SpaceX is gearing up for what could be one of the largest IPOs in history, and Elon Musk is making sure the public markets don’t get to steer the ship. The company is reportedly planning a dual-class share structure that would hand Musk and select insiders super-voting shares, keeping control firmly in Musk’s orbit even as outside investors pile in.
The IPO is tentatively targeted for mid-June 2026 and could raise up to $50 billion. Morgan Stanley is expected to lead the underwriting.
How dual-class shares actually work
In a dual-class structure, a company issues two types of stock: one class for regular investors with standard voting rights (typically one vote per share), and another class for founders and insiders with dramatically amplified voting power, sometimes 10 or even 20 votes per share.
The structure is designed to ensure Musk retains at least 25% voting control of SpaceX. That’s the threshold he considers necessary to maintain meaningful influence over the company and protect against hostile takeover attempts. It’s worth noting this is a playbook Musk has explicitly endorsed before. He’s previously stated that 25% voting power is his minimum comfort level for running a company the way he sees fit.
