The now-revealed S-1 prospectus illustrates Musk’s control of about 79% of SpaceX’s voting power while holding around 42% of its equity, due to a dual-class share structure. The company is planning a June IPO at a valuation of $1.75 trillion, aiming to raise up to $75 billion, with an unusually large 30% allocated to retail investors.
SpaceX’s IPO prospectus, public following the company’s April 1, 2026 confidential SEC filing, confirms Elon Musk and insiders will maintain dominant voting control post-listing via a dual-class share structure. Musk holds roughly 42% of SpaceX’s equity but commands about 79% of its voting rights through shares with higher voting power. Shares sold to the public will have standard voting rights, providing economic stakes but limited influence over the company’s direction.
The prospectus offers public investors the first detailed view of SpaceX’s financials. The company’s core launch and Starlink divisions generated $15-$16 billion in annual revenue in 2025, with profits near $8 billion. Starlink ended 2025 with around 9.2 million subscribers and over $10 billion in revenue. The target $1.75 trillion valuation indicates a revenue multiple of around 100x, reflecting investor expectations for growth stemming from Starlink, Starship, and xAI operations rather than current financial performance.
SpaceX acquired xAI, Musk’s AI venture and owner of social platform X, in February 2026 in a stock deal valuing the combined entity at $1.25 trillion, with xAI at about $250 billion and SpaceX at $1 trillion. This alters the IPO narrative, making SpaceX not just a launch and satellite company but an AI infrastructure player, incorporating xAI’s Grok models into Starlink’s network management and an “Orbital AI Data Centers” initiative blending satellite connectivity and edge computing. The prospectus is anticipated to include the first consolidated financial statements of the merged company.
The governance structure has faced criticism pre-offering. The dual-class approach is common in major US tech firms like Meta and Alphabet but applied more extremely here. Critics highlight that public investors buying SpaceX shares at a record valuation would have little ability to challenge management, change board members, or respond to governance issues. Former Fidelity manager George Noble criticized the structure as a “SHAMELESS structural manipulation” suggesting it turns retail investors into exit liquidity for insiders.
Donald Trump Jr, the US president’s eldest son, holds SpaceX shares through 1789 Capital, a venture firm he joined after his father’s election win. SpaceX targets a June Nasdaq listing, aiming to raise up to $75 billion, significantly surpassing Saudi Aramco’s $29.4 billion in 2019, the current record. The offering includes an unusual component with up to 30% of shares expected for individual investors, about three times the norm for large IPOs.
Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are lead underwriters. If successful at a $1.75 trillion valuation, SpaceX would rank among the ten most valuable public companies globally, behind Nvidia, Apple, Alphabet, Microsoft, and Amazon of the S&P 500. The prospectus must be public at least 15 days before SpaceX starts its investor roadshow. With a June listing, the roadshow might start the week of June 8, after meetings with institutional investors anticipated to begin soon. Whether the June target is met depends on market conditions; recent Nasdaq volatility from the US-Iran conflict and rising oil prices, alongside IPO experts noting that even anticipated offerings may struggle if market sentiment deteriorates shortly before pricing.