SBA Chief Kelly Loeffler's SpaceX Stake Yielded Millions Following IPO, Disclosures Show

U.S. Small Business Administration (SBA) chief Kelly Loeffler realized millions of dollars in gains from her investments in Elon Musk's SpaceX following the company's landmark initial public offering, according to a Reuters review of her financial disclosures. The filings show Loeffler made a second, previously unreported investment in the company during 2025 after her nomination to the cabinet-level position.

Investment Details and IPO Gains

Loeffler's financial disclosures, which cabinet members are required to file, detail two significant investments related to SpaceX. The value of assets is reported in broad ranges.

• First Investment: A filing from January 3, 2025, showed an investment of between $1 million and $5 million in xAI, the artificial intelligence firm that later merged with SpaceX.
• Second Investment: A subsequent disclosure signed on May 14, 2026, revealed another investment of between $1 million and $5 million in SpaceX and xAI made during the 2025 calendar year.

Following SpaceX's record-breaking U.S. IPO on June 12, which valued the company at $1.77 trillion, the value of these holdings soared. According to an analysis by Franco Granda of data provider PitchBook, the first investment could have been worth between $7 million and $2.6 billion at the time of the IPO, depending on the precise timing and amount. The second investment's value was estimated at between $2.2 million and $25.4 million.

Government Ethics and Context

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As a major U.S. military contractor, SpaceX's relationship with government officials is subject to scrutiny. Federal law prohibits cabinet members from participating in official matters that could affect their personal financial interests. According to the source, public records do not indicate a direct financial relationship between the SBA and either SpaceX or xAI.

Loeffler's team did not respond to multiple requests for comment regarding the investments, Reuters reported. At least 10 other officials in the Trump administration also listed investments in SpaceX or xAI on their 2025 financial disclosures.

Background

Loeffler, who briefly served as a U.S. Senator for Georgia, has an extensive background in finance. She was the founding CEO of the bitcoin trading platform Bakkt and spent 16 years at Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Her initial investment in xAI was made through a private placement, a type of offering typically available to accredited investors and institutions.