Anonymousabout 1 hour ago
As SpaceX prepares for its June 12 Nasdaq debut at a valuation between $1.75 trillion and $2 trillion, its S-1 filing reveals that Valor Equity Partners — controlled by Elon Musk's closest friend and SpaceX board member Antonio Gracias — holds both a 7.3% equity stake worth up to $140 billion and roughly $9 billion in related-party debt from GPU lease agreements reclassified by auditor PwC. The dual creditor-shareholder arrangement, combined with SpaceX's controlled-company governance structure that eliminates independent board requirements and mandates shareholder arbitration, has drawn formal objections from major public pension funds and corporate governance experts.