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Elon Musk‘s SpaceX is still days away from what could be the largest IPO ever, but a report Wednesday morning reports that at least 10 Trump administration officials are worth up to $44 million in the rocket company and xAI, the artificial intelligence and social media company SpaceX merged with in February.
The disclosure shows government employees including the special envoy Steve Witkoff and the head of Small Business Administration Kelly Loeffler holding combined exposure from $9.9 million to $43.8 million, according to Bloomberg.
Federal Contractor Worth $1.8 Trillion
SpaceX is looking at a minimum valuation of $1.8 trillion, and bankers are looking at $135 per share to raise $75 billion. The deal will make Musk the world’s first billionaire.
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SpaceX is also the organization’s largest contractor, pulling in $4 billion in federal appropriations through 2025 and a $6.5 billion Space Force award last month.
Paul McInernya former SpaceX engineer named the Interior Department’s chief information officer this year, held a $5 million to $25 million stake.
He kept it in an ethical compromise, as SpaceX sought Fish and Wildlife Service permits for infrastructure near a wildlife refuge in Texas.
Not all officers received a pass. The new Fed chair Kevin Warsh he was required to sell his SpaceX exposure, held in Stan Druckenmiller’s Duquesne Family Office, before taking the position Jerome Powell last month.
Embassy of Luxembourg Stacey Feinberg disclosed up to $1 million in xAI through the 1789 Capital fund, where Donald Trump Jr. you are my partner.
It is possible that some of the officials have quietly withdrawn the money. The private company’s stock is exempt from the 45-day reporting rule, and May’s new disclosures that will be made public in mid-June may reveal who took the profits before the IPO.
Trending: Avoid the #1 Investing Mistake: How Your ‘Safe’ Holdings Can Cost You Big Time
An ethics lawyer Caleb is Hot of Wiley Rein called it a “unicorn event” with no “analogs,” citing the IPO’s record size and Musk’s recent DOGE role.
The revelations come amid wide-ranging scrutiny of Trump-orbit policies. The presidential filing for Q1 went into more than 3,700 trading companies, some of which he raised publicly.
What is observed in the prediction markets
Polymarket sellers are pricing this month’s SpaceX inventory at 95% off. Musk being a trillionaire is slightly lower, at 93%.
The new revelations could add pressure to a deal already facing government pushback, with the three largest US public pension funds recently demanding that Musk rewrite SpaceX’s two-tier structure.
For vendors without SpaceX exposure, the clean reading remains Tesla Inc..
Photo: Shutterstock
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