The FTX Recovery Trust holds indirect exposure to SpaceX through a limited partner interest in K5 Global’s funds, a position that has ballooned in value following SpaceX’s IPO on June 12, 2026. The rocket company debuted at roughly $1.8 trillion in valuation, then promptly surged more than 19% on its first day of trading, pushing its market cap above $2 trillion. It has since climbed to highs around $2.65 trillion.
How FTX ended up with SpaceX exposure
The trail goes back to 2022, when Alameda Research, FTX’s sister trading firm, directed approximately $700 million to K5 Global. K5, a venture firm, deployed roughly $189.7 million of those funds into SpaceX shares.
When FTX collapsed in November 2022, that K5 stake became part of the massive pile of assets that bankruptcy administrators had to sort through. A settlement reached on January 31, 2025, allowed the FTX Recovery Trust to retain its limited partner interest in K5’s funds rather than unwinding the position.
FTX CEO John Ray III called the arrangement a potential “bright spot” in the recovery effort. At the time, SpaceX was valued at around $80 billion in private markets. That number has since multiplied by a factor of roughly 25.
