Elon Musk. Credit: Wikimedia Commons / Trevor Cokley / Public Domain Elon Musk’s fortune has climbed past $600 billion for the first time, setting a new record after a surge in the value of his privately held space company, SpaceX. Musk is now worth about $638 billion, according to the Bloomberg Billionaires Index. The increase follows a recent insider share sale that valued SpaceX at roughly $800 billion, making it the world’s most valuable private company. The calculation marks the first time Bloomberg’s wealth index has placed an individual’s net worth above $600 billion. Musk, 54, has steadily pulled further ahead of other billionaires as SpaceX becomes a larger driver of his wealth. SpaceX valuation drives record wealth Musk founded SpaceX and serves as its chief executive officer. The company is based in Starbase, Texas, and has grown into a cornerstone of his financial holdings. Investors say the latest valuation reflects confidence in SpaceX’s long-term prospects, from commercial rocket launches to satellite-based internet services. The transaction that set the new valuation was not a public offering. Instead, it was a secondary share sale that allowed employees and early investors to sell shares at the updated price. Such sales often establish new benchmarks for private companies without exposing them to public markets. Musk’s stake and liquidity limits Musk owns about 42% of SpaceX. After applying a liquidity discount used for private firms, that stake is valued at roughly $317 billion. Because SpaceX shares are not publicly traded, much of Musk’s wealth remains tied to company equity rather than cash. Elon Musk is now worth a record $677 billion His fortune grew by another $168 billion following SpaceX's latest tender offer He's the first person to cross the $600 billion mark. No one else has ever been worth $500 billion pic.twitter.com/rYCUnfZd1W