A Bloomberg report has revealed that the initial public offering of SpaceX could make some already-wealthy members of President Donald Trump's administration even wealthier.
10 officials, ranging from special envoy Steve Witkoff to Small Business Administration chief Kelly Loeffler, have disclosed financial interests in the rocket company SpaceX or in the artificial intelligence and social media company xAI, which merged with it in February, according to their most recent public financial disclosures.
According to those disclosures, which were filed last year and report asset values within broad ranges, the officials held shares in SpaceX or xAI worth at least $9.9 million and potentially as much as $43.8 million. The officials may have sold all or part of their holdings since then without triggering any additional disclosure requirements.
SpaceX stands out for the unprecedented scale of its IPO as well as its close ties to the government and members of the administration. The offering is expected to take place next week, potentially making Elon Musk the world's first trillionaire if the company achieves its target valuation of at least $1.8 trillion. It is also expected to elevate a number of the company's officials and investors to billionaire status, in addition to granting its employees wealth worth millions of dollars.
The company is a major government contractor, with federal dealings worth $4 billion in fiscal year 2025. Last month it secured two additional contracts worth $6.5 billion from the US Space Force to provide communications satellites and airborne threat surveillance.
At the same time, Musk helped select dozens of people to fill roles focused on cutting contracts and collecting data across the federal government during his tenure running the Department of Government Efficiency, many of whom were former employees of SpaceX or other companies within his business empire.
In Musk's final month in Washington, Paul McInerney, a former SpaceX engineer, was appointed chief information officer at the Ministry of Interior. McInerney disclosed that he holds the largest stake in SpaceX among government officials, valued at between $5 million and $25 million. He was not required to divest his investment; instead he received an ethics waiver allowing him to work on public matters that could affect the company, according to documents.
A Ministry of Interior spokesperson said McInerney recuses himself from all matters relating to his financial interests. The spokesperson added: