Alternative asset manager Blue Owl Capital has sold approximately half of its stake in SpaceX, according to co-CEO Marc Lipschultz, who disclosed the transaction on Thursday. The sale, which valued SpaceX at around $1.25 trillion, allowed the firm to lock in significant gains while retaining the remaining position for potential future appreciation.
Lipschultz stated during an analyst call, “With respect to SpaceX… we’ve made roughly 10 times our money on that investment. We sold about half of that position in the private market at a $1.25 trillion valuation, and we still hold the other half.”
The Blue Owl Technology Finance Corp fund initially invested $27 million in SpaceX stock in 2021 and has since raised the carrying value of the holding multiple times. By the end of 2025, the investment had been marked at $195 million, reflecting an annual increase of $105 million. SpaceX remains the fund's largest source of unrealized gains.
Market expectations suggest that SpaceX could launch its initial public offering as early as June this year, with a potential valuation of up to $1.75 trillion and a fundraising target of approximately $75 billion. If realized, this would mark the largest IPO in history. At that valuation, Blue Owl’s total return on its SpaceX investment would exceed 14 times. The news contributed to a roughly 10% rise in Blue Owl’s share price on the day.
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