Blue Owl Capital Inc. (NYSE:OWL) disclosed that it trimmed its SpaceX stake by roughly half, with the sale priced off a $1.25 trillion valuation. Co-CEO Marc Lipschultz said the partial exit locked in a substantial gain while allowing the firm to retain its remaining stake.
Lipschultz told analysts on a conference call, “Specifically at SpaceX … we made about 10x our money on that investment,” and added, “We’ve sold about half of it at a $1.25 trillion valuation, still holding about half of it,” Reuters reported.
One of the firm’s vehicles, Blue Owl Technology Finance Corp, put $27 million into SpaceX equity in 2021 and has repeatedly marked up that position since then.
A securities filing shows the fund carried its SpaceX shares at $195 million at the end of 2025. That year-end 2025 figure implied a $105 million increase over the year, and SpaceX was the largest driver of the fund’s unrealized appreciation, Reuters added.
The same filing indicated the portfolio is largely software-focused, with SpaceX standing out as its lone aerospace equity holding.
Lipschultz said the SpaceX profit matters when other parts of a credit book take hits, telling those on the call that “those are the ways… we can offset some of those losses.” He also said Blue Owl first worked with SpaceX …
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