According to Bloomberg data, Elon Musk saw his net worth slide to $865 billion on Friday, bringing his total fortune decline to more than $48.5 billion. This drop was triggered by SpaceX shares falling to $134.72—about 40% below their post-IPO peak—amid a broader U.S. market selloff driven by growing AI bubble fears. Anyone checking the stock price of SpaceX today will find it at its lowest mark since August, coming just weeks after Musk regained his trillionaire status.
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SpaceX Stock Decline Raises AI Bubble Fears as Musk’s Wealth Falls
SpaceX made its Nasdaq debut under the ticker SPCX on June 12, 2026, at an opening price of $135 per share, before surging to a record peak of $225.64 four days later. Although shares briefly climbed back to $176.56 last month, another downward slide quickly followed. This rapid round-trip price action accounts for the severity of Musk’s wealth reduction.
At present, a quick review of SpaceX stock today reveals shares trading just under their original IPO price. The equity shed $9.17—or 6.37%—on Friday alone, adding to a 9.73% loss over the trailing month. Because the majority of Musk’s net worth is tied up in SpaceX, his personal wealth trajectory closely tracks these charts.
The $40 Billion Lease That Spooked The Market
On October 26, SpaceX revealed an agreement for an approximate $40 billion lease managed through an entity run by Apollo Global Management. Under the arrangement, this entity will purchase Nvidia’s upcoming Vera Rubin chips and lease them back to SpaceX over a five-year span beginning in 2027. Musk’s net worth began dropping at an accelerated pace in the days following this announcement.
Chief Financial Officer Bret Johnsen commented on the transaction:
“This lease diversifies our funding sources and addresses a notable portion of the funding required to deliver on our growth plans.”
Furthermore, Johnsen projected fourth-quarter capital expenditures between $35 billion and $40 billion, marking a significant increase from the $19.6 billion recorded in the third quarter.
AI Revenue Beats Starlink, But The Bill Keeps Growing
On paper, the October 20 financial results appeared robust. Total revenue surged 161% to reach $14.58 billion, with artificial intelligence revenue hitting $7.56 billion to outpace Starlink’s $5.24 billion. However, the AI division also accumulated $16.4 billion in expenses—outpacing the space and connectivity segments combined—which serves as a major driver behind Musk’s shrinking fortune.
Musk has previously voiced warnings regarding smaller cloud competitors, writing on X:
“As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers.”
He went on to note:
“That means the 200+ neoclods are going to see guppy-level death and consolidation. Some will make it through, but not many.”
Industry peers CoreWeave, Nebius, and IREN have each surrendered more than 50% of their value from historic highs, with sector-wide distress further fueling anxieties over an AI bubble and contributing to Musk’s overall financial decline.
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Tesla Merger Talk Softens Musk’s Fortune Decline
Tesla provided some financial cushion for Musk, closing the week at $400 after he verified that he is evaluating a potential merger between the two entities. Dan Ives of Yorkville Ives estimates the probability of a finalized transaction by the end of 2027 at 80% to 90%. Because Musk retains roughly a 49% ownership stake in SpaceX, every downward movement in SpaceX shares impacts his net worth far more drastically than his roughly 12% stake in Tesla can counterbalance.
For the time being, the trajectory of Musk’s wealth hinges on whether the broader AI market finds a stabilization point. Additional losses for SpaceX would drive Elon Musk’s net worth down further, and prevailing AI bubble concerns will likely determine whether current SpaceX share prices represent a bottom once the company’s multi-billion-dollar spending initiative begins generating tangible results.