Vy Capital’s four-person Dubai firm holds $40 billion of SpaceX

Vy Capital, the Dubai technology investor Alexander Tamas founded in 2013 after leaving Yuri Milner's DST, holds 271.8 million SpaceX shares. The Financial Times on Sunday put that block at about $40 billion and, citing Bloomberg data, ranked it as SpaceX's fifth-largest disclosed shareholder. Bloomberg had already described a $40 billion SpaceX stake on Thursday, September 10, when it reported Vy among the participants in The Boring Company's UAE-led round. Sunday's report added the share count.

The marked position is larger than the $15 billion of assets the FT attributed to Vy in July 2025, when the firm closed to outside investors after a windfall. Vy has not published a current asset total, and no reviewed filing names whose money sits behind the SpaceX line. The two figures are a year apart and may not describe the same perimeter.

At Friday's close of $151.21, the FT share count would be worth $41.1 billion. SpaceX has been a public company since June.

A four-person firm on Musk's register

A 2021 SEC filing for a related vehicle names John Hering as a founding partner and describes a concentrated, long-horizon style: "invest in some of the world's leading companies and own them for decades." The firm's site lists London, Dubai, Los Angeles and San Francisco. The FT has previously described a four-person investment team.

The same circle of Musk companies keeps turning up. Firstpost reported in July 2025 that Vy had backed SpaceX, xAI, Neuralink and Twitter, now X, and that it first entered SpaceX when the company was valued at $15 billion. That entry price, round and share class are not in SpaceX's public filings, so the $40 billion figure should be read as a marked value of 271.8 million shares, not as $40 billion of cash spent. This past week The Boring Company closed a $3 billion Series D led by the United Arab Emirates, valuing the tunneling company at $23 billion, a round Vy joined.

Why the block never filed

SpaceX's 10-Q listed 7.70 billion Class A shares and 5.49 billion Class B shares outstanding as of July 28, 13.18 billion in total. Vy's 271.8 million shares are about 3.5% of Class A and about 2.1% of the two classes combined. Five percent of Class A would have been 385 million shares. Below that line, no Schedule 13G or 13D was required, which is how a position this size stayed off the 5% holder table in the IPO documents.

The purchase path is the hole in the record. SpaceX used tender offers for years before the listing, including a December 2025 insider sale that Reuters said set an $800 billion valuation. No reviewed filing names Vy as a buyer in a specific round. Steve Sosnick of Interactive Brokers, speaking after the first round of post-IPO 13F-style disclosures, said it is "very, very difficult to tease out which of these institutions were holding pre-IPO shares."

Who sits above 271.8 million shares

Elon Musk's August Schedule 13G reported beneficial ownership of 6.42 billion shares, 48.4%, counted on an as-converted Class A basis. Alphabet, through Google, filed as the beneficial owner of 551.2 million Class A shares, 7.2% of that class as of June 30. At Friday's close that Alphabet line would be worth $83.3 billion.

Separate second-quarter disclosures compiled by Business Insider put Valor Equity Partners at 503.4 million shares, or 3.8%, and Peter Thiel, through Founders Fund and related entities, at 427.3 million shares, or about 3.2%. The same compilation put Fidelity at 302.6 million shares across its funds, about 2.3%.

On those counts Musk, Alphabet, Valor, Founders Fund and Fidelity all sit above Vy's block. The FT's fifth-place ranking is Bloomberg's classification. It is not a figure every holder table reproduces: Class A, Class B and grouped affiliates are not the same list, and a fifth-place ranking requires leaving at least one of those names off it.

US-listed funds that can be priced report 294 positions in SpaceX totaling $20.0 billion, less than Vy's single disclosed block.

SpaceX's public float, and Vy's unknown lockup

Shares are 12% above the $135 IPO price, 6.1% below the June 12 closing print that starts the public record, and 33% under the $225.64 high. SpaceX sold 638.9 million Class A shares in the offering, including the underwriters' option, and recorded $85.7 billion of net proceeds. That is the float that trades. A much larger book remains in pre-IPO hands.

Some of that book is still gated. Alphabet's own June 30 accounts showed $80.0 billion of SpaceX shares under short-term sale restrictions and $14.1 billion restricted through the third quarter of 2027. Vy's sale restrictions, if any remain, are not in the FT report. Whether the Dubai firm is a decades-long holder, as its founding language claims, or a future seller is not knowable from a marked share count.

The register now has a name on a block that public filings had not been required to highlight. It still lacks a current asset figure for that firm, and it does not name the beneficial owner of the capital. The next test is whether Vy is still there when the remaining restricted stock can be sold.