SpaceX Reportedly Considering Dual-Class IPO: Granting Musk Super Voting Rights, Potentially Raising Up to $50 Billion
On February 15, Bloomberg reported yesterday that SpaceX is considering adopting a dual-class share structure for its planned initial public offering (IPO) later this year, which would allow company founder Elon Musk to retain primary control over company decisions.
This approach is similar to the plan Musk previously proposed for Tesla: ensuring the founder can pursue long-term strategic vision through a dual-class share structure. This structure will grant certain shareholders shares with extra voting rights, enabling them to dominate company decisions and ensure that insiders like Musk can maintain control with a minority stake.
At the same time, SpaceX will expand its board of directors to advance the IPO process and implement space strategies that go beyond its core business. Through the IPO, SpaceX aims to raise as much as $50 billion (Note from IT Home: equivalent to approximately RMB 345.724 billion at current exchange rates) to fund the construction of AI data centers in space and lunar factories.
Sources familiar with the matter emphasized that discussions are ongoing and IPO details may be adjusted. A SpaceX spokesperson did not immediately respond to a request for comment.
Previously, US tech companies such as Meta and Alphabet have already adopted dual-class share structures to safeguard the founders' long-term visions. This model typically grants insiders 10 to 20 times the voting rights per share (while common shares carry only one vote), though critics argue that it undermines accountability mechanisms. For Musk, super-voting shares help defend against activist shareholders interfering with company decisions.
Musk has also publicly endorsed tiered share structures and proposed implementing a dual-class structure at Tesla to ensure his 25% voting power; otherwise, he would establish a separate AI and robotics business. In 2024, he stated: "That proportion is not enough for me to control the company, even if I went insane." He currently holds about 11% of shares, but this could increase to over 25% over the next decade through a trillion-dollar compensation package.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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