SpaceX’s public IPO filing confirms Musk and insiders retain dominant voting control

The now-public S-1 prospectus shows Musk controls roughly 79% of SpaceX’s votes despite owning approximately 42% of its equity, a gap created by a dual-class share structure.

The company is targeting a June listing at a $1.75 trillion valuation, a raise of up to $75 billion, and an unusually large 30% retail investor allocation.

SpaceX’s IPO prospectus, now public after the company’s confidential SEC filing on 1 April 2026, confirms that Elon Musk and fellow insiders will retain dominant voting control of the company after its listing through a dual-class share structure.

Under the arrangement, Musk holds approximately 42% of SpaceX’s equity but controls roughly 79% of its votes through super-voting shares that carry disproportionately higher voting rights per share.

Ordinary shares sold to public investors will carry standard voting rights, meaning buyers will gain an economic stake in the company but no meaningful ability ...