Elon Musk's fortune climbed back above $800 billion on Friday after SpaceX shares surged 16%, reversing much of a steep post-earnings selloff. Key Points: SpaceX closed at $133.11 on Aug. 7,
Elon Musk's fortune climbed back above $800 billion on Friday after SpaceX shares surged 16%, reversing much of a steep post-earnings selloff.
- SpaceX closed at $133.11 on Aug. 7, a 15.8% gain that capped a two-day rally worth more than $327 billion in market value.
- Musk's net worth reached $802 billion, less than two weeks after it fell below $700 billion.
- Bernstein raised its target to $248, while Raymond James held the Street's highest call at $800.
SpaceX shares closed at $133.11 on Aug. 7, a 15.8% gain that capped a two-day rally of roughly 23%. Bloombergcalculated that the two sessions added more than $327 billion in market value, pushing the stock back toward its $135 offering price for the first time since July. The rebound landed two days after the company's first post-listing lockup expired.
That expiry freed about 911 million insider shares on Aug. 6, a supply overhang several analysts had flagged as a serious downside risk for a stock already far off its highs.
Second-quarter revenue jumped 92% to $7.81 billion, well ahead of forecasts near $6.9 billion, while net losses narrowed to $541 million from about $1 billion.
Connectivity remained the largest business, contributing more than $4.2 billion as Starlink turnover nearly doubled. Capital spending still reached $18.3 billion, with the artificial intelligence segment absorbing $15.8 billion of that total.
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Bernstein analyst Douglas Harnedlifted his target to $248 from $239, Argus Research upgraded the stock to buy at $160, and Citi kept a buy rating with a $200 target after the AI unit's adjusted earnings beat its own estimate by nearly $1.5 billion. Raymond James analyst Brian Gesuale went furthest, holding the Street's highest target at $800.
Gesuale argues Starship can cut launch costs sharply enough to open new markets across communications, AI infrastructure, manufacturing and energy.
Consensus targets still diverge across data providers, ranging from roughly $227 to $231, which implies at least 70% upside from Friday's close. Steve Westly, a former Tesla board member, questioned publicly how fast the company can grow and how heavy its costs will run before profitability arrives.
Forbesvalued Musk's fortune at $802 billion on Friday, less than two weeks after it slipped below $700 billion, while Bloomberg data reportedly showed a one-day gain near $96 billion.
He owns roughly 38% of SpaceX, tying his wealth tightly to daily moves in a stock that has swung wildly for seven weeks.
The volatility dates to the June listing, and it has been extreme by any measure. Shares closed at a record $201.80 on Jun. 16, when Musk's wealth peaked near $1.33 trillion, before sliding 46% to a low of $108.37 last week. Earnings-day selling on Aug. 5 alone wiped roughly $87 billion from his fortune in a single session.
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