Brookfield Holds $2B in Pre-IPO SpaceX Shares

Brookfield disclosed on May 14 that it and affiliated entities hold US$2 billion in pre-IPO SpaceX shares, with approximately half carried on the parent company's balance sheet, according to the company's first-quarter earnings materials. SpaceX has filed confidentially for an IPO that could occur in June and is targeting a valuation above US$2 trillion, though Elon Musk rejected that figure and confirmed a US$1.75 trillion valuation in a social media post.

SpaceX Valuation Scope and IPO Details

The SpaceX valuation encompasses more than launch services. It includes Starlink, SpaceX's satellite internet business, plus xAI, Musk's AI company that owns X and the chatbot Grok. Nasdaq has proposed rule changes for the listing that would allow SpaceX to join the Nasdaq-100 after 15 trading days and treat its public float—or shares available for public trading—as five times larger than actual, potentially pushing passive funds to buy the stock.

Brookfield's Broader Investment Strategy

Brookfield's SpaceX stake reflects a shift by large infrastructure investors into late-stage private technology companies. The firm committed US$500 million to Figure, a humanoid robotics startup, and invested in Hark Labs. Brookfield has backed Elon Musk's companies for years, including a US$250 million contribution to his 2022 Twitter buyout through the since-closed Brookfield Growth unit. The company's strategy also includes an AI deployment joint venture with OpenAI, the company behind ChatGPT, marking a shift toward foundational technology platforms.

Recent SpaceX Developments

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