SpaceX's public IPO submission verifies that Musk and other insiders maintain significant voting control.

      The newly released S-1 prospectus indicates that Musk has control over approximately 79% of SpaceX's voting power, even though he owns around 42% of its equity, a disparity caused by a dual-class share structure. The company plans to go public in June with a valuation of $1.75 trillion and aims to raise up to $75 billion, featuring an unusually high allocation of 30% for retail investors.

      The IPO prospectus, made public following the company's confidential SEC filing on April 1, 2026, confirms that Elon Musk and other insiders will maintain significant voting control after the listing due to the dual-class share structure. In this setup, Musk’s 42% equity stake gives him approximately 79% of the voting rights through super-voting shares, which have considerably enhanced voting power.

      Ordinary shares offered to public investors will come with standard voting rights, offering them an economic interest in the company but not a substantial influence over its operations. This prospectus provides the first comprehensive look at SpaceX’s financials for public investors. In 2025, the company's primary launch and Starlink broadband divisions produced annual revenues between $15 billion and $16 billion, yielding profits of around $8 billion.

      Starlink, the satellite internet service, ended 2025 with about 9.2 million subscribers and generated over $10 billion in revenue. The overall target valuation of $1.75 trillion suggests a revenue multiple of about 100 times, reflecting investors' expectations for future growth in Starlink, Starship, and the xAI artificial intelligence initiatives, rather than current earnings.

      SpaceX purchased xAI, Musk's AI startup and the parent company of social media platform X, in a stock-for-stock deal in February 2026, which valued the combined entity at $1.25 trillion, assigning roughly $250 billion to xAI and $1 trillion to SpaceX. This merger significantly alters the IPO narrative: SpaceX is now positioned not only as a launch and satellite enterprise but also as a player in AI infrastructure, with xAI’s Grok models integrated into Starlink network management and a newly described initiative of “Orbital AI Data Centers” that merges satellite connectivity with edge computing. The prospectus is anticipated to include the first consolidated financial statements of the merged entity.

      The governance framework has faced criticism ahead of the offering. The dual-class structure, commonly seen among major US tech companies like Meta and Alphabet, is being applied here at a more extreme ratio than usual. Critics argue that public investors purchasing SpaceX shares at what would be a record valuation would have limited power to challenge management choices, appoint board members, or address governance issues. George Noble, a former Fidelity fund manager, condemned the structure in a widely circulated post, stating that it essentially turns retail investors into exit liquidity for early insiders who acquired shares at significantly lower prices in the private market.

      Donald Trump Jr. is listed among the current SpaceX shareholders, holding shares via 1789 Capital, a venture firm he joined after his father’s electoral victory.

      SpaceX is aiming for a June listing on the Nasdaq with plans to raise up to $75 billion, exceeding the current record of $29.4 billion raised by Saudi Aramco in 2019. The offering includes a unique retail element, with up to 30% of shares anticipated to be distributed to individual investors, roughly three times the usual rate for a large IPO.

      Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are serving as lead underwriters. If the offering proceeds at the proposed $1.75 trillion valuation, SpaceX would rank among the ten most valuable public companies globally, following only Nvidia, Apple, Alphabet, Microsoft, and Amazon from the current S&P 500 list.

      The prospectus must be made public at least 15 days prior to SpaceX commencing its investor roadshow. With a target for a June listing, the roadshow is expected to kick off during the week of June 8, following exploratory meetings with institutional investors, which Reuters has reported are already in progress. The feasibility of the June target depends on market conditions; the Nasdaq has experienced volatility in recent weeks due to the US-Iran conflict and rising oil prices, and IPO analysts caution that even a highly anticipated offering may encounter challenges if market sentiment takes a significant downturn close to the pricing date.