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SpaceX IPO could make Elon Musk’s friend a multi-billionaire, sparking governance concerns

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Valor Equity’s Antonio Gracias could become a multi-billionaire if SpaceX goes public, with shares valued at up to $140 billion. Valor holds 500 million Class A shares and has $200 billion in SpaceX-related deals, including $90 billion in GPU leases flagged by PwC. As the crypto market monitors key altcoins, governance risks stemming from these connections are under scrutiny.

ChainCatcher report, according to Fortune magazine, Elon Musk’s close friend and founder of Valor Equity Partners, Antonio Gracias, could amass over $100 billion in wealth from SpaceX’s IPO. It is reported that Valor holds more than 500 million shares of SpaceX’s Class A stock; if SpaceX goes public at the rumored valuation of $1.75 trillion to $2 trillion, Gracias’s stake could be worth $90 billion to $140 billion. Meanwhile, approximately $20 billion in related-party transactions between SpaceX and Valor have sparked corporate governance concerns. Documents reveal that subsidiaries of SpaceX related to xAI entered into three GPU infrastructure leasing agreements with Valor, all guaranteed by SpaceX for payment. Auditor PwC considers these transactions more akin to loans than typical sale-and-leaseback arrangements and has required that approximately $9 billion in related debt be recorded on SpaceX’s balance sheet.

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