SpaceX board member Antonio Gracias said he plans to hold his company stake for as long as possible following the firm's market debut.
The decision signals strong internal confidence in the aerospace company's future growth as it transitions from a private entity to a publicly traded company. Such a commitment from a major insider can influence investor sentiment during the volatile early days of a public offering.
Gracias, who is also the founder and CEO of Valor Equity Partners, said the announcement Friday during the company's first day of trading on the Nasdaq under the ticker SPCX [1]. The stock opened at $150 per share [2].
"I plan on holding my stake for as long as I can," Gracias said in an interview with CNBC Television [1].
Reports on the exact value of the stake held by Gracias vary between sources. The New York Times reported the value at $65 billion [3], while MSN cited a higher figure of $68 billion [4].
Gracias has long been a close confidant of Elon Musk and a key figure in the company's strategic development. His decision to retain shares suggests a belief that the current market valuation does not yet reflect the full long-term potential of the company's operations, including its launch services and satellite constellations.
By avoiding an immediate sell-off of a significant portion of his holdings, Gracias prevents a sudden surge of shares from hitting the market, which could otherwise put downward pressure on the stock price during the initial trading period.
“"I plan on holding my stake for as long as I can."”
The decision by a high-ranking insider to maintain a massive position—estimated between $65 billion and $68 billion—serves as a bullish signal to the public market. In the context of a high-profile IPO, 'insider holding' is often viewed as a proxy for the company's health, suggesting that those with the most intimate knowledge of the balance sheet believe the stock has further room to climb.
