NEW YORK – SpaceX’s initial public offering will likely make President Donald Trump’s already wealthy administration even richer.
Ten officials ranging from special envoy Steve Witkoff to Small Business Administration head Kelly Loeffler reported financial interests in Elon Musk’s rocket company or in xAI, the artificial intelligence and social media firm it merged with in February, according to their most recent public financial disclosures.
In total, the federal staffers held SpaceX or xAI stock worth at least US$9.9 million (S$12.7 million) and as much as US$43.8 million, according to the disclosures, which were made in 2025 and list the value of assets in broad ranges. These officials could have sold all or part of their holdings since then without triggering additional disclosure requirements.
SpaceX stands out for the unprecedented size of its planned IPO, and for its close ties to government and members of the administration. The IPO, expected to happen as soon as next week, is set to make Musk the world’s first trillionaire if it achieves its targeted valuation of US$1.77 trillion. It’s also expected to make billionaires of several company insiders and investors, while minting millions in wealth for employees.
The company is a major government contractor, with US$4 billion in federal transactions in fiscal 2025. In May, it was awarded an additional US$6.5 billion in two contracts from the US Space Force to provide satellites for communications and monitoring airborne threats.
Musk, meanwhile, helped select dozens of people to fill contract-slashing and data-gathering roles throughout the federal government in his time running the Department of Government Efficiency. Many of them were his own employees, from SpaceX or other corners of his empire.
In Musk’s final month in Washington, Paul McInerny, a former SpaceX engineer, was named chief information officer of the Department of the Interior. McInerny reported the largest SpaceX stake of any official, holding between US$5 million and US$25 million. He didn’t have to divest, and instead received an ethics waiver to work on broad issues that could affect the company, filings show.
A spokesperson for the Department of the Interior said McInerny recuses himself from all matters involving his financial interests.
Another high-profile SpaceX holder was Witkoff, who has worked on peace negotiations over Ukraine, Gaza and Iran. He disclosed assets of US$1 million to US$5 million in 3G Investors, a vehicle whose only reported holding in the filing was SpaceX.
In at least one case, an appointee was required to divest from a position in SpaceX to meet ethics requirements. Kevin Warsh, who replaced Jerome Powell as chair of the Federal Reserve in May, held exposure to SpaceX through a fund affiliated with the Duquesne Family Office, led by billionaire investor Stan Druckenmiller. Warsh said in an ethics filing that he would divest from that fund before assuming his role at the central bank. BLOOMBERG