SpaceX’s long-anticipated public listing is set to generate multi-billion-dollar gains for hedge funds Darsana Capital Partners and D1 Capital Partners if Elon Musk’s rocket company floats at a valuation approaching $1.5–$1.75tn, according to reports.
Among the standout beneficiaries is New York-based Darsana Capital Partners, which has quietly built one of the most concentrated private company positions in the hedge fund industry. The firm, founded by Anand Desai in 2014, first invested in SpaceX in 2019 when the company was valued at roughly $30bn and has added to its position across multiple funding rounds since then.
People familiar with the matter say Darsana’s stake could be worth more than $10bn in paper gains if SpaceX prices near the expected IPO range. At that level, the position would represent a striking concentration of risk, accounting for close to 60% of the firm’s approximately $15bn in assets under management.
Darsana’s exposure has also been amplified through related Musk-controlled assets and secondary effects from transactions involving X and xAI, as well as indirect upside via holdings such as EchoStar, which has struck commercial agreements with SpaceX involving spectrum licensing. The firm has also taken part in private financing rounds and employee share purchases and has not sold any of its SpaceX holdings, according to people familiar with its strategy.
The hedge fund, which takes a long-term, multi-sector approach and typically runs a concentrated portfolio, has historically invested across both public and private markets, including early stakes in companies such as DoorDash and Juul Labs, as well as more recent involvement in aerospace and infrastructure ventures linked to the broader space economy.
Darsana is not alone in its outsized exposure. D1 Capital Partners, led by Daniel Sundheim, is also positioned for a significant windfall. The firm first invested in SpaceX in 2020 when the company was valued at around $36bn and has since built a position that is expected to be worth approximately $20bn if the IPO proceeds at the top end of the anticipated valuation range.
D1, which manages around $35bn, is understood to have accumulated its stake over several years at significantly lower valuations, generating substantial unrealised gains. Sundheim has previously told investors he does not intend to sell SpaceX holdings despite strong external demand, underscoring the firm’s long-term conviction in the company’s trajectory.
SpaceX’s rapid valuation expansion has been driven by the commercial success of its Starlink satellite internet business and its core rocket launch operations. Revenue growth has also been supported by a series of high-profile strategic arrangements and secondary transactions across Musk-led entities, which have helped push private market valuations sharply higher over the past year.
Beyond hedge funds, the IPO is expected to deliver significant returns to venture capital firms, crossover investors and early backers that have supported SpaceX since its inception nearly 25 years ago. The company’s valuation has risen dramatically, from roughly $400bn less than a year ago to more than $1tn in private markets today, with investors now positioning for a potential offering that could raise tens of billions of dollars.
