Space Exploration director shifts 42.8M SPCX shares

A director associated with Valor entities reported large in-kind restructurings and updated direct and indirect SPCX share holdings under preset plans and exemptions.

Rhea-AI Filing Summary

SPACE EXPLORATION TECHNOLOGIES CORP (symbol: SPCX) is the issuer of record for a Form 4 filing submitted to the SEC. Gracias Antonio J. reported disposition transactions in this Form 4 filing.

SPACE EXPLORATION TECHNOLOGIES CORP (SPCX) director Antonio J. Gracias reported an indirect restructuring transaction involving 42,790,223 shares of Class A Common Stock on September 11, 2026. These shares were distributed pro rata in kind, without consideration, by multiple Valor-managed entities under a Rule 10b5-1 preset in-kind distribution plan adopted on June 12, 2026. After this, entities associated with him held 460,624,307 indirect shares, and he also reported 29,423 shares held directly that he received as pro rata in-kind distributions from non‑affiliated third parties between August 5 and September 9, 2026, under a Rule 16a-9 exemption. He disclaims beneficial ownership of the Valor entities’ shares except to the extent of his pecuniary interest.

Insider Trade Summary 10b5-1

Other: 42,790,223 shares

Other 2 txns

Insider Gracias Antonio J.

Role Director

Type	Security	Shares	Price	Value
Other	Class A Common Stock F1, F2, F3, F4	42,790,223	--	--
holding	Class A Common Stock F5	--	--	--

Holdings After Transaction: Class A Common Stock — 460,624,307 shares (Indirect, See Footnotes); Class A Common Stock — 29,423 shares (Direct)

Footnotes (5)

1. F1. Represents pro rata distributions in-kind, without consideration, by Valor IV Space Holdings, LLC, Valor M33 II L.P., Valor M33 L.P., Valor R&D Series LLC and Valor Space Holdings, LLC. These distributions were effected pursuant to a Rule 10b5-1 pre-set in-kind distribution plan adopted on June 12, 2026.
2. F2. The reported securities are held of record by the following entities: (i) CV Consortio A LLC, (ii) CV Consortio F LLC, (iii) CV Consortio G LLC, (iv) CV Consortio M LLC, (v) CV Consortio N LLC, (vi) KVSX I L.P., (vii) TM33 Partner Holdings LLC, (viii) Valor Equity Partners Opportunity Fund I L.P., (ix) Valor Equity Partners Opportunity Fund I-A L.P., (x) Valor Equity Partners Opportunity Fund I-B L.P., (xi) Valor Equity Partners VI L.P., (xii) Valor Equity Partners VI-A L.P., (xiii) Valor Equity Partners VI-B L.P., (xiv) Valor IV Space Holdings, LLC, (xv) Valor M33 II L.P., (xvi) Valor M33 IV L.P., (xvii) Valor M33 V L.P., (xviii) Valor M33 VI L.P., (xix) Valor M33 L.P., (xx) Valor R&D Series LLC,
3. F3. (continue from footnote 2) (xxi) Valor Space Holdings, LLC, (xxii) Valor V Space Holdings, L.P., (xxiii) Valor VII Space Holdings, L.P., (xxiv) VG 1.0 L.P., (xxv) VG 2.0 L.P., (xxvi) VG AI Holdings L.P., (xxvii) VGX 1.0 L.P., (xxviii) VOF Space Holdings L.P., (xxix) VSV II XAI Holdings L.P., and (xxx) VX Holdings L.P. (collectively, "Valor Entities").
4. F4. By virtue of the Reporting Person's position with the Valor Entities or the general partners of the Valor Entities, the Reporting Person may be deemed to have beneficial ownership of the shares held of record by the Valor Entities. The Reporting Person disclaims beneficial ownership of the shares held of record by each of the Valor Entities, except to the extent of his pecuniary interest therein.
5. F5. Represents shares of Class A Common Stock received by the Reporting Person as pro rata distributions in kind, without consideration, on various dates from August 5, 2026 to September 9, 2026, from non-affiliated third parties. Such pro rata distributions in-kind were made in accordance with the exemption afforded by Rule 16a-9 of the Securities Exchange Act of 1934, as amended.

Key Figures

Indirect restructuring distribution: 42,790,223 shares Indirect holdings after transaction: 460,624,307 shares Direct holdings after distributions: 29,423 shares +2 more

5 metrics

Indirect restructuring distribution 42,790,223 shares Pro rata in-kind distributions by Valor entities reported for September 11, 2026

Indirect holdings after transaction 460,624,307 shares Class A Common Stock held indirectly after the reported restructuring

Direct holdings after distributions 29,423 shares Class A Common Stock held directly after in-kind distributions from non-affiliated third parties

10b5-1 plan adoption date June 12, 2026 Rule 10b5-1 preset in-kind distribution plan used for Valor entity distributions

Direct distributions window August 5, 2026 to September 9, 2026 Dates of pro rata in-kind distributions from non-affiliated third parties under Rule 16a-9

Key Terms

Rule 10b5-1, pro rata distributions in-kind, beneficial ownership, pecuniary interest, +1 more

5 terms

Rule 10b5-1 regulatory

"These distributions were effected pursuant to a Rule 10b5-1 pre-set in-kind distribution plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

pro rata distributions in-kind financial

"Represents pro rata distributions in-kind, without consideration, by Valor IV Space Holdings"

beneficial ownership financial

"the Reporting Person may be deemed to have beneficial ownership of the shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of the shares held of record by each of the Valor Entities, except to the extent of his pecuniary interest"

Rule 16a-9 regulatory

"Such pro rata distributions in-kind were made in accordance with the exemption afforded by Rule 16a-9"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did SPCX director Antonio J. Gracias report?

