NEW YORK, April 30 (Reuters) - Blue Owl sold about half its investment in SpaceX at a $1.25 trillion valuation, the alternative asset manager's co-CEO Marc Lipschultz said on Thursday.
"Specifically at SpaceX ... we made about 10 (times) our money on that investment," Lipschultz said on a conference call with analysts. "We've sold about half of it at a $1.25 trillion valuation, still holding about half of it."
SpaceX is expected to go public this year at a possible valuation of $1.75 trillion, raising about $75 billion in what would be the largest public listing on record. The deal could put founder and CEO Elon Musk on track to become the world's first trillionaire.
Lipschultz said that, in case of credit losses, sales of this kind "are the ways ... we can offset some of those losses."
One of New York-based Blue Owl's funds, Blue Owl Technology Finance Corp, invested $27 million of equity in SpaceX in 2021, and has written up its value several times since.
The fund assigned a fair value of $195 million to its SpaceX stock at the end of 2025, a securities filing shows. That valuation increased by $105 million over the year, making SpaceX its biggest contributor by far to unrealized gains. OTF mainly holds software assets, and SpaceX is its only equity investment in the aerospace sector.
A separate fund, Blue Owl Capital Corp, also held SpaceX stock at the end of 2025, a filing shows. Blue Owl valued that holding at $21.7 million on December 31, up from a mark of $10 million a year earlier.
Blue Owl was one of SpaceX's earliest lenders and eventually made the equity investment, Lipschultz added.
"We made a loan to the company and had the privilege of getting to know them very well and then participating in ongoing conversations about other financing opportunities," he said.
(Reporting by Isla Binnie in New York and Manya Saini in Bengaluru; Editing by Echo Wang, Chizu Nomiyama, Nick Zieminski and David Gregorio)
