Blue Owl sold about half its SpaceX holding at $1.25 trillion valuation, co-CEO says

Written by: Isla Binnie and Manya Saini

NEW YORK, April 30 (Reuters) – Blue Owl has sold about half of its investment in SpaceX at a valuation of $1.25 trillion, the alternative asset manager’s co-CEO Marc Lipschultz said on Thursday.

“On SpaceX specifically, we made about 10 (times) money on that investment,” Lipschultz said on a conference call with analysts. “We sold about half of it at a valuation of $1.25 trillion, we still have half of it.”

SpaceX is expected to go public this year at a possible valuation of $1.75 trillion, raising approximately $75 billion, making it the largest IPO in history. The deal could put founder and CEO Elon Musk on track to become the world’s first trillionaire.

In the case of credit losses, such sales “are a way to offset some of those losses,” Lipschultz said.

Blue Owl Technology Finance Corp, one of New York-based Blue Owl’s funds, made a $27 million equity investment in SpaceX in 2021 and has increased its value several times since then.

The fund allocated a fair value of $195 million to SpaceX shares at the end of 2025, according to a securities filing. That valuation increased by $105 million during the year, making SpaceX by far the largest contributor to unrealized gains. OTF predominantly owns software assets, and SpaceX is the company’s only equity investment in the aerospace sector.

A separate fund, Blue Owl Capital Corp, also holds SpaceX shares through the end of 2025, a filing shows. Blue Owl valued this asset at $21.7 million on December 31; This figure was 10 million dollars in the previous year.

Lipschultz added that Blue Owl was one of the first lenders to SpaceX and eventually made the equity investment.

“We made a loan to the company and had the privilege of getting to know them very well and then participating in ongoing discussions about other financing opportunities,” he said.

(Reporting by Isla Binnie in New York and Manya Saini in Bengaluru; Editing by Echo Wang, Chizu Nomiyama, Nick Zieminski and David Gregorio)