Multiple investors who said they held indirect SpaceX exposure through special purpose vehicles, or SPVs, managed by investment firm Late Stage Management are now contesting what happened to those holdings after SpaceX went public in June 2026 at a $1.77 trillion valuation, according to The Wall Street Journal.
The investors said they could no longer access their accounts after the listing. They were then told by the firm that their shares had been sold in 2024, which left them without the gains linked to the IPO.
Those investors have filed complaints with the U.S. Securities and Exchange Commission and hired lawyers. The two sides remain in serious disagreement over the status of the holdings.
Late Stage marketed access to private shares
Late Stage was founded in 2015 and pitched itself to individual investors as a way to gain exposure to shares of sought-after private technology companies. The firm said it would only make money after those companies went public.
In March this year, three Late Stage executives admitted to charges that they defrauded investors. Federal prosecutors said Raymond John Pirrello Jr., Joseph Passalaqua and Robert Cassino concealed markups and fees from investors.
The three are awaiting sentencing and each faces a potential prison term ranging from 20 to 45 years. Lawyers said issues tied to private-company shares are not part of that case. Lawyers for other executives did not immediately respond to requests for comment.
Anthropic-linked SPVs are also drawing scrutiny
The report said SPVs tied to other potential blockbuster IPOs are also attracting attention. Anthropic, which is expected to begin its IPO process this fall, has recently unsettled investors with exposure to SPVs tied to its stock.
In May, the artificial intelligence company updated a notice on its website saying it would not recognize sales of Anthropic stock made without board approval. The notice also named several online platforms that were directly or indirectly reselling interests through SPVs.
At least two brokerages are still sending emails and text messages to potential investors offering access to Anthropic stock through SPV structures.