Key Takeaways:
Vanguard Capital Management disclosed holding 26.6 million Class A shares of SpaceX, worth about $3.7 billion, in an Aug. 14 SEC filing.
The filing adds Vanguard to a roster of institutional holders that have surfaced since SpaceX's June 12 IPO on the Nasdaq, including Norway's $2.3 trillion sovereign wealth fund, which reported a 0.05 percent stake, and ARK Investment Management's Cathie Wood, who bought about 317,000 shares.
The 26.6 million shares equal roughly 0.35 percent of SpaceX's 7.7 billion Class A shares outstanding as of July 28, according to the company's quarterly report. At the Aug. 10 close of $138.74, the position is valued at about $3.7 billion, though the stock has fallen more than half from its June 16 intraday peak of $225.64. The shares surged 15.8 percent on Aug. 7, their strongest daily gain, after the company cleared its largest share unlock.
The disclosure points to steady institutional accumulation in SpaceX as the company expands beyond launch and satellite services into AI infrastructure, with Chief Executive Elon Musk projecting $1 trillion in annual revenue by 2030. SpaceX still faces eight additional share-unlock tranches in coming months after clearing the first and largest — 911.5 million shares — in August.
SpaceX listed on the Nasdaq on June 12 at $135 a share in the largest IPO in Wall Street history, converting a decade of private investment into public holdings. Alphabet, which invested $1 billion alongside Fidelity in 2015, now holds 551.2 million Class A shares valued at about $94.1 billion — roughly 95 percent of its disclosed public portfolio.
The company's first earnings as a public company showed Starlink subscribers surpassing 12 million, with the connectivity segment generating $2.6 billion in adjusted EBITDA, ahead of the $2.41 billion consensus estimate. Capital expenditure surged to $18.4 billion in the second quarter, weighing on the stock after the report.
Broker consensus remains positive, with 22 of 35 recommendations rated Strong Buy and an average price target of $223.61, implying about 61 percent upside from the Aug. 10 close, according to Zacks Investment Research. Five of 11 analysts raised September-quarter estimates after the earnings report.
The Vanguard stake, combined with the sovereign fund and ARK positions, reinforces institutional confidence in SpaceX's long-term value even as retail demand cools. Investors will watch whether Vanguard adds to the position as subsequent lockup tranches expire, with the next unlock scheduled in the coming months.
This article is for informational purposes only and does not constitute investment advice.
