While Tesla shares plummet, Musk’s private companies have surged 45% since the US presidential election

Shares of Tesla, Elon Musk’s public company, have been in free fall for the past few months. But that’s not the case for the billionaire’s private companies. Secondary market investors have raised their combined valuations of SpaceX, Neuralink, The Boring Company, and xAI by 45% since the U.S. presidential election last fall, Bloomberg reports, citing data from trading platform Caplight.

Image source: x.com/elonmusk

Caplight combined secondary trading data with other metrics like buyer interest to estimate the daily share price of Musk’s four private companies. It found that the biggest gainer was xAI, a company created to compete with OpenAI and other tech giants in the artificial intelligence space. xAI’s stock has risen 110% since the November 5, 2024, U.S. presidential election.

XAI’s recent investor talks suggest the startup could be valued at $75 billion. Caplight data suggests that xAI’s secondary market price on March 10 would have valued the company at $96 billion. However, Musk’s social network X was excluded from the analysis because the platform has “very limited secondary market activity.”

On Augment, another secondary trading platform, account holders can see that the stock prices of SpaceX and xAI have more than doubled between the U.S. election and March 12. Not all of Musk’s companies have fared so well, however. The Boring Company, a tunneling company, has fallen 7.8% over the same period.

Even without secondary markets, Musk managed to attract investor interest in the social network X. After a series of failures and declining advertising revenue, it became known that the company was in talks to attract additional funding, which would increase the estimated value of the platform to $44 billion. That is the amount Musk paid in 2022 when he bought the company then called Twitter.

After Donald Trump took office in the United States, investors pushed up Tesla’s stock price, believing Musk’s role in the administration would benefit the automaker. However, production problems and the backlash against Musk’s job-cutting campaign through the Department of Government Efficiency (DOGE) have erased Tesla’s post-election gains.