Elon Musk has already become the world’s richest person on the ascendancy of Tesla Inc. But it will be SpaceX, rather than the hyped electric-car maker, that lifts him to trillionaire status, according to a Morgan Stanley analyst.

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?”

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

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