Josh Kushner's venture firm Thrive Capital has disclosed a public equity portfolio built almost entirely around a single bet: SpaceX. According to the firm's latest quarterly disclosure, Thrive holds 18.91 million shares of SpaceX, now trading publicly as SPCX, worth approximately $3.23 billion and accounting for 84.8% of its disclosed holdings.
The filing lands just days after Kushner made headlines for an entirely different kind of concentrated bet. He and former Disney CEO Bob Iger agreed to acquire the Los Angeles Lakers for a reported $12.5 billion, a price that would set a new record for a North American sports franchise and surpass the roughly $10 billion valuation Mark Walter paid the Buss family for a controlling stake in the team last year. The purchase runs through Thrive Eternal, a vehicle Kushner has built specifically for long-term sports and cultural assets, and remains subject to NBA approval.
What Else Is in the Book
Behind SpaceX, Thrive's next-largest disclosed position is a new stake in Amazon: 904,038 shares worth roughly $215.47 million. Oscar Health, the insurer Kushner co-founded and still chairs, ranks third at about $180.92 million across 6.34 million shares. Shopify and Figma round out the largest holdings at roughly $102.28 million and $79.54 million, respectively. The firm exited its Carvana position, previously worth about $71.29 million, and closed out a small StubHub stake worth roughly $429,000.
The underlying 13F filing, submitted to the SEC, reflects the concentrated style Thrive has stuck with since backing SpaceX years before its public listing: rather than spreading capital across dozens of positions, the firm leans heavily into a handful of companies it has known deeply for years, with SpaceX standing as by far its highest-conviction call.
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Why SpaceX Keeps Drawing Outsized Bets
Thrive's SpaceX position is notable not just for its size but for its timing. SpaceX completed its long-anticipated initial public offering in June 2026, converting a stake Thrive had held since the company's private years into a publicly tradable one almost overnight. That listing also triggered a rush among crypto exchanges to offer tokenized SpaceX exposure to retail traders who had no access to the private rounds Kushner participated in, with several platforms racing to list SpaceX-linked tokens in the run-up to the IPO.
Kushner will also need to unwind at least one existing sports investment to clear the Lakers deal: he currently holds a minority stake in the Miami Heat, a position people close to the transaction say he'll be required to sell before the Lakers purchase can close. Combined with the SpaceX-heavy equity book, the moves paint a picture of a firm willing to put outsized capital behind a small number of convictions rather than diversify against any single one of them going wrong.
