SpaceX’s headline-grabbing initial public offering—valued at a record-breaking $1.77 trillion—has not only cemented the company as one of the most valuable entities in the global market, but has also produced a new crop of corporate winners. As SpaceX prepares for its highly anticipated Nasdaq debut this Friday, attention turns to those who stand to gain the most from the firm’s meteoric rise. According to information from company filings and market sources, several early backers and institutional investors are poised for colossal returns.
Leading the pack is Elon Musk, who founded SpaceX in 2002 with an initial investment of $100 million. Musk now holds a remarkable 42% stake in the company, translating to approximately $735 billion at the IPO valuation.
Among the earliest institutional investors is Founders Fund, the venture capital firm spearheaded by Peter Thiel. Having invested just $20 million in 2008, Founders Fund currently holds between 1.5% and 3% of SpaceX, a position valued at $26.25 billion to $52.5 billion at the IPO price. Valor Equity Partners, another early supporter, put in over $76 million in 2008 and now owns 1.3% of SpaceX—equivalent to $22.75 billion.
Alphabet, the parent company of Google, invested $900 million in SpaceX in 2015, acquiring a 6% to 7% stake. At current valuations, Alphabet’s position is estimated between $105 billion and $122.5 billion, making it one of the standout institutional winners. Fidelity Investments, which entered the fray with a $100 million investment in 2015, now holds 2% to 3% of the company—worth $35 billion to $52.5 billion.
Not to be outdone, Baillie Gifford, a prominent asset manager, invested $273 million in 2018 and currently owns 1% to 1.5% of SpaceX, a stake now valued at $17.5 billion to $26.25 billion. Bank of America, following a $250 million investment in the same year, holds a 0.5% to 0.8% share, equating to $8.75 billion to $14 billion. Canada’s Ontario Teachers’ Pension Plan, which invested $220 million in 2019 for a 0.67% stake, stands to see its shares appreciate to $11.7 billion.
Finally, Andreessen Horowitz (a16z), a renowned Silicon Valley venture capital firm, entered SpaceX with a $750 million investment in 2023. Despite being a latecomer, a16z’s 0.5% stake will be worth $8.75 billion at the IPO price.
The $135-per-share offering drew immense investor interest despite SpaceX reporting a loss in its most recent fiscal year. With 30% of the 555.56 million shares allocated to retail investors and potential for further gains if underwriting banks exercise additional share options, the IPO could produce further windfalls for its initial backers.
