No, Musk's SpaceX Stake Is Not Worth $688 Billion — The Math Doesn't Add Up
“Musk holds approximately a 38% stake in SpaceX valued at approximately $688 billion”
The argument in brief
A claim circulating online says Elon Musk holds a 38% stake in SpaceX worth approximately $688 billion. Both numbers are wrong. SpaceX's entire company was valued at around $350 billion in December 2024, meaning even owning 100% of it would be worth roughly half the claimed figure — and Musk's actual stake is closer to 42-47%, not 38%.
Data: Reuters, Bloomberg, WSJ reporting on SpaceX funding rounds
Why it spread
Musk is the world's wealthiest person, so enormous numbers attached to his name feel believable. People often see his total net worth figure and assume it applies to a single asset like SpaceX. The confusion between total wealth and individual stake value is a simple mix-up that spreads quickly because few readers stop to do the underlying math.
A widely shared claim states that Elon Musk owns roughly 38% of SpaceX and that stake is worth approximately $688 billion. The verdict: partially false. Both the ownership percentage and the dollar figure are off, and one of them is off by a factor of two.
Start with the valuation. Reuters reported that SpaceX was valued at approximately $350 billion during a December 2024 tender offer. The Wall Street Journal confirmed SpaceX raised funds in a $210-350 billion range throughout 2024. That means the entire company — every share, including Musk's — is worth around $350 billion. A single stakeholder's slice cannot be worth $688 billion when the whole pie is worth half that.
The ownership percentage is also wrong, just in the opposite direction. Forbes and Axios both report Musk's stake at roughly 42-47%, not 38%. At the $350 billion company valuation, that puts his SpaceX holdings at somewhere between $150 billion and $165 billion — a massive number, but nowhere near $688 billion.
To be fair to the strongest version of this claim: SpaceX is growing fast. Its valuation jumped from $150 billion in 2023 to $350 billion by late 2024. Optimistic projections could push the company higher in coming years. But projections are not current valuations, and presenting a speculative future number as today's fact is misleading.
The most likely explanation for the $688 billion figure is that someone confused Musk's total estimated net worth with the value of his SpaceX stake alone. Bloomberg and Forbes track his overall wealth — which includes Tesla shares and other assets — in that general range. Mixing up a total net worth figure with a single asset's value is an easy error to make, and an easy one to spread.
This kind of misinformation travels fast because Musk's wealth is genuinely staggering, which makes almost any large number feel plausible. When figures are already in the hundreds of billions, an extra zero or a swapped label barely registers as suspicious. Always check whether a dollar figure refers to a stake or total net worth, and look up the most recent funding round before trusting any private company valuation.
Sources
- Bloomberg Billionaires Index
Bloomberg tracks Musk's SpaceX stake as a major component of his net worth, but the specific 38% figure and $688 billion valuation require scrutiny against SpaceX's most recent funding rounds.
- Reuters - SpaceX Valuation
SpaceX was valued at approximately $350 billion in a December 2024 tender offer, making a $688 billion total company valuation implausible at that time.
- Forbes Real-Time Billionaires
Forbes estimates Musk's SpaceX stake at roughly 42-47% rather than 38%, and the dollar value of his stake depends on the company valuation used, which was around $350 billion as of late 2024.
- The Wall Street Journal - SpaceX Funding
SpaceX raised funds at a $210-350 billion valuation range in 2024, far below the $688 billion figure that would be needed to make Musk's stake worth that amount even at a higher ownership percentage.
- Axios - Musk Wealth Breakdown
Musk's ownership stake in SpaceX is generally reported closer to 42-47%, not 38%, and his SpaceX holdings were valued in the range of $150-180 billion based on the $350 billion company valuation.