SpaceX's strong stock performance after its IPO could benefit creditors of the defunct crypto exchange FTX. FTX had invested in SpaceX via venture firm K5 Global before its collapse. Bankruptcy filings show Alameda Research, FTX's sister firm, transferred large sums to K5, which invested $190 million in SpaceX in 2022. With SpaceX's market cap exceeding $2.52 trillion, the stake is now worth billions. FTX's bankruptcy estate has already distributed $10.3 billion to customers, and projections suggest final payouts could reach 171% of claims for larger creditors. The estate settled a lawsuit with K5 in January 2024 to maximize recoveries. However, the estate has not confirmed whether SpaceX's gains will directly impact distributions. Judge Kaplan previously rejected Sam Bankman-Fried's argument that his successful investments warranted leniency, comparing him to a thief taking loot to Las Vegas.

Key facts

• SpaceX market cap exceeds $2.52 trillion post-IPO.
• FTX invested via K5 Global; $190 million in SpaceX in 2022.
• FTX estate distributed $10.3 billion to customers so far.
• Projected payouts could reach 171% of claims for some creditors.
• Judge compared Bankman-Fried to a thief with loot in Vegas.

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