Kelly Loeffler significantly increased the value of her investment in Elon Musk’s SpaceX after her nomination as head of the US Small Business Administration (SBA), according to a Reuters review of her financial disclosures.
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The disclosures show Loeffler invested between $1 million and $5 million in xAI, Musk’s artificial intelligence and social media company, by January 3, 2025. xAI later merged with SpaceX.
Later in 2025, Loeffler made another investment of between $1 million and $5 million in SpaceX and xAI, according to a separate financial disclosure covering her 2025 financial holdings.
Reuters reported that the second investment had not been disclosed publicly before.
Cabinet members report their assets using value ranges on mandatory financial disclosure forms. However, they do not disclose the exact investment dates before taking office.
Federal law bars cabinet officials from participating in government decisions involving companies in which they hold a financial interest.
Public records do not show any financial relationship between the SBA and SpaceX or xAI. Reuters also reported that the SBA did not include xAI on its public list of AI tools used by employees in 2025.
Loeffler and her team did not respond to Reuters’ requests for comment on the investments.
Meanwhile, SpaceX completed the largest US initial public offering on June 12, giving the company a valuation of $1.77 trillion.
According to PitchBook analyst Franco Granda, the value of Loeffler’s first investment could have risen to between $7 million and $2.6 billion, depending on the timing and size of the investment.
Her second investment could have reached a value of between $2.2 million and $25.4 million on the IPO date, the analyst said.
Reuters also reported that at least 10 Trump administration officials disclosed investments in SpaceX or xAI in their 2025 financial filings. None of those officials works for the US Department of Defense.
Loeffler previously served as chief executive of Bakkt and spent 16 years at Intercontinental Exchange, the parent company of the New York Stock Exchange. The US Senate confirmed her as SBA administrator on February 19, 2025.
