Elon Musk Holds 48.4% SpaceX Stake Worth Over $900 Billion, but Some Shares Depend on 'Exceptionally Outstanding' Performance

TradingKey - As SpaceX (SPCX)'s stock price rebounds recently, Elon Musk's shareholding scale has also been more fully disclosed for the first time.

Regulatory filings show that as of June 30, Musk beneficially owned approximately 6.42 billion shares of SpaceX, representing 48.4% of the company's total share capital on an as-converted basis. At the latest market price, this stake is valued at over $900 billion.

SpaceX's stock price has experienced sharp volatility since its listing in June, but it rebounded significantly in August following the release of its first post-IPO quarterly results and the expiration of certain lockup periods, with gains reaching as much as 30% during the month.

In terms of equity structure, Musk's related interests include approximately 850 million Class A shares and 3.92 billion Class B shares held by a trust for which he serves as trustee, about 1.3 billion restricted Class B shares held directly by him, as well as around 350 million Class B shares exercisable through stock options.

Because SpaceX uses a dual-class share structure, Class B shares carry 10 votes per share while Class A shares carry only 1 vote per share. Therefore, although Musk's economic stake is slightly below half, he has controlled more than 82% of the voting power since SpaceX's IPO, maintaining overwhelming control over the company.

However, the 48.4% "beneficial ownership" does not mean these shares have all fully vested with Musk. Regarding the disclosures, Musk emphasized: "Many of these shares will only vest if SpaceX achieves extraordinary performance, so the actual fully vested proportion will be lower."

Source: X

This means the currently disclosed shareholding figure includes a certain number of performance-based restricted shares and unexercised stock options tied to future milestones. Some incentive packages set extraordinarily high targets, including achieving a corporate valuation in the trillions of dollars and building space data centers with massive computing capacity; some awards are even tied to establishing a permanent Mars settlement with at least 1 million residents.

This shareholding disclosure once again highlights the immense impact of SpaceX's post-listing capital market performance on Musk's wealth. The company completed a record-breaking IPO in June, raising approximately $85.7 billion, with its market cap briefly exceeding $2 trillion shortly after listing. Although the stock subsequently underwent a noticeable pullback, it strengthened again in August as the company released its first post-IPO quarterly results showing revenue growth of over 90% year-over-year, alongside the sequential expiration of lockup periods.