SpaceX Is Now Worth a Fortune and FTX Creditors Could Benefit Far More Than Expected

Last week, SpaceX went public with an initial valuation of $1.77 trillion, before surpassing it by a wide margin. The listing has immediately revived hopes among FTX creditors, the crypto exchange founded by Sam Bankman-Fried, which held an indirect stake in Elon Musk’s company before its collapse in 2022. Could Bankman-Fried’s victims ultimately recover far more than anyone anticipated?

SpaceX Goes Public: An Unexpected Asset in FTX’s Portfolio

FTX was never just a crypto exchange. Before its collapse in November 2022, the platform had invested in several companies through third-party venture capital firms. Among them, K5 Global held positions in SpaceX, which indirectly exposed FTX to the valuation of Elon Musk‘s rocket company.

In January 2025, John J. Ray III, CEO of the FTX bankruptcy estate, reached a settlement with K5 Global to end a lawsuit filed in June 2023. Both parties have since agreed to work together to maximize recoveries. K5 Global still includes SpaceX in its active portfolio.

It is clear that K5 represents a major asset in FTX’s portfolio. The strong performance expected from their investments will be a key driver of recovery efforts.

What Can Creditors Realistically Expect After the SpaceX IPO?

Projections are already making the rounds among creditor advocates. Kyle Schmidt, known online as “Mr. Purple,” expects final distributions to reach 171% of claims for customers with balances above $50,000. That figure accounts for liquidation surpluses and interest accrued since the bankruptcy filing.

Sunil Kavuri, a British investor who lost roughly $2 million in the FTX collapse and has since become a vocal advocate for victims, also told Decrypt that “it is always great news to see good investments that could help with the recovery and repayment of FTX creditors.” SpaceX’s market capitalization could moreover surpass $2.5 trillion according to some estimates.

Meanwhile, the SBF case continues to generate new developments. His appeal was rejected and a presidential pardon request was filed with the US Department of Justice, so far without outcome. Senators Cynthia Lummis and Rubén Gallego furthermore introduced a joint resolution on June 17, 2026, formally opposing any executive clemency.

The FTX bankruptcy — long defined by $10.3 billion in losses — is now taking an unexpected turn. SpaceX’s stock market debut, combined with the K5 Global settlement and accumulated interest, thus creates a convergence of factors that could work in creditors’ favor.

Whether the valuation holds, however, remains to be seen. For Bankman-Fried’s victims, this may nonetheless be the first genuinely good news since November 2022. Keeping track of the FTX case therefore remains essential in the weeks ahead.