PE1 investors gain from doubling SpaceX valuation, with more gains on way

Pengana Private Equity Trust (ASX: PE1) has announced a doubling in the NAV from US$400 million to US$800 million for SpaceX, which means the world's most valuable private company now accounts for 14 per cent of the Australia's only global private equity listed investment vehicle.

Pengana's position in SpaceX is bound to increase again as the adjustment does not yet reflect SpaceX's February 2026 merger with xAI, which valued the combined entity at US$1.2 trillion.

Adam Myers, Executive Director at Pengana Capital Group, said the xAI deal would work its way into PE1's SpaceX valuation in the coming months. "At this stage it is too early in the valuation process to include the xAI merger, but it is something for all PE1 investors to look forward to", he said.

Intrigue continues to build around a possible IPO for SpaceX later this year, which is expected to be among the biggest IPOs in history. "There is potential for the SpaceX IPO to be at a much higher valuation, which is exciting for us and shows the advantages of gaining pre-IPO exposure to quality companies.

"SpaceX has shown a phenomenal growth path to become the world's largest private company and leading commercial space company.

"But it's also an example of how more large, influential companies are choosing to stay in private hands for longer, and a strong argument towards having at least some private equity exposure in a portfolio."

PE1 is a global private equity portfolio comprised of over 550 underlying private companies. The Fund initiated its SpaceX exposure in late 2020, holding a two per cent stake in its portfolio, at a valuation of US$50 billion. By January 2026, SpaceX comprised 7.7 per cent of PE1's portfolio, and as of 11 March 2026 accounts for 14 per cent of PE1's portfolio.

Myers said this is an unusually high exposure in an otherwise highly diversified portfolio. "PE1 does not commonly allocate so much to one company but it has the flexibility to let the performance of exceptional companies run, increasing the weighting in the portfolio.

"And the growth of SpaceX has been truly exceptional."

While most PE1 companies are solid cash flow companies with defensive characteristics, the listed investment trust also has exposure within its 550+ portfolio to AI powerhouses including OpenAI, Anthropic, and Groq. 

"Some of these companies will be among the most meaningful businesses of the future, and the only way to access them before they list is via private equity", Myers said.

PE1's annualised NAV return since its inception in 2019 to 28 February 2026 is 8.5%. Unusually for a private equity vehicle, PE1 pays an ongoing distribution yield of 4% p.a. on NAV.