$65 billion in one day. Elon Musk is a trillionaire once again following SpaceX's most recent name change

Musk owns 6.42 billion shares of SpaceX stock, boosting his on-paper value by $65 billion. (And that’s not even counting his Tesla stake, which also saw increases on Oct. 5.)

That net worth could go even higher by the end of day Oct. 6. In early trading, SpaceX stock was up another 2%.

Another name change

While the analysts’ note likely was the primary driver for the company’s stock increase, the boost comes on the heels of Musk announcing he will once again change SpaceX’s name, this time to SpaceXSI, to conform with Donald Trump’s new preferred terminology for artificial intelligence.

Musk confirmed the change on social media but the company has not updated any of its social media accounts to the new name, nor has it made any filing with the Securities and Exchange Commission about a corporate name change.

Musk was one of a group of AI leaders who visited the White House last week and signed a non-binding safety pact, which seemingly included an agreement to use the term SI instead of AI. (Trump said the document was “morally binding.”)

While Musk and Trump were in a bitter feud a little more than a year ago, the two have seemingly found a way to work together and resume their ties. Musk’s companies make billions from federal contracts (including more than $12.7 billion to SpaceX so far from the Defense Department alone). Musk was also recently named as co-lead of a Pentagon project that seeks to identify technologies and weapons the U.S. might need in future wars.

Non-AI achievements

While much of the attention on SpaceX is focused on its AI platform, the company’s space exploration division has racked up a string of achievements recently, which could also be driving some enthusiasm among investors.