SpaceX Stock Up 37% in Five Days: Elon Musk's Net Worth Nears $900B After $73B One-Day Gain

SpaceX shares (Nasdaq: SPCX) rose again on Wednesday, extending a rebound that has lifted the stock by around a third since it touched an all-time low a week earlier. Forbes put Elon Musk's fortune at $889.9B at the close, up $63.7B on the day and within touching distance of $900B.

Both of those figures are real. So is the part that tends to fall out of the retelling. The stock is climbing off its own floor rather than breaking new ground. Shares still trade roughly 39% below the $225.64 they reached on 16 June, four days after the largest initial public offering (IPO) in history.

Where the Run Actually Started

The floor was set on 5 August at $104.83. The following day, around 911M shares came free from their lock-up, and rather than buckling under the new supply, the stock turned. It gained 16% on 7 August, added 4% on 10 August, closing at $138.82, then gave back almost 4% on 11 August, as the chart below shows.

That losing session matters, because it breaks the picture of an unbroken five-day climb. Wednesday's 3.2% rise recovered the Tuesday loss and a little more. Measured close to close, the run since 5 August is worth somewhere between 31% and 33%, depending on which Wednesday print is used.

The turn had causes beyond mood. Second-quarter revenue came in at $7.81B against forecasts nearer $6.93B in the first set of results since the June listing. Morgan Stanley restated an overweight rating. The company says it remains on course for $100B of annualised recurring revenue by the end of the year.

One Stock, One Fortune

Musk holds roughly 38% of SpaceX once vested options are counted, which is why a single session in a single stock moves his fortune by more than most billionaires own in total. Forbes recorded him as Wednesday's largest gainer by a factor of five, as the graphic below shows.

That concentration cuts both ways. The same holding took value off him when the stock slipped on 11 August. Forbes revalues public holdings every five minutes while markets are open, so a fortune loaded this heavily into one listed company is marked continuously rather than once a year.

Eight further share-unlock tranches remain scheduled. The first and largest has now passed without the collapse many had priced in, but each release adds more stock to a market that has not settled on what the company is worth.

For British investors, the exposure is often indirect and rarely hedged. The shares trade on Nasdaq, so a position bought in sterling carries currency risk on top of a stock that has swung by double digits in a single session more than once this month. A growing number of funds and investment trusts now hold it, which means the holding can appear in a portfolio that was never picked for it.

What the Bulls Are Saying

Among the loudest is Ron Baron, whose Baron Capital started buying SpaceX privately in 2017, committed around $3B over time, and added $1B more on listing day. The holding was valued near $25B in June. His view was circulating again on Wednesday evening.

Baron has been making that argument since at least 12 May, when he put it to a televised interview weeks ahead of the listing. He has since floated figures running from $10 trillion to $40 trillion. The prediction is neither new nor a finding, and it is worth reading as one investor's forecast about a position he already owns.

Against it sits the arithmetic. SpaceX carries a market value near $1.76 trillion on 2025 revenue of $18.67B and a net loss of $4.94B. The rally has restored the listing price. Whether it has restored the case for the valuation is a different question, and one the remaining unlocks will keep asking.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IBTimes UK does not recommend buying, selling or holding any security. Share prices and valuations can fall as well as rise; past performance is not a guide to future returns, and readers should carry out their own research or seek independent regulated financial advice before making any investment decision.