Elon Musk’s quietest investor has built a $40B SpaceX stake

Vy Capital, led by Alexander Tamas, owns about 3.4% of SpaceX, valued near $40 billion, making it the fifth-largest shareholder ahead of Sequoia and Andreessen Horowitz. Its assets under management rose from $27 billion to $50 billion, with the SpaceX stake driving most of the growth, delivering a 41% IRR and $4.6 billion returned to investors. Europe’s IRIS2 satellite constellation, costing €15.6 billion and slated for 2030 service, is valued at roughly 2.5 times Vy Capital’s SpaceX holding.