Key Takeaways
- • Founders Fund entities and Peter Thiel reported holding 112,948,967 fewer SpaceX Class A shares at the end of Q3 than three months earlier, a 26.4% decline, according to an amended Schedule 13G filed with the SEC at 9:05 p.m. ET on Friday, November 13.
- • The reduction left the reporting group with 314,357,058 shares (3.8% of Class A shares) as of September 30, worth roughly $43.7 billion at Friday's closing price of $139.11.
- • The filing values the reduced stake at about $17.04 billion based on the September 30 close of $150.86, but does not state whether the shares were sold, distributed to fund investors, or transferred.
- • Holdings fell about 27.5% across each Founders Fund partnership, a pattern that may reflect a pro-rata distribution, though the filing does not confirm this.
- • About 911.5 million insider and early-investor shares became eligible for sale on August 6, and Elon Musk and other insiders remain locked up until mid-2027, keeping share-supply concerns in focus.
Summary
An amended Schedule 13G filed with the U.S. Securities and Exchange Commission shows that Founders Fund entities and Peter Thiel collectively held 112,948,967 fewer Class A shares of SpaceX at the end of the third quarter than three months earlier. The group's combined holdings fell to 314,357,058 shares as of September 30, or 3.8% of SpaceX's 8.24 billion Class A shares, down from 427,306,025 shares (5.5%) at June 30. Valued at SpaceX's September 30 closing price of $150.86, the reduction equals about $17.04 billion.
The filing does not explain the disposition of the shares, leaving open whether they were sold, distributed to fund investors, or transferred by other means. Founders Fund II remained the largest holder among the entities, with 112,706,798 shares, down from 155,393,350. Holdings declined by roughly 27.5% across each Founders Fund partnership, a uniformity that may indicate a pro-rata distribution to investors, though the filing does not confirm that explanation. Thiel, who signs as manager of the funds' general partners, is considered to beneficially own all shares reported by the group, and the filing states he has sole voting and investment power over 17,086,097 shares, including 1,018,821 held directly. The amended 13G lists 32 reporting persons.
The change comes against a backdrop of heightened share availability. Founders Fund's reduction followed SpaceX's first full quarter as a public company. About 911.5 million shares held by insiders and early investors became eligible for sale beginning August 6, and the stock's lowest close to date, $108.27, was recorded the day before that eligibility began. Elon Musk and a small group of other insiders remain subject to lockups until mid-2027.
Other institutional holders reported divergent moves. ARK increased its position by 51% to 6,746,417 shares (about $1.02 billion), Ontario Teachers' Pension Plan reduced its stake by 41% to 29,898,989 shares, and Harvard Management cut its holdings by 34% to 8,570,292. The reported changes alone do not establish whether shares were sold or transferred. Additional Form 13F filings from institutional investors were due by Monday, November 16, and could further clarify position changes during the quarter.
At Friday's close, SpaceX traded 3.0% above its $135 IPO price but 34.2% below its record close of $211.39, with a market value of about $1.83 trillion. The company reported third-quarter revenue of $14.60 billion and GAAP net income of $4.40 billion. Shares finished Friday down 0.59% before the filing became public and were quoted at $136.26 (down 2.05%) in after-hours trading following a Starship test flight that ended without a booster catch. The filing's implications for supply will be watched closely: a further decline below the $108.27 August low could reinforce selling-pressure concerns, while a close back above $150.86 would weaken that outlook.
The filing does not explain the disposition of the shares, leaving open whether they were sold, distributed to fund investors, or transferred by other means. Founders Fund II remained the largest holder among the entities, with 112,706,798 shares, down from 155,393,350. Holdings declined by roughly 27.5% across each Founders Fund partnership, a uniformity that may indicate a pro-rata distribution to investors, though the filing does not confirm that explanation. Thiel, who signs as manager of the funds' general partners, is considered to beneficially own all shares reported by the group, and the filing states he has sole voting and investment power over 17,086,097 shares, including 1,018,821 held directly. The amended 13G lists 32 reporting persons.
The change comes against a backdrop of heightened share availability. Founders Fund's reduction followed SpaceX's first full quarter as a public company. About 911.5 million shares held by insiders and early investors became eligible for sale beginning August 6, and the stock's lowest close to date, $108.27, was recorded the day before that eligibility began. Elon Musk and a small group of other insiders remain subject to lockups until mid-2027.
Other institutional holders reported divergent moves. ARK increased its position by 51% to 6,746,417 shares (about $1.02 billion), Ontario Teachers' Pension Plan reduced its stake by 41% to 29,898,989 shares, and Harvard Management cut its holdings by 34% to 8,570,292. The reported changes alone do not establish whether shares were sold or transferred. Additional Form 13F filings from institutional investors were due by Monday, November 16, and could further clarify position changes during the quarter.
At Friday's close, SpaceX traded 3.0% above its $135 IPO price but 34.2% below its record close of $211.39, with a market value of about $1.83 trillion. The company reported third-quarter revenue of $14.60 billion and GAAP net income of $4.40 billion. Shares finished Friday down 0.59% before the filing became public and were quoted at $136.26 (down 2.05%) in after-hours trading following a Starship test flight that ended without a booster catch. The filing's implications for supply will be watched closely: a further decline below the $108.27 August low could reinforce selling-pressure concerns, while a close back above $150.86 would weaken that outlook.
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