OWL Stock Soars 10% Today – Blue Owl Co-CEO Reportedly Says Firm Sold Nearly Half Its SpaceX Stake At $1.25 Trillion Valuation

• New York-based Blue Owl was among SpaceX's first lenders before eventually taking an equity stake.
• The company also said it has begun reducing software exposure amid ongoing industry uncertainty.
• Blue Owl Capital reported its better-than-expected first-quarter revenue.

Shares of Blue Owl Capital (OWL) rose over 9% on Thursday after Co-Chief Executive Officer Marc Lipschultz revealed that the company sold roughly half of its SpaceX stake at a $1.25 trillion valuation, according to the Reuters report.

Lipschultz said the company has made about 10 times the money it had invested in SpaceX, according to the earnings call accessed by Reuters.

SpaceX is reportedly planning to go public later this year at a valuation that could hit $1.75 trillion, raising roughly $75 billion in what would be the biggest IPO ever. If the deal goes through, founder and CEO Elon Musk could become the world's first trillionaire.

New York-based Blue Owl was among SpaceX's first lenders before eventually taking an equity stake, Lipschultz noted. The firm had purchased shares across two classes of SpaceX stock back in 2021, according to the report.

In an investing.com report, the company also stated that it has begun reducing its software exposure amid ongoing industry uncertainty and noted that some software companies will likely end up in the hands of lenders.

Blue Owl’s First-Quarter Earnings

Blue Owl reported revenue of $753.8 million, surpassing analysts’ expectations of $687.23 million. Assets under management reached $314.9 billion at quarter-end, a 15% jump from a year ago. 

"Performance remains strong across Credit, Real Assets, and GP Strategic Capital, and we believe that the current market landscape tends to favor firms with patient capital and longer duration, such as Blue Owl," said Doug Ostrover and Marc Lipschultz, Co-CEOs of Blue Owl.

How Did Retail Traders React?

On Stocktwits, retail sentiment surrounding the stock has improved to ‘bullish’ from ‘bearish’ while message volumes rose to ‘normal’ from ‘low.’

Shares of Blue Owl Capital have declined more than 36% year-to-date.

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