"The largest IPO in history creates the most profitable VC investment in history."

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SpaceX goes public, and an unprecedented feast of wealth in venture capital history is coming to fruition.

This Friday, SpaceX will officially debut on the US stock market, completing the largest IPO in history with an estimated valuation of around $1.8 trillion and raising $75 billion.

The listing not only gives Musk’s rocket dream the ultimate market endorsement, but also delivers historic returns of tens of billions of dollars to the few early venture capital institutions that bet on SpaceX.

Among the biggest winners, Founders Fund’s SpaceX stake is worth over $50 billion, Valor Equity Partners’ holdings are valued at nearly $70 billion, while Sequoia Capital and DFJ Growth’s returns exceed $20 billion and $35 billion respectively.

Biggest Winner: Founders Fund’s Hundredfold Return Bet

Founders Fund is one of the most prominent institutions in terms of IPO returns.

This venture capital firm led by Musk’s longtime ally Peter Thiel has invested about $600 million in SpaceX over nearly two decades, holding approximately 3% of shares. Based on the IPO price of $135 per share, the value of its holdings exceeds $50 billion.

Valor Equity Partners holds about 4% of SpaceX’s shares, and according to the IPO filing, its current holdings are valued close to $70 billion, the single largest institutional stake in terms of book value. Valor was founded by Musk ally Antonio Gracias.

DFJ Growth is another institution that has long invested in multiple Musk companies. According to disclosures by the company, it has invested over $800 million in SpaceX, currently holding at least 2%, corresponding to a valuation of at least $35 billion.

Andreessen and Sequoia: Billion- to Ten-Billion-Dollar Historic Returns

Andreessen Horowitz will achieve its largest exit ever from the SpaceX IPO. According to sources, the value of its SpaceX holdings exceed $10 billion.

Sequoia Capital first invested in SpaceX at the end of 2019, currently holding about 1.5%. According to insiders, the stake is valued at over $20 billion.

It is noteworthy that Sequoia’s $2 billion investment includes $800 million injected into X, the former Twitter social platform acquired by Musk in 2022, which has since been incorporated into the SpaceX organization.

Early-stage venture firm 137 Ventures has also benefited. Founder Justin Fishner-Wolfson said in a Bloomberg Tech interview that 137 Ventures holds about 1% of SpaceX shares.

Potential M&A Could Further Increase Returns for Some Institutions

Returns for some institutions may not yet have peaked.

Thrive Capital first invested in SpaceX when its valuation was just $38 billion.

If SpaceX completes its $60 billion acquisition of AI programming startup Cursor later this year, Thrive Capital’s combination of direct shareholding and Cursor holdings will give it total equity value in SpaceX of about $10 billion.

Andreessen Horowitz is also a major investor in Cursor and stands to gain further from this potential acquisition.

“Never Short Musk”

This feast of wealth has resonated widely in the industry. Trae Stephens, Founders Fund General Partner, told Bloomberg Tech:

The main lesson for everyone from this experience is: never short Musk—it’s just a bad idea.

Jamie Melzer, Managing Partner at Altra Venture Partners, said:

Anyone who has backed Musk along the way will make money in this IPO.

This is also a historic endorsement for Musk himself. Over twenty years ago, when Musk announced he would build a rocket company from scratch, the public was skeptical. The few investors who bet early on this gamble are now reaping its full value.

Risk Warning and DisclaimerThe market contains risks; investment requires caution. This article does not constitute personal investment advice and does not take into account specific users’ special investment objectives, financial circumstances, or needs. Users should consider whether any opinion, viewpoint, or conclusion herein fits their particular situation. Investments made based on this article are at the investor’s own risk. ```