- SpaceX's S-1 shows that entities controlled by Antonio Gracias own roughly 7.3% of Class A stock ahead of the IPO.
- Based on the $1.5 trillion valuation investors expect SpaceX to achieve, that stake would be worth roughly $90 billion.
- That level of wealth could instantly vault Gracias to the ranks of some of the richest people in the world.
Antonio Gracias, one of Elon Musk's oldest friends and closest business allies, could land a massive multi-billion-dollar windfall from SpaceX's IPO.
The SpaceX S-1 filing shows that Gracias owns more than 500 million shares of SpaceX stock through investment firms affiliated with Valor Equity Partners, the private equity firm he founded. The filing says those holdings represent roughly 7.3% of SpaceX's Class A stock before the IPO.
Based on a conservative estimated $1.5 trillion valuation investors expect SpaceX to achieve in its IPO, those holdings would be worth roughly $91.6 billion.
For someone who has mostly stayed out of the public spotlight, it would mark one of the biggest fortunes ever created by a venture investor.
Gracias' relationship with Musk dates back more than two decades.
The two met through Silicon Valley and PayPal circles in the early 2000s, shortly after Musk sold PayPal to eBay. At the time, Gracias was building Valor Equity Partners, the Chicago-based investment firm he founded in 1995.
Gracias became one of Musk's most trusted confidants and one of the small group of executives and financiers Musk repeatedly leaned on during some of the most difficult moments across Tesla and SpaceX.
When Tesla faced repeated financial crises during the late 2000s, and again during the chaotic Model 3 production ramp, Gracias emerged as one of Musk's strongest defenders inside Tesla's boardroom. He later became deeply involved across multiple Musk companies as the billionaire entrepreneur expanded into rockets, AI, satellites, and infrastructure.
Gracias' loyalty was rewarded handsomely.
Valor became one of the earliest major institutional investors in SpaceX and steadily expanded its position while the company remained private for more than two decades.
The SpaceX filing shows the relationship now extends well beyond stock ownership.
According to the S-1, subsidiaries tied to xAI entered into nearly $20 billion in equipment lease agreements with Valor-affiliated entities for AI infrastructure and computing equipment. Those arrangements already generated hundreds of millions of dollars in payments to Valor-related entities during 2025 and early 2026.
Nosek and Shotwell will also make billions
The filing shows how concentrated SpaceX ownership remains among the rest of Musk's longtime inner circle.
Luke Nosek, another PayPal alumnus and early Musk associate, owns nearly 33 million SpaceX shares through direct holdings and Nosek Capital. At the estimated IPO valuation, his stake would be worth roughly $6 billion.
Nosek worked alongside Musk during the PayPal years before later cofounding Gigafund, the venture firm known for concentrated bets on frontier technologies and Musk-led businesses. He also co-founded VC firm Founders Fund.
Gwynne Shotwell, SpaceX's president and chief operating officer, owns roughly 12.6 million SpaceX shares. Her holdings would be worth about $2.3 billion at the estimated IPO valuation.
Shotwell joined SpaceX in 2002 as employee No. 11 and became one of the company's most important executives, helping secure NASA contracts and overseeing the growth of Falcon launches and Starlink into global businesses.
Other directors own smaller but still substantial positions.
Ira Ehrenpreis, the venture capitalist best known for serving on Tesla's board, owns about 1.37 million SpaceX shares. Those holdings would be worth roughly $250 million.
Randy Glein, founder of DFJ Growth, owns about 278,000 shares. His holdings would be worth roughly $50 million.
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I'm a senior correspondent at Business Insider, where I investigate the tech industry with a focus on venture capital and startups.I can also frequently be seen on CNN, NBC News, CBS News, and other channels providing analysis on a range of business and economic topics. Please get in touch if you have a story to tell securely on Signal. Here are some examples of stories I've written:
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Here is a little more about me: Before I joined Insider, I was a senior reporter at dot.LA and produced two investigative documentaries for public television, one of which won first place in the 2020 Los Angeles Press Club investigation category. The judges called it "in-depth and informative reporting at its best."I spent the 2017-2018 academic year at Columbia Business School as a Knight-Bagehot fellow in economic and business journalism taking MBA-level courses in corporate finance, financial accounting, and corporate strategy. After that, I oversaw development of The Journal, a daily podcast produced by The Wall Street Journal and Gimlet Media.Previously, I was a senior reporter and host at KPCC/Southern California Public Radio, where I covered business and economics. I was frequently heard nationally on NPR and Marketplace, and often hosted KPCC's daily two-hour newsmagazine, Take Two, as well as Morning Edition and major breaking news coverage. In addition, I moderated business/economic-focused live events for KPCC, the Milken Institute and RAND Corporation.Before joining KPCC, I was a producer for NPR's Morning Edition based in Washington D.C. and then Culver City, CA. I have also written for The New York Times and Columbia Journalism Review and was a reporting intern at The Times.Originally from Seattle, I graduated cum laude from Occidental College in Los Angeles with a degree in politics.In my free time, I love skiing, tennis, and poker (I competed in the 2024 World Series of Poker Main Event but sadly did not win).
