Elon Musk‘s SpaceX is days away from what may become the biggest IPO ever, but a report Wednesday morning reports at least 10 Trump administration officials hold stakes worth as much as $44 million in the rocket company and xAI, the artificial intelligence and social media firm SpaceX merged with in February.

The disclosures show federal staffers including special envoy Steve Witkoff and Small Business Administration head Kelly Loeffler holding combined exposure ranging from $9.9 million to $43.8 million, according to Bloomberg.

A Federal Contractor Worth $1.8 Trillion

SpaceX is targeting at least a $1.8 trillion valuation, with bankers eyeing $135 per share for a $75 billion raise. The deal would make Musk the world’s first trillionaire.

SpaceX is also a major federal contractor, pulling in $4 billion in fiscal 2025 government transactions and a $6.5 billion Space Force award last month.

Paul McInerny, a former SpaceX engineer named Interior Department chief information officer this year, holds the largest stake at $5 million to $25 million.

He kept it via ethics waiver, even as SpaceX seeks Fish and Wildlife Service permits for infrastructure near a Texas wildlife refuge.

Not every official got a pass. New Fed chair Kevin Warsh was required to sell his SpaceX exposure, held through Stan Druckenmiller’s Duquesne Family Office, before replacing Jerome Powell last month.

Ambassador to Luxembourg Stacey Feinberg disclosed up to $1 million in xAI via a 1789 Capital fund, where Donald Trump Jr. is a partner.

Some of the officials may have already quietly cashed out. Private company stock is exempt from the 45-day reporting rule, and new May disclosures going public by mid-June will likely reveal who took profits before the IPO.

Ethics lawyer Caleb Burns of Wiley Rein called it “such a unicorn event” with “no analogs,” citing the IPO’s record size and Musk’s recent DOGE role.

The disclosures arrive amid wider Trump-orbit ethics scrutiny. The president’s own Q1 filing logged over 3,700 personal trades in companies, some of which he has publicly boosted.

What Prediction Markets See

Polymarket traders are pricing a SpaceX listing this month at 95%. Musk to become a trillionaire is just a bit lower, at 93%.

The new disclosures may add pressure to a deal already facing governance pushback, with the three largest US public pension funds recently demanding Musk rewrite SpaceX’s dual-class structure.

For traders without SpaceX exposure, the cleanest read-through remains Tesla Inc. (NASDAQ:TSLA).

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