SBA Chief Loeffler's SpaceX Investments Yield Millions in Paper Profits

Kelly Loeffler, the Administrator of the U.S. Small Business Administration (SBA), has amassed significant paper profits from her investments in Elon Musk's SpaceX. According to financial disclosure documents reviewed by Reuters, Loeffler's holdings in SpaceX have surged in value, particularly following the company's massive initial public offering (IPO) in June, which was the largest in U.S. history.

Loeffler's initial investment was in xAI, Musk's artificial intelligence company. Financial disclosures filed before she took office as SBA chief show an investment in xAI between $1 million and $5 million. Following xAI's merger with SpaceX, her stake was converted into SpaceX-related equity. A subsequent disclosure, signed in May 2026, revealed a second investment in both SpaceX and xAI during 2025, again valued between $1 million and $5 million.

This second investment had not been previously reported. Independent government ethics experts have corroborated Reuters' interpretation of Loeffler's financial disclosures. U.S. regulations require cabinet officials to report asset values within ranges, not exact figures or dates of pre-appointment investments.

Analysts estimate that Loeffler's first xAI investment could have been worth between $7 million and $2.6 billion on the day of SpaceX's IPO, June 12. Her second investment's value on that day is estimated to be between $2.2 million and $25.4 million, though the exact figures depend on the precise amount and timing of her investments. Early investments typically yield higher returns, with xAI's valuation reportedly increasing over 7,000% from its first funding round to early 2025, and SpaceX's valuation doubling within 2025.

Loeffler, who was confirmed as SBA Administrator on February 19, 2025, has a background in finance, including a previous role as CEO of the cryptocurrency exchange Bakkt and 16 years at Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. She also briefly served as a U.S. Senator for Georgia. Loeffler and her team have not yet responded to media requests for comment regarding these investments.