Baron Capital founder Ron Baron began buying SpaceX shares in 2017 when the company was still private, building a US$1.7 billion stake that has since grown to US$15 billion based on the company’s private-market valuation. Baron Capital’s position is expected to be worth approximately US$24 billion following the IPO, assuming the full US$75 billion offering is completed.
Baron told CNBC’s Squawk Box in May that “this is going to become the largest company on the planet” and said he had placed an order for an additional US$1 billion in shares at the IPO price.
Significant gains for Ark, Fidelity and pension funds
Cathie Wood’s Ark Invest also built a substantial position in SpaceX through its Ark Venture Fund. Ark projected SpaceX could reach a US$2.5 trillion enterprise value by 2030, describing the US$1.75 trillion IPO valuation as a plausible outcome driven by Starlink, Starship and AI-related operations. The forecast implies approximately 38% annual growth in enterprise value from the IPO level.
Among the other major beneficiaries is Fidelity Investments. Fidelity, which began acquiring shares around 2015, has disclosed SpaceX as a significant holding in flagship funds including Contrafund and Blue Chip Growth. SpaceX maintained tight control over its capitalization table, offering follow-on allocations primarily to existing investors while many institutions remained locked out.
University endowments have also emerged as major beneficiaries. Washington University in St. Louis invested roughly US$50 million in SpaceX nearly a decade ago, a stake that has appreciated dramatically and now accounts for more than 10% of the university’s approximately US$17 billion endowment, according to Bloomberg News.