He reported an indirect restructuring transaction of 42,790,223 shares of SPCX Class A Common Stock on September 11, 2026, via pro rata in-kind distributions without consideration by multiple Valor-managed entities under a Rule 10b5-1 preset in-kind distribution plan.

Were the SPCX insider transactions open-market buys or sells?

No. The filing describes pro rata in-kind distributions without consideration by Valor entities and in-kind distributions from non-affiliated third parties. It does not describe any open‑market purchases or sales of SPCX shares.

How many SPCX shares does Antonio J. Gracias report holding indirectly after the transactions?

Entities associated with Antonio J. Gracias report holding 460,624,307 shares of SPCX Class A Common Stock indirectly following the September 11, 2026 restructuring transaction.

How many SPCX shares does Antonio J. Gracias hold directly after these transactions?

He reports holding 29,423 shares of SPCX Class A Common Stock directly. These were received as pro rata in-kind distributions from non‑affiliated third parties between August 5 and September 9, 2026 under a Rule 16a-9 exemption.

What trading plan or exemptions apply to these SPCX insider transactions?

The large in-kind distributions by Valor entities were made under a Rule 10b5-1 preset in-kind distribution plan adopted on June 12, 2026. The direct holdings arose from in-kind distributions made under the Rule 16a-9 exemption.

Does Antonio J. Gracias claim full beneficial ownership of the SPCX shares held by Valor entities?

No. He states he may be deemed to have beneficial ownership of shares held by the Valor entities due to his position but disclaims beneficial ownership of those shares except to the extent of his pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/15/2026 - 05:03 PM Accepted by SEC EDGAR 09/15/2026 - 05:02 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gracias Antonio J.

(Last) (First) (Middle)

C/O VALOR EQUITY PARTNERS

320 NORTH SANGAMON STREET, SUITE 1200

(Street)

CHICAGO ILLINOIS 60607

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SPACE EXPLORATION TECHNOLOGIES CORP [ SPCX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/11/2026		J(1)		42,790,223	D	(1)	460,624,307	I	See Footnotes(2)(3)(4)
Class A Common Stock								29,423(5)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents pro rata distributions in-kind, without consideration, by Valor IV Space Holdings, LLC, Valor M33 II L.P., Valor M33 L.P., Valor R&D Series LLC and Valor Space Holdings, LLC. These distributions were effected pursuant to a Rule 10b5-1 pre-set in-kind distribution plan adopted on June 12, 2026.

2. The reported securities are held of record by the following entities: (i) CV Consortio A LLC, (ii) CV Consortio F LLC, (iii) CV Consortio G LLC, (iv) CV Consortio M LLC, (v) CV Consortio N LLC, (vi) KVSX I L.P., (vii) TM33 Partner Holdings LLC, (viii) Valor Equity Partners Opportunity Fund I L.P., (ix) Valor Equity Partners Opportunity Fund I-A L.P., (x) Valor Equity Partners Opportunity Fund I-B L.P., (xi) Valor Equity Partners VI L.P., (xii) Valor Equity Partners VI-A L.P., (xiii) Valor Equity Partners VI-B L.P., (xiv) Valor IV Space Holdings, LLC, (xv) Valor M33 II L.P., (xvi) Valor M33 IV L.P., (xvii) Valor M33 V L.P., (xviii) Valor M33 VI L.P., (xix) Valor M33 L.P., (xx) Valor R&D Series LLC,

3. (continue from footnote 2) (xxi) Valor Space Holdings, LLC, (xxii) Valor V Space Holdings, L.P., (xxiii) Valor VII Space Holdings, L.P., (xxiv) VG 1.0 L.P., (xxv) VG 2.0 L.P., (xxvi) VG AI Holdings L.P., (xxvii) VGX 1.0 L.P., (xxviii) VOF Space Holdings L.P., (xxix) VSV II XAI Holdings L.P., and (xxx) VX Holdings L.P. (collectively, "Valor Entities").

4. By virtue of the Reporting Person's position with the Valor Entities or the general partners of the Valor Entities, the Reporting Person may be deemed to have beneficial ownership of the shares held of record by the Valor Entities. The Reporting Person disclaims beneficial ownership of the shares held of record by each of the Valor Entities, except to the extent of his pecuniary interest therein.

5. Represents shares of Class A Common Stock received by the Reporting Person as pro rata distributions in kind, without consideration, on various dates from August 5, 2026 to September 9, 2026, from non-affiliated third parties. Such pro rata distributions in-kind were made in accordance with the exemption afforded by Rule 16a-9 of the Securities Exchange Act of 1934, as amended.

	/s/ Antonio J. Gracias	09/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)