SpaceX: Elon Musk to retain voting control even after IPO
What's the story
SpaceX is set to go public with a valuation of $1.75 trillion and plans to raise $75 billion. However, founder Elon Musk will continue to exercise control over the company through super-voting shares given to him and a small group of insiders. This structure will give them more voting power than other investors, ensuring that Musk's vision for SpaceX remains intact even after the initial public offering (IPO).
Financial disclosure
Financial health of SpaceX
The IPO filing also reveals SpaceX's financial health. The firm ended 2025 with nearly $25 billion in cash, despite heavy investments in artificial intelligence (AI) infrastructure, and losses from its social media and AI company xAI. Starlink, SpaceX's satellite internet business, had generated billions in profit last year to offset these losses.
Executive pay
Musk's compensation and capital expenditures
Musk was paid just $54,080 last year but stands to gain billions from the IPO. President and Chief Operating Officer Gwynne Shotwell bagged $85.8 million in total compensation last year, while Chief Financial Officer Bret Johnsen was paid $9.8 million. The company also saw a nearly fivefold increase in capital expenditures over two years to $20.74 billion last year, with over half of that going toward AI spending.
Governance structure
Dual-class equity structure in IPO filing
The IPO filing also reveals that SpaceX will have a dual-class equity structure. Class B shareholders, including Musk and insiders, will have 10 votes each while Class A shares sold to public investors will have one vote each. This structure is common among founder-led tech firms but limits public shareholders' ability to influence strategy or challenge management decisions.