Neptune's SpaceX Investment Commences Trading on NASDAQ

Executive Summary

• Neptune Digital Assets provides a material update on its SpaceX investment following SpaceX's initial public offering.
• The company expects to hold approximately 163,000 SpaceX shares, with a gross valuation of ~US$22 million (CAD$31 million) based on the $135 IPO price.
• Shares are subject to lock-up restrictions and staged release provisions, with Neptune maintaining a long-term shareholder stance while awaiting distribution mechanics.

Key Details

• Share Position: Approximately 163,000 SpaceX shares expected post-conversion of xAI investment and prior to the associated distribution process.
• Valuation & Cost: Average acquisition cost of ~US$20 per share; gross value calculated at ~US$22 million (CAD$31 million) based on SpaceX's US$135 IPO price (before fees, carried interest, expenses, taxes, and distribution adjustments).
• Investment History: Initial exposure acquired between 2022 and 2025; position enhanced through the prior conversion of an xAI investment into SpaceX shares.
• Lock-up & Distribution: Pre-IPO shares subject to lock-up restrictions and staged release provisions per SpaceX's registration statement; company will provide updates on timing and mechanics as information becomes available.
• Strategic Stance: Neptune intends to remain a long-term shareholder and will evaluate its strategy based on market conditions, liquidity requirements, and opportunities to maximize shareholder value.

Notable Quotes

• Cale Moodie, CEO: "The most valuable companies are those that lay the foundation for entirely new industries. At Neptune, we continue to seek out businesses and assets that are strategic, enduring and which become ever more difficult to replicate... SpaceX has invested over two decades in forging world-class launch infrastructure, unparalleled engineering capabilities, and a transformative global satellite network, creating a formidable competitive moat."