According to the disclosed documents, Valor Equity Partners, an investment institution that has long supported Musk, has directly allocated a portion of its SpaceX holdings to the fund contributors, rather than selling the stocks first and then returning the proceeds in cash. This allocation corresponds to approximately 8.5% of its total shares, valued at around $8.5 billion according to Bloomberg's calculations.

The allocation method is different from the common exit paths.

TechCrunch Quoting documents from the U.S. Securities and Exchange Commission seen by Bloomberg, this arrangement is not about reducing holdings to cash and then distributing the proceeds, but rather handing over the stocks themselves to limited partners. For equity investments in unlisted companies, this practice is not common, as the liquidity of such shares is usually weaker, and transfers are often restricted as well.

Valor still retains a large portion of its shares

The document shows that after this allocation, Valor still holds more than 460 million shares of SpaceX, indicating that this transaction only involved a small portion of their holdings. According to reports, Valor and the entities controlled by Antonio Gracias have held SpaceX shares for a long time and have continuously participated in the company's financing processes over the years.

• This allocation ratio: approximately 8.5% of the total shares held.
• Bloomberg estimates the value at: approximately $8.5 billion
• Remaining shares after allocation: over 460 million shares

Antonio Gracias is closely related to SpaceX.

The announcement reveals that Valor was founded by Antonio Gracias, who has been a long-time supporter of Elon Musk and is currently also a member of the board of directors for SpaceX. The report mentions that at the time of SpaceX's initial public offering, the entity controlled by Gracias held over 500 million shares, second only to Musk himself in terms of shareholding size.

Additional information:The documents cited in the report show that after this allocation, Valor still retains the majority of its SpaceX holdings, indicating that it has not completely withdrawn from this long-term investment.