SpaceX, the company founded by Elon Musk, has announced plans to maintain full control for its founder following the initial public offering (IPO). Musk and a small group of close associates will receive dual-vote shares that surpass the voting rights of other investors. This information emerged from a draft of the IPO documents that were recently reviewed.
Musk is expected to remain in his roles as CEO and Chief Technology Officer of the company, in addition to chairing the nine-member SpaceX board. Despite earning approximately $54,080 last year, the IPO could potentially yield him billions in stock once the company enters the stock market.
Event Details
SpaceX is targeting a valuation of around $1.75 trillion while raising $75 billion, which would make it the largest IPO in history. Concurrently, Gwynne Shotwell, the president and CEO, received total compensation of $85.8 million, while CFO Brett Johnson earned $9.8 million.
The company aims to bolster its ambitions by organizing three days of meetings with Wall Street analysts, starting with a tour of its launch facility in Boca Chica, Texas. The documents indicate that SpaceX will utilize a dual-class ownership structure, where class B shareholders have ten votes per share, concentrating power in Musk's hands and a select group of associates, while shares sold to public investors carry only one vote each.
Background & Context
Founded in 2002, SpaceX has achieved significant milestones in the space sector, including launching rockets to the International Space Station and developing a space transportation system. In recent years, the company has integrated its operations with Musk's other venture, xAI, which has impacted its financial standing.
According to the documents, the company ended 2025 with approximately $24.8 billion in cash liquidity, total assets of $92 billion, and total liabilities of $50.8 billion. Despite incurring substantial losses, the satellite internet service, Starlink, has generated significant profits that helped support these expenses.
Impact & Consequences
The documents reveal that SpaceX incurred consolidated losses of $4.94 billion in 2025, with revenues of $18.67 billion, due to massive investments in artificial intelligence infrastructure. These losses follow a period of profitability in previous years, indicating a major shift in the company's strategy.
The substantial increase in capital expenditures, which reached $20.74 billion last year, reflects a pivot towards artificial intelligence development, with AI-related expenses rising to $12.7 billion. While these figures remain significantly lower than the spending of larger tech firms on AI infrastructure, SpaceX aims to be at the forefront of this field.
Regional Significance
SpaceX is considered one of the leading companies in the space sector, and its investments in artificial intelligence and space could open new horizons for Arab countries. With growing interest in technology and space in the region, Arab nations may benefit from partnerships with companies like SpaceX to enhance their capabilities in these areas.
In conclusion, SpaceX's IPO represents a significant step in the technology and space world, reflecting future trends that may impact the global market.