Hedge fund D1 Capital Partners stands to pocket a roughly $20 billion windfall if SpaceX prices its IPO at the projected $1.75 trillion valuation. The fund bought into the rocket maker in 2020 when the company was valued near $36 billion, and its holding now represents a sizable slice of D1’s $35 billion asset base. Investors expect the listing to coincide with Elon Musk’s birthday next month.

Another private player, Darsana Capital Partners, could see about $15 billion from the same IPO, having entered SpaceX in 2019 at a $33 billion valuation. The New York fund also bought employee shares in later rounds and benefited from exposure through its stake in X and the AI lab xAI, now merged with SpaceX. These positions amplify the hedge‑fund sector’s private‑equity style exposure.

SpaceX’s IPO could raise as much as $75 billion, dwarfing recent tech listings and delivering outsized returns to early backers. The influx of capital would fuel Musk’s ambitions for space‑based data centres and further expansion of Starlink, which already generated over half of the firm’s $18.7 billion revenue last year. Successful pricing will cement hedge funds’ gamble on private‑market exposure.