June: The world's first "trillionaire" is about to be born—Elon Musk.

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An IPO prospectus brings Musk just one step away from becoming a "trillionaire".

SpaceX (Space Exploration Technologies Corp) officially filed its IPO prospectus (S-1 document) with U.S. securities regulators on May 20. This document reveals a key figure: Musk holds about 5.1 billion shares of SpaceX stock, as well as about 350 million options with an exercise price of $8.39.

According to Bloomberg's previously reported $2 trillion target valuation, Musk's total net worth will reach a staggering $1.1 trillion. Even if the valuation drops to $1.75 trillion, plus the $292 billion worth of Tesla shares he holds and other company interests, he will still surpass this threshold.

SpaceX's IPO pricing is expected on June 11, with formal trading to begin the following day.

How much money does Musk have now?

Currently, the Bloomberg Billionaires Index values SpaceX at $1.03 trillion. This figure is based on two reference points: an $80 billion valuation in a stock transfer in December 2025 and the valuation from the xAI financing round in January 2026—after which Musk merged the two companies a month later.

This valuation will be updated after the IPO pricing on June 11.

Musk is 54 this year, and has been the world's richest person for nearly two consecutive years. If his net worth reaches $1.1 trillion, his wealth will be more than three times that of the second richest person, Google co-founder Larry Page (net worth $327.8 billion).

Compensation Plan: Only Mars Colony earns the biggest award

The prospectus also discloses Musk's compensation structure at SpaceX, modeled similarly to his plan at Tesla—a dual binding of financial and operational targets, with equity rewards granted only if goals are met.

But SpaceX's goals are far more aggressive than Tesla's.

The highest-tier reward is: If SpaceX's market cap exceeds $7.5 trillion (surpassing any existing company on Earth), and the company has established a permanent colony of at least 1 million people on Mars, Musk will be granted 1 billion restricted shares.

There is another independent reward: If SpaceX achieves the goal of a "non-Earth data center with annual computing power of 100 terawatts", and reaches a market cap milestone of about $6.6 trillion, Musk will receive more than 300 million performance restricted shares.

Bloomberg points out that even if none of the above goals are achieved, Musk is still highly likely to remain the world's richest person for years to come.

The IPO turns more than one person into a billionaire

The wealth effect of this IPO belongs not only to Musk.

The prospectus shows that if SpaceX achieves a $2 trillion valuation, company president Gwynne Shotwell, CFO Bret Johnsen, and board member Luke Nosek will all rise to the ranks of billionaires thanks to their respective holdings.

Wealth concentration sparks political controversy

The rapid expansion of Musk's wealth has sparked obvious criticism in U.S. political circles.

Democratic lawmakers, especially since Musk began using his personal wealth to support conservative politicians and lead Trump administration spending cuts, have become visibly more critical.

U.S. Congresswoman Pramila Jayapal, Democrat from Washington State, directly asked in an interview: "Is it reasonable for so much wealth to be concentrated in the hands of so few, allowing them to control everything in our lives?"

SpaceX has not commented on this.

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