Blue Owl Capital has sold approximately half of its stake in SpaceX at a $1.25 trillion valuation, generating roughly 10 times its original investment on the realised portion, according to Reuters.
The disclosure came from co-CEO Marc Lipschultz on the firm’s Q1 2026 earnings call, and the market responded immediately. Blue Owl shares rose more than 10% on the day, as investors processed both the SpaceX news and a quarterly earnings beat: revenue of $753.8 million against analyst expectations of $687.23 million, with AUM rising 15% year-on-year to $314.9 billion.
Blue Owl was one of SpaceX’s earliest institutional lenders before moving into equity, purchasing shares across two classes in 2021. Its Blue Owl Technology Finance Corp fund put $27 million into SpaceX equity that year, reflecting a $105 million increase over the year and making SpaceX the largest contributor to unrealised gains in the fund.
The $1.25 trillion sale price corresponds to the post-merger valuation established when SpaceX acquired Elon Musk’s AI company xAI in an all-stock transaction in February, which folded Grok, X, and xAI’s GPU infrastructure into the combined entity.
The half-position Blue Owl still has upside in paper. SpaceX has filed confidentially with the SEC targeting a $75 billion raise at a valuation of $1.75 trillion, which would be the largest public offering in history, surpassing Saudi Aramco’s $29.4 billion IPO record set in 2019.
The roadshow is expected to begin around June 8, with Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America and Citigroup serving as lead underwriters.
A separate Blue Owl vehicle, Blue Owl Capital Corp, also held SpaceX shares at the end of 2025 at a fair value of $21.7 million, up from $10 million a year earlier.
The combined position across both vehicles underscores how deeply the firm’s returns have become tied to a single private company heading toward one of the most closely watched public listings in market history.
