Overview
- Blue Owl disclosed Thursday it had sold about half its SpaceX stake at a $1.25 trillion valuation and realized roughly 10 times its investment on that portion while holding the rest.
- Investors bid the stock up about 9% to 10% after the call, following a first‑quarter beat that showed fee‑related earnings up 14% to $393.6 million and assets under management rising to $314.9 billion.
- The firm said it first lent to SpaceX and then bought equity, showing how private‑credit lenders can turn lending ties into ownership stakes that capture more upside.
- SpaceX remains in a confidential IPO process, with media reports citing a roughly $1.75 trillion valuation target and as much as $75 billion to be raised, though final terms are not confirmed.
- Management said the SpaceX gain helps counter worries about software‑loan exposure and thinner collateral buffers, while some market voices, including IPO scholar Jay Ritter, question valuations near $1.5 trillion to $2 trillion.