Intesa Sanpaolo reveals $966M stake in SpaceX, making it the bank’s largest US holding

Italy’s largest bank just showed its hand, and it’s betting big on rockets. Intesa Sanpaolo disclosed a $966 million position in SpaceX through an SEC 13F filing, revealing that Elon Musk’s aerospace giant is the single largest US equity holding on the bank’s books. The filing, covering the quarter ending June 30, 2026, shows Intesa held roughly 5.66 million shares of SpaceX’s Class A common stock. That position alone accounts for approximately 33% of the bank’s total US equity portfolio, which clocks in at about $2.92 billion. SpaceX’s post-IPO institutional wave SpaceX completed its initial public offering in June 2026, listing Class A common stock under the ticker SPCX. Intesa’s 13F filing represents the first public disclosure of its stake in the company following that listing. Accumulating nearly $1 billion in shares within the same quarter as the IPO suggests the bank was either an IPO allocation recipient, an aggressive buyer in early secondary trading, or both. Reuters first reported on Intesa’s SpaceX position on August 17, with Bloomberg following on August 18. The scale of the holding, relative to Intesa’s overall US book, drew immediate attention from market observers. ...