Antonio Gracias, the founder of Valor Equity Partners and a longtime associate of Elon Musk, stands to reap a massive financial gain from SpaceX's anticipated initial public offering. According to a recent regulatory filing, entities linked to Gracias control approximately 7.3% of SpaceX's Class A shares. At a valuation of $1.5 trillion, that stake would be worth around $91.6 billion, and could exceed $100 billion if the IPO hits the reported target of $1.75 trillion.
The filing, which offers the most detailed look yet at SpaceX's financials, also disclosed over $20 billion in AI infrastructure lease obligations tied to Valor-linked entities. This revelation adds a layer of complexity for potential public investors, who must assess whether SpaceX's value is driven primarily by its Starlink satellite business and rocket launches, or by Musk's broader AI and space-computing ambitions.
Gracias' Long Bet on SpaceX
Gracias is not just another name on the cap table. He has backed SpaceX since 2008 and sits on its board of directors. Valor Equity Partners became one of the first major institutional investors in the company, building its position over more than two decades as SpaceX remained private. The IPO would finally put a number on that long-running private-market wager.
Governance and Related-Party Transactions
The filing raises governance questions that go beyond a typical venture capital success story. SpaceX reported over $20 billion in related-party AI infrastructure leases, stemming from equipment deals involving subsidiaries tied to xAI and Valor Equity Partners. Some of these transactions were counted as failed sale-leaseback deals, meaning SpaceX listed the related obligations as debt rather than asset sales. The company reported $885 million in payments under these deals for 2025 and $857 million for January and February 2026. Valor did not respond to a request for comment.
IPO Details and Underwriters
SpaceX, formally Space Exploration Technologies Corp., plans to list shares under the ticker SPCX on both Nasdaq and Nasdaq Texas. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan are among the bookrunners. The roadshow could begin June 4, with pricing as early as June 11 and trading slated for June 12.
Financial Performance and Starlink Growth
SpaceX reported a net loss of $4.94 billion in 2025, despite revenue growing to $18.7 billion from $14 billion the prior year. In the first quarter of 2026, the company posted a $4.28 billion net loss on $4.69 billion in revenue. Starlink remains the primary growth driver, accounting for nearly two-thirds of first-quarter revenue. Subscribers reached 8.9 million in 2025, up from 4.4 million in 2024 and 2.3 million in 2023.
However, investors face the risk of buying into a company that is increasingly focused on AI, data centers, and yet-to-be-built space infrastructure. SpaceX's AI unit posted a $2.47 billion loss on $818 million in revenue for the first quarter, and spending linked to xAI represented 76% of SpaceX's $10.1 billion in capital outlays for the period.
Control and Valuation Challenges
Elon Musk holds 12.3% of SpaceX's Class A stock and 93.6% of the Class B, giving him 85.1% of total voting rights. Each Class B share carries 10 votes, while Class A shares have just one vote each for public buyers. Reena Aggarwal, a finance professor at Georgetown University, noted a “halo effect” around Musk, making valuation difficult since there is no direct peer. Blue Origin remains behind in reusable rockets, but investors have never had to price a company that combines launches, broadband satellites, AI infrastructure, and Mars plans in one public listing.
For Gracias and Valor, the IPO will crystallize a massive private-market wager that has been running for years. For new investors, it pins the question to SpaceX's business: can it sustain enough growth as a public company to justify such a high valuation, especially with its founder's tight control and related-party deals under scrutiny?
