Intesa’s SpaceX stake worth almost $1bn at end of June

Intesa Sanpaolo SpA owned about $966 million in SpaceX shares at the end of June, according to a regulatory filing detailing the holding for the first time.

The 5.66 million-share stake was the largest position in the Italian bank’s US equity portfolio, based on the US Securities and Exchange Commission filing. The holding accounts for about 33% of Intesa’s $2.92 billion US equity portfolio.

Intesa first disclosed an investment in then privately held SpaceX in October 2023, without giving its size. The investment highlights the ability of well-placed investors globally to gain exposure to sought-after private business opportunities.

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Elon Musk’s rocket company listed in June in the biggest public offering ever. SpaceX currently has a market capitalisation of almost $2 trillion.

The stock has lost about 14% of its value since the end of June, making the 5.66 million shares worth about $809 million currently.

The next two biggest stock holdings included in the filing, in AstraZeneca Plc and Nvidia, were worth about $274 million and $91 million at the end of June, respectively.

Reuters reported earlier on the SpaceX stake.

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