Antonio Gracias' SpaceX investment could be worth over $90 billion

• SpaceX’s S-1 shows that entities controlled by Antonio Gracias own roughly 7.3% of Class A stock ahead of the IPO.
• Based on the $1.5 trillion valuation investors expect SpaceX to achieve, that stake would be worth roughly $90 billion.
• That level of wealth could instantly vault Gracias to the ranks of some of the richest people in the world.

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 ahead of the IPO.

Based on a $1.5 trillion valuation some investors expect SpaceX to achieve in its IPO, those holdings would be worth roughly $91.6 billion.

The amount 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 growing 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 Musk repeatedly leaned on for advice.

When Tesla faced repeated financial challenges during the late 2000s, and again during the Model 3 production ramp, Gracias emerged as one of Musk’s strongest defenders inside Tesla’s boardroom. He was also involved across multiple other Musk companies as the billionaire entrepreneur expanded into rockets, AI, satellites, and infrastructure with SpaceX and xAI.

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 filing, subsidiaries tied to xAI entered into nearly $20 billion in lease agreements with Valor-affiliated entities for AI infrastructure and computing equipment. Those contracts generated hundreds of millions of dollars in payments to these Valor-related entities during 2025 and early 2026.

Nosek and Shotwell will also make billions

The filing shows how concentrated SpaceX stock ownership remains among the rest of Musk’s longtime allies.

Luke Nosek, a fellow PayPal alum and early Musk associate, owns nearly 33 million SpaceX shares through direct holdings and Nosek Capital. At the current IPO valuation, his stake would be worth roughly $6 billion. Nosek also co-founded VC firm Founders Fund.

Gwynne Shotwell, SpaceX’s president and chief operating officer, owns roughly 12.6 million shares of SpaceX. 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 impactful executives, helping secure NASA contracts and overseeing the growth of Falcon launches and Starlink into businesses.

Other directors own smaller but still substantial positions.

Ira Ehrenpreis, the VC 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 VC firm DFJ Growth, owns about 278,000 shares. His holdings would be worth roughly $50 million.

A new filing released Thursday indicated that the company aims to raise $75 billion in its initial public offering. It plans to offer 555,555,555 shares of common stock at $135 per share. That offering would be over twice the prior record for the largest IPO, set by Aramco when it raised $29 billion in its 2019 debut.