On Friday, SpaceX is set to begin trading publicly in what is expected to be the largest initial public offering (IPO) in history, with a valuation estimated at $1.77 trillion. The event marks a significant financial milestone for early investors who have backed the company during its years as a private enterprise, including notable figures such as Justin Fishner-Wolfson and Antonio Gracias, longtime associates of SpaceX founder Elon Musk.

Justin Fishner-Wolfson, founder of the investment firm 137 Ventures, has quietly amassed a substantial stake in SpaceX over the past 15 years. His firm now owns over 1 percent of the company, valued at roughly $20 billion based on the anticipated IPO price. Fishner-Wolfson’s involvement dates back to 2011, and he has remained a steadfast investor, opting not to sell shares through multiple fundraising rounds. Operating from modest offices in San Francisco, Fishner-Wolfson has raised capital globally, including from SpaceX employees, and actively maintains ties with the company’s leadership. Despite moments of uncertainty—such as debates over the high-risk Starlink satellite project—he has remained committed, citing a long-term belief in SpaceX’s potential. Fishner-Wolfson acknowledges the unpredictability of the public market, noting that on the first day of trading, SpaceX’s share price could either increase substantially or decline sharply. However, he has expressed confidence that the company could eventually be worth many times its IPO valuation.

Antonio Gracias, managing partner at Valor Equity Partners and one of Elon Musk’s closest and most loyal associates, controls an estimated 3.7 percent of SpaceX shares, valued at approximately $65 billion. Gracias’s relationship with Musk spans over two decades, characterized by early investments, operational support, and personal friendship. Valor Equity Partners first invested in SpaceX in 2008, and Gracias joined the company’s board in 2010. Over time, he has played an influential role not only in SpaceX but also in other Musk ventures such as Tesla, having been involved during critical periods and providing both capital and hands-on assistance. According to filings, Valor and Gracias-affiliated entities own over 500 million shares, held through a complex structure of funds. Gracias has spoken openly about the considerable wealth generated through these stakes, much of which will benefit Valor’s limited partners. His involvement extends beyond space exploration into other fields, including artificial intelligence and psychedelics research, where his foundation has made significant contributions.

Both investors underscore their long-term commitment to SpaceX amid substantial risks and uncertainties. While Musk will retain majority control after the IPO, the newfound public status brings new dynamics for pre-IPO shareholders, who are subject to lock-up agreements restricting immediate sales. Fishner-Wolfson and Gracias are preparing for the transition carefully and emphasize their belief in the company’s future, despite challenges including reported financial losses and competition in sectors such as artificial intelligence.

The IPO will offer a window into how the market values SpaceX’s ambitious goals across space travel, satellite internet, and advanced technology. It also highlights the personal and financial networks that have supported Elon Musk’s ventures from early on, turning some early backers into billionaires and solidifying Musk’s standing as one of the richest individuals globally.