[DigitalToday reporter Jinju Hong] Elon Musk is a step closer to becoming the world’s first person with $1 trillion in assets. The key driver is likely to be SpaceX, the space and defence company, rather than Tesla, analysts say.

On Feb. 7 (local time), CNBC and Forbes reported that Musk’s net worth stood at about $845 billion, topping $800 billion for the first time. That exceeds the combined wealth of the world’s second- to fourth-richest people, including Google co-founders Larry Page and Sergey Brin and Meta CEO Mark Zuckerberg.

Musk’s wealth surge follows the merger of SpaceX and xAI, an artificial intelligence and social media company. The deal values the merged company at about $1.25 trillion, and the value of Musk’s roughly 43 percent stake is estimated at more than $530 billion. Analysts say about two-thirds of Musk’s wealth now comes from SpaceX.

Musk’s side also said in a recent filing, "Most of net worth is currently being generated from businesses other than Tesla," signalling that SpaceX is taking a larger share than Tesla. Musk has previously mentioned a SpaceX listing in 2026, which is interpreted as a strategy to reduce reliance on Tesla stock and secure large-scale cash.

Tesla’s share of Musk’s wealth is shrinking. Musk’s Tesla stake is about 11 to 15 percent, and its valuation fell about 9 percent amid a recent share price drop, slowing sales of core vehicles, and delays in developing robotaxis and humanoid robots. If the value of Musk’s stakes in SpaceX and Tesla stays at current levels, calculations show SpaceX’s corporate value would need to rise to about $1.6 trillion for Musk to become a $1 trillion asset holder.

Ross Gerber (로스 거버), CEO of investment firm Gerber Kawasaki, raised the possibility that Musk may seek a listing after integrating several businesses under the X brand rather than floating SpaceX on its own. He also forecast that Musk could list X on the New York Stock Exchange to raise large-scale capital, but Musk has not issued an official position on that.

Regulatory risk is also a variable. xAI is under scrutiny by regulators in Europe, Asia, Australia and California in the United States, and allegations have been raised that its image generator Grok was linked to the distribution of deepfake images targeting children and women. Democratic U.S. senators are calling for an investigation into whether Chinese capital has made undisclosed investments in SpaceX.

Musk’s growing wealth is also feeding debate about expanding political influence. International aid group Oxfam said in a recent report that five trillionaires could emerge within the next 10 years, and it singled out Musk as a central figure. Oxfam also said global poverty rates have stagnated for decades while billionaires’ wealth has surged, and argued for stronger taxation of billionaires and the need to disperse power.

Experts say the prospect of Musk becoming a $1 trillion asset holder is becoming real, but that the key lies not in electric vehicles but in rockets and satellites, and space-based AI infrastructure.