BlockBeats news: On May 25, ahead of SpaceX's IPO, a related-party transaction controversy emerged; Antonio Gracias, a friend of Musk, through his firm Valor Equity, holds over 7.3% of SpaceX shares, valued at an estimated $90 billion to $140 billion based on the target valuation.
Meanwhile, SpaceX disclosed that it has signed a $20 billion GPU leasing agreement with Valor, under which its subsidiary xAI leases AI infrastructure hardware, with SpaceX providing payment guarantees. PwC has determined that the transaction is more akin to a loan than a standard lease and requires approximately $9 billion in related debt to be recorded on SpaceX’s balance sheet.
Several corporate governance experts criticized the transaction for lacking “fair value” disclosures, raising concerns about the risk of related-party benefit transfers. The report also noted that Nasdaq’s new rules could potentially accelerate SpaceX’s inclusion in the Nasdaq Index following its listing, expected to attract up to $60 billion in passive buying pressure.