Ukrainian President Volodymyr Zelensky said Elon Musk may reconsider his opposition to allowing Space Exploration Technologies Corp. (NASDAQ: SPCX) Starlink over Russian territory, arguing the move could weaken Moscow’s war capabilities.

Musk Weighs Starlink Use Over Russia

Zelensky told reporters on Saturday that Musk has previously viewed the expansion as an escalation but "may change his mind once he sees further arguments," according to the Kyiv Independent. Kyiv seeks Starlink-enabled drones to maintain reliable links during strikes against Russian military sites, aiming to disrupt capabilities Russia relies on to drag out the conflict.

The push follows earlier reports that Zelensky asked President Donald Trump to help secure Musk’s permission. Sen. Mike Rounds (R-S.D.) noted Ukraine wants access so its longer-range systems can be "more accurate." Trump did not commit to the request.

Ukraine Pushes For Expanded Battlefield Access

This development follows a shift in Starlink’s battlefield role this year. In February, Ukraine and SpaceX blocked unauthorized terminals used by Russian forces inside Ukraine via a whitelist system. Reuters reported widespread communications problems among Russian units afterward. Ukraine continues to use tens of thousands of Starlink connections for battlefield communications and some attack drones.

Musk later broadened Starlink’s permitted Ukrainian use. A person familiar with the move said SpaceX’s instruction was, "No limits. Take off the gloves; use Starlink for anything to help Ukraine."

Former Defense Minister Mykhailo Fedorov recently credited SpaceX with protecting Ukrainian air defenses and saving civilian lives. Musk responded, "Trying to do the right thing. I hope there is peace soon."

However, Musk has resisted extending coverage into Russia. Zelensky cited an earlier misunderstanding after Ukraine’s Defense Ministry told him SpaceX had approved such use. He raised it with Trump, only to learn Musk had not agreed. "He said that I had supposedly deceived him," Zelensky recalled. Musk considered the proposed expansion a dangerous escalation.

Zelensky stated Kyiv and Trump administration officials continue engaging Musk and are receiving "different, more encouraging feedback." Benzinga reached out to SpaceX for a statement but did not receive an immediate response.

Russia Builds Its Own Starlink Rival

Meanwhile, Russia has accelerated its Rassvet satellite network. Rassvet currently has 16 satellites, with Moscow targeting 292 by 2027 and 924 by 2035. Ukrainian intelligence says a completed constellation could eventually operate "like Starlink."

"I treat this as just another challenge," Zelensky said.

SpaceX’s historic initial public offering has created significant portfolio concentration for its early academic backers. The June listing, which raised $86.2 billion, left institutions like Harvard and Washington University with stakes that now dominate their endowment assets.

University Endowment Concentration

The valuation surge has transformed early venture investments into major holdings. Washington University in St. Louis reported a 3,000% return on its investment made nearly a decade ago. This single position now represents more than 10% of the school’s $17 billion in total assets.

Harvard University holds a $2.2 billion position in SpaceX, marking its largest disclosed investment. The University of California holds approximately $1 billion, while the University of North Carolina’s investment manager retains roughly $1 billion after selling some shares pre-IPO. This partial exit helped put UNC’s endowment on course for a return above 30% this year.

University of Connecticut (UConn) faces a distinct allocation challenge. Its $725 million endowment has 7% invested in SpaceX. David Ford, chair of UConn’s investment committee, described this as a "good dilemma," noting discomfort with any single asset holding such a large share of the portfolio.

SpaceX shares traded around $136 on Friday, near their $135 IPO price. The stock previously climbed to a high of $201.80 and fell to a low of $108.27, highlighting the volatility inherent in these concentrated positions.

Anthropic’s Potential Market Entry

Anthropic may soon replicate this dynamic for its own investors. The AI company could go public later this year in an offering expected to match or exceed SpaceX’s haul. Founded only five years ago, Anthropic raised $65 billion at a $965 billion valuation in May.

However, the company faces substantial capital demands. It lost nearly $42 billion in 2025 as costs for building frontier AI systems soared. Anthropic competes directly with Elon Musk’s xAI through Grok, yet also relies on Musk’s company for computing capacity under an agreement worth tens of billions of dollars over three years.

Market Expectations

Traders on Polymarket assign a 72% probability that Anthropic will close its first trading day with a market capitalization of at least $1.8 trillion. A separate market gives an 83% chance of the company completing an IPO by the end of October, with more than $1.8 million traded on the question.

Anthropic did not identify any universities among significant investors in its latest funding round. Its private ownership remains opaque, though extensive university investments in venture funds suggest likely indirect exposure for some endowments.

What the Numbers Show

The data reveals a sharp divergence between performance and portfolio risk management for academic endowments. While Washington University achieved a 3,000% return, this success has resulted in a single asset comprising over 10% of its $17 billion fund. Similarly, UConn’s 7% allocation to SpaceX represents a significant deviation from standard diversification norms, creating a scenario where the primary risk is no longer underperformance, but rather the inability to reduce exposure without realizing gains or facing tax implications. This concentration mirrors the potential future challenge for Anthropic’s backers, who may face similar dilemmas if the company achieves its projected $1.8 trillion market cap.