SpaceX has completed the largest IPO in history with a valuation of approximately $1.8 trillion, raising $75 billion. Early-stage investment institutions are reaping historic returns: Valor Equity Partners holds nearly $70 billion in positions, Founders Fund over $50 billion, DFJ Growth exceeding $35 billion, and Sequoia and a16z over $20 billion and $10 billion, respectively.
SpaceX’s listing marks an unprecedented wealth feast in the history of venture capital.
This Friday, SpaceX will officially debut on the U.S. stock market with the largest-ever IPO at a valuation of about $1.8 trillion, securing $75 billion in funding.
Sequoia Capital first invested in SpaceX at the end of 2019 and currently holds approximately 1.5% of the company. According to sources, this stake corresponds to a market value of over $20 billion. Notably, Sequoia’s approximately $2 billion investment includes $800 million injected into X, the former Twitter social media platform acquired by Elon Musk in 2022, which has since been integrated into the SpaceX system. Early-stage investment firm 137 Ventures has also benefited. The company’s founder, Justin Fishner-Wolfson, stated in a previous interview with Bloomberg Technology that 137 Ventures holds approximately 1% of SpaceX’s shares. Potential Acquisitions May Amplify Returns for Certain Institutions Returns for some institutions may not yet have peaked. Thrive Capital first invested in SpaceX when the company was valued at only $38 billion. If SpaceX completes the $60 billion acquisition of AI programming startup Cursor later this year, Thrive Capital’s combined equity value in SpaceX, through direct shareholding and Cursor holdings, would reach approximately $10 billion. Andreessen Horowitz is also one of the key investors in Cursor and is expected to gain additional returns from this potential acquisition. “Never Bet Against Musk” This wealth feast has resonated widely across the industry. Trae Stephens, a General Partner at Founders Fund, recently stated in an interview with Bloomberg Technology: The core lesson everyone takes from this experience is: never bet against Musk—it is simply a bad idea. Jamie Melzer, Managing Partner at Altra Venture Partners, commented: Anyone who has consistently followed Musk’s trajectory will profit from this IPO. All of this also serves as a historic endorsement of Musk himself. Over two decades ago, when Musk announced his plan to build a rocket company from scratch, external skepticism was widespread. Yet the few investment institutions that chose to place early bets are now reaping the full value of that gamble.
