US President Donald Trump invested between $1 million and $5 million in senior unsecured notes issued by Elon Musk’s SpaceX on August 18, just two days before signing a National Security Presidential Memorandum that established a new National Space Transportation Policy, CNBC reported Thursday. The SpaceX notes carry a 5.35% interest rate and mature in July 2031.
The timing has renewed scrutiny of the intersection between Trump’s personal finances and policies that could benefit companies he invests in. SpaceX is a major Pentagon contractor and NASA launch provider, and the new policy aims to restore US leadership in space transportation while enabling more than 1,000 launches and reentries on American soil annually by 2030.
Trump’s August financial disclosure listed 517 securities transactions with a combined reported value of roughly $74.3 million to $273.3 million. Purchases totaled at least $44.2 million and sales at least $30.1 million. The largest single trade was a purchase of Meta Platforms stock valued between $5 million and $25 million on August 21. The same day accounts bought positions valued between $1 million and $5 million each in AT&T, ConocoPhillips, Abbott Laboratories, Netflix and Chevron.
Trump had previously bought SpaceX shares valued between $15,001 and $50,000 in June, the month the company went public, and again in July. He also sold between $1,001 and $15,000 worth of SpaceX shares in July. The White House has denied wrongdoing, and Trump has said his son Eric Trump manages his finances along with large financial institutions.
Separately, SpaceX stock fell about 2.5% on Thursday as investors looked ahead to an October 9 lockup expiration that could make up to 328.4 million shares eligible for sale. The decline tracked broader market weakness, with the S&P 500 down 0.4%, the Nasdaq Composite down 0.6% and the Dow Jones Industrial Average down 201 points.
Analysts offered mixed views. Erste Group’s Stephan Lingnau initiated coverage with a Hold rating and no price target, saying SpaceX’s high EV/EBIT multiple already reflects strong expectations for its AI business. He expects a $100 billion annualized revenue run rate by the end of 2026, with AI becoming the largest revenue contributor as early as this year. Morgan Stanley’s Adam Jonas reiterated a Buy rating and $300 price target, saying SpaceX looks “cheap and getting cheaper.” Goldman Sachs’ Eric Sheridan raised his price target to $230 from $220 and kept a Buy rating on greater confidence in the AI business.
SpaceX also faces delays in Starlink’s planned expansion into India. Elon Musk has accused Indian telecommunications interests of obstructing entry, while Indian officials rejected the accusations. Starlink has secured an initial license but still needs additional security clearances and spectrum allocation before commercial operations can begin.
