SpaceX officially revealed its plans to go public on Wednesday, which would catapult Elon Musk’s already world-leading wealth to even greater heights.

The blockbuster IPO could bring in massive amounts of money for what’s now dominant private-sector space company. And it could make Musk the world’s first trillionaire.

Musk founded SpaceX in 2002, initially entirely focused on building rockets and delivering payloads to outer space. It became a telecommunications company in 2021, with its first customers for Starlink, its satellite-based internet service.

In February, Musk merged SpaceX with xAI, his artificial intelligence company, which includes his social media platform, X.

Elon Musk is the richest person in the world, with a net worth estimated between $667 billion and $807.7 billion, depending on the tracking index.

Because the vast majority of his wealth is tied up in equity rather than cash, his financial standing fluctuates heavily by billions of dollars daily based on market trading.

His massive financial surge over the last year is driven by ownership stakes in several major tech and aerospace industries

The massive merger between his aerospace company SpaceX and his artificial intelligence startup xAI valued the combined entity at $1.25 trillion. Musk owns over 40% of this combined giant.

Musk holds roughly an 11% stake in the electric vehicle manufacturer Tesla. His net worth was also substantially boosted after the Delaware Supreme Court reinstated his multi-billion dollar stock option pay package.

He maintains smaller but highly valuable private stakes in Neuralink, The Boring Company, and the social media platform X (formerly Twitter).

Due to the upcoming planned SpaceX IPO, market analysts project that Musk is on track to potentially become the world’s first trillionaire.