"I'm Not Selling, It Will Rise Tenfold from the IPO Price"... The Man Who Spent 15 Years Accumulating SpaceX Shares Eyes a 30 Trillion Won Jackpot

San Francisco Venture Capitalist
Invested in Unlisted SpaceX for 15 Years
Stake Now Worth Over 30 Trillion Won

As SpaceX, regarded as the largest U.S. aerospace company to go public, prepares for its listing, it has been revealed that a venture capitalist who has steadily acquired unlisted shares over the past 15 years now holds a stake worth 30 trillion won.

Justin Fischner Wolfson (44), founder of venture capital firm 137 Ventures. 137 Ventures website

On June 11 (local time), The New York Times highlighted Justin Fischner Wolfson (44), founder of venture capital firm 137 Ventures, who has accumulated shares as an early investor in SpaceX for the past 15 years.

In the early hours of June 12, when SpaceX shares begin trading on the Nasdaq, it is expected that Elon Musk's close friends, business partners, and a significant number of early investors will reap immense wealth.

Among them, Fischner Wolfson is also considered one of those poised to see huge investment returns. Though he is relatively less known among Musk's circle, he is the investor who has consistently invested in SpaceX. Over the past 15 years, he focused on acquiring as many unlisted SpaceX shares as possible. He raised funds from investors around the world to directly purchase shares and also bought stock from SpaceX employees.

137 Ventures, the firm he runs, has not sold a single share of SpaceX since its initial investment in 2011. As a result, 137 Ventures now holds more than 1% of SpaceX. Based on the expected IPO valuation of $177 billion (about 2,682 trillion won), this stake is worth approximately $20 billion (30.31 trillion won).

In an interview with The New York Times, Fischner Wolfson stated, "This will probably define my career."

His connection with SpaceX began in 2008. At that time, he was the most junior member of the investment team at Founders Fund, the venture capital firm founded by Peter Thiel, and was responsible for monitoring SpaceX's investment status. Back then, SpaceX was still a fledgling company with an uncertain future.

In August of that year, Fischner Wolfson visited SpaceX headquarters and witnessed a reusable rocket launch. However, the third launch attempt ended in an explosion just two minutes after liftoff.

He asked SpaceX president Gwynne Shotwell, "What are you going to do now?" At the time, Founders Fund had just invested $20 million (30.324 billion won). Shotwell calmly analyzed the cause and replied that they would build a new rocket and try again. Although he returned to San Francisco without a clear answer, Founders Fund remained undeterred and maintained its investment.

The $20 million investment from that time is now reportedly worth several billion dollars. Fischner Wolfson commented, "Twenty years ago, no one could have predicted this outcome."

In 2011, he became independent and established 137 Ventures. The company name comes from the seat number his grandfather used at the New York Stock Exchange.

He has invested in other startups such as Uber, but SpaceX was always his most important target. Instead of a reception desk, a real SpaceX rocket engine is displayed at the company’s office entrance. To install it, they had to remove the building’s windows with a crane.

Of course, there were skeptical views as well. About a decade ago, when SpaceX began pursuing its satellite internet business, Starlink, there was even internal debate within the firm over whether to make additional investments. Alex Jacobson, a partner at 137 Ventures, remarked, "Back then, there was much greater risk."

After the listing, his biggest concern is how to handle his stake. In 2018, he moved to Las Vegas, Nevada, which has lower taxes. This appears to be a decision made in preparation for a future sale of his shares.

However, even he cannot guarantee that SpaceX's current valuation will be maintained after the public offering. SpaceX continues to post multi-billion dollar losses, and there are assessments that it lags behind competitors in some of its key businesses, such as artificial intelligence (AI).

Regarding this, Fischner Wolfson said, "On Friday [the SpaceX listing day], the stock price could quadruple, or it could fall by 50%."

However, he cannot sell immediately. Like other pre-IPO investors, he is prohibited from selling his shares immediately after the listing, and can only sell some after the company announces its earnings. To dispose of his entire stake, he must wait at least six months after the listing. He stated that once it becomes possible, he plans to allocate SpaceX shares to investors so that each can decide whether to sell.

As for his own shares, he said he is not in a hurry to sell. "I believe SpaceX's value could become ten times the IPO price," he said. "It's a company I still believe in."

This content was produced with the assistance of AI translation services.