Good morning, investors. Mansa Musa, the 14th-century ruler of the Mali Empire, is widely considered the richest person in history ($400 billion). Now get ready for Elon Musk.
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NEED TO KNOW
Trillionaire
Elon Musk is currently worth about $800 billion.
But the truly astonishing part is where that wealth comes from.
A massive portion of it is tied to SpaceX, which is rumored to go public soon.
Musk reportedly owns ~43% of the company.
And the valuation expectations are staggering.
Expected IPO valuation: $1.75 trillion
Some rumors even suggest $2.00 trillion
If that happens, Musk’s SpaceX stake alone could be worth:
$752 billion at a $1.75T valuation
$860 billion at a $2.00T valuation
Add his holdings in Tesla and other ventures, and the numbers quickly approach something historic.
In fact, it would likely make Musk the first trillionaire.
CHART OF THE WEEK
40 Space Stocks
The global space market is projected to grow at 12% per year (Novaspace).
And unlike meme narratives, this growth is infrastructure-driven:
Satellites
Launch systems
Ground stations
Space-based communications
Defense applications
Navigation & Earth observation
Here is why we’re watching.
In 2025, North America held 46.35% market share.
That dominance reflects:
U.S. defense spending
Commercial launch capacity
Private-sector innovation
Satellite internet expansion
While still risky, the space industry is no longer a moonshot theme.
And as geopolitical fragmentation increases, space infrastructure becomes strategic.