A new disclosure in SpaceX’s latest tender offer is raising eyebrows: Elon Musk may not be done with politics.
The updated investor documents, reviewed by Bloomberg and sources familiar with the matter, include a fresh risk factor noting that Musk “may in the future serve in similar roles and devote significant time and energy to such roles” — a reference to his past work as a senior adviser to President Donald Trump “in connection with the Department of Government Efficiency.”
It’s the first time this type of language has appeared in a SpaceX tender offer, according to several individuals who requested anonymity because they weren’t authorized to discuss the paperwork. The warning comes as SpaceX offers to buy back up to $1.25 billion worth of shares from employees and early investors, valuing the company at approximately $400 billion — potentially making it the world’s most valuable private firm.
Musk and SpaceX representatives did not respond to Bloomberg’s requests for comment.
The disclosure comes amid ongoing questions about Musk’s political ambitions. After formally departing the Trump administration in May — where he had played a key role in efforts to downsize the federal government — Musk initially pledged to step back from politics and refocus on Tesla, his artificial intelligence company xAI, and his other ventures.
However, tensions with Trump flared shortly afterward, culminating in a public fallout. Musk lashed out at both the former president and Republican lawmakers over a tax and spending package and, in July, even floated the idea of forming a new political party to challenge sitting members of Congress.
Still, Musk seemed to signal a return to business as usual in a recent post on X: “Back to working 7 days a week and sleeping in the office if my little kids are away,” he wrote on Sunday.
Yet, as the latest tender offer reminds investors, unpredictability is part of the package when it comes to Musk — and by extension, the companies he leads. SpaceX, a crucial contractor for both NASA and the U.S. military, continues its aggressive expansion through its Falcon and Starship launch programs, as well as its vast Starlink satellite network, which now spans around 8,000 satellites in orbit.
The offering is part of a broader trend among late-stage startups remaining private longer, while providing liquidity opportunities for employees and early stakeholders. Still, with Musk’s political future uncertain, investors are being warned: the story may not end in orbit.
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