Elon Musk isn’t the only person set to get richer when SpaceX goes public next week.
According to a Bloomberg report, 10 Trump administration officials disclosed holding millions of dollars in stakes in SpaceX and xAI, Musk’s artificial intelligence company that SpaceX acquired earlier this year. Together, the officials held between $9.9 million and $43.8 million in assets tied to the two companies, according to their most recent public financial disclosures.
Bloomberg notes that the officials may have sold some or all of those holdings since then without having to publicly disclose it.
SpaceX IPO set to be Wall Street’s largest ever
The report comes ahead of SpaceX’s highly anticipated IPO, which is expected to take place as soon as June 12. The company is reportedly planning to sell shares at $135 each, raising about $75 billion at a target valuation of roughly $1.75 trillion. If successful, it would be the biggest IPO in history and could put Musk closer to becoming the world’s first trillionaire. The massive size of the IPO has already pushed Wall Street to bend some of its rules to boost the company.
Paul McInerny, the chief information officer at the Department of the Interior, reported one of the biggest SpaceX-linked stakes among the officials named by Bloomberg, valued between $5 million and $25 million. McInerny previously worked as a SpaceX engineer. He joined the Interior Department during Musk’s final month leading the Department of Government Efficiency (DOGE), and received an ethics waiver instead of divesting from SpaceX.
The Department of the Interior has not immediately responded to a request for comment from Gizmodo, however, the department told Bloomberg that McInerny is staying away from matters that could affect his personal financial interests.
“Paul McInerny made the decision to serve our great country because he believes in the mission of the Trump administration and knows all of government can operate more efficiently for the American taxpayer,” the spokesperson told Bloomberg. “Mr. McInerny takes his ethical obligations seriously.”
Another official named in the report is special envoy Steve Witkoff, who has been involved in peace negotiations related to Ukraine, Gaza, and Iran. Witkoff disclosed assets worth between $1 million and $5 million in 3G Investors, a firm whose disclosed holdings consisted of SpaceX. Small Business Administration head Kelly Loeffler also disclosed an xAI investment valued between $1 million and $5 million.
The White House and the SBA did not immediately respond to a request for comment.
SpaceX IPO further underscores Musk’s White House ties
The new report adds to the list of ways Musk’s companies have become tied to the Trump administration.
Musk, an on-and-off ally of President Donald Trump who contributed millions to his presidential campaign, has repeatedly tried to shape policy in Washington. After the election, Musk led the now-defunct DOGE, which pushed for cuts across multiple federal agencies including those that oversee his companies.
Meanwhile, SpaceX remains one of the federal government’s biggest private-sector space partners. Bloomberg reports the company had $4 billion in federal transactions in fiscal 2025. SpaceX also recently secured two U.S. Space Force contracts worth a combined $6.5 billion.
