BlockBeats News, May 25th, on the eve of the SpaceX IPO, a related-party transaction dispute was exposed. Elon Musk's friend, Antonio Gracias, through his Valor Equity, holds over 7.3% of SpaceX shares, with a value estimated at $90 billion to $140 billion based on the target valuation.

At the same time, SpaceX disclosed its approximately $20 billion GPU leasing agreement with Valor. The agreement involves leasing AI infrastructure hardware from the xAI subsidiary, with SpaceX providing payment guarantees. PwC has deemed this transaction to be more akin to a loan than a regular lease and has requested that the related $9 billion debt be included on SpaceX's balance sheet.

Several corporate governance experts have criticized the lack of "fair dealing" disclosure in this transaction, questioning the risk of related-party benefits transfer. Reports indicate that the new Nasdaq rules may also drive SpaceX to quickly join the Nasdaq index system post-IPO, expected to bring in up to $60 billion in passive fund buying.