NEW YORK—Elon Musk holds 6,418,547,515 SpaceX shares on an as-converted basis as of June 30, according to a Schedule 13G filed with the SEC, placing the value of his reported stake above $900 billion. The position represents 48.4 percent of the company's Class A common stock on an as-converted basis.
The filing breaks the holding into four components: 849,494,440 Class A shares held through trusts where Musk serves as trustee, 3,916,980,790 Class B shares held by the same trusts, 1,302,072,285 restricted Class B shares held directly by Musk and 350,000,000 Class B options exercisable within 60 days of June 30.
Not all of those shares are Musk's to keep unconditionally. Responding to the disclosure on X, Musk said, "A bunch of it only vests on extremely crazy good outcomes for SpaceX, so actual full vested percentage is lower." The 1.30 billion restricted Class B shares remain subject to performance and other conditions, including valuation milestones that stretch into the multitrillion-dollar range and an operational requirement tied to establishing a permanent Mars settlement with at least one million residents.
A separate grant connected in part to SpaceX's merger with xAI carries its own valuation hurdles and a requirement involving non-Earth data centers capable of delivering substantial computing capacity. Musk can vote the restricted shares before they fully vest, so they count toward both his disclosed beneficial ownership and his voting control—even though the economic ownership remains conditional.
The dual-class structure makes that voting power decisive. Each Class B share carries 10 votes versus one vote for each publicly traded Class A share, giving Musk sole voting and dispositive power over all 6,418,547,515 shares and more than 82 percent of the company's total voting power. His economic interest sits below 50 percent, but no shareholder resolution passes without him.
Shares of SpaceX, trading under the ticker SPCX, rose 0.4 percent overnight after the filing. The gain followed a 3 percent drop on Thursday but left the stock on pace for a second straight weekly gain, up 6 percent on the week heading into Friday's session.
The disclosure arrived during a recovery from the sharpest lockup test SpaceX has faced since its June 12 public debut. On Aug. 6, the company's largest lockup period expired, freeing 911.5 million shares—more than were sold in the record IPO itself. Wall Street had prepared for heavy selling. Instead, the stock rallied 35 percent over the five sessions that followed, pushing it back above its $135 IPO price and adding roughly $500 billion to the company's market capitalization.
The recovery drew support from SpaceX's first public earnings report, which delivered stronger-than-expected revenue and a narrower loss than analysts had modeled. The combination of earnings outperformance and the absence of a lockup-driven selloff gave investors a reason to reassess what had been a cautious post-IPO posture.
The lockup risk is not resolved. SpaceX put in place a nine-stage release schedule to spread out restricted share supply and prevent large blocks from reaching the market at once. The next stage arrives Aug. 20, when as many as 319 million shares become eligible for sale. That date is six days away, and the size of the release is large enough to test the buying demand that absorbed the Aug. 6 expiration.
For context on scale: 319 million shares at or near the $135 IPO price represents more than $43 billion in potential supply hitting the market in a single window. Whether sellers actually use that eligibility depends on individual holders' cost basis, tax considerations and views on the stock's trajectory—none of which the filing discloses. But the structural supply pressure is real and quantifiable.
Musk's filing consolidates control at the top of a company whose valuation rests on a combination of launch revenue, Starlink broadband subscriptions and long-duration bets on Mars infrastructure. The performance conditions attached to his restricted shares make him the most literal embodiment of that last category: a billion-plus shares vest only if the company actually plants a city on another planet.
