Ron Baron: SpaceX Could Lift Musk's Wealth Past Nvidia's $5.4T Cap

On May 20, 2026, investor Ron Baron told CNBC that SpaceX could reach a $10–$30 trillion valuation within 10–15 years through Starlink, reusable rockets, Starship, and orbital AI infrastructure. He argued that if Elon Musk retains roughly 40 percent ownership, his personal stake could exceed Nvidia’s current $5.4 trillion market capitalization. The outlook positions SpaceX as a potential owner of foundational AI infrastructure layers at a time when major tech firms are projected to spend more than $1 trillion on such infrastructure by 2027, creating long-term structural questions for Nvidia and other semiconductor leaders while highlighting execution and regulatory risks for the private space company.