Tesla, Inc. (TSLA) has long been the crown jewel of Elon Musk’s portfolio, but recent developments suggest that the company may no longer be his most valuable asset.

As of May 2025, Tesla’s market capitalization stands at approximately $903 billion, with annual revenues around $96 billion. While these figures are impressive, they represent a significant decline from the company’s peak valuation of over $1.2 trillion in 2023. This downturn reflects a broader trend of decreasing investor confidence, partly due to Musk’s controversial political affiliations and his divided attention among multiple ventures.

In contrast, SpaceX, Musk’s private aerospace company, has seen its valuation soar to over $200 billion, driven by successful missions, government contracts, and advancements in space technology. Additionally, Musk’s involvement in artificial intelligence and robotics, particularly through ventures like Neuralink and OpenAI, has positioned him at the forefront of these rapidly growing industries.

Despite Tesla’s ongoing challenges, including declining sales in Europe and increased competition from companies like BYD, Musk’s leadership continues to be a significant factor in the company’s valuation. Analysts attribute a “Musk premium” to Tesla’s stock, reflecting investor optimism about his vision for autonomous driving and AI integration.

However, the shifting dynamics suggest that Musk’s other ventures may soon surpass Tesla in terms of influence and financial returns. As the landscape evolves, it remains to be seen how Musk will balance his commitments and whether Tesla can regain its position as his most valuable asset.