Thiel’s Founders Fund Cuts SpaceX Stake by About 26%, Filing Shows
Founders Fund and Peter Thiel reduced their SpaceX holding by roughly 26% in the third quarter, about $17 billion of shares, according to a late Friday SEC filing. The filing gives no reason, and the stock slipped after hours.
Peter Thiel and Founders Fund cut their stake in SpaceX (NASDAQ: SPCX) by about 26% last quarter, roughly $17 billion of shares, according to a filing that reached the US Securities and Exchange Commission at 9:05 p.m. ET on Friday, November 13, 2026. The filing gives no reason.
Founders Fund entities and Thiel held 112,948,967 fewer Class A shares as of September 30 than as of June 30. At the September 30 close of $150.86, those shares were worth about $17.04 billion.
The filing does not say whether the shares were sold, passed to the funds' investors, or transferred somewhere else.
Supply is the central issue. One of SpaceX's earliest investors now holds about a quarter fewer shares after the first full quarter since the IPO. The stock trades below where it closed the third quarter.
SpaceX closed Friday at $139.11, down 0.59%, before the filing came out. After hours it was quoted at $136.26, down 2.05%, after a Starship test flight ended without a booster catch.
The document is an amended Schedule 13G, a form passive investors use to report large stakes. It lists 32 reporting persons. Founders Fund II is the largest, with 112,706,798 shares, down from 155,393,350.
Combined holdings fell to 314,357,058 shares, or 3.8% of 8.24 billion Class A shares. At June 30 they stood at 427,306,025, or 5.5%, so the drop is 26.4%.
Each Founders Fund partnership fell by about the same amount, around 27.5%. The cut was even across every partnership. That looks like a pro-rata distribution, meaning shares handed out to the funds' investors in proportion to their stakes, although the filing does not confirm it.
Thiel signs as manager of the funds' general partners and is considered to own every share. He has sole power over 17,086,097 of them, including 1,018,821 he holds directly.
SpaceX has faced this kind of pressure before. About 911.5 million insider and early-investor shares became eligible for sale starting August 6, and the stock's lowest close, $108.27, came the day before.
Elon Musk and a small group of insiders remain locked up until mid-2027, so the next large release of shares is still ahead.
Other big holders moved in different directions. ARK raised its position 51% to 6,746,417 shares worth $1.02 billion. Ontario Teachers' Pension Plan cut its position 41% to 29,898,989 shares, and Harvard Management cut 34% to 8,570,292.
Three of those four holders now hold fewer shares than before, so on balance more shares were moving toward the market.
Friday's close is 3.0% above the $135 IPO price and 34.2% below the $211.39 record close. More holders will report by the Monday, November 16 deadline for quarterly 13F filings, the disclosure that large investment managers file each quarter.
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