NEW YORK (Diya TV) — SpaceX is expected to go public on Friday in what could become the largest initial public offering in history. The aerospace company reportedly aims for a valuation of about $1.77 trillion, with some analysts previously suggesting it could reach $2 trillion.
The highly anticipated SpaceX IPO has drawn attention because of its potential to reshape global wealth rankings. While CEO Elon Musk is expected to receive most of the headlines, a lesser-known investor, Antonio Gracias, could emerge as one of the biggest financial winners.
According to SpaceX’s recent SEC filing, Musk holds a dominant ownership position in the company. He controls roughly 85.1% of SpaceX’s voting power through Class A and Class B shares. His economic ownership stake is estimated at slightly more than 40%. At a $1.77 trillion valuation, that stake would be worth more than $700 billion. If SpaceX reaches a $2 trillion valuation, Musk’s holdings could exceed $800 billion. Those figures would place Musk within reach of becoming the world’s first trillionaire, depending on the performance of his other businesses, including Tesla, xAI, Neuralink, and X.
The filing also highlights the wealth of SpaceX President and Chief Operating Officer Gwynne Shotwell. Shotwell owns approximately 12.57 million SpaceX shares through a combination of Class A and Class B stock. At a $2 trillion valuation, her stake could be worth around $2 billion.
Shotwell has played a central role in SpaceX’s growth and operations for more than two decades. Her leadership helped transform the company into the world’s leading private space launch provider.
While Musk and Shotwell are well known, Antonio Gracias remains largely unknown to the public. Yet the founder of Valor Equity Partners controls what appears to be the largest disclosed non-Musk ownership block in SpaceX. Recent reporting indicates that Gracias and Valor control roughly 3.7% of the company. At SpaceX’s target valuation of $1.77 trillion, that stake would be worth about $65 billion. At a $2 trillion valuation, its value could rise to approximately $74 billion.
Musk and Gracias first met about 25 years ago through mutual connections in the PayPal network. Their relationship developed long before SpaceX became a global powerhouse. Born in Michigan to immigrant parents from India and Spain, Gracias developed an interest in investing at a young age. He later earned degrees from Georgetown University and the University of Chicago Law School.
Instead of pursuing a traditional legal career, he entered the investment business. He eventually founded Valor Equity Partners, a Chicago-based investment firm known for backing fast-growing companies. Through Valor, Gracias invested in several Musk-related ventures, including Tesla, SpaceX, SolarCity, Neuralink, and xAI.
One of Valor’s most important investments came in 2008. At the time, both Tesla and SpaceX faced severe financial challenges. Valor invested $25 million in SpaceX during that difficult period. Musk has also said that Gracias provided him with a $1 million short-term loan when cash was running low.
In later years, Musk publicly credited Gracias for helping his companies survive during one of the most challenging periods in their history. The relationship extended beyond business. Gracias served on Tesla’s board for more than a decade and remains a director at SpaceX.
The upcoming SpaceX IPO could generate one of the largest private investment windfalls ever recorded. Court testimony previously revealed that Valor invested roughly $400 million to $500 million in SpaceX by 2021. Under Valor’s compensation structure, the firm receives a share of investment profits through carried interest.
Based on current estimates, Valor’s profit participation could reach about $13 billion if SpaceX achieves its target valuation. If Gracias receives roughly half of that amount, his personal share could total about $6.5 billion. At a $2 trillion valuation, that figure could approach $7.4 billion before accounting for any direct investments he made alongside Valor’s funds.
The SpaceX public offering represents more than just a major financial event. It also highlights the value of long-term investing and strong business relationships. Musk may capture the spotlight as SpaceX approaches a record-breaking valuation. Shotwell may gain recognition for her leadership and sizable ownership stake.
Yet Gracias offers another compelling story. He invested early, remained committed during difficult years, and stayed close to one of the world’s most ambitious entrepreneurs. As SpaceX prepares to enter public markets, that decades-long bet could turn into a fortune worth billions of dollars.
