Key facts
- SBA head Kelly Loeffler invested millions in SpaceX and its AI firm xAI.
- Her investments multiplied in value, earning millions from SpaceX's record IPO.
- Loeffler's first investment in xAI was between $1 million and $5 million before becoming SBA administrator.
- She made a second, previously unreported investment in SpaceX and xAI in 2025.
- SpaceX's IPO on June 12 valued the company at $1.77 trillion.
- At least 10 former Trump administration officials also disclosed investments in SpaceX or xAI.
U.S. Small Business Administration head Kelly Loeffler has amassed millions of dollars from her investments in Elon Musk's SpaceX, which recently completed the largest initial public offering in U.S. history. A review of Loeffler's financial disclosures by Reuters revealed that she invested between $1 million and $5 million in xAI, Musk's AI and social media firm that has since merged with SpaceX, prior to her nomination for the SBA role.
Further disclosures show Loeffler made a second, previously unreported investment in SpaceX and xAI during 2025. This second investment, signed off on May 14, 2026, has not been previously disclosed. Experts agree with Reuters' assessment of Loeffler's financial disclosures.
SpaceX's IPO on June 12 valued the space, satellite, and AI provider at $1.77 trillion. According to PitchBook analyst Franco Granda, Loeffler's initial xAI investment could have been worth between $7 million and $2.6 billion on the day of the IPO, while her second investment could have ranged from $2.2 million to $25.4 million. The value of xAI increased by over 7,000% between its first investment round and January 5, 2025, while SpaceX's valuation more than doubled in 2025.
Loeffler, a wealthy businesswoman and former CEO of bitcoin trading platform Bakkt, is married to Intercontinental Exchange CEO Jeffrey Sprecher. She briefly represented Georgia in the Senate before being confirmed as SBA administrator on February 19, 2025. Federal law prohibits cabinet members from participating in decisions involving companies in which they have a financial interest, though public records do not indicate any financial relationship between the SBA and SpaceX or xAI. At least 10 former Trump administration officials also listed investments in SpaceX or xAI on their financial disclosure forms.