The world’s wealthiest individual has reached yet another historic benchmark, propelled by the rapidly rising valuation of his aerospace company, SpaceX.

Elon Musk has taken a significant step closer to becoming the world’s first trillionaire. Earlier this month, SpaceX initiated a tender offer that values the private rocket maker at approximately $800 billion, doubling its valuation from $400 billion in August, according to two investors familiar with the deal who spoke with Forbes. This dramatic increase has added an estimated $168 billion to Musk’s personal fortune, bringing his net worth to around $677 billion as of noon Eastern time on Monday. With this surge, Musk has become the first individual in history to surpass $600 billion in net worth—a level no one had previously reached, not even the $500 billion mark.

The tender offer comes as SpaceX reportedly prepares for a potential initial public offering in 2026, which could value the company at as much as $1.5 trillion, according to one investor who confirmed the plans to Forbes. Such a valuation would almost certainly push Musk into trillionaire territory. While multiple media outlets have previously reported on both the tender offer and the IPO discussions, representatives for Musk and SpaceX declined to comment on the matter.

Even without an IPO at that level, SpaceX has already become Musk’s most valuable asset. Forbes estimates that Musk’s 42% ownership stake in the company is now worth roughly $336 billion, eclipsing the value of his holdings in Tesla. Musk owns about 12% of Tesla, which is currently valued at $197 billion, excluding stock options tied to his controversial 2018 CEO Performance Award. Those options were invalidated by a Delaware judge in January 2024, and Forbes has applied a 50% discount to their estimated value—roughly $69 billion—while Musk appeals the decision to the Delaware Supreme Court.

Should Musk lose that appeal, Tesla could still offer him an alternative path to trillionaire status. In November, Tesla shareholders approved an unprecedented compensation package that could award Musk up to $1 trillion in additional stock before taxes and vesting costs. This package is contingent on Tesla achieving ambitious “Mars shot” milestones, including increasing its market capitalization more than eightfold over the next decade—an extraordinary but not impossible target given the company’s past growth.

Beyond Tesla and SpaceX, Musk’s expanding artificial intelligence ambitions are also contributing to his swelling fortune. His newly formed xAI Holdings is reportedly in discussions to raise fresh capital at a valuation of $230 billion, more than double the $113 billion valuation Musk cited in March when he merged his AI startup xAI with his social media platform X, formerly known as Twitter. According to Forbes, Musk owns approximately 53% of xAI Holdings, giving him an estimated stake worth $60 billion.

Crossing the $600 billion threshold is only the latest achievement in a remarkable series of financial milestones for Musk over the past five years. In March 2020, his net worth stood at just $24.6 billion. By August of that year, soaring Tesla shares had made him the fifth person in history to surpass $100 billion. He became the world’s richest person for the first time in January 2021 with a net worth of nearly $190 billion, then continued climbing rapidly—reaching $200 billion in September 2021, $300 billion in November 2021, $400 billion in December 2024, and $500 billion in October. Only Oracle founder Larry Ellison has also reached both the $300 billion and $400 billion marks.

Today, Musk appears far closer to becoming a trillionaire than to losing his position as the world’s richest person. He currently holds a commanding $425 billion lead over the second-richest individual, Google cofounder Larry Page, whose fortune is estimated at $252 billion. With Musk now less than $23 billion away from the $700 billion milestone, his next historic achievement may arrive sooner rather than later.