Hyperion Asset Management’s outsized bet on Elon Musk’s SpaceX is threatening to undo a recent winning streak for the fund manager as shares of the rocket and artificial intelligence business spiral back towards its IPO price.

The $12.5 billion money manager, which is already one of Australia’s biggest shareholders of Musk’s electric carmaker Tesla, disclosed in late June that it had snagged a stake in SpaceX in its Global Growth Fund.

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