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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