While such structures are hardly unusual in corporate America, particularly among founder-led companies, few issues are so fiercely criticized by governance watchdogs.

SpaceX will keep Elon Musk as CEO, CTO, and chairman post-IPO, with a dual-class share structure giving him 79% voting control at a $1.75T valuation.

SpaceX plans a mid-2026 IPO with dual-class shares ensuring Elon Musk retains at least 25% voting control. The offering could raise up to $50 billion.