SpaceX’s planned initial public offering is facing added scrutiny after Fortune reported that PwC required roughly $9 billion in related-party debt to be recognized. Fortune’s latest investigation adds that more than $20 billion in related-party GPU leasing deals involving SpaceX and Antonio Gracias’s Valor Equity Partners were reclassified as debt. The report links the governance issues to broader Musk-connected AI financing structures and says the fallout could extend to crypto risk capital, with related-party obligations, affiliated ownership, and financing arrangements drawing closer attention from investors and auditors ahead of any IPO.