Intesa Sanpaolo holds nearly $1B SpaceX stake, SEC filing shows

Italy's largest bank, Intesa Sanpaolo, held a stake worth approximately $966 million in Elon Musk's SpaceX as of June 30, according to an SEC filing disclosed on Monday.reuters

The holding of nearly 5.66 million shares makes SpaceX the single largest position in Intesa's U.S. equity portfolio, accounting for roughly 33% of the bank's $2.92 billion aggregate American holdings.live.euronext+1

A Post-IPO Bet

SpaceX listed on public markets in June following an initial public offering, and the company's market capitalization has since grown to around $1.9 trillion. Intesa's stake represents a concentrated wager on the rocket and satellite company at a time when space-related ventures have drawn growing institutional interest.whbl+1

The size of the position relative to Intesa's overall U.S. portfolio is notable. With a single stock comprising a third of its American equity exposure, the Italian lender has placed an outsized bet on SpaceX's trajectory as a publicly traded company.

European Banks and U.S. Tech

The disclosure highlights how major European financial institutions are channeling capital into U.S. technology and aerospace names following high-profile public listings. Intesa Sanpaolo, which is Italy's biggest bank by assets, appears to have built the position around or shortly after SpaceX's June IPO, given that the shares were not publicly available before then.live.euronext+1

Reuters first reported the filing on August 17.reuters