On June 11, 2026, SpaceX finalized its initial public offering price at $135 per share. The landmark IPO has put a massive spotlight on the venture firms that bet early and heavy on Elon Musk, none more so than Gigafund.
On My First Million, host Shaan Puri reacted to the financial milestone by sharing an insider email detailing the origin story of Gigafund's ultra-concentrated strategy. Puri noted that co-founder Luke Nosek left Founders Fund because he "realized that the optimal way for him to invest was simply to just back every Elon company."
While traditional venture capital gospel preaches broad diversification to mitigate risk, Luke Nosek's play was a radical rejection of the standard playbook. Shaan Puri highlighted the sheer audacity of the fund's singular thesis, quoting his source: "Take all the money and put it into the Elon companies." With the SpaceX listing now complete, that hyper-concentration has transformed from a punchline into a historic windfall.
Looking ahead, the venture landscape must now reckon with whether Gigafund's single-founder bet can ever be replicated, or if this massive payday remains a unique anomaly of the Elon Musk era.