SpaceX (SPCX) Director Antonio Gracias Disposes 42.8M Shares (In‑Kind)

What Happened
Antonio J. Gracias, a director of Space Exploration Technologies Corp. (SpaceX / SPCX), reported a disposition of 42,790,223 shares on 2026-09-11. The transaction is coded as an “other acquisition or disposition (J)” and shows no price or cash proceeds (N/A) because it was effected as an in‑kind distribution pursuant to a pre‑set Rule 10b5‑1 in‑kind distribution plan.

Key Details

• Transaction date: 2026-09-11. Filing date: 2026-09-15 (appears to be after the typical two-business-day Form 4 deadline).
• Shares disposed: 42,790,223; price per share: N/A; total value: not reported.
• Reported securities are held of record by multiple Valor entities (see filing footnotes listing 30 Valor Entities).
• Footnote summary:
  • F1: Distributions were pro rata, in‑kind, without consideration, under a Rule 10b5‑1 pre‑set in‑kind distribution plan adopted June 12, 2026.
  • F2–F3: Lists the Valor Entities that hold the securities of record.
  • F4: Gracias may be deemed to have beneficial ownership by virtue of positions with the Valor Entities but disclaims beneficial ownership except to the extent of pecuniary interest.
  • F5: Separate pro rata in‑kind distributions to Gracias from non‑affiliated third parties occurred on various dates Aug 5–Sep 9, 2026 (reported under Rule 16a‑9 exemption).
• Shares owned after the reported transaction: not disclosed in the Form 4 filing.

Context
This was not an open‑market sale for cash but an in‑kind distribution routed through or from investment entities (Valor Entities) under a pre‑set plan. In‑kind distributions and transfers recorded as “J” typically do not directly indicate a manager’s intent to sell for liquidity or a signal about the company’s outlook. The beneficial‑ownership disclaimer in the filing indicates these holdings are primarily recorded in the names of investment vehicles rather than held personally by the director.