PANews reported on May 25th that, according to Fortune, as SpaceX prepares to launch the largest IPO in history, an entity under Antonio Gracias, a longtime ally of Elon Musk and founder of Valor Equity Partners, holds over 500 million SpaceX Class A shares, representing approximately 7.3%. Based on the company's proposed valuation of $1.75 trillion to $2 trillion, its equity value is estimated to be between $90 billion and $140 billion. The report also revealed that xAI subsidiary CTC has signed three GPU equipment "sale-leaseback" agreements with Valor since 2024, totaling nearly $20 billion, with SpaceX providing guarantees. Auditor PwC has deemed this structure a "failed sale-leaseback," requiring SpaceX to include approximately $9 billion in related-party debt. This debt will be assumed by public shareholders after the IPO, raising questions about corporate governance and the independence of related-party transactions.