SpaceX's public IPO registration verifies that Musk and other insiders maintain significant voting authority.

      The recently released S-1 prospectus reveals that Musk controls approximately 79% of SpaceX's voting rights, even though he owns around 42% of its equity, a disparity attributed to a dual-class share system. The company aims for a June listing with a valuation of $1.75 trillion, seeking to raise up to $75 billion and offering an unusually high 30% allocation for retail investors.

      SpaceX's IPO prospectus, now accessible following the company's confidential SEC filing on April 1, 2026, confirms that Elon Musk and other insiders will maintain significant voting control post-listing through the dual-class share structure. In this framework, Musk holds about 42% of SpaceX's equity but commands nearly 79% of its voting power via super-voting shares that confer disproportionately higher voting rights.

      Ordinary shares available to public investors will possess standard voting rights, allowing buyers an economic interest in the company but minimal influence over its direction. The prospectus is the first to provide public investors with an in-depth view of SpaceX's financial status. The company's core launch and Starlink broadband sectors generated annual revenues of $15 billion to $16 billion in 2025, with profits around $8 billion. By the end of 2025, Starlink, the satellite internet division, boasted approximately 9.2 million subscribers and over $10 billion in revenue.

      The overall valuation target of $1.75 trillion suggests a revenue multiple of roughly 100x, reflecting investors' expectations for future growth linked to Starlink, Starship, and its xAI artificial intelligence operations, rather than current earnings. SpaceX acquired xAI, Musk’s AI venture and the parent company of social media platform X, in February 2026 through an all-stock deal that valued the combined entity at $1.25 trillion, with xAI at about $250 billion and SpaceX at $1 trillion.

      This merger significantly alters the IPO narrative: SpaceX is now seen not just as a launch and satellite business, but also as an AI infrastructure player, integrating xAI's Grok models into Starlink network management and leading an initiative called “Orbital AI Data Centers” that merges satellite connectivity with edge computing. The prospectus is anticipated to include the first consolidated financial statements of the newly merged entity.

      The governance structure has faced scrutiny ahead of the IPO. The dual-class system, prevalent among major US tech firms like Meta and Alphabet, is employed here at a more extreme ratio than usual. Critics argue that investors purchasing shares at this unprecedented valuation will have little power to challenge management, replace board members, or address governance issues. Former Fidelity fund manager George Noble referred to this structure as “the most SHAMELESS structural manipulation of a major index” in a widely circulated post, claiming that it effectively turns retail investors into exit liquidity for early insiders who acquired shares at significantly lower private market rates.

      Donald Trump Jr., the eldest son of the US president, is among current SpaceX shareholders, holding interests through 1789 Capital, a venture firm he joined post his father’s election win.

      SpaceX is aiming for a June listing on the Nasdaq, seeking to raise up to $75 billion—more than 2.5 times the $29.4 billion amassed by Saudi Aramco in 2019, the current record. The offering includes a unique retail aspect, with up to 30% of shares expected to be available to individual investors, roughly three times the typical share allocation for large IPOs.

      Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are acting as senior underwriters. Should the offering proceed at the projected $1.75 trillion valuation, SpaceX would become one of the ten most valuable public companies globally, ranking just behind Nvidia, Apple, Alphabet, Microsoft, and Amazon among current S&P 500 companies.

      The prospectus must be public at least 15 days before SpaceX commences its investor roadshow. With a June listing goal, the roadshow is projected to start in the week of June 8, preceded by "testing-the-waters" meetings with institutional investors, which, according to Reuters, are already taking place. The feasibility of the June target depends on market conditions, as the Nasdaq has experienced volatility recently amid tensions from the US-Iran war and rising oil prices. IPO experts have noted that even a highly anticipated offering can face challenges if market sentiment shifts negatively in the days leading up to pricing.