Investment firms of billionaires including ex-eBay President Jeff Skoll and AutoZone's Pitt Hyde are positioned to benefit from SpaceX's IPO this Friday. Family office investors told CNBC they see opportunities in the space sector beyond SpaceX, viewing space-related startups as infrastructure and defense investments rather than space exploration bets. Gary Lauder invested in SpaceX through a special purpose vehicle and two venture funds, attracted by Starlink satellite technology, while Jason Blanck's family office focuses on mission-critical hardware and data networks, and Robin Lauber's Infinitas Capital invested in SpaceX in early 2025 through a secondary offering at a valuation below the over $1.75 trillion expected now.
Family Office Investors Prioritize Infrastructure Over Exploration
Gary Lauder, a cosmetics heir turned venture capitalist, invested in SpaceX through a special purpose vehicle and two venture funds. He told CNBC he was attracted to the strength of Starlink satellite technology, not space tourism prospects. "I never dreamed of being an astronaut," Lauder said. "It's just an important mode of communication." Much of Lauder's early investing was in telecommunications, and he took a seminar in satellite communications in the early '90s.
Jason Blanck, who started his namesake family office in 2024, said he is interested in the picks and shovels of space, like mission-critical hardware and data networks. "I think the public markets are focused heavily on debating rocket launch cadences, costs around flight development, but from my perspective and where I sit, managing permanent family capital, the real narrative has actually quite evolved," he said.
Infinitas Capital Eyes European Space Companies
Robin Lauber's Infinitas Capital invested in SpaceX in early 2025 through a secondary offering. He cited Elon Musk's track record and the success of Starlink as reasons to invest. Lauber noted the valuation was "reasonable" compared with the more than $1.75 trillion expected now. He told CNBC that Infinitas would have sold some shares before the initial public offering had it found a willing buyer at the right discounted valuation. Lauber is open to selling locked-up shares at a discount to recover the initial cost of investment.
Lauber is weighing more investments in European space companies such as Isar Aerospace, a German launch service provider. He is also considering participating in a new fund by Alpine Space Ventures, which counts a SpaceX alum as a founding partner. "European sovereignty is a huge topic everywhere," he said.
Admiralty Partners Focuses on Defense Spending Stability
Jon Kutler of Admiralty Partners spent 10 years in the U.S. Navy before becoming an investment banker specializing in aerospace and defense in the early 1980s. He left Wasserstein Perella & Co. in 1992 to start his own investment firm. His then-boss Bruce Wasserstein told him he was "an idiot because the Cold War was over and there was going to be no more spending in the defense industry," Kutler said. "People had extrapolated that to be the end of the defense industry, but if you look over the history of mankind, we're just not a very peaceful species."
Kutler sold that investment firm in 2002 to focus on his family office, Admiralty Partners. His investments include Firefly Aerospace, a rocket maker with clients including Lockheed Martin and the U.S. Space Force. Kutler said investing in aerospace firms pioneering new technologies requires patience, where family offices have an edge on traditional private equity firms since they aren't under pressure to realize returns on a fixed timeline.
SpaceX IPO Highlights Investment Risks
Kutler said the enthusiasm around the SpaceX IPO belies considerable risks to investing in aerospace, such as swings in federal spending. He added that he is concerned federal cuts to research funding will endanger the pipeline of future startups. "There is a temptation because of what's going on right now to think that commercial space companies are the answer to everything," Kutler said. "Perhaps over time the commercial industry may able to do it cheaper, but if you amortize everything out, it takes a long time for that to happen, and these early investments by the government were key to making these things happen."
While the prospect of traveling to Mars is exciting, space exploration companies face a harder path to financial success because federal government spending is less consistent, Kutler said. "Defense spending is going to be a recurring theme, It will have ups and downs based upon administration priorities, but there's always going to be an end market there," he said.
FAQ
What attracted family offices to invest in SpaceX before its IPO?
Gary Lauder invested in SpaceX through a special purpose vehicle and two venture funds, attracted by the strength of Starlink satellite technology rather than space tourism. Robin Lauber's Infinitas Capital invested in SpaceX in early 2025 through a secondary offering, citing Elon Musk's track record and Starlink's success, with a valuation Lauber described as "reasonable" compared with the more than $1.75 trillion expected at the IPO this Friday.
Why do family office investors view space companies as infrastructure investments?
Jason Blanck, who started his family office in 2024, said he focuses on mission-critical hardware and data networks rather than rocket launch debates. Jon Kutler of Admiralty Partners, whose investments include Firefly Aerospace, emphasized that defense spending provides a recurring market with more stability than space exploration, which faces inconsistent federal government spending.
What European space investment opportunities is Infinitas Capital considering?
Robin Lauber is weighing investments in European space companies such as Isar Aerospace, a German launch service provider, and considering participation in a new fund by Alpine Space Ventures, which counts a SpaceX alum as a founding partner. Lauber stated that "European sovereignty is a huge topic everywhere."
