D1 Capital Partners has emerged as the largest hedge fund shareholder of Elon Musk’s SpaceX, which went public on June 12 at $135 per share.
The Tiger Cub headed by Dan Sundheim reported Friday that it owns a little more than 126 million shares valued at more than $21.5 billion, making it the tenth-largest shareholder overall, behind Musk, Alphabet, investment giant FMR, and Nvidia, among others.
SpaceX, which closed Friday at $140 a share, immediately became the hedge fund firm’s largest public long position, accounting for 61 percent of the U.S. common stock portfolio.
This outsize position is unusual for D1 Capital. At the end of the first quarter, Instacart parent Maplebear, its largest long, represented only 7.5 percent of the U.S. stock portfolio. Still, long before SpaceX filed plans to go public, D1 Capital’s SpaceX holding reportedly accounted for 45 percent of the firm’s private portfolio.
D1 is one of several well-known hedge funds that reported in their second-quarter 13F filings last Friday that they held significant stakes in SpaceX. Some of these firms were known to hold large positions when the company was private, while others were not previously publicly identified.
For example, Darsana Capital Partners, headed by Anand Desai, disclosed that it owns more than 101 million shares valued at more than 17.3 billion, accounting for nearly 78 percent of U.S. common stock assets. It is the 14th-largest shareholder. Back in May, The Wall Street Journal reported that Darsana’s investment, initially made in 2019, made up nearly 60 percent of the $15 billion of assets under management.
Many other hedge funds reported significant stakes in SpaceX in their latest filings.
Philippe Laffont’s Coatue Management revealed it owns nearly 18.6 million shares, making the stock its fourth-largest U.S. long position. Coatue has been a longtime investor in SpaceX.
Several prominent multistrategy firms also own major stakes in the company.
Izzy Englander’s Millennium Management reported that SpaceX is now its third-largest U.S.-listed common stock long position, with roughly 17.6 million shares. Balyasny Asset Management lists SpaceX as its No. 4 U.S.-listed common stock long, with nearly 3.4 million shares. ExodusPoint owns more than 1.9 million shares, making SpaceX the firm’s fifth-largest U.S.-listed long. Schonfeld Strategic Advisors controls more than 1.1 million shares; the stock is the firm’s eighth-largest U.S. common stock long. Element Capital Management owns “only” about 506,000 shares, but SpaceX is the firm’s third-largest U.S. common stock long.
Other hedge funds reported positions in the stock that are less significant parts of their overall portfolio. They include Tudor Investment Corp., Tiger Global Management, and Sculptor Capital Management.
