ChainThink reports, according to The Wall Street Journal, several investors have raised concerns regarding their indirectly held SpaceX shares through a special purpose vehicle (SPV) under Late Stage Management.
After SpaceX went public in June 2026 with a $1.77 trillion valuation, related investors were unable to log into their accounts and were informed that their shares had been sold in 2024.
Investors claim they missed substantial post-listing gains and have filed a complaint with the U.S. Securities and Exchange Commission (SEC) and hired legal counsel. Late Stage and investors have a significant disagreement over share ownership status.
Late Stage, founded in 2015, previously marketed to individual investors the opportunity to acquire unlisted shares in popular technology companies through its platform.
In March of this year, three Late Stage executives pleaded guilty to charges of defrauding investors, with federal prosecutors alleging they concealed markups and fees from investors; the three face maximum sentences of 20 to 45 years in prison.
Reports have also drawn attention to SPVs associated with a potential large IPO. In May, Anthropic notified users on its official website that it would not recognize stock sales未经董事会批准, and specifically named several online platforms reselling related interests through SPVs.