TechFlow news, May 25: According to Fortune magazine, Antonio Gracias—Elon Musk’s close friend and founder of Valor Equity Partners—could amass over $100 billion in wealth from SpaceX’s IPO. Valor reportedly holds more than 500 million shares of SpaceX’s Class A stock. If SpaceX goes public at the rumored valuation range of $1.75 trillion to $2 trillion, Valor’s stake could be worth between $90 billion and $140 billion.
Meanwhile, approximately $20 billion in related-party transactions between SpaceX and Valor have sparked corporate governance concerns. Documents show that xAI-related subsidiaries under SpaceX signed three GPU infrastructure leasing agreements with Valor, all backed by payment guarantees from SpaceX. Audit firm PwC views these transactions as functionally loans rather than standard sale-and-leaseback arrangements, and has therefore directed that roughly $9 billion in associated debt be recorded on SpaceX’s balance sheet.
