D.E. Shaw Just Disclosed a $912 Million SpaceX Stake and a 58% Broadcom Cut in the Same Quarter

D.E. Shaw’s latest 13F shows a major post-IPO allocation to SpaceX (SPCX), with a new $912.4 million position representing 5.34 million shares and 0.434% of the portfolio. In the same quarter, the firm cut its Broadcom stake by 58.3% to 2.72 million shares valued at $1.03 billion, while still maintaining a large holding. The filing also highlighted $539.5 million in Microsoft put exposure, underscoring that the fund runs a broadly hedged, multi-strategy book rather than making simple directional bets. The article frames SPCX as a recently listed stock trading 13% below its June IPO price despite strong operating momentum, including Q2 revenue of $7.81 billion, 12 million Starlink subscribers, and 191% adjusted EBITDA growth. Broadcom remained fundamentally strong, but the article notes margin compression concerns and that much of its AI-driven outlook may already be priced in.