SpaceX's initial public offering will likely make President Donald Trump's already wealthy administration even richer.
Ten officials ranging from special envoy Steve Witkoff to Small Business Administration head Kelly Loeffler reported financial interests in Elon Musk's rocket company or in xAI, the artificial intelligence and social media firm it merged with in February, according to their most recent public financial disclosures.
In total, the federal staffers held SpaceX or xAI stock worth at least $9.9 million and as much as $43.8 million, according to the disclosures, which were made last year and list the value of assets in broad ranges. These officials could have sold all or part of their holdings since then without triggering additional disclosure requirements.
SpaceX stands out for the unprecedented size of its planned IPO, and for its close ties to government and members of the administration. The IPO, expected to happen as soon as next week, is set to make Musk the world's first trillionaire if it achieves its targeted valuation of at least $1.8 trillion. It's also expected to make billionaires of several company insiders and investors, while minting millions in wealth for employees.
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The company is a major government contractor, with $4 billion in federal transactions in fiscal 2025. Last month, it was awarded an additional $6.5 billion in two contracts from the US Space Force to provide satellites for communications and monitoring airborne threats.
Musk, meanwhile, helped select dozens of people to fill contract-slashing and data-gathering roles throughout the federal government in his time running the Department of Government Efficiency. Many of them were his own employees, from SpaceX or other corners of his empire.
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In Musk's final month in Washington, Paul McInerny, a former SpaceX engineer, was named chief information officer of the Department of the Interior.
McInerny reported the largest SpaceX stake of any official, holding between $5 million and $25 million. He didn't have to divest, and instead received an ethics waiver to work on broad issues that could affect the company, filings show.
A spokesperson for the Department of the Interior said McInerny recuses himself from all matters involving his 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 said.
Another high-profile SpaceX holder was Witkoff. He disclosed assets of $1 million to $5 million in 3G Investors LLC, a vehicle whose only reported holding in the filing was SpaceX.
