Morgan Stanley analysts say that Elon Musk will become a trillionaire. But won’t be because of Tesla, it will be thanks to his other company, SpaceX.

                By                    Yaёl Bizouati-Kennedy

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The private space exploration company “is challenging any preconceived notion of what was possible and the time frame possible, in terms of rockets, launch vehicles and supporting infrastructure,” Morgan Stanley’s Adam Jonas wrote Tuesday in a note titled, “SpaceX Escape Velocity … Who Can Catch Them?” Bloomberg reports.

Musk is the richest person on the planet, with a net worth of $241.4 billion according to the Bloomberg Billionaires Index. SpaceX currently makes up less than 17% of his net worth, and that’s after the company was valued at $100 billion in a secondary share sale earlier this month.

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Jonas has a $200 billion valuation for SpaceX. However, he views it as multiple companies in one, encompassing space infrastructure, Earth observation, deep-space exploration and other industries. Its Starlink satellite communications business is the biggest contributor to his valuation estimate, according to Bloomberg.

The company had a similar secondary transaction in February, with a deal for insiders to sell up to $750 million at the time.

This new valuation makes Musk’s SpaceX the second most valuable private company in the world, according to CB Insights, behind only China’s Bytedance and jumping past fintech firm Stripe, CNBC reports.

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