Elon Musk’s stake in Space Exploration Technologies Corp (NASDAQ: SPCX) is valued at nearly $906.9 billion based on the company’s latest share price, according to a regulatory filing revealing his 48.4% passive ownership as of June 30.

The disclosure outlines that Musk holds sole voting and dispositive power over 6.42 billion shares. This includes approximately 849.5 million Class A shares held through trusts where he serves as trustee, 3.92 billion Class B shares held by those trusts, 1.30 billion restricted Class B shares held directly, and options covering another 350 million Class B shares.

Voting Control vs Economic Interest

Despite holding less than half of SpaceX’s economic equity, Musk retains more than 82% of the company’s voting power. This structure ensures continued control over corporate decisions despite the dilution of economic ownership following the company’s public listing.

SpaceX went public on June 12 in a record-setting IPO that raised $85.7 billion, briefly pushing its market capitalization above $2 trillion. Shares closed at $141.29, down 3.33%, and were trading at $142.06, up 0.54%, overnight. Over the past month, SpaceX shares are up 3.83%.

Vesting Conditions

Musk clarified on X that not all disclosed shares are fully vested. "A bunch of it only vests on extremely crazy good outcomes for SpaceX, so actual full vested percentage is lower," he stated.

This distinction highlights a divergence between reported passive ownership and liquid economic value, contingent on future performance metrics defined in the equity agreements.

What the Numbers Show

The filing reveals a significant concentration of control relative to economic exposure. While Musk’s economic stake is 48.4%, his voting power exceeds 82%. This dual-class share structure allows him to maintain strategic direction even as economic ownership is diluted through public markets and employee compensation plans.

SpaceX (NASDAQ: SPCX) released Grok 4.6 on Wednesday, achieving a score of 61 on the Artificial Analysis Intelligence Index. This performance matches OpenAI's GPT-5.6 Sol Max and trails only Anthropic's leading models, according to independent benchmarking firm Artificial Analysis.

The pricing structure for Grok 4.6 is significantly lower than its primary competitor. Grok charges $2 per million input tokens and $6 per million output tokens. In comparison, Sol Max costs $5 for input and $30 for output. This cost differential positions the model to shift the competitive dynamic from pure intelligence benchmarks to price efficiency.

Performance Gains

Grok 4.6 gained five points over Grok 4.5 in little more than a month. It represents a 23-point improvement over Grok 4.3. Artificial Analysis noted that the release returns SpaceX's AI unit to the frontier, with particularly strong performance on agentic work rather than static reasoning.

Anthropic remains the overall leader in the index. Polymarket now assigns xAI a 9% chance of having the best AI model by the end of the year, up from around 3% before the latest release. The market resolves using Arena's leaderboard rather than the Artificial Analysis index. Anthropic holds a 67% probability, while Google has fallen to fourth place behind xAI for the first time this year, with 6%.

Competitive Landscape

Grok's acceleration coincides with challenges faced by rivals. Reuters reported that Alphabet co-founder Sergey Brin has urged key AI staff to focus entirely on Gemini. Gemini briefly reached the frontier last November but subsequently slipped behind. Google delayed its next flagship model by two months following weak internal coding results. Compute shortages, internal disputes, and bureaucracy have also slowed progress.

Investor Implications

Morgan Stanley stated this week that investors may be undervaluing SpaceX's AI business. The bank indicated that further signs of Grok gaining traction through Cursor could help close the valuation gap. Morgan Stanley set its bull case for SpaceX shares at $600. Grok 4.6 is now available through Cursor and SpaceX's API.

What the Numbers Show

The pricing disparity between Grok 4.6 and Sol Max is substantial across both input and output metrics. While both models achieve identical scores of 61 on the Artificial Analysis Intelligence Index, Grok's output token cost ($6) is one-fifth of Sol Max's ($30). This suggests a potential margin advantage for users relying heavily on generative output, where costs typically exceed input expenses in agentic workflows.