Bloomberg: SpaceX may introduce dual-class shares in IPO

• The planned IPO could value SpaceX at over $1.5 trillion, making it one of the largest public offerings in history
• A dual-class share structure would give certain shareholders (likely including Musk) greater voting power than their ownership percentage, similar to structures used by companies like Meta and Alphabet
• SpaceX is adding board members to oversee the IPO process, though deliberations are ongoing and details could still change

SpaceX Considers Dual-Class Share Structure for Potential $1.5 Trillion IPO

Elon Musk's SpaceX is exploring a dual-class share structure for a planned initial public offering in 2026, according to Bloomberg. The blockbuster IPO could value the space company at over $1.5 trillion.

Key Details:

A dual-class structure would provide different voting rights across share classes, potentially allowing Musk and insiders to maintain control while raising public capital. This approach is common among tech companies where founders seek to preserve decision-making authority despite diluting ownership stakes.

SpaceX is simultaneously expanding its board of directors to oversee the IPO process and support Musk's broader space ambitions beyond its core rocket and satellite operations. The company recently merged with Musk's artificial intelligence venture, xAI.

Market Context:

While Tesla, Musk's electric vehicle company, does not currently employ a dual-class voting structure, Musk has previously stated he requires approximately 25% voting control to maintain strategic direction. This preference likely informs SpaceX's consideration of a similar protective mechanism.

Important Caveats:

Bloomberg noted that deliberations remain ongoing and IPO details could change. SpaceX did not respond to Reuters' request for comment on the report.

Implications:

A $1.5 trillion valuation would make this one of the largest IPOs in history, potentially reshaping the aerospace and defense sector's public market landscape. The dual-class structure may appeal to investors seeking exposure to SpaceX's growth while potentially limiting shareholder influence over company direction. Investors should monitor developments closely as the company progresses toward public markets.