A Third of Intesa Sanpaolo's American Portfolio Is Now One Stock, and It Is SpaceX

Intesa Sanpaolo holds a stake of almost a billion dollars in SpaceX. The document the Italian bank filed with the Sec shows Elon Musk's aerospace company has become its single largest asset on the American equity market.

As of 30 June the bank held almost 5,66 million SpaceX shares, worth around 966 million dollars. That is the biggest position in its United States portfolio by a distance, accounting for roughly 33 percent of a total of 2,92 billion dollars. SpaceX's listing in June took the company's overall market value to about 1.900 billion dollars.

The gap to everything else is the striking part. Second in the filing is AstraZeneca at 273,8 million dollars, then Nvidia at 90,8 million, Microsoft at 81,4 million and Stellantis at 77,9 million. Below those sit the Ark 21Shares bitcoin exchange traded fund at 67,6 million, Ferrari at 64,1 million, Meta at 58,6 million, Alphabet at 58,4 million, Nike at 55,3 million and Apple at 49,3 million, with smaller positions in Amazon, Visa, BlackRock, Bank of America, JPMorgan, Broadcom and Taiwan Semiconductor completing the list.

The context is the listing itself. SpaceX arrived on the Nasdaq on 12 June, priced at 135 dollars a share. The stock opened at 150 and closed its first day at 160,95, pushing the valuation above 2.000 billion dollars. At that close Forbes estimated Elon Musk's fortune at 1.100 billion, making him the first trillionaire in history.

It has come back since. The shares now trade at around 149 dollars, which puts SpaceX at roughly 1.970 billion and Musk's estimated wealth at 894,9 billion. Against that, the almost 5,7 million shares Intesa Sanpaolo holds work out at 0,043 percent of the company, which is the other way of reading a position that dominates the bank's American book.