In 2002, Elon Musk—then known primarily as the co-founder of PayPal—made a shocking announcement: he wanted to colonize Mars. Skeptics dismissed him as a tech billionaire dabbling in science fiction. Musk, however, was deadly serious. He poured $100 million of his own money into founding a new aerospace company: Space Exploration Technologies Corp., or SpaceX.

In a tale of relentless innovation, entrepreneurial spirit, and bold risk-taking, Elon Musk has carved out his place in history as the world’s richest individual. His journey from a tech mogul to the founder of SpaceX, Tesla, and Starlink has been anything but conventional, marked by both significant failures and groundbreaking successes. This is the story of how Musk turned a dream of colonizing Mars into a reality, reshaped the space industry, and became one of the wealthiest people in the world, all on his own terms.

The Dream Nobody Took Seriously

In 2002, Elon Musk—then better known as a co-founder of PayPal—stunned the world by announcing his goal to colonize Mars. Many dismissed him as a tech billionaire dabbling in science fiction, but Musk was deadly serious. He poured $100 million of his own money into creating a new aerospace company, Space Exploration Technologies Corp. (SpaceX), with the bold ambition of revolutionizing space travel and making humanity a “multiplanetary species.”

While the idea was met with skepticism, Musk’s vision remained unwavering. His commitment to space exploration would not only change his life but also forever alter the course of the space industry.

Early Failures, Near Bankruptcy

SpaceX’s path to success was far from smooth. The company’s early years were marked by failure after failure. Between 2006 and 2008, SpaceX launched the Falcon 1 rocket three times—and each attempt ended in disaster. The media and aerospace industry experts mocked Musk for even thinking he could challenge space giants like NASA, Boeing, and Lockheed Martin.

To make matters worse, Musk was heavily invested in both Tesla and SolarCity, leaving him on the brink of bankruptcy. He famously admitted that by late 2008, both Tesla and SpaceX were just weeks away from collapsing. But Musk wasn’t ready to give up.

On September 28, 2008, everything changed. Falcon 1 successfully reached orbit—becoming the first privately developed liquid-fueled rocket to do so. The victory caught the attention of NASA, which awarded SpaceX a $1.6 billion contract under the Commercial Orbital Transportation Services (COTS) program. Musk had found a way to survive—and in doing so, he reshaped the future of space exploration.

The Rise of Falcon 9 and Reusability

SpaceX’s next major achievement was the launch of Falcon 9, a much larger and more powerful rocket designed for routine orbital missions. But Musk had an even bigger vision: reusability.

For decades, rockets were discarded after each launch, making space travel prohibitively expensive. Musk’s vision was to land rockets back on Earth, much like airplanes, cutting costs and enabling more frequent launches.

In 2015, after several failures, SpaceX made history by successfully landing a Falcon 9 booster upright on a drone ship in the ocean. This milestone marked a fundamental shift in the economics of space travel. By 2020, reusable rockets had reduced the cost of launching by over 60%, making SpaceX the largest commercial launch provider in the world.

Starship and the Mars Vision

While Falcon 9 solidified SpaceX’s place in the space industry, Musk’s true passion lies with Starship—the rocket designed to carry humans to Mars. Starship is a fully reusable super-heavy launch system, capable of carrying 100+ passengers and launching satellites, all while being the centerpiece of Musk’s Mars colonization plan.

Though Starship faced numerous test failures—famously described by Musk as “RUDs” (Rapid Unscheduled Disassemblies)—SpaceX continued to push forward. In April 2023, the first fully stacked Starship reached space, and by May 2024, it successfully completed its first orbital flight. These breakthroughs were instrumental in bringing Musk’s vision of making humanity a multiplanetary species closer to reality.

Starlink: The Internet Play That Funded It All

To fund his Mars dreams, Musk turned to Starlink, a satellite internet service designed to provide high-speed internet to underserved and remote areas around the world. Launched as a side project to SpaceX, Starlink became a massive success, generating over $8 billion in annual revenue by 2025.

By 2025, more than 6,000 Starlink satellites were in orbit, covering vast swaths of the planet. Starlink’s global reach, combined with its steady revenue stream, provided Musk with the financial backing necessary to fund his ambitious space ventures. It also gave him a strategic advantage in geopolitics, with governments around the world—including Ukraine, Africa, and the Amazon—relying on Starlink for critical communication infrastructure.

How SpaceX Made Elon Musk the Richest Man on Earth

Musk’s wealth doesn’t come from a trust fund or inheritance—it’s tied to his equity in the companies he founded. SpaceX is privately held, but its value has skyrocketed over the years. In 2015, SpaceX was worth $12 billion. By 2023, it had reached $137 billion, and in 2025, its value soared to over $200 billion.

Musk owns 42% of SpaceX and 55% of Starlink. With his Tesla holdings, his net worth surpassed $260 billion, making him the richest person in the world. His wealth has grown not from cash in hand, but from his belief in the future and his control over the infrastructure needed to build it.

Elon Musk’s Vision: “Make Life Multiplanetary”

What drives Musk is not just the pursuit of wealth—it’s his larger vision of humanity’s future. “I want to die on Mars. Just not on impact,” Musk famously said. To Musk, making life multiplanetary is the only way to ensure humanity’s survival, whether due to climate change, pandemics, or asteroid impacts.

Critics often dismiss Musk’s vision as escapist, but for Musk, Mars represents Plan B. And he’s building it—one rocket at a time.

Criticism, Labor Issues & National Security

However, Musk’s journey hasn’t been without its challenges. SpaceX has faced labor lawsuits, particularly from engineers fired for criticizing Musk’s management. The company’s demanding hours and intense work environment have drawn comparisons to “space boot camps.”

Musk’s control over Starlink has also raised concerns, especially during the Ukraine conflict when he was accused of blocking satellite coverage during critical military operations. Despite these controversies, governments continue to work with Musk, recognizing that no one else has the technological capabilities that SpaceX does.

Final Thoughts: The Man, the Mission, the Model

Elon Musk’s journey to becoming the world’s richest person and reshaping the space industry is defined by three key elements: personal risk, radical innovation, and a clear vision. Musk bet his own fortune on the future, creating companies that challenge the status quo in ways that many once thought impossible.

SpaceX is not just a company—it’s a blueprint for the future of business: bold, mission-driven, and incredibly profitable. Whether you admire him or fear him, one thing is undeniable: Musk has reshaped the space industry, and his story is far from over. With his eyes set on Mars, the journey is just beginning.