SpaceX’s Nasdaq debut on 12 June raised US$75 billion, giving the company a valuation of US$2.46 trillion—36 times that of its nearest competitor, Rocket Lab. The listing propelled founder Elon Musk’s net worth beyond US$1.1 trillion, according to estimates, making him the world’s first trillionaire. His fortune now exceeds the GDP of Egypt and surpasses the economic output of more than 125 developing nations, a concentration that highlights the growing role of technology in wealth creation.

The geography of extreme wealth reflects this shift. New York retains the most billionaires (146), but Chinese cities have surged: Shenzhen has 132, Shanghai 120, and Beijing 107. Altogether, eight Chinese cities account for about 34% of the world’s billionaires, the Hurun Global Rich List shows, while Asia hosts 58% of the total. Traditional centres such as London, Moscow, and Paris still feature, but the eastward shift is unmistakable.

Viewed from Hong Kong, the SpaceX model holds lessons. Former leader Leung Chun-ying argued that the city’s capitalist market structure could replicate the market-driven financing that allowed SpaceX to scale rapidly, positioning it to offer professional services—legal, insurance, and financial—to the aerospace sector. No Asian rival has yet matched SpaceX’s integrated launch and satellite internet business, but the ambition is clear.

A separate debate is intensifying over the role of governments in artificial intelligence. U.S. Vice President J.D. Vance confirmed the administration wants to take equity stakes in major AI firms, possibly via a sovereign wealth fund. Musk responded on X that directly sending federal funds to citizens would be preferable and need not cause inflation. He has simultaneously warned that uncontrolled AI represents an existential threat, estimating a 10–20% probability of catastrophe without tight oversight.

The next milestones to watch are the development of global AI safety standards and any concrete steps by Washington to acquire stakes in AI companies. In the space industry, the yawning valuation gap raises the question of whether competitors can close it, particularly as Asian centres seek their own market-driven aerospace champions.