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SpaceX

Making life multiplanetary

Hawthorne, CA

Founded 2002

Asset type

Late-stage company

Industry

Other

Company size

10001+

Funds

Profiles

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SpaceX s a vertically integrated aerospace and satellite internet company that designs, manufactures, and launches advanced rockets and spacecraft while simultaneously operating the world’s largest satellite broadband constellation.

About SpaceX

Why we invested

Unprecedented execution: The SpaceX team has redefined what’s possible in space with an unrivaled cost structure and launch velocity. SpaceX launched more rockets into space in the past year than every government and private sector efforts combined
Starlink opportunity: SpaceX’s Starlink segment has scaled to millions of subscribers and billions in revenue, on par with or outpacing revenue velocity of Google, Facebook, and AWS. We believe the opportunity ahead of Starlink remains massive
Proven reusability and reliability: The Falcon 9 series has recorded over 600 successful reflights, driving massive cost efficiencies. In our view, the opportunity to drive this down further is massive, tangible, and the company has a track record of delivering.
Vertical integration: SpaceX’s fully integrated model means Starlink satellites launch at near marginal cost, providing a structural cost advantage that’s incredibly challenging and time intensive for competitors to replicate.

Investment overview

SpaceX (Space Exploration Technologies Corp.) was founded with the bold mission to radically reduce the cost of space access and expand humanity’s presence beyond Earth. The company now dominates global launch volumes and is spearheading the commercialization of orbital connectivity with its Starlink business. The company operates two highly synergistic businesses:

Launch Services: SpaceX's Falcon family of rockets, including Falcon 9 and Falcon Heavy, has revolutionized the space industry through reliable, reusable launch systems. Its next-generation vehicle, Starship, aims to unlock fully reusable orbital transport and enable high-frequency, low-cost payload deployment. With a 2024 cadence that surpassed the rest of the world combined, SpaceX has become the de facto logistics provider for space-based operations across governments, commercial customers, and its own broadband ambitions.
Starlink: Starlink is a global broadband service powered by a constellation of thousands of low Earth orbit (LEO) satellites. Unlike traditional geosynchronous providers, Starlink offers low-latency, high-speed internet anywhere on Earth—including remote, maritime, and aviation markets—via compact, self-aligning ground terminals. It now serves tens of millions of users globally across consumer, enterprise, government, and mobile telecom segments, positioning SpaceX as a generational internet infrastructure company.

* The fund's full portfolio holdings are available here.

Associated fund

Innovation Fund

Open Venture

Our Innovation fund is designed to deliver long-term growth from a diversified portfolio of technology companies. The fund is focused on investing in potentially high-growth private technology businesses. The Innovation fund takes a “multi-stage” approach, investing across the lifecycle of a private company – from early to late stage and continuing to hold after any potential IPOs. The fund invests across thematic sectors including artificial intelligence (AI) and machine learning (ML), data infrastructure, vertical and horizontal software, and other categories with attractive long-term growth potential.

ObjectiveAppreciation

Net asset value$528M

Inception dateJul 2022

There are no guarantees investment holdings of the Fundrise Innovation Fund will be successful or perform similarly to the company featured.

An investment in the Fund is subject to, among others, the following risks:

Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund’s Limited Liability Company Agreement (the “LLC Agreement”). Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at a Shareholder’s option nor will they be exchangeable for Shares or shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.
If a Shareholder is able to sell its Shares outside the repurchase process, the Shareholder likely will receive less than the then-current NAV per Share.
There is no assurance that distributions paid by the Fund will be maintained at a certain level or that dividends will be paid at all.
The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to Shareholders through distributions will be distributed after payment of fees and expenses.
A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Shares, even if such Shares are sold at a loss relative to the Shareholder’s original investment.

Investing in Shares is speculative and involves substantial risks. You should purchase Shares of the Fund only if you can afford a complete loss of your investment.

Past performance does not guarantee future results. Current and future holdings are subject to risk. Returns of one company are not indicative of an investment in the fund. To obtain fund performance click here. The fund's most recent schedule of investments is available here.

Investors should consider the Fund’s investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and can be accessed by calling (202) 804-0023. Read the prospectus carefully before investing.

The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company that is operated as a “tender offer fund”.

The Fund’s portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. The Fund’s investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources.

The Fund’s investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

Nothing in the advertising material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. All investing includes risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Innovation Fund, LLC before investing.