Topline
Elon Musk’s net worth dipped below $900 billion on Monday as shares in his SpaceX slid toward their initial public offering price, even as analysts remain overwhelmingly bullish on the rocket maker.
Wall Street remains overwhelmingly bullish on Musk’s rocket maker, despite its stock pulling back sharply.
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Key Facts
Shares of SpaceX dropped 3.8% to just under $140 as of Monday afternoon, approaching the stock’s $135 IPO price, as Tesla similarly declined 3%.
Another pullback in SpaceX shares cut $37.9 billion from Musk’s net worth, valued at $879.3 billion, as he remains the world’s richest person—directly ahead of Google cofounders Larry Page ($290.1 billion) and Sergey Brin ($267.6 billion).
Musk holds 4.8 billion SpaceX shares and another 350 million stock options, in addition to roughly 700 million Tesla shares.
big number
$1.45 trillion. That’s the peak of Musk’s net worth, achieved on June 16 as SpaceX shares hit an all-time high, above $225. Since then, the stock has plunged more than 38%.
surprising fact
Even as SpaceX shares stumble, Wall Street is largely bullish on the stock: Raymond James set an $800 price target, implying a market valuation well above $10 trillion. Brokers on average expect SpaceX shares to be worth $236, according to FactSet data, with targets of $401 from Arete Research, $300 from Morgan Stanley and $205 from Goldman Sachs. Raymond James analyst Brian Gesuale argued his firm’s position on SpaceX came as Musk’s rocket maker was “building the foundational platform for the next generation of industrial capacity.”
key background
SpaceX’s stock has been volatile since a record-setting debut last month. Shares of SpaceX peaked at an all-time high just a day after its IPO, after which the stock has declined in 11 of 17 total trading sessions. Longtime Tesla bull Dan Ives wrote in a note for Wedbush Securities that SpaceX was “one of the most differentiated assets within the tech market.” Ives also argued Musk’s rocket maker was “well-positioned to become a major hyperscaler” across connectivity, rocket launches and AI infrastructure.