Trump bought over $1 million in SpaceX debt days before unveiling space policy
His purchase of the SpaceX bonds differs from other recent transactions he has disclosed both in its scale and because most of the president’s other purchases have involved buying stocks.
President Donald Trump bought between $1 million and $5 million in debt issued by SpaceX just days before the White House announced a new space-travel policy, the president’s latest financial disclosure form shows.
Two days after purchasing the bonds, Trump signed a memorandum setting out the new policy, which is intended to strengthen space transportation, in part by backing industry so the United States can support more than 1,000 space launches and re-entries a year by 2030.
SpaceX is the largest space-launch company by a wide margin. Among its competitors is Blue Origin, which was founded by Jeff Bezos, who owns the Washington Post.
Trump’s purchase of the SpaceX bonds differs from other recent transactions he has disclosed both in its scale and because most of the president’s other purchases have involved buying stocks in companies.
Trump’s latest financial disclosure detailed more than 500 transactions made by the president’s financial accounts in a wide variety of companies potentially affected by his policies. The form discloses the value of investments only in ranges — in this case, between $1 million and $5 million. Unlike his recent predecessors, Trump has not placed his assets in a blind trust, and his accounts have made tens of thousands of trades over the course of his second presidency.
White House spokesperson Davis Ingle said in a statement that there are no conflicts of interest with the president’s transactions. Trump’s stock-and-bond portfolio is “independently managed” by third-party financial institutions, he said, adding that all holdings are maintained in discretionary accounts and invested through “computer-based model portfolios that automatically replicate recognized indexes, such as the Schwab 1000.”
“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” Ingle said.
Ingle did not respond, however, to questions about whether the bond purchase was executed by an algorithm of that sort. He said all of the investment decisions are “made entirely by independent managers” but did not answer a question about who decided to buy the SpaceX debt.
There are bond indexes that include SpaceX debt. However, it would be unusual for investors to purchase debt to track bond index funds, said a financial adviser who spoke on the condition of anonymity because they did not have direct knowledge of the president’s financial strategy.
High-net-worth individuals sometimes buy individual stocks to track an index to avoid some fees involved in buying an index fund, the person said. That practice, however, is rarely applied to bonds, the adviser said.
SpaceX sold bonds this summer to support its heavy spending on AI data centers, which support its subsidiary xAI, the maker of Grok. The company also has high costs associated with developing its Starlink satellite network and Starship craft.
By selling bonds rather than issuing more stock, the company was able to acquire capital without further diluting equity after it went public this year.
SpaceX is led by Trump’s political ally Elon Musk, who ran the U.S. DOGE Service in the early days of the administration. After tensions last year, the pair have rekindled their alliance. Musk has been a frequent presence at the White House, attending Trump’s state dinner for Chinese leader Xi Jinping and the lunch he hosted last week for AI CEOs.
On Thursday, Trump presented Musk with the National Medal of Science, celebrating his work at SpaceX.
“Elon is our modern-day Thomas Edison,” Trump said as he presented Musk the award. “You’re my friend and all of that, but you are a very, very special guy.”
