Offshore Shell Companies and Russian Ties
Internal documents from a ledger maintained by Kahlon identify several high-profile backers, including former U.S. Secretary of Education Betsy DeVos and Indian politician Abhishek Singhvi. However, the records also highlight the use of opaque entities to move capital into SpaceX. One such entity, a Delaware-based LLC called HAL9001 Partners Fund I, invested approximately $10 million in a SpaceX fund in 2020.
The incorporation papers for HAL9001 were signed by venture capitalist Roman Sobachevskiy. The Treasury Department recently fined a company that was co-owned by Sobachevskiy hundreds of millions of dollars for managing a different investment on behalf of a sanctioned Russian oligarch. While Sobachevskiy has not been personally accused of wrongdoing, a spokesperson for Tomales Bay Capital stated the oligarch “had no involvement with the investment.”
Qatari Royal Family and Bracket Capital
The ledgers establish a financial link between SpaceX and Qatari interests. Bracket Capital, an investment firm with offices in Los Angeles, London, and Qatar, invested roughly $48 million through a series of deals from 2017 through 2020. An email sent by Kahlon to SpaceX’s CFO states that Bracket has money from the Qatari royal family.
Additional records show a $10 million investment in 2020 from AM FIG Cayman Limited, an entity listing Doha, Qatar, as its address. In 2021, Kahlon texted a Bracket employee: “At the end we can just send Yalda to talk to big guy. We need a bail out lol.” Yalda Aoukar is Bracket’s co-founder. Bracket did not respond to requests for comment.
Chinese Investment and Cayman Island Routing
According to testimony from the Delaware case, the company allowed Chinese investors to buy stakes in SpaceX so long as the money was routed through the Cayman Islands or other offshore secrecy hubs.
Financial Growth and Valuation Scale
The investments detailed in the ledger represented tiny percentages of SpaceX but would have generated windfalls. The company’s valuation has exploded in recent years:
- 2019: $33.3 billion
- Wednesday morning: $2.7 trillion
This valuation surge underscores why offshore entities and venture funds sought entry into SpaceX’s private funding rounds, despite the complexities of the ownership structures involved.
Frequently Asked Questions
Who is Roman Sobachevskiy?
Sobachevskiy is a venture capitalist who signed the incorporation documents for HAL9001 Partners Fund I, which invested roughly $10 million in a SpaceX fund in 2020. The Treasury Department recently fined a company that was co-owned by Sobachevskiy hundreds of millions of dollars for managing a different investment on behalf of a sanctioned Russian oligarch.
How did Chinese investors fund SpaceX?
According to testimony from the Delaware case, the company allowed Chinese investors to buy stakes in SpaceX so long as the money was routed through the Cayman Islands or other offshore secrecy hubs.
What is Bracket Capital’s connection to SpaceX?
Bracket Capital invested about $48 million through a series of deals from 2017 through 2020. Bracket has money from the Qatari royal family, according to an email that Kahlon sent to SpaceX’s CFO.
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