Vy Capital has become the fourth-largest shareholder in SpaceX, holding a 3.4% stake valued at more than $41.1 billion, according to the latest disclosures. An earlier report had ranked the firm fifth and valued its holding at about $40 billion. Vy Capital invested in SpaceX in 2016 at a $15 billion valuation and is also the largest outside investor in Boring Company and Neuralink. SpaceX reported second-quarter revenue of $7.8 billion and adjusted EBITDA of $3.53 billion, with Starlink contributing 53% of revenue, while its AI data-center expansion is driving significant capital spending. Analysts remain bullish, with an average target of $221 and individual targets ranging from $220 to $280. Vy Capital previously said it expects SpaceX’s valuation to exceed $10 trillion within five to seven years if its investment thesis materializes.