SBA Chief Kelly Loeffler’s Musk-Company Investments Drew Massive Paper Gains in SpaceX IPO

Reuters reported, based on financial disclosures, that Small Business Administration Administrator Kelly Loeffler invested between $1 million and $5 million in xAI in early 2025 and later made another investment of the same disclosed range involving SpaceX and xAI. The first investment could have been worth as much as $2.6 billion at SpaceX’s IPO, depending on the amount and terms within the broad disclosure range. Reuters said it found no public record of an SBA decision involving the companies.