SpaceX Surge Could Add Billions to FTX Creditor Recovery

A stake placed years before the collapse is now worth dramatically more. The FTX Recovery Trust holds an indirect position in SpaceX through a limited partner interest in K5 Global's funds. SpaceX listed on June 12 at roughly $1.8 trillion and surged 19% on day one, pushing its market cap above $2 trillion. It has since touched highs near $2.65 trillion.

The chain traces back to 2022. Alameda Research, FTX's sister trading firm, directed roughly $700 million to K5 Global. K5 deployed about $189.7 million of that into SpaceX shares. When FTX filed for bankruptcy in November 2022, the K5 stake became part of the asset pool administrators had to sort through.

A settlement on January 31, 2025 let the FTX Recovery Trust keep its limited partner interest in K5's funds instead of unwinding the position. FTX CEO John Ray III called the arrangement a potential "bright spot" in the recovery effort. At that point, SpaceX was valued around $80 billion in private markets. That number has since multiplied by roughly 25 times.

The estate does not hold SpaceX shares directly. It holds a limited partner interest in K5 Global's funds, which in turn hold SpaceX shares. Even after accounting for dilution, fund expenses, and the indirect structure, the appreciation on that original $189.7 million position could represent billions in added value for the estate.

FTX has already been making distributions. In March 2026, the estate sent out $2.2 billion to creditors as part of its ongoing recovery process. The SpaceX IPO introduces a variable that could meaningfully boost total recovery rates. 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. The timing of any sale remains unclear.