As Elon Musk‘s SpaceX prepares for what may be the largest IPO in history, it has been revealed that at least 10 Trump administration officials hold stakes in the company and xAI, an artificial intelligence and social media firm that merged with SpaceX in February. The combined value of these stakes ranges from $9.9 million to $43.8 million.
Federal Staffers’ Holdings
Some of the Trump administration officials with significant stakes in SpaceX include:
- Steve Witkoff, special envoy
- Kelly Loeffler, head of the Small Business Administration
- Paul McInerny, former SpaceX engineer and current Interior Department chief information officer, who holds the largest stake at $5 million to $25 million
- Kevin Warsh, new Fed chair, who was required to sell his SpaceX exposure before taking office
- Stacey Feinberg, Ambassador to Luxembourg, who disclosed up to $1 million in xAI via a 1789 Capital fund
A Federal Contractor Worth $1.8 Trillion
SpaceX is targeting a valuation of at least $1.8 trillion, with bankers eyeing $135 per share for a $75 billion raise. This deal would make Elon Musk the world’s first trillionaire. As a major federal contractor, SpaceX has pulled in significant government transactions, including $4 billion in fiscal 2025 and a $6.5 billion Space Force award last month.
Ethics Concerns
The disclosures have raised ethics concerns, with some officials receiving waivers to hold onto their stakes. Paul McInerny, for example, kept his stake in SpaceX via an ethics waiver, despite the company seeking permits for infrastructure near a Texas wildlife refuge.
What’s Next?
The IPO is expected to be a significant event, with prediction markets pricing a SpaceX listing this month at 95%. However, the deal may face governance pushback, with some pension funds demanding that Elon Musk rewrite SpaceX’s dual-class structure. For traders without SpaceX exposure, Tesla Inc. (TSLA) may be a cleaner read-through.
Key Takeaways
- At least 10 Trump administration officials hold stakes in SpaceX and xAI
- The combined value of these stakes ranges from $9.9 million to $43.8 million
- SpaceX is targeting a valuation of at least $1.8 trillion
- The IPO may face governance pushback and ethics concerns
- Elon Musk is expected to become the world’s first trillionaire if the deal goes through