Ten US government officials, including Presidential Envoy Steven Witkoff and Small Business Administration Administrator Kelly Loeffler, hold financial stakes in SpaceX or its newly merged artificial intelligence company xAI, US media reported on June 3. SpaceX is expected to go public as early as next week, potentially increasing the wealth of these officials whose combined holdings are valued between $9.9 million and $43.8 million based on disclosures filed last year. The anticipated initial public offering could become the largest in US stock market history, with SpaceX targeting a post-IPO valuation of $1.75 trillion and plans to raise over $75 billion through the issuance of approximately 556 million shares.
Interior Department CIO Holds Largest SpaceX Stake Among Officials
Paul McGuinness, Chief Information Officer at the Department of the Interior, holds the largest SpaceX stake among the officials, valued between $5 million and $25 million, according to Bloomberg. McGuinness previously worked as a software engineer at SpaceX, supporting early Dragon spacecraft and Falcon 9 rocket missions. He was appointed to his current position while Elon Musk headed the Department of Government Efficiency in 2025. Documents show McGuinness does not need to divest his SpaceX assets and received an ethics waiver allowing him to handle matters involving SpaceX on broad topics. Between 2024 and 2025, McGuinness sold a portion of his SpaceX shares, realizing gains between $1 million and $5 million.
Presidential Envoy Steven Witkoff holds between $1 million and $5 million in assets with 3G Capital, a firm that owns SpaceX shares, according to disclosure documents. Witkoff has participated in negotiations involving the Russia-Ukraine conflict, the Gaza conflict, and Iran-related matters. The White House has not yet commented on Witkoff's financial situation.
Small Business Administration Administrator Kelly Loeffler, a former US Senator from Georgia, is linked to an investment in xAI valued between $1 million and $5 million. The investment office managing finances for Loeffler and her husband purchased shares in Valor Equity Partners through a UBS Group account. Valor Equity Partners' fund invests solely in xAI. The firm was founded by Antonio Gracias, a longtime partner of Musk who holds the second-largest SpaceX stake after Musk himself. The Small Business Administration has not responded to inquiries.
Michael Lynch, Deputy Administrator of the General Services Administration and a former SpaceX employee, holds between $500,000 and $1 million in SpaceX shares. The General Services Administration, which manages federal government assets and contracts, stated in an email to Bloomberg that the agency complies with all recusal policies and procedures. US ambassadors to Luxembourg, Ireland, Czech Republic, and Portugal also hold SpaceX or xAI shares.
SpaceX Plans Stock Issuance Starting June 12
SpaceX stock is expected to begin trading as early as June 12, according to sources familiar with the matter. The company plans to issue approximately 556 million shares and raise more than $75 billion, potentially making it the largest IPO in US stock market history. SpaceX is targeting a post-IPO valuation of $1.75 trillion. Entrepreneur Elon Musk announced in February that SpaceX would acquire xAI.
Ethics Professor Notes Unprecedented Government Ties to Single IPO
Riley Steele, Associate Professor of Law at Columbia University, stated he has not seen any other recent IPO involving the financial interests of so many government officials. The disclosure data was filed last year, and it remains unclear whether these officials' holdings have changed since then.
FAQ
What is the expected timeline for SpaceX's initial public offering?
SpaceX stock is expected to begin trading as early as June 12, according to sources familiar with the matter reported by US media on June 3.
How much is Paul McGuinness's SpaceX stake worth?
Paul McGuinness, Chief Information Officer at the Department of the Interior, holds SpaceX shares valued between $5 million and $25 million based on disclosure documents, representing the largest stake among the 10 government officials identified in the report.
What is SpaceX's target valuation after going public?
SpaceX is targeting a post-IPO valuation of $1.75 trillion and plans to raise more than $75 billion through the issuance of approximately 556 million shares, potentially making it the largest IPO in US stock market history.
