Founders Fund put $600M into SpaceX. The IPO just turned it into $50bn.
Founders Fund’s SpaceX bet has become one of the great venture trades. Peter Thiel’s firm put around $600m into the rocket company. At the IPO price, that stake is worth more than $50bn.
That is roughly an 80-fold return. Few venture bets have ever paid out on this scale.
The figure comes from Bloomberg. Founders Fund owns about three per cent of SpaceX. The company priced its listing at $135 a share, valuing it near $1.8tn and making Elon Musk the first trillionaire. Three per cent of that is about $53bn.
Inside the Founders Fund SpaceX windfall
This payout took nearly 20 years to build. Founders Fund was one of SpaceX’s earliest outside backers. It first invested around 2008, the year the company nearly ran out of money before its Falcon 1 rocket reached orbit.
The conviction held through round after round. SpaceX is now the firm’s single largest...
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