The highly anticipated SpaceX (SPACE) initial public offering could be issued with two tiers of shares to give certain shareholders greater voting power.
According to sources cited by Bloomberg, a dual listing would enable SpaceX (SPACE) CEO Elon Musk to maintain control of the company, mirroring his majority control over Tesla (TSLA) despite owning a minority stake in the company. As part of his recent trillion-dollar compensation package, Musk’s stake in Tesla (TSLA) would increase to 25%.
An IPO offering dual-class shares is commonly employed among founder-led companies that want to maintain control without putting up a lot of capital. The shares are often structured to give the holder as much as double the votes as ordinary shares.
The space exploration company is also adding board members to “help steer the IPO and drive Musk’s space ambitions beyond its core rocket and satellite business,” Bloomberg said, citing sources familiar with the matter.
The IPO, targeted for the second half of 2026, is currently valued at ~$1.5 trillion, with proceeds expected to give the company as much as $50B to fund its Mars ambitions.