Shares of SpaceX surged 7.6% to $171.10, boosting Elon Musk’s estimated net worth above the $1 trillion mark. The lift in share value comes after a favorable evaluation by Morgan Stanley, which deemed the company’s stock as undervalued and advised investors to purchase it. This recommendation, coupled with SpaceX’s robust rocket launch activities and investments in artificial intelligence, has spurred increased interest from investors.

SpaceX, which went public on June 12 at $135 per share, initially saw its stock rise above $200 before experiencing a pullback. The recent uptick has brought the shares close to their peak since the company’s market debut. The growth in SpaceX’s value, a significant component of Musk’s wealth portfolio along with Tesla, has once again propelled his financial standing into the trillion-dollar territory.

Morgan Stanley’s assessment highlights the potential for SpaceX’s continued growth, pointing to its strategic investments and operational successes. The company’s advancements in AI and frequent launch schedule are seen as pivotal factors contributing to its positive market performance.

The increase in SpaceX shares underscores the fluctuating yet impactful nature of Musk’s wealth, heavily influenced by the valuation of his holdings in both SpaceX and Tesla. As SpaceX continues to innovate and expand its technological capabilities, investor confidence appears to remain strong, further elevating the company’s market position and Musk’s financial status.