Elon Musk has become the world’s first trillionaire following SpaceX’s stock market debut on Friday.

The SpaceX founder and chief executive held an estimated $860 billion worth of the company’s shares after they were priced at $135 each ahead of the initial public offering, according to Bloomberg.

Combined with his stake in Tesla and the surge in SpaceX shares after trading began, Musk’s paper wealth has surpassed $1 trillion, further cementing his position as the world’s richest person.

SpaceX shares continued to rise in early trading on Friday, further boosting Musk’s net worth.

Musk’s rise to trillionaire status comes at a time when his influence in business and politics has expanded significantly.

During the 2024 U.S. presidential election, he was a major financial supporter of President Donald Trump’s campaign, contributing an estimated $300 million.

Following the election, Musk took on a prominent role in the administration, heading the Department of Government Efficiency, an initiative aimed at reducing federal spending.

The programme attracted both support and criticism, with opponents questioning its effectiveness and arguing that some contract cancellations were carried out without sufficient review.

Last year, Tesla shareholders approved a compensation package for Musk that could eventually be worth as much as $1 trillion if the company achieves specified valuation targets and operational milestones.

In addition, one billion of Musk’s SpaceX shares are subject to restrictions that prevent their sale unless the company succeeds in establishing a human colony on Mars.

However, he can use those shares as collateral for loans, giving him access to billions of dollars in liquidity without having to sell the stock. This allows him to unlock value from his holdings while deferring any tax obligations that would typically arise from a sale.