As of June 30, the stake in Elon Musk's space exploration company makes up a significant portion of Coatue Management's total holdings. The hedge fund, led by billionaire Philippe Laffont, invested in SpaceX during an earlier round, not at its IPO, indicating a long-term, high-conviction bet. Laffont has expressed optimism about the potential of space and artificial intelligence (AI) stocks, believing the industry could produce a $10 trillion company, and sees SpaceX as a prime candidate.