For years, Antonio Gracias has been one of Elon Musk’s closest business allies. His investment firm, Valor Equity Partners, backed SpaceX long before it became one of the world’s most valuable companies. That conviction has now paid off in a massive way.
With SpaceX’s blockbuster IPO pushing the value of Valor’s stake to almost $100 billion, Gracias is now looking for the next wave of opportunities. His focus is clear: artificial intelligence, energy, and the broader space ecosystem.
A New Investment Playbook
Speaking to investors during a private call, Gracias shared that Valor is actively exploring startups founded by former SpaceX engineers and entrepreneurs building technologies that could strengthen the future of the space industry.
Rather than looking for companies that compete with SpaceX, the strategy is to find businesses that can work alongside it and support its long-term mission.
That includes companies involved in:
- Artificial intelligence
- Energy technologies
- Space infrastructure
- Supporting technologies built around the SpaceX ecosystem
The idea is to back businesses that become essential pieces of tomorrow’s industrial and technological landscape.
SpaceX Remains the Crown Jewel
Despite searching for new opportunities, Gracias has no intention of reducing his exposure to SpaceX.
In fact, he told investors that he would prefer not to sell SpaceX shares simply to return cash to fund investors. Instead, Valor is considering distributing actual SpaceX shares to investors when making payouts.
That reflects just how strongly Gracias believes in the company’s future.
He reportedly said he wants to keep his own SpaceX holdings for as long as possible, viewing the investment as something worth holding for future generations.
A Remarkable Return
Valor has invested roughly $5.8 billion into SpaceX over several years.
Following SpaceX’s public listing, the firm’s ownership stake stood at approximately 4%, making it worth close to $97 billion shortly after the IPO.
That extraordinary return has become one of the biggest success stories in private equity and venture investing.
It also gives Valor significantly more financial firepower to pursue new opportunities.
The Search for the Next Growth Engines
Gracias believes the next generation of innovation will require far larger amounts of capital than previous startup cycles.
Building AI infrastructure, advanced energy systems and space technologies demands billions of dollars, not millions.
That environment plays to Valor’s strengths.
Unlike traditional investment firms, Valor is known for taking an active role in helping portfolio companies grow by providing operational expertise, leadership support and strategic guidance.
According to Gracias, these industries are producing “parallel businesses” that can grow alongside major platforms like SpaceX.
A New $2.5 Billion Fund
To continue backing high-growth companies, Valor is raising a new $2.5 billion investment fund.
Part of that capital is expected to be allocated toward additional SpaceX shares, while the remainder can support new investments across AI, energy and space-related businesses.
This suggests Valor sees its biggest opportunity not as replacing its SpaceX investment, but as expanding around it.
A Long Partnership With Elon Musk
Antonio Gracias has been involved with Elon Musk’s companies for more than two decades.
Some highlights include:
- Investing in Tesla as early as 2005
- Backing SpaceX during its early years
- Serving on Tesla’s board
- Assisting Musk during the acquisition of Twitter in 2022
- Supporting operations across Musk’s companies, including xAI
Musk has publicly credited Gracias for standing by SpaceX during periods when many investors doubted the company’s survival.
That long-term partnership has become one of the defining relationships in Musk’s business empire.
Why This Matters for Investors
While SpaceX remains the centerpiece, the bigger takeaway is where experienced investors are directing fresh capital.
Several themes stand out:
- AI remains one of the highest conviction sectors for long-term investment.
- Energy technology is increasingly viewed as a critical enabler of AI and industrial growth.
- The space economy is expanding beyond launch services into an entire ecosystem of supporting businesses.
- Founders and engineers leaving successful companies like SpaceX are creating the next generation of startups, attracting significant investor interest.
Rather than chasing isolated companies, firms like Valor are investing in entire ecosystems where multiple businesses can grow together.
The Bottom Line
SpaceX’s success has transformed Valor Equity Partners into one of the biggest winners of the private investing boom. But Antonio Gracias isn’t treating that success as the finish line.
Instead, he’s using the windfall to double down on sectors he believes will define the coming decade: artificial intelligence, energy and space infrastructure.
For investors, it’s another reminder that the biggest opportunities often emerge not only from industry leaders, but also from the networks of companies, founders and technologies growing around them. As AI and the commercial space industry continue to expand, capital is increasingly flowing toward the businesses building the foundations of those ecosystems.