SpaceX investors are set for large gains as IPO valuation nears $1.8 trillion

Early investors in SpaceX are expected to see major paper gains as the company moves toward an IPO valuation of about $1.8 trillion. The private rocket maker’s rise has benefited prominent asset managers, venture firms, hedge funds, pension plans and university endowments that bought shares over many years. Among the largest winners are Baron Capital, Ark Invest and Fidelity Investments, all of which built positions when SpaceX was far smaller and less accessible. Baron Capital said it has invested about $2 billion over time and now values its stake at roughly $12 billion. Ark says SpaceX is its largest holding, while Fidelity holds meaningful positions across several of its funds. The article says the gains reflect both the company’s growth and the limited supply of shares available to outside investors. SpaceX kept tight control over its shareholder base, which allowed early backers to participate in later funding rounds and build larger positions. Venture firms such as Founders Fund, Sequoia Capital and Andreessen Horowitz, along with hedge funds like Coatue and D1 Capital Partners, also stand to benefit. Public institutions are included as well. Ontario Teachers’ Pension Plan and Washington University in St. Louis are among the pension and endowment investors that have seen their holdings appreciate as SpaceX’s valuation climbed.