Key Takeaways:
BlackRock disclosed holding 51 million Class A common shares of SpaceX as of June 30, according to a Securities and Exchange Commission filing.
The position, valued at roughly $8.7 billion based on the per-share price implied by Intesa Sanpaolo's disclosed stake of 5.66 million shares worth $966.42 million, makes BlackRock one of the largest institutional holders of the rocket maker. The filing marks the first public disclosure of a SpaceX stake by the world's largest asset manager since the company's record initial public offering on June 12, when shares opened at $150.
SpaceX reported second-quarter revenue of $7.81 billion, beating analyst estimates of $6.93 billion, according to LSEG. Revenue jumped 92 percent from $4.1 billion a year earlier, while the company's net loss narrowed to $541 million from $1 billion. Loss per share came in at 9 cents, narrower than the 26-cent loss analysts had projected. The stock has dropped 16 percent since its IPO opening.
The disclosure confirms growing institutional appetite for SpaceX, which merged with Elon Musk's xAI in February to build data centers in space. The company's connectivity segment, anchored by Starlink satellite internet, remains its only profitable unit, posting operating income of $1.66 billion in the second quarter. The AI unit lost $1.26 billion, while the space unit posted an operating loss of $542 million. Starlink is sold directly to consumers as well as to government and military agencies, including the U.S. Defense Department and NASA.
BlackRock's stake shows confidence in SpaceX's long-term trajectory despite near-term losses tied to heavy capital expenditures on artificial intelligence infrastructure. The asset manager joins Intesa Sanpaolo, which also disclosed a SpaceX position in its second-quarter filing, as major institutional backers of the company. SpaceX holds 18,712 bitcoin worth $1.18 billion on its balance sheet, adding a crypto dimension to its institutional appeal.
The disclosure also highlights the growing role of major asset managers in private market investments. BlackRock has expanded its private assets platform in recent years, and a stake of this size in SpaceX represents a significant allocation to the space sector. The company's merger with xAI positions it at the intersection of space exploration and artificial intelligence, two of the most capital-intensive technology sectors.
Investors will watch the expiration of the share lockup period, which could unlock additional trading volume and test the stock's support levels. The company's next earnings report will also provide clarity on whether Starlink's profitability can offset losses in the AI and space segments.
This article is for informational purposes only and does not constitute investment advice.
