SpaceX’s debt and equity markets are currently telling different stories about the company’s risk profile, and the gap has widened as new ownership details surfaced. While bond yields imply a higher level of credit risk, secondary stock valuations continue to reflect long-term growth optimism.
According to a 13G filing submitted Thursday and reported by CoinCentral, Elon Musk held 6.42 billion SpaceX shares as of June 30, 2026, representing a 48.4% stake valued at more than $900 billion at current market prices. Musk controls over 82% of SpaceX’s voting power despite holding less than half the economic interest.
The filing shows the position is split across multiple categories: about 849.5 million Class A shares and 3.92 billion Class B shares held in trusts where Musk serves as trustee, plus 1.30 billion restricted Class B shares directly and options covering another 350 million Class B shares. Musk later said on X that a portion of his shares “only vests on extremely crazy good outcomes for SpaceX,” meaning his fully vested percentage may be lower than the filing suggests. His 6.4 billion shares remain locked up until June 2027.
The ownership disclosure arrives after a turbulent start for SpaceX as a public company. SpaceX priced its IPO at $135 on June 12, raising $85.7 billion and briefly pushing its market capitalization past $2 trillion. The stock peaked at $225.64 on June 16, then fell to $105.11 in early August as nearly 911.5 million insider shares became eligible for sale. The decline followed first earnings showing capital expenditures more than twice the company’s revenue, although revenue of $7.8 billion beat estimates. Shares closed Thursday at $141.29, down 3.33%, before rising to about $143.40 in Friday premarket trading.
Norway’s Government Pension Fund Global also disclosed a 0.05% stake worth just over $1.2 billion as of June 30. The filing highlights the different lenses of bond and equity investors: debt holders focus on near-term liquidity, capital intensity and cash flow, while equity investors are pricing Starlink growth, Starship potential and national security launch demand. For crypto market participants, the news has no direct asset impact, though Musk-linked sentiment can occasionally spill over into digital assets.
