Insiders Betting on Musk Are Reaping 'Historic Returns'
The largest IPO in history is imminent as SpaceX, led by Elon Musk, is set to price its offering on June 12. At a targeted valuation near $2 trillion, this event will mint new billionaires from Musk's inner circle of long-time allies, rewarding their loyalty with unprecedented returns.
Key beneficiaries include Antonio Gracias, Musk's close friend and confidant, who holds a 7.3% stake potentially worth over $140 billion, making him the second-largest individual shareholder. Gwynne Shotwell, President and COO since 2002, holds shares valued at roughly $2 billion. Bret Johnsen, the CFO, holds stock worth approximately $1.4 billion. Luke Nosek, a PayPal co-founder and early investor, stands to gain about $5.3 billion.
The IPO filing also reveals complex and controversial financial arrangements. SpaceX has guaranteed nearly $20 billion in payments from xAI's subsidiary to Gracias's Valor Equity Partners for AI hardware leases—deals auditors flagged as "failed sale-leaseback" transactions, forcing SpaceX to record them as debt.
Despite rapid revenue growth, SpaceX is not profitable, posting a $49 billion loss in 2025 and a $4.3 billion loss in Q1 2026. Capital expenditures are soaring, with over 60% directed toward AI. Public investors will inherit these losses, significant debts, and a governance structure heavily controlled by insiders, including a provision granting Musk up to a billion additional shares if one million people live on Mars.
链捕手05/26 07:41
