Vy Capital holds approximately 3.4% of SpaceX, a stake valued at about $40 billion that makes it the company’s fifth-largest shareholder, the Financial Times reported. The position is larger than the disclosed holdings of Sequoia Capital and Andreessen Horowitz (a16z). Vy Capital first invested in SpaceX in 2016, when the company was valued at approximately $15 billion. The firm’s assets under management increased from $27 billion at the end of last year to $50 billion in June. Vy Capital said in an investor letter that it has generated a 41% total internal rate of return since its founding in 2014 and distributed $4.6 billion to investors. The firm expects SpaceX’s valuation to exceed $10 trillion within five to seven years if its investment thesis materializes.