Israeli Investors Reap Paper Gains From SpaceX IPO Through StepStone Fund
Retail investors rushed into SpaceX’s IPO, but the biggest winners appear to have been private equity funds, alongside controlling shareholder Elon Musk. According to Calcalist, one of those funds, StepStone VC Secondary Fund, was marketed in Israel to qualified investors.
StepStone built its SpaceX exposure through direct share purchases and secondary holdings in funds before the IPO. Before the offering, its exposure to SpaceX reached as much as $400 million, equal to 10% of the fund’s assets under management.
The fund was distributed in Israel through Lider Private Equity, headed by Itai Alnathan, and it raised $30 million for StepStone in 2024. In letters to investors, the fund said SpaceX’s post-IPO valuation rose to $2.4 trillion, six times the purchase price, and that SpaceX accounted for 60% of the fund’s total exposure.
The Israeli money in the fund that was exposed to SpaceX was estimated at $3 million and had grown to $18 million, a paper profit of $15 million.
The same event, reported separately by each outlet. Open a few to compare what different newsrooms emphasize — and what they leave out.
Not the same event — other stories that share this one’s people, places, or theme: background, reactions, and follow-ups.
