• Fidelity's Contrafund valued its stakes in SpaceX at $2.7 billion at the end of 2024, per filings.
• The mutual fund giant first invested in Elon Musk's space company via its 2015 Series G.
• Fidelity invests in startups and large companies through dozens of mutual funds.

SpaceX's valuation is soaring — at least according to one investment giant. Fidelity, which invests in startups and large companies alike via dozens of mutual funds, is valuing its stakes in Elon Musk's Space Exploration Technologies at $2.7 billion.

Fidelity's SpaceX stakes — which include Class A and C shares in Fidelity's Contrafund, as well as Series G, H, and N shares — were revealed in a December filing report published by the investment company at the end of January.

Cumulatively, this would make SpaceX the 11th-largest holding in the $160 billion Contrafund, ahead of Visa, JPMorgan, and Broadcom. As it stands, SpaceX's Series G shares are the 23rd-largest holding in the fund.

Fidelity's Contrafund first invested in SpaceX during its 2015 Series G funding round, which valued the company at $12 billion, according to Wall Street Journal reports. An annual report said the Contrafund paid $43,239,000 on January 20, 2015, for 558,215 shares.

At the end of last December, the Contrafund valued those Series G shares at $1,032,697,750 — a whopping 2,288% return over a decade.

Given SpaceX's $12 billion valuation at the time of its Series G fundraise in 2015, the Contrafund is signaling SpaceX's valuation to be north of $286 billion — larger than Coca-Cola and Chevron.

In December, SpaceX was valued at $350 billion following a secondary share sale.

2024 was a banner year for Musk, who supported President Donald Trump's reelection and secured a leadership role in the Trump administration. Musk's social media platform, X, has also provided a lucrative source of training data for his AI startup, xAI, which raised $6 billion in Series C funding in December.

Fidelity's Contrafund increased the value of its SpaceX stake during this period: Filings indicate it valued the company's Series G shares at $541.5 million in December 2023 and increased their value by 15.5%, to $625 million, in June.

Those shares were valued at $1,032,697,750 at the end of last December, a 65% increase from June and a 91% increase year over year.

Representatives for SpaceX and Musk did not immediately respond to requests for comment.

Correction: February 3, 2025 — An earlier version of this story described outdated valuations of two companies. They have been removed.