Renowned billionaire investor Ron Baron has expressed his commitment to maintaining his stake in Elon Musk’s SpaceX for the remainder of his life. Speaking at the Morningstar Investment Conference in Chicago, Baron stated, “I think that we’re going to hold that for another probably 10 years in SpaceX at least. And I don’t think, in SpaceX, I’ll ever sell a share in my lifetime.”
Baron’s strong belief in the future of SpaceX is fueled by the remarkable expansion the private aerospace company has experienced since his initial investment in 2017. Having poured approximately $1 billion into SpaceX, Baron reported that the value of his investment has surged to around $4.5 billion. As of the end of March, SpaceX represented the second-largest holding in the Baron Partners Fund, constituting about 18% of the portfolio, trailing Tesla, which accounted for around 30%.
“We’ve been one of the largest, if not the largest, purchasers on each one of these transactions since then,” Baron commented. “Invested a billion, now worth $4.5 billion. I think that in a company worth $350 billion, I think that in 10 years, we’re going to make 10 times our money again.” He acknowledged Musk’s contrasting view on potential growth, stating, “Elon thinks that’s a ridiculous number. He thinks we’re going to make 30 times.”
Additionally, Baron emphasized the prevalence of opportunity, remarking, “Alpha is everywhere you’re looking, if you’re willing to buy something that you have to imagine what it will become.”
Unlike his other investments, SpaceX stands out as a private venture for Baron, who has expressed admiration for Musk and his affinity for what he refers to as “exceptional executives.” Baron has built his reputation by focusing on publicly traded growth companies. During his keynote address, he recounted his first encounter with Musk in 2010, recalling how he monitored the unconventional entrepreneur for years prior to investing in one of his ventures.
“I met him in 2010. And he comes to my office … he’s wearing cargo pants, he’s unshaven, his hair is all over the place. He’s wearing a plaid sport jacket and a plaid shirt, and they don’t match,” Baron described. “And so, we’re talking, and he’s telling me how he’s going to have 20 million cars a year.”
Reflecting on that initial meeting, Baron added, “That didn’t seem very credible to me. And so, I kept following him, kept studying him, and kept visiting him. Every few months, I call him out.”
At 82 years old, Baron invested $400 million in Tesla from 2014 to 2016. Following a noteworthy surge of over 63% in 2024 and more than doubling in 2023, Tesla’s shares have since declined by more than 19% in 2025. Earlier this year, Baron reaffirmed that he has no plans to divest from Tesla.
