Surfactant Ag is successfully used to atomically engineer interfaces and nanostructure in NiO-Co-Cu-based bottom spin valves. At a Cu spacer thickness of 1.5 nm, a strong net ferromagnetic ͑or positive͒ coupling Ͼ13.92 kA/m ͑Ͼ175 Oe͒ between NiO-pinned and ''free'' Co layers leads to a negligible ''giant'' magnetoresistance ͑GMR͒ effect ͑Ͻ0.7%͒ in Ag-free samples. In contrast, the net ferromagnetic coupling could be reduced by a factor of 2 or more in spin valves deposited in the presence of Ϸ1-3 ML of surfactant Ag, and such samples exhibit more than an order of magnitude increase in GMR ͑8.5-13 %͒. Based on transmission electron microscopy ͑TEM͒, a large contribution to net ferromagnetic coupling in Ag-free samples could be directly attributed to the presence of numerous pinholes. In situ x-ray photoelectron spectroscopy and TEM studies show that surfactant Ag floats out to the surface during deposition of successive Co and Cu overlayers, leaving behind smooth interfaces and continuous layers that are less prone to intermixing and pinholes. The use of surfactants in the present study also illustrates their potential use in atomic engineering of magnetoelectronics devices and other multilayer systems.