# SpaceX Investors Ownership and capital map for [[SpaceX]] — which crossed from private to public on **June 12, 2026**. This page tracks both the pre-IPO cap history and the new public ownership, plus the unusual money flows that make SpaceX the financial spine of the Musk empire. > The "piggy bank" financial engineering (personal loans to Musk, the SolarCity bond bailout, the xAI absorption, the $20B bridge loan) is documented in detail on the [[SpaceX]] company page. This page is the ownership/capital structure; that page is the self-dealing narrative. ## The IPO (June 12, 2026) - **Largest IPO in history.** Listed on **Nasdaq under SPCX** at ~**$135/share**, valuing the company at roughly **$1.77 trillion** and raising on the order of **$75B**. - The listed entity is the **combined SpaceX + xAI + X conglomerate** (post the February 2026 [[xAI-SpaceX Merger]]), not a standalone [[Starlink]] spin-off. - Early post-IPO trading ran up to ~$225 before pulling back to ~$165 by June 22 — volatile, as expected for a mega-listing. - Filing record: [[SpaceX IPO Filing]]. ## Pre-IPO capital history Before listing, SpaceX raised roughly **$11.9B across ~31 private rounds** from ~240 investors (full ladder in [[Musk-Thiel Funding Map]]). [[Peter Thiel]]'s [[Founders Fund]] was an early backer; [[Luke Nosek]]'s [[Gigafund]] and [[Valor Equity Partners]] are long-tenured holders. A late-stage tender had valued the company around $350B (Dec 2024) before the conglomerate restructuring and IPO repriced it far higher. ## Ownership - [[Elon Musk]] — controlling shareholder with concentrated voting power preserved through the listing structure. - [[Founders Fund]], [[Gigafund]], [[Valor Equity Partners]], Future Ventures, DFJ Growth — long-term private holders now partly public. - Public float + institutions — populated fast. See below. ### Institutional ownership (first 13F wave, Aug 14, 2026) The **August 14, 2026** 13F deadline produced the first institutional picture of the public conglomerate. Full record: [[SPCX Q2 2026 Institutional Ownership]]. | Holder | Shares | Value | Share of that holder's disclosed portfolio | |---|---|---|---| | [[Alphabet]] | 551.2M | ~$94.1B | **~95%** — essentially its whole disclosed equity book | | [[NVIDIA]] | ~122.8M | ~$21B | **~33%** — its second-largest holding | | Harvard Management Company | ~12.94M | ~$2.2B | its largest single US equity position | | Baillie Gifford | ~51.4M | — | — | | ARK, Fidelity, Saudi Arabia's Public Investment Fund | disclosed positions | — | — | Alphabet's stake is the legacy of its **January 2015 $1B investment** with Fidelity. Nvidia's arrived mechanically, via conversion of its xAI stake in the February 2026 [[xAI-SpaceX Merger]]. **The finding is the structure, not the totals.** SpaceX's two largest disclosed institutional shareholders are also two of its largest commercial counterparties. Nvidia holds a third of its disclosed portfolio in a customer that pledged **Nvidia-exclusive** procurement for a 2→10 GW compute buildout on the Aug 4 earnings call — while that customer's quarterly capex ran **$18.37B, $15.83B of it AI**. Alphabet, party to the [[Google-SpaceX xAI Compute Deal]], holds essentially nothing else. A supplier that is also an owner is not an arm's-length supplier, and no related-party disclosure currently treats Nvidia as anything but a vendor. ### Dilution: the ~391M-share Cursor issuance On **August 14, 2026** SpaceX closed its **$60B all-stock acquisition** of Anysphere/[[Cursor]], issuing roughly **391 million new Class A shares** — no cash. Full record: [[SpaceX-Cursor Acquisition]]. Against the float math below, this matters twice over: the issuance landed **eight days after** the first lock-up tranche and **six days before** the second, and it establishes that the conglomerate can now acquire using **printed equity** rather than cash it does not generate or debt it must service. The "piggy bank" pattern documented on the [[SpaceX]] company page has acquired a currency. ## Financials ### Q2 2026 — the first public quarter Reported **August 4, 2026**. Full record: [[SpaceX Q2 2026 Earnings Report]]. | Line | Q2 2026 | Note | |---|---|---| | Total revenue | $7.81B | +92% YoY; consensus ~$6.9B | | [[Starlink]] revenue | $4.29B | +66% YoY; ~55% of total | | Starlink operating margin | 38.6% | vs. 35.9% expected | | Starlink subscribers | 12.0M | 2x YoY; +1.7M QoQ | | Capital expenditure | $18.37B | >6x YoY; consensus $13.22B | | — of which AI | $15.83B | ~86% of capex | | Net result | −$541M | loss narrowed YoY | Guidance: **$100B revenue run-rate by December 2026**; ≥1,000 V3 Starlink satellites launched within a year; compute scaling from ~2 GW to as much as **10 GW by end-2027**, exclusively on [[NVIDIA]] hardware. **The read.