Fortune’s investigation into SpaceX and Antonio Gracias’s Valor Equity Partners reveals over $20 billion in related party GPU leasing deals reclassified as debt. This governance issue could impact Musk’s AI and potentially crypto risk capital. Valor holds over 500 million SpaceX shares worth $90 to $140 billion at IPO valuations. SpaceX guaranteed $20 billion in GPU lease obligations to Valor, raising governance and concentration risks. This complex structure could affect AI and crypto capital flows, with potential consequences for Musk-related investments.

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