SpaceX IPO Delivers Largest Single-Deal Return in Venture Capital History
Taylor Wilson
SpaceX went public at roughly $1.8 trillion, the largest IPO ever. Several early-stage backers now sit on paper gains exceeding 100× — turning a rocket bet most dismissed two decades ago into the biggest wealth event venture capital has ever seen.
Who made the most money?
The single largest stake belongs to Valor Equity Partners, founded by Musk ally Antonio Gracias. It holds 6.7% of SpaceX's Class A shares, worth roughly $68 billion on paper.
Founders Fund, led by Peter Thiel, invested about $600 million over nearly two decades. Its ~3% stake is now worth over $50 billion at the $135 offer price — a return of more than 100×.
In plain terms = every dollar Founders Fund put in became more than eighty dollars on paper.
How much did the other big winners put up?
DFJ Growth invested over $800 million for at least a 2% stake, now valued at a minimum of $35 billion.
Sequoia Capital first bought in at the end of 2019 and holds roughly 1.5%, worth over $20 billion. But its ~$2 billion outlay includes $800 million channeled into Musk's X platform. This means → Sequoia's true SpaceX cost basis is lower than the headline figure, though whether the X portion can be cleanly separated at exit remains unclear.
Andreessen Horowitz (a16z) will book its largest single exit ever — holdings valued above $10 billion. Early-stage firm 137 Ventures, with roughly 1%, also benefits.
Could the returns get even bigger?
If SpaceX closes a reported $60 billion acquisition of AI coding startup Cursor later this year, some backers stand to gain twice over.
Thrive Capital holds SpaceX shares directly and is also a Cursor investor. Post-deal, its combined SpaceX-linked equity would reach roughly $10 billion. This means → one investment automatically compounds through a second via acquisition. Thrive first bought in when SpaceX was valued at just $38 billion; the company is now worth $1.8 trillion.
a16z is also a major Cursor backer and would similarly benefit from the potential deal.
What is the industry saying?
Founders Fund general partner Trae Stephens told Bloomberg Technology: "The core lesson everyone takes from this is: never bet against Elon Musk — it's just a bad idea."
Altra Venture Partners managing partner Jamie Melzer added: "Anyone who followed Musk all the way is going to make money on this IPO."
In plain terms = the VC consensus is simple — those who dared to back Musk twenty years ago all called it right.
Can paper wealth become real money?
Every headline number above is a paper return. Whether these firms actually cash out depends on post-lockup selling pace and market capacity to absorb the supply.
This reflects a timeless VC truth: the ultimate test is exit, not valuation. A hundredfold multiple means nothing if the shares can't be sold.
This means → the real verdict on this venture bonanza arrives only when the lockup expires.
Content is for reference only, not financial advice.