After SpaceX's public debut on 12.06.2026, Elon Musk's paper wealth could theoretically buy Gazprom about eighteen times over.

Consolidated losses and recent results

SpaceX disclosed an accumulated deficit of $41.3B, reporting a $4.94B loss in 2025 after a prior-year profit of $791M. For the first quarter of 2026 the company posted another loss of $4.28B, according to the filings.

The report attributes a large portion of the 2025 shortfall to xAI, identified as a SpaceX subsidiary that recorded $6.36B in losses that year. Neuralink is also noted as unprofitable across the disclosed periods.

Tesla's historical and recent profitability

Tesla operated at a loss from its founding in 2003 until becoming broadly profitable from 2020; its reported net income was $15B in 2023, $7B in 2024, and $3.79B in 2025.

The cumulative profits Tesla earned after 2020 roughly offset the company's losses accumulated before that year, yielding a near break-even result for the broader group over two decades.

Valuation versus current earnings

Musk retains top wealth rankings largely because market valuations price future prospects rather than present earnings, a core feature of modern equity markets. SpaceX listed at a valuation of $1.75T, which the company says is about 94 times its annual revenue.

Such multipliers reflect investor expectations about future cash flows and growth rather than existing profitability, explaining how paper net worth can exceed current corporate earnings.

Track record and investor narrative

Over the past two decades, Musk has delivered major engineering projects such as Falcon 9, Starlink, and widely adopted electric vehicles, which shaped investor confidence. His ability to frame ventures as mission-driven propositions has consistently attracted capital despite ongoing losses at several subsidiaries.

Comparable historical examples include large technology companies that were unprofitable for extended periods before turning into high-valuation businesses once revenues and margins improved.