As SpaceX prepares for its highly anticipated stock market debut, one of the biggest winners may not be Elon Musk himself, but longtime friend and investor Antonio Gracias.
The 55-year-old founder of Valor Equity Partners has spent more than two decades backing Musk's ventures, often during periods when many investors were hesitant to do so. That loyalty is now set to deliver one of the most remarkable paydays in private investing.
According to calculations by The New York Times, Valor and Gracias-related entities control a stake in SpaceX valued at roughly $65 billion based on the company's target IPO valuation of $1.77 trillion. The firm is currently the second-largest disclosed shareholder in SpaceX after Musk.
The massive holding did not appear overnight. Gracias first invested in SpaceX in 2008, when the company was still trying to prove that a private rocket business could survive. Over the years, he continued to invest while also serving on the company's board.
His relationship with Musk goes back even further. The two met through PayPal connections in the early 2000s and developed a friendship that extended beyond business. Musk has publicly credited Gracias with helping him through some of the toughest periods in his career.
"Antonio's ownership stems from absolute support, even when it looked like SpaceX would fail, and many investments over 2 decades," Musk wrote on X recently. "One could not ask for a better friend."
That was a short-term loan when I ran out of money in 2008. He did not receive any equity for it.
— Elon Musk (@elonmusk) June 6, 2026
Antonio's ownership stems from absolute support, even when it looked like SpaceX would fail, and many investments over 2 decades.
One could not ask for a better friend. He is a…
Their bond became particularly important during the financial crisis of 2008, when both Tesla and SpaceX were struggling for survival. Musk has previously revealed that Gracias provided him with a $1 million short-term loan during that period.
Over time, Gracias became one of Musk's most trusted allies. He joined the boards of Tesla and SpaceX, helped with the financing of Musk's acquisition of Twitter in 2022, and later assisted with restructuring efforts at the social media platform.
The friendship has also generated enormous financial returns. In past testimony linked to Tesla shareholder litigation, Gracias said he had personally earned between $900 million and $1 billion from Tesla before taxes by 2021. Tesla's stock has since climbed even higher.
Still, SpaceX could prove to be the crown jewel. While much of the IPO windfall will go to Valor's investors, Gracias has acknowledged holding a substantial personal interest in the funds.
When asked during a deposition whether his association with Musk had helped him build "dynastic or generational wealth," Gracias did not disagree.
"We have amassed a great deal of wealth, yes," he said.
