Recasts with valuation markup

By Isla Binnie

NEW YORK, May 7 (Reuters) - Blue Owl's OWL.N private credit funds marked up the value of their shares in Elon Musk's SpaceX by around 36% to more than $526 each in the first quarter, regulatory filings showed.

SpaceX is expected to go public this ​year at a possible valuation of $1.75 trillion, which would immediately make it one of the most valuable publicly listed U.S. firms.

Blue Owl, an asset management firm, says it was an early lender to SpaceX and invested in the company's equity in 2021. It sold half that position earlier this year at a $1.25 trillion valuation, which executives said was a tenfold return on the original investment.

"A name like SpaceX is obviously moving pretty dramatically," Jonathan Lamm, chief operating officer of Blue Owl's retail credit funds, said in a conference call with analysts on Thursday.

Selling half the position generated approximately $133 million in proceeds and a realized gain of $117 million, said Erik Bissonnette, president of Blue Owl's technology funds.

Blue Owl valued two classes of SpaceX shares at just over $387 each at the end of December 2025 and a little more than $526 at the end of March 2026, according to Reuters calculations based on the filings.

During that period, SpaceX said it acquired xAI in a record-breaking deal, confirming an earlier Reuters report .

SpaceX's expected IPO valuation is grounded in the fast-growing Starlink satellite network, which has over 10 million subscribers, and its launch business. Musk's track record of building disruptive companies is also being priced in.

The deal could put Musk on track to become the world's first trillionaire.