Elon Musk’s audacious power grab at SpaceX

SpaceX's upcoming IPO filing reveals governance terms that give Elon Musk near-total control over the company. Through a dual-class share structure, Musk will hold 83.8% of voting power while owning 42.5% of equity. The bylaws eliminate class-action lawsuits, mandate private arbitration, restrict shareholder proposals, and incorporate Texas corporate law — all combining to strip investors of typical protections. Despite these restrictions, the IPO is expected to be the largest in history, targeting a $1.75 trillion valuation and $75 billion in proceeds, with many portfolio managers feeling compelled to buy in regardless. Governance experts warn this could set a precedent for other high-profile founder-led IPOs, including Anthropic and OpenAI.