FTX creditors may benefit from SpaceX surge worth billions

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.

What the numbers mean for creditor recoveries

It’s important to note that FTX’s exposure to SpaceX is indirect. The estate doesn’t hold SpaceX shares directly. It holds a limited partner interest in K5 Global’s funds, which in turn hold SpaceX shares.

K5 initially invested about $189.7 million into SpaceX when the company was valued around $80 billion. SpaceX’s market cap has since grown to roughly $2.65 trillion at its peak post-IPO levels. Even accounting for dilution, fund expenses, and the indirect nature of the holding, the appreciation on that original SpaceX position could represent billions in added value for the FTX estate.

The estate has already been making distributions. In March 2026, FTX sent out $2.2 billion to creditors as part of its ongoing recovery process.

What this means for investors and creditors

For FTX creditors, the SpaceX IPO introduces a variable that could significantly boost their total recovery. SpaceX shares opened near $150 on IPO day and surged past that level quickly. If K5 or the FTX estate waits too long to realize gains, or if SpaceX’s valuation corrects, the windfall could shrink.

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