Kelly Loeffler's SpaceX stake delivers multimillion-dollar gains after IPO

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Loeffler's SpaceX gains

Highlights

Kelly Loeffler disclosed investments of $1 million–$5 million each in xAI and SpaceX before and after becoming SBA administrator, with the second investment previously unreported.
SpaceX’s June 12 IPO, the largest-ever U.S. IPO, valued the company at $1.77 trillion and lifted Loeffler's first xAI stake to between $7 million and $2.6 billion depending on timing.
xAI's valuation surged over 7,000% between its first investment round and January 5, 2025, while SpaceX's valuation more than doubled in 2025, yielding significant windfalls for early investors.

Disclosure details and investment timeline

As reported by Reuters, Loeffler disclosed an investment of between $1 million and $5 million in xAI as of January 3, 2025, before she became administrator of the SBA. A separate financial disclosure covering all of 2025, which she signed on May 14, 2026, shows she later invested again in SpaceX and xAI for between $1 million and $5 million; Reuters says it obtained that form from the SBA on June 12.

The second investment has not been previously reported. Two independent government ethics attorneys agreed with Reuters' assessment of the disclosure, while cabinet officials report asset values in ranges and do not disclose the exact dates of investments made before taking office.

Loeffler and her team did not respond to multiple requests for comment on the SpaceX investment. The Senate confirmed her as SBA administrator on February 19, 2025.

IPO windfall and ethics context

SpaceX priced what the report describes as the biggest-ever U.S. IPO on June 12, valuing the space, satellite and AI company at $1.77 trillion. Franco Granda, an analyst at PitchBook, said Loeffler's first investment in xAI would have been worth between $7 million and $2.6 billion on the day of the offering, depending on the exact amount and timing, while the second investment would have been worth between $2.2 million and $25.4 million.

Granda said the earlier the investment, the greater the gain at the IPO. The report says xAI's valuation rose by more than 7,000% between its first investment round and January 5, 2025, while SpaceX's valuation more than doubled in 2025.

SpaceX is a military contractor for the U.S. government, and federal law bars cabinet members from participating in decisions involving companies in which they hold a financial interest. Public records do not show a financial relationship between the SBA and either xAI or SpaceX, and xAI was not included on the public list of AI tools used by SBA employees in 2025.

At least 10 Trump administration officials listed investments in SpaceX or xAI on their 2025 disclosure forms, though none works for the Defense Department. Loeffler previously led bitcoin trading platform Bakkt, worked for 16 years at Intercontinental Exchange, and is married to Intercontinental Exchange CEO Jeffrey Sprecher.

In our earlier article on SpaceX’s Starship V3 test launch abort after recent FAA clearance, we explained how an engine-startup issue forced the company to halt the attempt and renewed scrutiny on fixes tied to the prior booster loss. We also noted that the delay weighed on newly listed SpaceX shares, underscoring how operational setbacks can quickly feed into investor sentiment after the record IPO.

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