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SpaceX IPO boosted Kelly Loeffler’s investment by millions
A Reuters review of Loeffler’s financial disclosures found she invested between $1 million and $5 million in SpaceX and xAI, with her holdings benefiting after the June 12 IPO valued the company at $1.77 trillion.
U.S. Small Business Administration head Kelly Loeffler’s investment in Elon Musk’s SpaceX and xAI multiplied after she was nominated for the role, according to a Reuters review of her financial disclosures.
Reuters said Loeffler invested between $1 million and $5 million as of January 3, 2025, in xAI, which later merged with SpaceX. Later in 2025, she made a second disclosed investment in SpaceX and xAI, also in the $1 million to $5 million range, and Reuters said the second bet had not been previously reported.
Loeffler’s disclosures were tied to forms she submitted before her appointment and in May 2026 for 2025 activity, which Reuters obtained from the SBA on June 12. Reuters noted that cabinet members typically use value ranges and do not disclose specific investment dates before taking office, and that two independent government ethics attorneys agreed with Reuters’ disclosure assessment.
SpaceX priced what Reuters described as the biggest-ever U.S. IPO on June 12, valuing the space, satellite and AI provider at $1.77 trillion. Reuters said an xAI investment of $1 million to $5 million could have been worth between $7 million and $2.6 billion at the IPO day, while her second investment would have been worth between $2.2 million and $25.4 million depending on timing, and that xAI’s valuation rose more than 7,000% between its first investment round and January 5, 2025. Reuters also reported SpaceX’s valuation more than doubled in 2025, and that at least 10 Trump administration officials listed investments in SpaceX or xAI on their 2025 financial disclosures.