Intesa Sanpaolo Discloses $966M Stake in SpaceX, Largest US Holding

Intesa Sanpaolo, Italy’s largest bank, has disclosed a substantial $966 million stake in SpaceX, making it the bank’s largest US equity holding. This revelation comes through an SEC 13F filing for the quarter ending June 30, 2026, where Intesa reported holding approximately 5.66 million shares of SpaceX’s Class A common stock. This investment constitutes about 33% of the bank's total US equity portfolio, valued at approximately $2.92 billion.

The bank's pivot towards SpaceX follows a significant reduction in its exposure to BlackRock’s Bitcoin ETF, where it slashed its holdings by 94%. This strategic shift indicates a move from direct cryptocurrency investments to traditional equities, with Intesa now indirectly exposed to Bitcoin through SpaceX, which holds 18,712 BTC on its balance sheet.

Intesa's investment in SpaceX was made during the same quarter as the company's IPO, which occurred on June 12, 2026. The scale of this stake has drawn attention from market observers, especially given the risks associated with portfolio concentration in a single asset. A 20% decline in SpaceX shares could result in a loss of approximately $193 million for Intesa.

Other institutional investors have also shown interest in SpaceX, with Harvard Management Company disclosing a $2.2 billion stake, while the University of California’s investment fund reported a position nearing $1 billion. These moves suggest a growing confidence in SpaceX’s potential despite the volatility in the market.