Hedge fund Darsana Capital Partners is sitting on a massive payday. With SpaceX reportedly planning an IPO next month at a valuation north of $1.5 trillion, the fund's paper profits on its SpaceX investment are expected to exceed $10 billion.
Darsana first bought into SpaceX in 2019, when the company was valued at around $30 billion. It has kept adding shares ever since and never sold. Beyond direct investment, the fund also participated in the privatization of social media platform X (formerly Twitter). After X merged with xAI last year and then was absorbed into SpaceX earlier this year via an all-stock deal, Darsana ended up with even more SpaceX shares.
As SpaceX's valuation has skyrocketed, that single bet now accounts for nearly 60% of Darsana's roughly $15 billion in total assets under management. Its current SpaceX stake is worth about $8.5 billion. Since December alone, when SpaceX closed a funding round at an $800 billion valuation, the fund's gains have swelled by billions.
Another firm, D1 Capital Partners, is also reaping rewards. It has invested roughly $600 million in SpaceX and now holds a paper gain of about $9 billion.