D.E. Shaw Slashes Broadcom Stake, Buys SpaceX Post-IPO

D.E. Shaw & Co. has revealed substantial adjustments to its portfolio, including the establishment of a new $912 million stake in SpaceX following its initial public offering and a significant reduction of its holdings in Broadcom. The disclosures, made in a Form 13F-HR filing for the period ending June 30, 2026, highlight a broad range of investment activities with thousands of positions managed by the firm.

SpaceX, which completed its IPO on June 12, 2026, has shown strong fundamental performance with reported 191% EBITDA growth and 12 million Starlink subscribers in the second quarter of 2026. Despite these metrics and a backlog of $47.50 billion, the company's stock trades approximately 13.02% below its June debut price.

Concurrently, D.E. Shaw reduced its stake in Broadcom by 58.3%. Broadcom reported substantial revenue growth, with its AI semiconductor segment revenue increasing by 143% year-over-year to $10.8 billion. However, the company faces margin compression, with gross margins moving from 77.1% towards 74%, and its shares have seen an 8.13% decline in the past week, despite a 13.97% year-to-date gain.

The filing also indicated other significant exposures, including put positions in Microsoft (NASDAQ:MSFT) valued at $539 million, suggesting a multi-faceted investment strategy by the firm.