On the eve of SpaceX's IPO, a $20 billion related-party transaction controversy has been exposed, and Musk's friend may leverage the IPO to climb into the top ranks of the global billionaires list

Mars Finance News, on May 25th, just before SpaceX's IPO, controversy over related-party transactions was exposed, with Elon Musk's friend Antonio Gracias's Valor Equity holding over 7.3% of SpaceX shares, valued at an estimated $90 billion to $140 billion based on target valuation.
Meanwhile, SpaceX disclosed a signed GPU leasing agreement worth approximately $20 billion with Valor, where a subsidiary of xAI leases AI infrastructure hardware, and SpaceX provides payment guarantees.
PwC considers this transaction to be more akin to a loan rather than a normal lease and has requested that approximately $9 billion in related debt be included in SpaceX's balance sheet.
Several corporate governance experts criticized the transaction for lacking "fair transaction" disclosure, questioning the existence of related-party benefit transfer risks.
Reports indicate that new Nasdaq regulations could also accelerate SpaceX's inclusion into the Nasdaq index after going public, potentially bringing in up to $60 billion in passive fund buying.
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VinesCoiledIntoGeometricShapes
· 11h ago
Antonio Gracias is a familiar face again, the value of Elon Musk's core circle.
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EchoesOfRollup
· 14h ago
Valor’s 7.3% shareholding plus 200 billion GPU leasing—now that’s a closed-loop.
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K-LineSocialAnxiety
· 14h ago
xAI rents GPUs, SpaceX guarantees, Valor collects payments, playing the triangular debt game smartly
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GasFeesForNightRuns
· 14h ago
90 to 140 billion dollars, Valor's big win this time, what about the other shareholders?
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BorrowingBuddy
· 14h ago
Governance experts are criticizing too late; this structure was only exposed before the IPO, where was the underwriter's due diligence?
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