Italy's largest bank held a $966 million stake in SpaceX as of June 30, making the rocket maker its biggest US shareholding. The position accounts for about one-third of the bank's $2.92 billion US portfolio.
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Intesa Sanpaolo holds $966 million SpaceX stake as top US holding
Intesa Sanpaolo held a $966 million stake in SpaceX as of June 30, making the rocket maker its largest US shareholding, an SEC filing shows.
The position represents nearly 5.66 million shares in Elon Musk's rocket and satellite company, the bank said in the filing. The stake accounts for about 33 percent of Intesa's $2.92 billion aggregate US portfolio.
SpaceX listed in June after an initial public offering that raised roughly $75 billion, the largest in US history, initially valuing the company at about $1.77 trillion. Its market capitalization now stands at around $1.9 trillion. SpaceX shares traded at $146.23, up 4.45 percent, while Intesa Sanpaolo shares rose 0.46 percent to 6.917 euros.
The disclosure comes weeks after Italy's largest bank reduced its exposure to BlackRock's iShares Bitcoin Trust, according to the source material. The shift from crypto to space-tech reflects growing institutional appetite for newly listed growth equities.
The outsized position in a single stock concentrates risk in Intesa's US portfolio, which could draw scrutiny from analysts tracking European banks' asset allocation strategies. A stake of this size in one company is unusual for a European bank, which typically maintains diversified US equity portfolios. The bank's next quarterly filing will show whether it maintained or expanded the position.
The SpaceX stake places Intesa among the largest institutional holders of the rocket company, which operates the Starlink satellite network and dominates commercial launch services. SpaceX's revenue streams span government contracts, commercial satellite deployment, and its Starlink consumer broadband business, giving the company multiple growth engines beyond its core launch operations.
SpaceX's valuation has climbed since its debut, reflecting investor enthusiasm for space technology. The company's market capitalization of roughly $1.9 trillion makes it one of the most valuable publicly traded companies globally, comparable to Apple and Microsoft. The stock's 4.45 percent gain on the day of the filing disclosure suggests continued investor demand.
For Intesa, the SpaceX position represents a significant bet on a single growth stock within its US portfolio. The bank's next quarterly filing, expected in November, will show whether it maintained or expanded the position. Investors will watch whether other European banks follow Intesa's lead in allocating to SpaceX and other newly listed space companies.
This article is for informational purposes only and does not constitute investment advice.
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