Blue Owl (OWL.N) has confirmed that it has sold around half of its investment in SpaceX at an estimated valuation of $1.25 trillion, according to co-CEO Marc Lipschultz. He shared the update during a recent analyst call, highlighting the strong returns the firm has generated from the investment. Lipschultz said the SpaceX stake has been extremely profitable, noting that Blue Owl has earned roughly 10 times its original investment. Despite selling a significant portion, the firm still holds about 50% of its position in the aerospace company, showing continued confidence in its long-term growth.

He also explained that gains from successful investments like SpaceX help offset potential losses in other parts of the portfolio, especially in credit markets. According to him, these exits play an important role in maintaining overall fund stability and performance. SpaceX is reportedly preparing for a possible public listing later this year. The company could be valued at around $1.75 trillion in the IPO and may raise nearly $75 billion, which would make it the largest public offering in history. If achieved, this valuation could also place CEO Elon Musk on track to become the world’s first trillionaire.

Blue Owl Technology Finance Corp originally invested $27 million in SpaceX equity in 2021. Since then, the stake has been marked up several times and was valued at $195 million by the end of 2025. This increase of $105 million over the year made SpaceX the fund’s biggest contributor to unrealized gains.

Another Blue Owl fund, Blue Owl Capital Corp, also held SpaceX shares valued at $21.7 million at the end of 2025, compared to $10 million a year earlier. Lipschultz added that Blue Owl was among SpaceX’s early lenders and later deepened its involvement through equity participation, built on long-term financing relationships with the company.