Musk's close friends may gain over $100 billion in wealth from the SpaceX IPO, with related transactions sparking governance controversies

According to Fortune magazine, Elon Musk's close friend and founder of Valor Equity Partners, Antonio Gracias, may gain over $100 billion in wealth due to the SpaceX IPO.

It is reported that Valor holds more than 500 million shares of SpaceX Class A stock. If SpaceX goes public with a rumored valuation of $1.75 trillion to $2 trillion, the value of its holdings could reach between $90 billion and $140 billion.

At the same time, the approximately $20 billion related party transactions between SpaceX and Valor have also sparked corporate governance controversies. Documents show that subsidiaries related to xAI under SpaceX had signed three GPU infrastructure leasing agreements with Valor, all of which were guaranteed for payment by SpaceX. The auditing firm PwC believes that the nature of the transaction is closer to a loan rather than a normal sale-leaseback, and therefore requires that approximately $9 billion of related debt be included in SpaceX's balance sheet.

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