SBA Administrator Kelly Loeffler Reaps Millions From SpaceX Investment After Record IPO

U.S. Small Business Administration head Kelly Loeffler saw substantial gains from her investments in Elon Musk’s SpaceX following the company’s record-breaking initial public offering, according to a review of her financial disclosure filings. Loeffler first invested between $1 million and $5 million in xAI, Musk’s AI and social media company that later merged with SpaceX, shortly before she was nominated for her government role. She made a second investment of similar size later in 2025, a transaction not previously made public.

IPO Sends Investment Value Soaring

SpaceX priced the largest initial public offering in U.S. history in June, valuing the company at $1.77 trillion. According to financial analysts, Loeffler’s earlier investment could have been worth anywhere from $7 million to over $2 billion by the time of the IPO, depending on the exact timing and amount invested, while her second investment was estimated to be worth between $2.2 million and $25.4 million.

Ethics Questions Surround Government Officials’ Holdings

SpaceX holds military contracts with the federal government, and law generally bars cabinet officials from participating in decisions involving companies in which they hold a financial stake. At least ten officials within the current administration disclosed holdings in SpaceX or xAI on their 2025 financial forms, though none work within the Defense Department. Loeffler, a businesswoman with a background in finance who previously served briefly in the Senate, did not respond to requests for comment regarding her investments.