Elon Musk has become the first individual in history to cross the $1 trillion net worth milestone, at least on paper, following the pricing of SpaceX’s long-anticipated initial public offering (IPO) at $135 per share.

Before the IPO, Musk’s wealth was estimated at about $813 billion, already placing him far ahead of other global billionaires. Forbes data showed his fortune was more than double that of Google co-founder Larry Page, whose net worth is estimated at $288 billion.

The official pricing of SpaceX shares at $135 each pushed Musk’s net worth slightly above the trillion-dollar mark. The stock, set to trade under the ticker symbol “SPCX,” is expected to begin trading as markets open on Friday on the Nasdaq Composite at 9:30 a.m.

His fortune could increase further if SpaceX shares trade above the IPO price, but a decline in share value could also push his net worth back below $1 trillion.

The development underscores the scale of modern ultra-wealth, with a trillion dollars comparable to the annual GDP of some of the world’s largest economies. World Bank data shows only 19 countries have GDPs above $1 trillion, including the United States and the Netherlands.

The milestone has also reignited debate on global wealth inequality. Oxfam America’s senior director of economic justice, Nabil Ahmed, described Musk’s rise as symbolic of a widening gap between the ultra-wealthy and the rest of society.

“Elon Musk’s rise to trillionaire status marks a new pinnacle of oligarchy,” Ahmed said.

The SpaceX listing is also expected to generate significant wealth for employees and early investors. Reports, including from the New York Times, suggest that about 4,400 SpaceX employees could become millionaires once trading begins.

However, Musk remains the biggest beneficiary due to his large ownership stake in the company.