Australia’s largest pension fund, AustralianSuper, has taken a modest stake in Elon Musk’s space technology developer, SpaceX. The $410 billion investment giant disclosed a minor 73,500-share holding in the company, which specialises in designing, manufacturing, and launching advanced rockets and spacecraft. This measured approach comes as the super fund remains wary of committing significant member savings to the newly listed trillion-dollar venture, following a volatile period since its record-setting initial public offering in early June. While AustralianSuper confirmed additional exposure through third-party mandates, the direct holding is not considered a material part of its portfolio.
SpaceX debuted to considerable investor fanfare, rocketing nearly 70 per cent in its first three trading sessions. However, a rapid sell-off through July saw the stock’s value nearly halved. After a partial recovery, shares closed at US$140 ($197.80) on Friday, just above its IPO price of US$135 but well below its mid-June peak of US$225 per share. Based on these levels, AustralianSuper’s direct stake amounts to approximately US$10 million, a mere fraction of its investments in mega-cap tech companies like Tesla, Meta, and Broadcom. This cautious stance contrasts sharply with mining magnate Gina Rinehart, whose Hancock Prospecting disclosed an US$1.4 billion ($1.97 billion) stake in SpaceX in June.
AustralianSuper is not alone in its cautious assessment. UniSuper, another prominent Australian pension fund, participated in the IPO but largely exited its position shortly after listing. Its latest filings showed no direct holding in SpaceX. Similarly, super-backed IFM Investors disclosed a comparatively small US$19 million bet on SpaceX, also a fraction of its holdings in other major tech entities. This collective prudence among significant Australian institutional investors highlights a general hesitation towards the high-volatility stock. UniSuper also notably used its US$100 million stake in Tesla to vote against Elon Musk’s controversial trillion-dollar pay package.
