SpaceX Discloses $20B GPU Lease with Musk Associate's Fund, Raising Governance Concerns Ahead of IPO

GateNews
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According to BlockBeats, on May 25, SpaceX disclosed a $20 billion GPU lease agreement with Valor Equity—a fund linked to Elon Musk's associate Antonio Gracias—ahead of the company's IPO. Valor holds over 7.3% of SpaceX, valued at $90 billion to $140 billion based on target IPO valuations. The lease, which involves xAI infrastructure hardware with SpaceX providing payment guarantees, raised scrutiny from governance experts and auditors. PwC determined the transaction's economic substance is closer to a loan than a standard lease and flagged approximately $9 billion in related debt for inclusion on SpaceX's balance sheet, citing concerns about related-party fair dealing disclosures.
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