Billionaire Ron Baron makes $24.9 billion bet on controversial giant

When Ron Baron believes in a company, he does not dabble. He commits. He held Tesla through every dip, every controversy, every moment Wall Street laughed at him, and eventually generated billions for his investors.

He has been saying the same thing about SpaceX (SPCX) for years. Fast forward, his latest Q2 13F filing shows he really means it.

Baron Capital reported 145,775,000 SpaceX shares valued at $24.9 billion as of June 30, 2026, making SPCX the single largest position in its $66.64 billion portfolio at 37.38% of total assets, according to GuruFocus statistics. His average reported cost basis totals approximately $170.86 per share.

SPCX closed the week ended August 21 at $136.97, meaning Baron is currently underwater on the position by roughly $34 per share. But with the time I have been a trader, I have been reminded several times that the market is a device for transferring money from the active to the patient.

In fact, the market pays you to wait. Not the other way around. For a man who held Tesla through a 50%+ drawdown, that is unlikely to change his conviction. But it does make the filing fascinating reading.

Also Read: SpaceX Latest News and Stories

Who Ron Baron is and why his SpaceX bet is in character

Ron Baron founded Baron Capital in 1982, managing about $10 million. The firm now manages tens of billions. His investing philosophy is among the most clearly defined on Wall Street: buy growth companies with defensible niches, hold for at least five years, ignore short-term volatility, and trust the fundamental thesis until it breaks.

He became famous for Tesla. He stuck with it when the shorts were loudest, when production was failing, when Elon Musk was tweeting the company private. He made extraordinary returns for his investors.

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Baron attended Tesla's IPO roadshow in 2010 and was impressed by Musk, though he initially made only a small investment while waiting to see if production goals were feasible, according to his Dec. 2025 CNBC interview . In the same interview, Baron mentioned that between 2014 and 2016, Baron Capital poured $400 million into Tesla shares at an average cost of around $43 to $50 per share, after seeing strong demand for the Model S. The Payoff? Baron's firm reaped an estimated $8 billion in realized and unrealized profits from its Tesla holdings.

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