Since SpaceX priced its IPO at $135 per share and targeted a June 12 Nasdaq debut, the wealth numbers surrounding Elon Musk have reached territory that has no modern precedent.

The Number Is Real — And Almost Incomprehensible

According to SpaceX's updated IPO prospectus, published Wednesday and reported by CNBC, Musk's stake in the company is worth $866.5 billion on paper at the $135 offering price. Add in his Tesla holdings — roughly $355 billion in stock, plus options that could tack on another $100 billion — and you're looking at a total theoretical net worth well north of $1.2 trillion.

Forbes currently lists Musk's net worth at $826 billion. That figure is already about to become a relic.

The second-richest person on earth, Google co-founder Larry Page, sits below $300 billion. Musk isn't winning the wealth race — he's lapping the field.

The Voting Control Story Everyone Is Underplaying

Musk will control more than 82% of SpaceX's voting power after the IPO, according to the prospectus.

That's not a publicly accountable company in any meaningful governance sense. Retail investors buying shares on June 12 will own an economic slice of SpaceX. They will own essentially zero influence over how it's run.

The prospectus itself acknowledges this, bluntly noting that Musk "will not be subject to any obligation to maintain his ownership interest" after a 366-day lock-up period expires. After one year, he can sell whatever he wants, whenever he wants, with no strings attached.

This is a critical risk disclosure that's been getting far less airtime than the trillionaire milestone.

The Revenue Reality Check

SpaceX is being valued at $1.77 trillion. Last year, the company generated $18.67 billion in revenue, according to CNBC.

For comparison: Meta topped $200 billion in revenue and Tesla came in near $95 billion. Both are currently valued below SpaceX's target.

Morningstar has already said the stock is overvalued at this price — a data point we covered earlier this week. Nothing in the prospectus changes that math. SpaceX is being priced on trajectory and vision, not on present-day financials. That may ultimately be correct. It may also be a very expensive lesson for retail buyers who pile in on Day 1.

Coinbase Is Already Cashing In on the Hype

Before the stock even hits Nasdaq, Coinbase has launched a product to let people bet on it.

According to CNBC, Coinbase unveiled a "SpaceX Pre-IPO Perp" — a perpetual futures contract settled in USDC stablecoin that tracks SpaceX's private-market valuation. The product is available only to traders outside the United States.

Liz Martin, head of derivatives at Coinbase, called it "a new asset class, built for this era of markets."

Binance got there first — the world's largest crypto exchange launched its own SpaceX pre-IPO perps last month, per CNBC.

These are speculative instruments for retail traders who can't access the IPO to take leveraged positions on SpaceX's price direction, with no ownership of actual shares, no voting rights, and no direct claim on the company's assets. Two major exchanges are racing to service this demand, a sign of how much retail FOMO is in the market right now.

The Tesla-SpaceX Merger Speculation

CNBC notes that some investors have begun speculating that Musk's end game is to eventually merge SpaceX and Tesla to consolidate AI resources and simplify future capital raises.

That's speculation at this point, not a stated plan. If that ever happened, the combined entity would be the most valuable company in human history by a distance, and Musk would control it almost absolutely.

Some people think that's visionary. Others think it's the kind of concentrated power in a single person's hands that should give regulators pause. Both reactions are reasonable.

What Mainstream Coverage Is Getting Wrong

Most outlets are treating the trillionaire milestone as the story. The overlooked elements are an 82% voting lock that makes retail shareholders economically exposed but operationally irrelevant; a valuation that prices in a future SpaceX hasn't financially delivered yet; and a wave of derivative products designed to monetize hype before the IPO even prices in public markets.

Bullish coverage from financial media tends to lead with the milestones. Critical coverage from left-leaning outlets tends to frame Musk's wealth as inherently threatening without engaging the substance. Neither approach serves the investor trying to make a rational decision.

June 12 Is Eight Days Away

If SpaceX opens at or above $135, Elon Musk becomes the world's first trillionaire. That is a genuinely historic milestone.

It also means the world's most powerful private rocket company — which holds government contracts, operates critical satellite infrastructure, and is racing toward Mars — will be controlled almost entirely by one man with no meaningful accountability to public shareholders.