Elon Musk To Retain Dominant Voting Power In SpaceX Post-IPO, Buys $1.4 Billion Worth Of Shares: Report
SpaceX’s IPO filing reportedly indicates that founder Elon Musk and a select group of insiders will maintain substantial voting control in the company post-IPO, thereby ensuring their voting power surpasses that of other investors.
Following the IPO, Musk will continue to serve as the CEO, CTO, and chairman of the nine-member board of directors, Reuters reported on Tuesday.
SpaceX plans to adopt a dual-class equity structure, with Class B shareholders receiving 10 votes each, thereby consolidating power with Musk and a few insiders. Class A shares sold to public investors will carry one vote each.
The filing includes provisions that may limit shareholders’ influence over board elections and legal actions, a structure common in founder-led tech firms that reduces public investors’ power over strategy and management, according to Reuters.
The confidentially submitted filing, earlier this month, sheds light on SpaceX’s financial health and corporate governance. The combined company ended 2025 with $24.8 billion in cash and a strong balance sheet, holding $92 billion in assets against $50.8 billion in liabilities.
SpaceX did not immediately respond to Benzinga‘s request for comment.
Bullish Views, Valuation Risks
On the other hand, some analysts warn SpaceX may be overvalued, suggesting IPO investors could see limited returns as much of its value is already priced in.
A previous report also suggested that SpaceX posted a nearly $5 billion loss last year despite $18.5 billion in revenue, factoring in results from AI firm xAI. The newly disclosed figures contrast with earlier reports suggesting over $8 billion in profit.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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