By Isla Binnie and Manya Saini
NEW YORK, April 30 (Reuters) – Blue Owl sold about half its investment in SpaceX at a $1.25 trillion valuation, the alternative asset manager’s co-CEO Marc Lipschultz said on Thursday.
“Specifically at SpaceX … we made about 10 (times) our money on that investment,” Lipschultz said on a conference call with analysts. “We’ve sold about half of it at a $1.25 trillion valuation, still holding about half of it.”
SpaceX is expected to go public later this year at a possible valuation of $1.75 trillion, raising about $75 billion in what would be the largest public listing on record. The deal could put founder and CEO Elon Musk on track to become the world’s first trillionaire.
One of New York-based Blue Owl’s funds, Blue Owl Technology Finance Corp, invested $27 million of equity in SpaceX in 2021, and has written up its value several times since.
The fund assigned a fair value of $195 million to its SpaceX stock at the end of 2025, a securities filing shows. That valuation increased by $105 million over the year, making SpaceX its biggest contributor by far to unrealized gains. OTF mainly holds software assets, and SpaceX is its only equity investment in the aerospace sector.
Lipschultz said he highlighted the gains on the SpaceX sale because, in the case of credit losses, “those are the ways… we can offset some of those losses.”
Blue Owl was one of SpaceX’s earliest lenders and eventually made the equity investment, Lipschultz added.
“We made a loan to the company and had the privilege of getting to know them very well and then participating in ongoing conversations about other financing opportunities,” he said.
(Reporting by Isla Binnie in New York and Manya Saini in Bengaluru, editing by Echo Wang, Chizu Nomiyama and Nick Zieminski)
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