Ten officials in the Trump administration reported financial interests in SpaceX or xAI — the AI and social media company SpaceX merged with in February — according to their most recent public financial disclosures, Bloomberg reported on June 3. Officials who disclosed holdings include special envoy Steve Witkoff and Small Business Administration head Kelly Loeffler, among others. In aggregate, the ten federal employees held stock worth at least $9.9 million and as much as $43.8 million, based on the broad asset ranges the disclosure form requires. Whether those positions have since changed is unclear: while officials must report sales of publicly traded securities within 45 days of a transaction, private company holdings carry no equivalent ongoing disclosure requirement. New disclosures filed in May are expected to become public by mid-June.
The potential windfall arrives as SpaceX targets a listing as early as next week, seeking $135 per share and aiming to raise up to $75 billion — which would be the largest public stock offering ever, surpassing Saudi Aramco’s $29 billion debut in 2019. At its targeted valuation of at least $1.8 trillion, the offering is expected to make Musk the world’s first trillionaire. Government ethics attorneys told Bloomberg the situation raises concerns beyond scale alone: SpaceX received $4 billion in federal contracts in fiscal 2025, making it one of the government’s largest contractors, while Musk simultaneously served as the de facto head of DOGE and had extensive involvement across federal agencies throughout the second Trump term. “This is just such a unicorn event,” said Caleb Burns, co-chair of Wiley Rein LLP’s election law and government ethics practice, who added that Musk’s DOGE activities spanned “virtually every federal agency” whose decisions could affect SpaceX’s business.