Ron Baron has concentrated Baron Capital’s portfolio into companies led by Elon Musk. Musk-controlled businesses represent approximately 26% of the firm’s total portfolio. Baron Capital currently manages $44 billion in assets.
SpaceX and Tesla Inc. comprise the firm's two largest holdings. This data is current as of late April 2026. SpaceX accounts for 29.6% of assets within specific funds. Tesla represents 18.7% of those fund assets.
An initial Tesla investment from 2014 to 2016 totaled $400 million. This position has generated around $8 billion in profits. Baron Capital has invested over $1 billion in SpaceX since 2017. The SpaceX stake now holds a value of nearly $2.8 billion. The firm also launched special funds for private ventures including SpaceX and xAI.