Elon Musk’s net worth has climbed back above $800 billion after SpaceX shares posted their strongest gain in three weeks, reversing much of the decline that pushed his fortune below $700 billion earlier this month.

SpaceX shares rose 15.8 percent on Friday to $133.10, taking their gain over the past five trading days to 25.77 percent. The rally lifted the company’s market capitalization to $1.75 trillion and pushed Musk’s estimated fortune to $817 billion on the Bloomberg Billionaires Index and $823.6 billion on Forbes.

The rebound comes after a sharp drop in SpaceX shares earlier this month sent Musk’s wealth below $700 billion. His fortune has since recovered as investors returned to the stock, bringing his gain for the year closer to $200 billion, depending on the valuation used.

Spending surge overshadows revenue beat

SpaceX shares fell after the company reported earnings earlier this week, as investors focused on a sharp increase in spending.

The company reported $7.8 billion in quarterly revenue, above Wall Street’s $6.9 billion estimate, while its net loss narrowed to $541 million from $1 billion.

The bigger surprise was the increase in capital spending. SpaceX spent $18.4 billion during the quarter, including $15.8 billion on artificial intelligence hardware and data center infrastructure.

That puts the company on pace to spend about $73.5 billion on capital projects for the year, well above the $48.7 billion consensus estimate.

Starlink, SpaceX’s satellite internet business, generated $4.29 billion in revenue during the quarter, up 66 percent from a year earlier. Its operating margin rose to 38.6 percent, above the 35.9 percent analysts had expected.

Starlink’s subscriber base doubled from a year earlier to 12 million, while demand from businesses and governments continued to grow. Enterprise and military sales increased 108 percent to $1.8 billion.

SpaceX AI revenue surges 247 percent

SpaceX’s cloud computing and artificial intelligence business reported $2.6 billion in revenue, a 247 percent increase from a year earlier.

The unit also signed $14.1 billion in new service agreements and reduced its operating loss to $1.26 billion from $2.47 billion in the first quarter. It posted positive adjusted EBITDA for the first time.

The earnings figures have given investors more to weigh as Musk pushes SpaceX toward another major increase in sales. Speaking with investors, Musk said the company now expects to generate $1 trillion in revenue by 2030, a year earlier than its previous target. He pointed to new generations of Starlink satellites and orbital computing as key drivers of that growth.

Chief Financial Officer Bret Johnson said SpaceX is also on track to reach a $100 billion annualized revenue run rate by December.

For Musk, the company’s valuation remains closely tied to his personal wealth. He owns roughly 38 percent of SpaceX, meaning large moves in the stock can quickly add or subtract billions of dollars from his fortune.

SpaceX lockups set to release more shares

Even with about $100 billion in cash and a recent $25 billion bond sale, SpaceX shares could face pressure from the expiration of restrictions on early investors. The earnings release opened an insider lockup window that allows some pre-IPO shareholders to begin selling their holdings.

A larger group of shares is expected to become eligible for sale after the company reports third-quarter results later this year. About 900 million additional shares could become available at that point, potentially adding to the supply of stock available to investors.

Musk’s fortune has moved sharply with SpaceX’s valuation in recent months. The company’s public listing had earlier pushed his net worth as high as $1.45 trillion, making him the world’s first trillionaire, before the subsequent decline in SpaceX shares cut deeply into that figure.

With the stock now recovering, Musk is once again above the $800 billion mark, underscoring how quickly changes in SpaceX’s valuation can reshape the wealth rankings at the top of the global billionaire list.