Blue Owl Capital has sold roughly half of its investment in SpaceX at a $1.25 trillion valuation, according to co-CEO Marc Lipschultz. The firm reported it generated about 10x returns on the portion it exited, while continuing to hold the remaining stake for further upside.
The disclosure came during a Q1 2026 earnings call, where the sale was framed as a strategic move to both realize gains and manage risk across its broader credit portfolio.
Blue Owl originally invested $27 million in 2021 through its Blue Owl Technology Finance Corp fund. By the end of 2025, that stake had been marked at $195 million, making SpaceX the largest contributor to unrealized gains in the portfolio.
The value increase of $105 million in a single year highlights how rapidly SpaceX’s private market valuation has scaled alongside investor demand for AI and space infrastructure assets.
The $1.25 trillion valuation aligns with the combined valuation created after SpaceX integrated Elon Musk’s AI company xAI earlier in 2026.
This merger repositioned SpaceX as not just a space company but a hybrid AI–infrastructure platform, combining satellite networks, launch systems, and AI compute ambitions.
Despite the partial sale, Blue Owl is still holding the remaining stake ahead of a potential IPO. SpaceX is expected to go public in 2026 at a projected valuation of around $1.75 trillion, with a possible $75 billion raise, which would make it the largest IPO in history.
This gap between the $1.25 trillion exit valuation and IPO expectations represents significant unrealized upside for investors who continue to hold shares.
Blue Owl’s decision also reflects a broader shift in private credit markets. The firm indicated that gains from high-growth equity investments like SpaceX can offset potential losses in its software lending portfolio, especially as AI disrupts traditional tech companies.
This positioning highlights how capital is increasingly rotating toward AI infrastructure companies, where valuations are expanding faster than in legacy software sectors.
The transaction underscores the scale of capital flowing into SpaceX as it evolves into a multi-sector platform spanning aerospace, satellite internet, and AI. Blue Owl’s partial exit not only validates the company’s valuation but also signals that institutional investors are beginning to lock in gains while maintaining exposure ahead of a potentially historic public listing.
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