The SpaceX floodgate opened
A big part of the windfall came from SpaceX going public in June in the largest IPO ever. The company sold $86 billion of stock at $135 a share, implying a value close to $1.8 trillion. After the Aug. 6 expiration that freed up as many as 911.5 million shares held by early investors, the stock slid to $108 in early August before climbing back above the IPO price. Against that backdrop, 137 Ventures handed out $2.5 billion worth of SpaceX shares to its limited partners last quarter.
What the numbers say
By June 30, 137's leading 2014-vintage fund had increased its starting capital to 8.2x, with previously paid-out distributions included. After accounting for fees and expenses, the net value of that vehicle exceeds eight times the amount investors initially committed. Two other funds sit above four times and above five times, respectively, with those figures blending realized gains and positions still marked at estimated values. For context, PitchBook figures through the end of 2025 show the typical North American venture fund from the 2014 vintage at 5.79 times the money investors contributed.
How SpaceX became the centerpiece
137 has been building its SpaceX position for years, making more than 30 investments in the company since 2011 and spreading that exposure across several vehicles. Before the June listing, the firm held roughly 1% of SpaceX, valued at more than $10 billion, according to an April Bloomberg report.
Co-founder and managing partner Justin Fishner-Wolfson told shareholders in late August that last quarter's SpaceX distribution "represents more money than we raised as a firm in our first 14 years." He added, "People thought we were crazy to invest at $1 billion and $10 billion and $400 billion. But it never seemed crazy to us, and now SpaceX has completed the largest IPO of all time." No one at 137 replied to requests for comment. The firm's assets under management now exceed $20 billion, said someone with knowledge of the matter.
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Beyond rockets: other portfolio moves
Activity was not limited to SpaceX. In the second quarter, companies making up more than half of the fair value across 137's funds either completed or announced new financings, and 137 increased its stake in each of them. Anduril Industries' latest round set a share price that was 70% higher than its previous financing. Artificial intelligence startup Cognition AI saw a 60% step up from its prior round, and Bloomberg reported Tuesday the company behind the Devin coding agent is in discussions for new funding that would value it at about $47 billion.
What this means for your portfolio
A single breakout holding can change the math for an entire fund, and 137's SpaceX stake just delivered a rare liquidity event for private market backers. The firm returned SpaceX shares, not cash, and its standout results still mix realized gains with assets valued on estimates. If you follow late stage venture vehicles, this is a reminder that outcomes can hinge on a handful of names, and timing around IPOs and lockups can swing paper gains and distributions in a hurry.
