SpaceX's publicly filed S-1 prospectus reveals Elon Musk will control approximately 79% of votes despite holding only ~42% of equity, enabled by a dual-class share structure. The company targets a June Nasdaq listing at a $1.75 trillion valuation, aiming to raise up to $75 billion — more than double the current IPO record set by Saudi Aramco. SpaceX's 2025 revenues reached $15–16 billion with ~$8 billion in profit, and Starlink ended the year with 9.2 million subscribers. The IPO narrative has shifted following SpaceX's February 2026 acquisition of xAI, positioning it as an AI infrastructure company alongside its launch and satellite businesses. Critics, including former Fidelity fund manager George Noble, have condemned the governance structure as extreme even by tech-industry standards, arguing retail investors gain economic exposure but virtually no influence over company decisions. Up to 30% of shares are earmarked for retail investors, roughly three times the typical allocation.
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