** This is the segment split the dossier had been waiting on since June, and it confirms the structural argument: Starlink is a high-margin broadband utility whose $4.29B quarterly revenue is being consumed by an AI capital program roughly four times its size. The "piggy bank" pattern is no longer an inference from private financings — it is a reported line item. Two days later the [[Tesla-SpaceX Terafab Commitment]] added the physical-capex leg, asking Tesla and SPCX shareholders to co-fund a single asset with no disclosed ownership split. ### Debt (per the first 10-Q, filed Aug 4, 2026) The Q2 10-Q — for the period ended **June 30, 2026** — gives the balance-sheet figures the press release did not: | Line | Amount | Note | |---|---|---| | Aggregate outstanding indebtedness | **$38,433M** | SpaceX and subsidiaries, at June 30, 2026 | | Next material principal due | **July 15, 2031** | nothing material before then | | June 2026 senior unsecured notes | **$25,000M** | five tranches: 2031, 2033, 2036, 2046, 2056 | This is why the [[SpaceX $25B Bond Sale]] worked as a manoeuvre: absorbing X's and xAI's debt onto the SpaceX balance sheet cost the company **no near-term cash**, because the whole stack is termed out five years or more. **Related-party items disclosed:** the arrangement under which SpaceX **charges [[Tesla]] for Musk's use of SpaceX-owned aircraft** in his Tesla-CEO capacity; **$506M** of goods and services purchased from Tesla (2025 figure, per the S-1); and **Tesla's ~1% holding of SpaceX Class A shares**. **What is not disclosed:** the [[Terafab]] ownership split, funding split, and IP allocation. The [[SpaceX Calendar]] had flagged the 10-Q as the filing that would force it. It did not. Two public companies are co-funding a $16.8B asset — with multi-phase filings referencing up to ~$119B — and neither shareholder base has been told who owns it. That is now an omission that has survived a mandatory filing, not an information gap awaiting a document. See [[Tesla-SpaceX Terafab Commitment]]. ### Prior context - 2025: revenue **>$18.5B**, net **loss ~$5B** (including the xAI acquisition). - [[Starlink]] generated ~**$11.4B (≈61% of revenue)** in 2025; ~10.3M active customers across 160 markets by March 2026. ## Lock-up and float The lock-up is staggered rather than a single 180-day cliff. The **first tranche released Aug 6, 2026** — up to **911.5M shares (~$116B)** — and passed without a broad insider selloff; SPCX rose 6.1% that session and 15.83% the next, closing Aug 7 at $133.11 near the $135 IPO price. Full record: [[SPCX First Lock-Up Expiration]]. A **second tranche of ~319M shares** released on **Aug 20, 2026**. SPCX finished that week down ~2%, closing **$136.97** on Aug 21 — roughly back at the $135 IPO price. Remaining schedule, now dated rather than approximate: | Release | Date | Size | |---|---|---| | First insider tranche | Aug 6, 2026 | ~911.5M shares (~$116B) | | Second tranche | **Aug 20, 2026** | ~319M shares | | Third tranche | Sept 9, 2026 | ~319M shares | | Further tranches | Sept 24 · Oct 9 · Oct 24, 2026 | rolling | | All restrictions off | **Dec 8, 2026** | remainder | | [[Elon Musk]] and select insiders | June 12, 2027 | ~6.4B shares (Musk) | Roughly **4.9B shares** unlock by year-end 2026; about **88% of the ~13B share count** releases through 2027. **The price-conditional tranche.** The prospectus provided for an **additional 455.8M shares** to unlock at Q2 earnings — but only if SPCX closed **at least 30% above the $135 IPO price (≥$175.50) on 5 of the 10 trading days** ending with the results date. It did not, so those shares **roll into the Dec 8 expiry instead**. Worth naming as a design choice: the lock-up was written to release *more* supply only into strength, which means the Aug 7–10 rally past $135 was not merely sentiment — roughly $60B of additional float was riding on a threshold the stock never reached. Caution: a quiet tape is not evidence about insider behavior. Form 4s file on a two-business-day lag — the names and amounts are the record, not the price action. As of **Aug 25, 2026**, nineteen days past the first unlock and five past the second, **no officer or director sale has surfaced in reporting**. Treat that as provisional pending a direct EDGAR check. ## Open questions to track - **Insider Form 4 filings** from the Aug 6 and Aug 20 tranches — who sold, how much, at what price. Still empty as of Aug 25; the negative result is now itself the datum. - ~~The first 10-Q, for related-party disclosure on Terafab's funding split and the X/xAI debt.~~ **Answered Aug 2026** — filed Aug 4; the debt is disclosed ($38.4B, termed to 2031), **the Terafab split is not**. The live successor question: what forces that disclosure — the 10-K, a Tesla proxy, or a 2027 merger that moots it? - ~~Institutional ownership build via 13F filings.~~ **Answered Aug 14, 2026** — see [[SPCX Q2 2026 Institutional Ownership]]. The live successor question: **what does it mean that SpaceX's largest suppliers are also its largest shareholders?** - Musk's exact voting percentage and the control mechanics disclosed in the first proxy. - Whether the **Dec 8 cliff** behaves like Aug 6 and Aug 20 did, now that 455.8M price-conditional shares are stacked onto it. - Founders Fund's posture after the xAI-dilution friction noted on the company page. ## See Also - [[SpaceX]] — company page (the "piggy bank" narrative) - [[SpaceX Dossier]] — dossier front door - [[SpaceX IPO Filing]] · [[xAI-SpaceX Merger]] (in /Deals/) - [[Musk-Thiel Funding Map]] — full capital ladder - [[Founders Fund]]