家族办公室持有SpaceX 38亿美元股份，巴菲特增持Alphabet

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Listen on demand wherever you get your podcasts or watch us live on YouTube. It is 13F season and that's always a kind of a fun time in the marketplace because you get to see what some of your favorite investors what they're buying uh what they're selling here and that's certainly the case uh this time. Echin Shen joins us here. She's equities reporter for Bloomberg News who joins us live here in our Bloomberg interactive broker studio.

Echin um talk to us about some of these ultrawealthy individuals these family offices. What are they buying?

Sure. Yeah. So I would say for this 13th quarter lots of attention is going to SpaceX because we know SpaceX had this record setting IPO right in June and it's for the first time like the public got to see who are the sort of the earlier investor private investor um on its back and it turn from certain filings u more than a dozen family offices at least hold more than uh 3.8 billion investment through the first half of the year.

So that includes a family office from Haya Hotels, Nick Priser who hold 1.8 billion investment and Michael Plat uh Blue Crush Capital and also this like super influential finance dynasty backed by Brazil's Mara Sales. um each of them hold over 100 million of stake and also remember some of these investors are also investors in Tesla and other uh Elon Musk listed business empire. So there are a lot of really exciting fastmoving stocks right now a lot of excitement around AI and things like that.

What is it about SpaceX that has this group of investors so excited? Um I think so it's interesting that uh uh we don't know when exactly they invested. It could be before well before the public IPO or before the merge it had with XAI actually takes to another interesting highlight is that there are lots of college endowment funds also invested in SpaceX including Harvard uh management which is that endowment um uh for the college it have 2.2 2 billion and then also the California uh University of California investment arm.

So how it works is that usually these college endowment funds they invest through uh VC arms venture capital firms and through the VCs they were like could could be you know early investors in SpaceX or to way before it became this AI was like the rocket science stop right for many many years ago. So that sort of has just come a long ways through until we what we see in the public filings.

And our good friends up at Cambridge, Harvard, they had a a stake in SpaceX, right?

Yeah. Right. As we just mentioned, they they have uh 2 uh 2.2 billion.

Nice. Good for them. Um what are we seeing? Do we know when these people invested? You don't really know, right? Just that it was in the private round before they went public. That's all we really know, right?

Yeah. especially for SpaceX, right? We only got to notice because now it became a public company, but yeah, we wouldn't know. And there's also a 45 days of lag between because uh the 13F is a snapshot of their Q2 portfolio. It could be possible that they try some of their position or change their portfolio, you know, throughout July because it was a pretty turbulent month for for tech and AI stocks. But yeah, that part is a question mark.

What are some of the other stocks that are I guess generating excitement right now? I think I I'm reading that Birkshire has taken another huge chunk of of Alphabet.

Yeah, that's right. So, uh Burkshire Hassaway they added uh roughly another 8 billion in Alphabet.

That's a lot.

Yeah, that's a lot. That's [laughter] a lot of alphabet.

And that's on top of the 10 billion private private placements they committed and disclosed before. And remember Alphabet was a position initially started uh by Warren Buffett uh 2025 a year ago. Now it is run under uh GRE but apparently the company is still pretty committed to this tech bat.

You know what I've noticed over the last I don't know several years I guess is that when you looking at these 13Fs is just more and more family offices are showing up here. I mean family offices they're becoming serious players out there in the investment world. what what what do you guys see from your reporting? Yeah, that that's a good observation and uh I would agree with that trend and um I would say yeah overall because CTF has the requirements is any investment funds I believe more than 100 million or 200 million AUMs that's the threshold you need to report.

So that's why we're seeing um them in um uh in the quarterly filings. But otherwise, yeah, they've been very active. It just you don't they also being super under the radar for the most part with their investments.

I think that's changing though because they're getting so big these family offices that they are showing up in some of these public filings.

Oh, is this just like a more private wealth coming or why is there such a boom of of private office?

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Well, we know many things about AI. One of the things we know is it's really expensive and you need lots of capital to build this stuff out. It used to be when the tech companies needed capital, they just used their cash on the balance sheet or their free cash flow. Uh-uh. AI is so expensive, requires so much capital that these companies are going to the equity markets and the fixed income markets. And today, Alphabet is looking to raise 5 billion uh in a debt offering, a debut bond offering.

Where? Australia. Why not? Ed Lolo joins us here, Bloomberg tech host. Uh he's out there in San Francisco. Why do you think that I'm I love Australia. I've been there several times. Great place. [laughter] But why do you think Alphabet's going to Australia to raise 5 million Australian dollars?

You you gave a perfect summary of what's been happening since the middle of 2025. I mean, for one thing, Australia's bond market's quite big, right? Um, and so the the the capital's available from there, but Alphabet leads this this AI borrowing boom that we've seen. You know, since the middle of 2025, they they'd already done about $114 billion worth, but it was also split largely US denominated, but you know, Euro, Swiss Frank, etc.

Um, so this $3.6 6 billion uh kangaroo bond action is kind of diversifying that funding. But you're exactly right like even a giant like Alphabet cannot fund capex from its own cash flows. Um and so it needs to go to the capital markets to do that across equity and debt. But the debt investor seems very willing you know to support that that offering.

What is this money for exactly? Is this data centers? Is this other things? Why do they need such huge amounts of money? So it it is for data centers and it it is in financial terms for capital expenditures, right? So if you look at Alphabet's capex for 26, it's approaching $200 billion and the expectation is that it will be much bigger in 2027 and bigger still in 2028. Something that's really interesting is that capex doesn't just go up because you got to build more stuff, right?

It doesn't just go up because you're saying, "Okay, well I did 10 data centers, now I need to do 20." It's also the cost environment. So like labor, construction, materials, power that is also seeing some inflationary effects and so the capex numbers also need to rise to meet that environment. And what are the companies saying about longerterm capex as it relates to AI? I guess I'm concerned that this extraordin