Antonio Gracias / Valor Equity Partners
Antonio Gracias — founder/CEO of Valor Equity Partners; two-decade Musk ally who lent Musk $1M to keep SpaceX solvent in 2008 and sat on Tesla's board 2007-2021. After the June 2026 SpaceX IPO, his firm is the second-largest SpaceX holder after Musk.
The marquee personal/institutional backer of the Musk space-and-AI complex. Valor's ~6.7-7.2% SpaceX stake — second only to Musk — became partly liquid at the June 12, 2026 SpaceX IPO (ticker SPCX, ~$1.77T), where the value crystallized near $68B+. Because SpaceX absorbed SpaceX (xAI) in Feb 2026, that single position is now a combined launch + Starlink + frontier-AI bet, and Valor has separately been arranging multibillion-dollar financing for the Musk-AI buildout.
Top holdings
~$68B (~6.7% Class A) — Second-largest holder after Musk. Now public (Nasdaq SPCX, IPO Jun 12 2026). SpaceX (xAI) folded in Feb 2026 makes it a
Early Valor investor; Gracias on Tesla board 2007-2021. Largely exited/legacy.
not disclosed — Valor reportedly arranging ~$12B debt for SpaceX (xAI) and is counterparty on multibillion equipment leases tied to the Musk-AI compute buildout.
Sign in to see the full holdings book, 13F filings and sources.
Our take
Upgrade to Pro to see the full QAI analyst take on this fund.