FTX, the collapsed crypto exchange that imploded in late 2022, holds an unexpected card that could boost recovery for its creditors: a stake in SpaceX. The exchange gained exposure to the private space company back in 2022, before its own bankruptcy. Now, with SpaceX reportedly preparing for an initial public offering that could value it at over $150 billion, some creditors are hoping that rally will translate into a bigger payout.
The 2022 connection
FTX's link to SpaceX isn't widely known outside bankruptcy filings. The exchange invested in SpaceX through a venture arm or direct purchase — records are sealed in parts of the Chapter 11 case. What's clear is that the position was acquired during the bull market of early 2022, when FTX was still a top-tier exchange and Sam Bankman-Fried was courting high-profile investments. SpaceX, already a dominant launch provider and Starlink operator, was a prime target for crypto money looking to diversify.
The timing matters. That stake was likely bought at a valuation far below what SpaceX might command in a public listing. If the IPO prices high and the stock pops, FTX's bankruptcy estate could see a meaningful gain.
What creditors are watching
Creditors have been tracking the bankruptcy proceedings for over three years. Many were initially resigned to recovering pennies on the dollar. But the crypto market's rebound in 2023 and 2024, combined with FTX's asset sales, has pushed recovery estimates higher. The SpaceX stake is a wildcard. If the IPO happens this year or next, and if the estate holds onto the shares rather than selling them pre-IPO, creditors could get an extra bump.
There are caveats. The stake's size hasn't been disclosed publicly. FTX's bankruptcy team has discretion over when and how to liquidate assets. And an IPO is never guaranteed — SpaceX has not confirmed a date. But the mere possibility has perked up creditor chat rooms and distressed-debt desks.
No guarantees, but real hope
For now, it's a wait-and-see situation. The bankruptcy court in Delaware will have to approve any major disposition of the SpaceX holdings. Creditors are expected to push for maximizing value, which could mean holding through the IPO lockup period. That would be a bet on SpaceX's post-IPO performance — a bet that, if it pays off, could turn a grim chapter into a rare bright spot for FTX's former customers.
