SpaceX IPO to Preserve Elon Musk’s Control
SpaceX is preparing to secure founder Elon Musk’s control even after its highly anticipated IPO, according to details from its confidential filing. The company plans to issue super-voting shares to Musk and a select group of insiders, ensuring they retain dominant voting power over public investors.
The filing, reviewed by Reuters, outlines both the company’s financial position and its governance structure ahead of the listing.
Musk to Retain Multiple Leadership Roles
Following the IPO, Elon Musk is expected to remain deeply involved in the company’s leadership. He will continue serving as Chief Executive Officer and Chief Technical Officer, while also acting as chairman of SpaceX’s nine-member board.
Although Musk received a relatively modest salary of $54,080 last year, his equity stake could translate into billions of dollars after the public offering.
Record-Breaking IPO Ambitions
SpaceX is targeting a valuation of approximately $1.75 trillion, alongside plans to raise around $75 billion. If achieved, this would make it the largest IPO in history.
Other top executives are also highly compensated. President and COO Gwynne Shotwell reportedly earned $85.8 million last year, while CFO Bret Johnsen received $9.8 million.
Dual-Class Structure Concentrates Power
The company intends to implement a dual-class share structure, a model commonly used by founder-led tech firms. Under this system, Class B shares — held by insiders — will carry 10 votes each, while Class A shares offered to the public will have just one vote.
This structure effectively consolidates decision-making power with Musk and a small group of insiders, limiting the influence of public shareholders.
Additionally, the filing includes provisions that may restrict shareholder rights, such as limiting the ability to challenge management decisions or pursue legal claims outside of arbitration.
Investor Roadshow and Analyst Engagement
To support the IPO, SpaceX has scheduled a series of meetings with Wall Street analysts. These include tours and briefings at its Starbase launch facility in Boca Chica, Texas, aimed at showcasing its operations and growth potential.
First Detailed Look at SpaceX Financials
The filing provides new insights into SpaceX’s financial health, particularly after the integration of Musk’s artificial intelligence company, xAI.
By the end of 2025, the combined entity reported approximately $24.8 billion in cash, with total assets of $92 billion and liabilities of $50.8 billion.
Starlink Profits Offset AI Investments
SpaceX’s Starlink satellite internet division generated strong profits, helping to balance significant losses linked to heavy investments in artificial intelligence infrastructure.
Despite this, the company reported a consolidated loss of $4.94 billion in 2025 on revenue of $18.67 billion. This marks a sharp reversal from a $791 million profit in the previous year, driven largely by increased spending on AI development.
Rising Capital Expenditures Driven by AI
Capital expenditures surged dramatically, increasing nearly fivefold over two years to reach $20.74 billion in 2025. More than half of this spending was directed toward AI-related projects.
The AI segment alone accounted for $12.7 billion in capital expenditures, compared to $5.6 billion the year before. Meanwhile, Starlink contributed $4.42 billion in operating profit but represented less than a quarter of total capital spending.
While these figures are substantial, they remain below the scale of investment by other tech giants. For comparison, companies like Meta spent approximately $72 billion on AI infrastructure in 2025.
