Elon Musk's net worth increased by roughly $180 billion in about a week as SpaceX shares rebounded sharply, matching Steve Ballmer's entire $172 billion fortune accumulated over four decades at Microsoft. SpaceX shares initially fell 13% on 5 August after reporting $18.4 billion in quarterly capital expenditure, largely for AI compute infrastructure. Investors were concerned about spending growth outpacing revenue, despite SpaceX beating consensus with $7.81 billion in revenue. The stock then surged 35% over five days. By 11 August, Musk's net worth had climbed to $847 billion on Bloomberg's index, with a single-day gain of $29.8 billion. As of the latest session, Bloomberg valued Musk at $884 billion, up $265 billion year-to-date. SpaceX shares closed at $146.15, well above the $135 IPO price.

SpaceX (SPCX) shares jumped nearly 10% on Wednesday to $146.15, trading approximately 8% above its $135 IPO price and 39% above its 3 August low. The stock has gained 10% this week after rallying 23% last week. Morningstar Chief US Market Strategist Dave Sekera cautioned investors to separate the stock's volatile trading from company fundamentals. More than 900 million restricted shares recently became available for sale, with short interest plunging to 11% from 34%. Morningstar maintained its $62 fair-value estimate, implying about 58% downside from current levels. The firm rates the stock one star, noting it trades at more than twice its estimated value. SpaceX's second-quarter revenue surged 92% year-over-year to $7.8 billion, led by sevenfold growth in AI business.

Elon Musk has declared that SpaceX's AI revenue will overtake all other company revenue by September, marking a dramatic shift in the company's identity. Speaking to employees in an 11 August all-hands meeting, Musk predicted AI would "significantly exceed" other revenue streams by Q4. This represents a steep climb from Q2 figures, when AI generated $2.56 billion of SpaceX's $7.81 billion in quarterly sales, whilst connectivity products brought in $4.29 billion and space products $962 million. Musk also revealed plans to train Grok on the "sum total" of SpaceX information, telling employees they would be "parents of the AI." The announcement raises questions about data collection methods, particularly after Meta faced backlash for training AI on employee keystrokes earlier this year.