I was reading the filings when a single line made me stop: a federal official still owned a stake tied to SpaceX. The moment felt small and electric, like catching a secret on the wire. You can feel Washington rearranging itself in slow motion.
I’ve followed corporate filings and White House staffing for years, and I want to walk you through what that single line means for you and for a handful of Trump administration officials who reported SpaceX and xAI holdings ahead of a historic IPO.
McInerny’s disclosure raised eyebrows at the Department of the Interior
An ethics filing shows Paul McInerny reported a SpaceX-linked position worth between $5 million and $25 million (€4.6 million–€23 million).
I’ll be blunt: that range is large enough to change incentives. McInerny, the Interior’s CIO and a former SpaceX engineer, received an ethics waiver instead of divesting when he joined the department late in DOGE’s tenure. The department told Bloomberg he is recusing himself from matters that could touch his finances, and a spokesperson framed his move as public service. Documents surfaced on DocumentCloud and were cited by Bloomberg and Gizmodo in recent coverage.
This matters because the numbers aren’t trivial. Bloomberg reported that, across several Trump appointees, disclosed holdings totaled between $9.9 million and $43.8 million (€9.1 million–€40.3 million). Those stakes could have been sold since the disclosures without further public notice, a nuance buried in the filings.
Other officials named in filings held smaller but still notable positions
Public disclosures show multiple officials with ties to SpaceX or xAI in their portfolios.
Steve Witkoff, a special envoy who’s worked on negotiations involving Ukraine, Gaza and Iran, listed between $1 million and $5 million (€0.9 million–€4.6 million) through 3G Investors, whose disclosures included SpaceX holdings. Small Business Administration chief Kelly Loeffler listed an xAI stake valued at $1 million–$5 million (€0.9 million–€4.6 million). Bloomberg’s piece notes the possibility that reported holdings may have changed since the last disclosure.
Who in the Trump administration owns SpaceX stock?
Short answer: a handful of senior officials disclosed positions tied to SpaceX or xAI. The largest named position in public filings belonged to McInerny. Others—Witkoff, Loeffler and a few more—reported smaller stakes. Those disclosures were captured in public financial reports and cited by Bloomberg and DocumentCloud documents.
Will the SpaceX IPO make Elon Musk richer?
If the IPO prices at $135 per share (€124), and SpaceX raises roughly $75 billion (€69 billion) at a target valuation near $1.75 trillion (€1.61 trillion), it would push Musk’s personal wealth substantially higher and put him nearer to trillionaire territory in dollars (roughly €920 billion equivalent if you measure a $1 trillion milestone). The IPO’s scale alone has already nudged Wall Street to adjust market practices to handle the deal.
How big is the SpaceX IPO expected to be?
Projected to be the largest IPO ever, the offering could raise about $75 billion (€69 billion) and value SpaceX at roughly $1.75 trillion (€1.61 trillion). That magnitude is why banks and regulators are watching—and why any official with exposure to the company draws extra scrutiny.
Banks, contracts and influence: the IPO is already bending rules
Investment banks and government offices are adjusting to an offering of unprecedented scale.
SpaceX is both a private-market behemoth and a major federal contractor. In fiscal 2025 the company reported roughly $4.0 billion (€3.68 billion) in federal transactions; it also secured two U.S. Space Force contracts worth about $6.5 billion (€6.0 billion) combined. That mix—big government work and a mammoth IPO—creates overlap between public policy and private gain. Washington is a chessboard and SpaceX pieces are moving.
Remember the backdrop: Musk briefly ran the Department of Government Efficiency (DOGE) after the election and has donated significant sums to President Trump’s campaign. Those ties, plus the administration’s personnel holding SpaceX- and xAI-linked assets, raise predictable questions about influence and policy direction as the IPO approaches.
I want you to walk away with two clear facts: the IPO changes the stakes for anyone holding even a modest position, and public disclosures are the only visible check we have right now. You can track filings through the SEC and DocumentCloud, and read reporting from Bloomberg and outlets like Gizmodo for updates.
Is it acceptable that a handful of political appointees could see their fortunes rise alongside a company that holds billions in government work—without a fully transparent, up-to-the-minute accounting of their holdings?
