SpaceX's Largest Shareholder Finally Revealed: New Wave of Stock Unlock Tests Rally Momentum

The ownership structure of SpaceX (SPCX-US) after its public listing is gradually coming into focus. Latest filing data reveals that Alphabet (GOOGL-US), Fidelity Investments, NVIDIA (NVDA-US), and Saudi Arabia's Public Investment Fund (PIF) all hold substantial stakes in SpaceX. At the same time, hundreds of millions of shares held by early investors are being released from trading restrictions in batches, prompting market attention on whether the new supply will pressure the recent rebound.

On Monday (17th), SpaceX (SPCX-US) opened higher and continued to rise, reaching an intraday high of $149.80. It closed up 4.45% at $146.23 per share, gaining $6.23 in a single day, pushing its market capitalization to approximately $1.92 trillion.

Ownership is highly concentrated, with just 23 institutions holding over 80% of reported shares.

Since its June 12 listing, this is the first time the market has gained a relatively complete view of institutional ownership through quarterly filings. Over 1,500 investors have reported holding SpaceX shares, but ownership is clearly concentrated among a few large institutions.

Data shows that just 23 institutions holding over 10 million shares collectively own 83% of reported shares.

In contrast, nearly 1,340 investors hold less than 100,000 shares each, collectively accounting for less than 1% of reported shares—highlighting the highly concentrated nature of SpaceX's public ownership structure.

Alphabet is the largest shareholder with approximately 551.2 million shares. Based on last Friday’s closing price, its stake is valued at around $77.2 billion. Fidelity Investments holds approximately 302.6 million shares through its funds and managed accounts, with a value of about $42.4 billion.

Other major shareholders include:

- Shareholder: Alphabet, Shares Held: 551.2 million, Value as of Last Friday: $77.2 billion - Shareholder: Fidelity Investments, Shares Held: 302.6 million, Value: $42.4 billion - Shareholder: Gigafund, Shares Held: 171.8 million, Value: $24.1 billion - Shareholder: Saudi Arabia Public Investment Fund, Shares Held: 154.1 million, Value: $21.6 billion - Shareholder: NVIDIA, Shares Held: 122.8 million, Value: $17.2 billion - Shareholder: Harvard Management Company, Shares Held: 12.9 million, Value: $1.8 billion

Harvard Management Company’s nearly 13 million shares make it the largest single-position holding in its publicly reported U.S. equity portfolio.

However, these holdings may not all have been acquired after SpaceX went public. Some institutions invested before the company was listed, and these positions are now appearing in quarterly filings for the first time due to SpaceX becoming a public entity.

This week, another 319 million shares are set to be unlocked. $150 is a key resistance level.

As the shareholder structure becomes clearer, SpaceX is also entering its post-listing lock-up period. Early shareholders were previously restricted from selling, but these shares are now being released in batches, increasing the supply available in the market.

Earlier this month, about 912 million shares were unlocked. Yet, SpaceX’s stock price did not fall despite the increased supply. On August 6, it rose 6%, followed by a 16% surge the next day.

One key reason is that the stock had already undergone a deep correction before the first major unlock. It had fallen from an intraday high above $225 to around $105—a decline of over 50%. Thus, when the first unlock occurred, the price was already near its post-listing low.

The current market environment differs from that of the first unlock.

SpaceX has rebounded about 40% from its lows, with the stock price approaching $150 again—close to its initial public trading price on June 12—and a key technical resistance level since listing.

This week, approximately 319 million additional shares are expected to become tradable. Until autumn, new batches will unlock every few weeks. With the stock price now clearly above its lows, the impact of additional supply on the market may attract more attention than during the first unlock.

Long-term institutional investors continue to signal holding intentions. Baillie Gifford, which invested in SpaceX pre-IPO, currently holds over 51 million shares. Luke Ward, an investment manager at the firm, stated that institutions aim to remain long-term growth investors and continue holding the position for their clients.