Elon Musk Is a Trillionaire Again After SpaceX’s 15% Two-Day Run
A single analyst note sent SpaceX shares on a two-session tear that restored a fortune most thought was gone, but the same math that rebuilt it could erase it just as fast.
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On Monday, Oct. 5, 2026, Elon Musk crossed back over the trillion-dollar line. A two-session rally in one stock that holds most of his wealth pushed him back over it.
SpaceX (NASDAQ:SPCX | SPCX Price Prediction) shares rose about 15% over the two sessions and closed at $171.09, the stock’s highest close since June. Monday alone added 7.63%.
Forbes estimates Musk’s fortune made $61 billion on Friday and $30.6 billion on Monday, putting it back at about $1 trillion. That number comes from an outside model that is revised daily based on share price alone.
A huge personal fortune now depends on one company that went public in June and trades with sharp volatility. The same share-price math that restored the threshold in two sessions could erase it just as quickly if the stock falls.
What Actually Moved SPCX Stock
The catalyst was analyst Adam Jonas reiterating an Overweight rating with a $300 price target. His note was titled “SPCX $159: Cheap and Getting Cheaper.”
The more telling line is Jonas’s account of asking 40 clients who owned the stock, after which “nobody raised a hand.” That claim says institutions are underweight the stock, which points to positioning rather than valuation.
The latest crewed mission docked with the space station in under eight hours, the quickest trip by a U.S. spacecraft. This is an operational milestone but generates no near-term revenue.
Starlink matters more. It serves over 12 million subscribers, and second-quarter connectivity revenue reached $4.291 billion, up 66% from a year earlier. That revenue growth is the part of the business most likely to support the valuation.
A SpaceX executive confirmed early talks with a major foundry about joining a chip venture, but disclosed no terms, commitments, or counterparty confirmation. The AI unit’s rename around a superintelligence claim is still marketing with no disclosed economics.
Why the Rally Leaves Shares Below the June Peak
The shares went public at $135, hit $225.64 in June, and still trade about 24% below that high. Monday’s close was the best since June.
Insider lockups continue to expire through December. More shares will reach the market.
The company is also still losing money. It reported a second-quarter net loss of $541 million and spent $18.369 billion on capital expenditures, including $15.83 billion on AI computing capacity.
What Could Move SPCX Stock Next
After a 17.61% gain in one week, the shares look stretched relative to the underlying business. Two days of momentum did not change the business, and new supply from lockups is still coming.
The underownership argument works in both directions. If institutions are thin in the stock, their buying can lift it quickly, but thin ownership can also compound a decline when lockup shares arrive.
A broad index fund would hold SpaceX at index weight only if the stock is added to major indexes, which limits how much any single company can affect a diversified portfolio.
If the shares close back below the $159 level in Jonas’s note title, the rally has reversed. A close above the June high would prove this view wrong.
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Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
