SpaceX has surpassed Tesla in value for the first time in five years, signaling a major shift in Elon Musk’s financial landscape. With Tesla’s stock in decline, SpaceX’s valuation now stands at $147 billion, placing Musk’s 42% stake nearly $20 billion ahead of his Tesla shares, which are worth $97.8 billion. This marks a turning point in Musk’s wealth distribution.
SpaceX’s growth has been impressive, with revenue rising 51% to reach $13.1 billion in 2024. However, due to SpaceX’s private status, these figures remain speculative. On the flip side, Tesla has faced a decline in income for the second year running, further highlighting the contrasting paths of the two companies.
Starlink, SpaceX’s satellite internet division, has experienced significant growth, nearly doubling its revenue to $8.2 billion. Despite Musk’s optimism about Tesla’s future, the brand is feeling pressure, with sales plunging 45% in Europe and 49.3% in China. This decline is likely linked to Musk’s shifting focus toward his DOGE initiative.
Tesla’s U.S. sales have dropped just 5%, but a troubling survey indicates that 63% of car shoppers won’t consider the brand, marking a 10% increase over the past year. Musk’s strain was evident during a Fox Business interview, where he admitted the challenges of managing his various ventures.
SpaceX and Tesla now represent over 80% of Musk’s $329 billion net worth, with his stakes in xAI, X Corp, Neuralink, and Boring Company adding $45 billion. According to Dan Ives of Wedbush Securities, Musk’s focus on DOGE has left Tesla’s leadership lacking the balance it once enjoyed.
