Exclusive-Musk and insiders to retain voting control of SpaceX after IPO, filing shows

By Echo Wang

NEW YORK, April 20 (Reuters) - SpaceX plans to cement laminitis Elon Musk's power aft its IPO, granting him and a tiny radical of insiders super-voting shares that volition outweigh different investors, according to excerpts of the company's ‌IPO filing reviewed by Reuters.

The prospectus, which was confidentially filed this month, provides caller details of the company’s financials and ‌corporate governance.

Upon completion of the offering, Musk volition enactment connected arsenic main enforcement officer, main method officer, and volition service arsenic president of SpaceX’s nine-member committee of directors.

Though Musk ​was paid $54,080 past year, according to the excerpts, helium stands to summation billions successful equity aft the company’s banal marketplace debut.

SpaceX is targeting a listing valuation of astir $1.75 trillion with a $75 cardinal raise, which would marque it the largest archetypal nationalist offering successful history.

President and Chief Operating Officer Gwynne Shotwell received $85.8 cardinal successful full compensation past year, Reuters antecedently reported, portion Chief Financial Officer Bret Johnsen was paid $9.8 million.

ANALYST DAY

Some of the executives ‌are driving Musk's IPO ambitions with 3 days ⁠of meetings planned this week for Wall Street analysts, starting with a circuit and briefings astatine SpaceX's Starbase motorboat installation successful Boca Chica, Texas.

The filing excerpts amusement SpaceX volition usage a dual-class equity operation that gives ⁠Class B shareholders 10 votes each, concentrating powerfulness with Musk and a fistful of different insiders, portion Class A shares sold to nationalist investors volition transportation 1 ballot each.

They besides outline provisions that could bounds shareholders' quality to power committee elections oregon prosecute definite ineligible claims, forcing disputes into arbitration alternatively ​and ​restricting wherever they tin beryllium brought.

While specified structures are communal among founder-led exertion ​companies, they bounds nationalist shareholders' quality to power strategy ‌or situation management.

FIRST LOOK AT FINANCIALS

The filing gives investors the archetypal look astatine SpaceX's fiscal health, particularly aft Musk combined the rocket shaper with his societal media and AI institution xAI this year.

The combined institution ended 2025 with astir $24.8 cardinal successful currency connected hand, and had full assets of $92 cardinal against full liabilities of $50.8 billion.

Its outer net concern Starlink generated billions successful nett past year, helping to offset dense losses inherited erstwhile it bought laminitis Elon Musk's societal media and artificial quality institution xAI this year, the excerpts show.