Some of the SpaceX investors on Kahlon’s ledger are easy to identify: the Indian politician Abhishek Singhvi; Betsy DeVos, the former US secretary of education; a British Virgin Islands company owned by Indonesian billionaires. But others on the list are shell companies whose ultimate owners remain hidden.

One such company is a Delaware LLC called HAL9001 Partners Fund I, which invested roughly $10 million in a SpaceX fund in 2020. The incorporation documents for HAL9001 were signed by the 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. Sobachevskiy has not been personally accused of wrongdoing.

A Tomales Bay Capital spokesperson said that the oligarch “had no involvement with the investment.” Sobachevskiy did not respond to questions, including who put up the money for the SpaceX investment.

The records also shed some light on the connections between SpaceX and Qatar. Funds affiliated with Bracket Capital—an investment firm with offices in Los Angeles, London, and Qatar—invested about $48 million through a series of deals from 2017 through 2020, the documents show. Bracket has money from the Qatari royal family, according to an email that Kahlon sent to SpaceX’s CFO. The ledger also lists Doha, Qatar, as the address for a mysterious entity called AM FIG Cayman Limited, which invested around $10 million in 2020.

The documents do not specify whether the Bracket investments were made on behalf of the royal family or some other client. In 2021, as Kahlon was soliciting backers for yet another SpaceX deal, he 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. It’s unclear whether the “big guy” refers to a member of the royal family and what Kahlon meant by “a bail out.”)

Bracket did not respond to requests for comment.

The investments covered in the ledger were tiny percentages of SpaceX but would have generated windfalls. The company’s valuation has exploded in recent years, from $33.3 billion in 2019 to $2.7 trillion as of Wednesday morning.

Last year, ProPublica reported on SpaceX’s unusual approach to accepting money from Chinese investors. 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.

ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox.