Blue Owl Capital has successfully sold half of its SpaceX stake at a valuation of $1.25 trillion, reaping significant returns on its initial investment made in 2021.
Blue Owl Capital’s investment in SpaceX, initiated quietly in 2021, has proven to be a lucrative decision for the alternative asset manager. Co-CEO Marc Lipschultz recently confirmed that the firm sold approximately half of its stake in SpaceX at a staggering valuation of $1.25 trillion, yielding nearly ten times its original investment.
During a conference call with analysts, Lipschultz stated, “We’ve sold about half of it at a $1.25 trillion valuation, still holding about half of it.” This remaining stake provides Blue Owl with substantial upside potential as SpaceX approaches what is anticipated to be one of the most significant initial public offerings (IPOs) in market history.
SpaceX is expected to go public later this year, with a potential valuation reaching $1.75 trillion and plans to raise around $75 billion. Such a listing would break all previous records and could position founder Elon Musk to become the world’s first trillionaire—a milestone that seemed improbable just a decade ago.
Blue Owl’s entry into SpaceX was not merely a matter of opportunism; it was built on a foundation of relationships. The firm was one of SpaceX’s earliest lenders, and this initial financing established a pathway for deeper engagement with the company. Lipschultz remarked, “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.” This long-term relationship ultimately led to an equity stake in a company that has remained closely held for years.
The financial details surrounding Blue Owl’s investment illustrate a compelling narrative. Blue Owl Technology Finance Corp, one of the firm’s funds, invested $27 million in equity in 2021. By the end of 2025, that investment was valued at $195 million, reflecting an increase of up to $105 million in just one year. This made SpaceX the fund’s largest contributor to unrealized gains. Additionally, another fund, Blue Owl Capital Corp, reported that its SpaceX stock was valued at $21.7 million at year-end, more than doubling from $10 million the previous year.
Lipschultz also discussed the strategic reasoning behind the partial sale, noting that realized gains from investments like SpaceX can provide a buffer against potential credit losses in other areas of the portfolio.
For Blue Owl, the journey with SpaceX is far from over. With half of its position still intact and an IPO on the horizon, the firm stands to gain even more from what has been one of the most remarkable investment stories of the decade.
According to The American Bazaar, Blue Owl’s strategic moves in the space industry highlight the potential rewards of long-term investment relationships.