Elon Musk added more than $22 billion to his personal fortune in a single day on Friday, pushing his net worth back above $851 billion as shares of Tesla (TSLA) and Space Exploration Technologies Corp. (SPCX) continued their sharp rebound from August lows. The surge has reignited speculation that the world’s richest person could once again approach the trillion-dollar threshold that he briefly crossed earlier this year.
SpaceX stock ended the week at $136.9 per share, a 30% climb from its lowest level of 2026. Tesla has rallied 22% from its July low and is now close to filling the price gap that opened following its July earnings release. The synchronized recovery in both companies — the two largest pillars of Musk’s wealth — has added more than $250 billion to his fortune so far this year.
Bloomberg data cited in a separate report pegged Musk’s net worth at $873 billion as of Aug. 22, placing him more than $578 billion ahead of second-place Larry Page, whose fortune stands at roughly $295 billion. The gap between first and second place on the global wealth ranking has become so vast that, according to one calculation, Musk could distribute $69.42 to every one of the 8.3 billion people on Earth and still remain the world’s wealthiest individual.
Analysts See Significant Upside Ahead
Wall Street analysts covering both companies have signaled that the rally may have further to run. The average price target for SpaceX shares sits at $228, implying an additional 66.5% upside from current levels. UBS has set a target of $210, while Bernstein is even more bullish at $248.
Tesla’s consensus target is $406 per share, representing a 12% increase from where the stock currently trades. Stifel’s Stephen Gengaro carries a $491 target, and RBC’s Tom Narayan sees the stock reaching $500.
CompanyCurrent PriceAverage TargetImplied UpsideNotable Bullish TargetsSpaceX$136.90$22866.5%UBS: $210, Bernstein: $248Tesla~$363$40612%Stifel: $491, RBC: $500
Note: Tesla’s current price is implied based on the stated 12% upside to the $406 consensus target. SpaceX price reflects end-of-week close.
Strong Fundamentals, Rising Costs
The rebound in both companies’ shares is supported by robust operational performance in the most recent quarter. Tesla reported revenue of $28.23 billion in the second quarter, a 26% year-over-year jump, as vehicle deliveries surged to 480,126 units against production of 451,758 vehicles.
However, heavy investment in artificial intelligence infrastructure pushed Tesla’s free cash flow into negative territory. The company recorded a $1.09 billion outflow during the quarter, a sharp reversal from the $1.4 billion inflow in the prior period. Musk and his leadership team have indicated that free cash flow will likely remain negative for the full year.
SpaceX delivered even more dramatic top-line growth, with revenue climbing 92% to $7.8 billion. Growth was distributed across all three business segments: the connectivity division generated more than $4.2 billion, while the AI and space segments contributed $2.5 billion and $962 million respectively.
SpaceX’s capital expenditure has soared to $18.3 billion, up from just $2.8 billion in the same period last year. That figure is expected to climb further as SpaceX and Tesla advance the Terafab project in Texas, a massive manufacturing initiative that will require sustained infrastructure investment.
The Trillionaire Question
Musk became the first person in history to achieve a net worth of $1 trillion earlier this year, driven by the strong market debut of SpaceX shares. Although a subsequent pullback erased that milestone, the current trajectory has raised the possibility of a return to 13-figure wealth.
Musk owns approximately 42% of SpaceX and roughly 11% of Tesla, meaning his personal fortune is highly sensitive to price movements in both equities. The billionaire’s wealth has fluctuated dramatically over the years — he was awarded a Guinness World Record in 2022 for the largest one-year drop in net worth ever recorded after Tesla shares tumbled.
For now, the math is straightforward: if SpaceX climbs toward its $228 average target and Tesla reaches the $406 consensus, Musk’s equity holdings in just those two companies would push his net worth well beyond $900 billion. Whether the rally has enough momentum to carry him back across the trillion-dollar line remains an open question, but after Friday’s $22 billion single-day gain, the distance to that milestone has narrowed considerably.