A low-profile venture capital firm, Vy Capital, has amassed a $40bn stake in Elon Musk’s SpaceX, emerging as one of the rocket maker’s largest shareholders. Led by John Hering and Alexander Tamas, the London-based firm first invested in SpaceX in 2016 at a $15bn valuation and has since built a 3.4% holding, outstripping Silicon Valley mainstays such as Sequoia Capital and Andreessen Horowitz. Vy’s stake would rank as SpaceX’s fifth-largest shareholder at the company’s $1.75tn valuation.

The firm is also the largest outside investor in Musk’s Boring Co, Neuralink, and committed $700mn to his 2022 Twitter acquisition. Vy generated a 41% gross internal rate of return since its 2014 founding and distributed $4.6bn to investors. Hering has built a close relationship with Musk, devoting seven years to be wherever Elon needed him, according to Shaun Maguire of Sequoia Capital.

Vy’s assets under management rose from $27bn to $50bn in June 2026.