Elon Musk, who recently supplanted his galactic rival Jeff Bezos as the world's richest man, will add another bragging right over the Amazon founder as financial experts predict the Tesla boss will become the first trillionaire due to the exponential growth of SpaceX.
In a note titled 'SpaceX Escape Velocity ... Who Can Catch Them?' Morgan Stanley analyst Adam Jonas said that Musk's aerospace company SpaceX is on track to propel the 50-year-old to trillionaire status.
Jonas wrote that the innovative SpaceX 'is challenging any preconceived notion of what was possible and the time frame possible, in terms of rockets, launch vehicles and supporting infrastructure,' Bloomberg reported.
Elon Musk (pictured with then-President Donald Trump in background) saw his wealth swell after a share sale at SpaceX earlier this month
Musk last week dethroned Amazon founder Jeff Bezos (pictured) as the world's richest person -whose wealth was estimated at $198.7 billion
Currently, SpaceX makes up less than 17 percent of Musk's $241.4 billion net worth, according to Bloomberg Billionaires Index, which has the Tesla CEO at the top of the list, ahead of Amazon CEO Jeff Bezos, who had held the No. 1 spot for years.
According to Jonas, SpaceX's advantage is that it functions as multiple companies in one that include space infrastructure, Earth observation, deep-space exploration and other industries.
SpaceX, which Musk owns about half of, is now the second-most valuable private company worldwide behind only China’s Bytedance, according to CB Insights.
The company's Starlink satellite-communications business is the biggest contributor to his valuation estimate, Bloomberg reported.
Starlink is a satellite internet constellation operated by the company that provides satellite Internet access to most of the world.
SpaceX has already launched 1,740 Starlink satellites to date, currently providing an internet network to over 100,000 users in 14 different countries who are a part of the project's public beta, with service priced at $99 a month.
The success of SpaceX adds to Musk's already massive net worth, which is mostly made up of Tesla shares.
Musk recently saw his and his SpaceX company's wealth swell after a share sale at SpaceX on October 8 worth $100 billion in a secondary offering.
The company had an agreement with both new and existing investors to sell up to $755 million in SpaceX stock from insiders at $560 per share, multiple people close with the deal told CNBC.
The 33 percent increase in its new share price brings the company’s valuation to $100.3 billion after initially offering the deal to investors in February, when SpaceX's valuation stood at $74 billion at 419.19 a share.
The first round of offerings raised nearly $1.2 billion, the outlet reports.
After share sale helped push his net worth pass $230 billion last weekend, officially making him the richest man on the planet.
The Tesla CEO became the third person in the world to be worth $200 billion last month, beating Bezos to the top spot
SpaceX Falcon 9 pictured lifting off with NASA astronauts Doug Hurley and Bob Behnken in the Dragon crew capsule in May 2020
The highly successful Space X only adds to Musk's net worth, which is mostly made up of Tesla shares which continue to surge
Elon Musk replied to Bezos' tweet with a No.2 medal after surpassing him as the world's richest man
The feat was especially
