Antonio Gracias, founder of Valor Equity Partners and a longtime Elon Musk ally, holds a 7.3% stake in SpaceX worth roughly $128 billion if the company hits a $2 trillion IPO valuation. He ranks as the second-largest shareholder, behind Musk's 41% stake. The payoff reflects over a decade of early backing since 2008.

Valor's reach extends to xAI as well. The fund helped arrange financing that let xAI lease compute equipment, with Apollo Global Management providing debt. Those leases generated $885 million in 2025 payments and another $857 million in just the first two months of this year, while xAI carried about $9 billion in debt from these arrangements by March.

Other early backers face similarly large paydays. 137 Ventures, which owns more than 1% of SpaceX, could see its stake worth over $20 billion at IPO. Founders Fund, DFJ Growth, and Sequoia Capital, which led a $1.9 billion round in 2020, also expect multi-billion-dollar returns.