Musk pledges SpaceX shares to US children as Anthropic proposes 5% public fund
In brief
- Musk pledged one personally owned SpaceX share to every US child in 2027.
- CryptoSlate valued the giveaway at about $10.5 billion at SpaceX's Oct. 16 close.
- Anthropic's proposed 5% public benefit fund still needs shareholder approval.
- Trump Accounts, which require a Social Security number, will deliver the shares, Trump said.
Two pledges, different strings attached
Musk's promise covers shares he already holds. An August securities filing showed he directly owned about 4.8 billion SpaceX shares (6.4 billion counting unvested awards and stock options). Giving away 72 million of them would cut that direct stake by about 1.5%, and SpaceX wouldn't need to issue new stock or dilute existing investors.
CryptoSlate said the giveaway could create about 72 million new shareholders. At SpaceX's Oct. 16 closing price of $146.03, it valued the distribution at about $10.5 billion in equity.
Anthropic's plan works differently. CryptoSlate put the 5% allocation at $100 billion, based on a valuation of about $2 trillion. The company could add two more percentage points for every 50% rise in its valuation above a set baseline (any increase is up to its board). It plans to use the fund for charitable donations, direct payouts to selected groups and programs that deal with jobs lost to AI. Counting existing employee and founder pledges, Anthropic estimated about 20% of its equity would go to public benefit.
Musk answered that proposal by urging companies to give shares directly to the public. He then announced his own pledge and called it the first of several planned giveaways, according to CryptoSlate.
The Trump Accounts route
President Donald Trump endorsed Musk's pledge and said the shares would be distributed through Trump Accounts, a federal investment program for American children. He called it an example of private-sector participation in the program, which lets individuals and businesses contribute to children's investment accounts.
Treasury rules introduced in September allow qualifying publicly traded shares to be contributed directly to those accounts. Donated stock generally has to stay invested for five years or until the beneficiary's growth period ends, whichever comes first.
There's a gap, though.
Trump Account eligibility requires a Social Security number, while Musk's announcement referred broadly to children in America. He hadn't said how eligibility and transfers would work for every child his pledge covers.
What one share could be worth
Kraken executive Nick Percoco calculated that a SpaceX share worth about $146 could grow to $1,800 over 18 years at 15% annual growth. CryptoSlate's own projections put it at about $3,900 at 20% and roughly $8,100 at 25%. Percoco also estimated that a $50 trillion SpaceX market cap would mean about $3,700 per share, and a $100 trillion valuation about $7,400.
These numbers are hypothetical. They assume 18 years of uninterrupted growth, which only newborns would get in full, and returns could be much lower if SpaceX's growth slows or its share price falls.
Frequently asked questions
How would SpaceX shares reach children under Musk's pledge?
President Donald Trump said the shares would be distributed through Trump Accounts, a federal investment program for American children. Treasury rules introduced in September allow qualifying publicly traded shares to be contributed directly to those accounts. Musk hadn't said how eligibility and transfers would work for every child his pledge covers.
Can children sell donated shares in a Trump Account right away?
Not under the Treasury rules described by CryptoSlate. Donated stock generally has to stay invested for five years or until the beneficiary's growth period ends, whichever comes first.
Is Anthropic's 5% public benefit fund final?
No. The 5% allocation needs shareholder approval. Anthropic could add two more percentage points for every 50% rise in its valuation above a set baseline, but any increase is up to its board.
