wall Street Journal. The IPO could result in Darsana seeing paper gains on its investment above $10 billion.

Similarly, hedge fund D1 Capital Partners can already tally paper gains of about $9 billion on SpaceX stock acquired for about $600 million, according to the Journal, with a post-IPO valuation pushing that even higher.

Despite still being relatively new, SpaceX has taken over the market. By pioneering the development of reusable boosters that can land autonomously, the company slashed launch costs and ramped up its launch cadence—suddenly making low Earth orbit more accessible to broad range of customers.

It claimed more than 80% of global rocket launches last year and has more than 10,000 Starlink satellites in orbit, providing space-based internet connections to businesses and militaries.

SpaceX is a top launch provider for NASA and the Pentagon, which is also looking to the company to help develop President Donald Trump’s “Golden Dome” missile-defense shield.

Revenue grew by more than 30% last year to $18.7 billion, but the bottom line swung to a loss of $4.9 billion as xAI’s losses deepened to $6.4 billion. Starlink more than doubled its profit to $4.4 billion.

As a major disruptor in the space industry, SpaceX’s private valuation had already been soaring ahead of its public debut.

In December, it was valued at $800 billion after the sale of insider shares. Then secondary trading on private markets put it at $1.54 trillion in April and $1.7 trillion today. If shares hit $160 after going public, SpaceX could top $2 trillion.

As rich as that would make Musk, he could expand his wealth even more if SpaceX achieves incredibly ambitious milestones.

He could be awarded as many as 200 million additional class B shares if the company reaches a $7.5 trillion valuation and builds a colony on Mars with 1 million human inhabitants.

Another milestone would give Musk 60 million more shares if the valuation hits $6.6 trillion and SpaceX deploys a network of space-based data centers with 100 terawatts of computing capacity.

Despite an unprecedented governance structure that would give Musk nearly unchecked executive power, investors stand to reap a massive pay day and don’t seem to be pushing back against the governance changes.

“I am not saying our investment process is to just give him money for anything he wants,” a venture capitalist who backed X, xAI and SpaceX told the FT. “But to be honest that wouldn’t have been a bad strategy: Never bet against Elon.”