In a remarkable journey over the past 15 years, Justin Fishner-Wolfson has quietly amassed a significant holding of privately held SpaceX stock, positioning his firm, 137 Ventures, for a potentially transformative payday as the company prepares for one of the largest IPOs in history on Friday. With an anticipated market value of $1.77 trillion, Fishner-Wolfson’s stake, currently exceeding 1%, is expected to be valued at around $20 billion.
Fishner-Wolfson’s fascination with SpaceX began in 2008 while he was working at Peter Thiel’s venture capital firm. At that time, SpaceX was still in its formative stages, grappling with uncertainty. Assigned to monitor the company after a $20 million investment from Thiel’s Founders Fund, Fishner-Wolfson saw the potential that would eventually lead to billions in value.
Since launching 137 Ventures in 2010, he has consistently held onto his investments, never selling a single share since the firm’s initial foray into SpaceX in 2011. “This will most likely define my career,” Fishner-Wolfson remarked, reflecting on the impact of this pivotal moment.
Fishner-Wolfson has created a unique office environment that showcases his dedication to SpaceX, including a shrine featuring a used SpaceX engine. His investment strategy has also meant largely distancing himself from the public controversies surrounding Elon Musk, stating that personal matters in Musk’s life do not impact the core business of SpaceX.
As the IPO looms, thousands of current and former employees of SpaceX are set to become millionaires, with some already having liquidated portions of their shares through Fishner-Wolfson’s firm. The plan is to distribute SpaceX shares to 137 Ventures’ investors, granting them the choice to sell or hold. However, like other pre-IPO investors, they will face restrictions on unloading their shares until several months after the IPO.
In a strategic move for financial benefits, Fishner-Wolfson relocated to Nevada in 2018, partly anticipating the sizeable windfall that the IPO could yield. Yet, he has expressed no urgency to divest from his stake, believing in SpaceX’s potential for future growth. “It’s still a company I believe in,” he stated, even as he acknowledged that fluctuations in stock value are possible. He remains optimistic that SpaceX could appreciate significantly, although he cautioned that the market could react unpredictably on the day of the listing.
The stock is set to be listed on the Nasdaq, although the exact timing of the IPO remains uncertain. The impending event marks a crucial moment not only for Fishner-Wolfson and his firm but also for the broader landscape of technology and investment as a whole.
