Elon Musk is set to tighten his grip over SpaceX through the company’s upcoming IPO, with newly released filing details showing he will retain extraordinary control even after the aerospace giant goes public, according to TechCrunch.
Following the IPO, Musk will continue serving as CEO, CTO, and chairman of SpaceX. Although his voting power is expected to decrease from around 85% after the offering, he will still maintain majority control, giving him the authority to appoint directors and effectively making it nearly impossible to remove him from leadership. The filing reportedly states that shareholders will have limited ability to influence corporate decisions or board elections.
The report noted that while dual-class share structures have become common among major tech firms like Meta and Google, SpaceX is taking founder control to another level. Musk reportedly controls nearly all of the company’s Class B super-voting shares, which will not be available to public investors. Even after listing publicly, SpaceX will still qualify as a “controlled company,” allowing it to bypass certain Nasdaq governance requirements tied to independent oversight.
TechCrunch also highlighted that Musk’s authority at SpaceX far exceeds his influence at Tesla, where he controls a much smaller share of voting power. At SpaceX, Musk will reportedly be able to independently approve major corporate decisions, including mergers and acquisitions, without needing support from outside shareholders.
The filing also revealed new legal protections that could make it harder for investors to challenge the company in court. By incorporating in Texas instead of Delaware, SpaceX benefits from laws requiring shareholders to own at least 3% of the company before filing certain derivative lawsuits — a stake that could be worth more than $50 billion at the company’s expected valuation.
Additionally, most legal disputes involving the company would reportedly be routed either through Texas Business Courts or mandatory arbitration, significantly reducing traditional shareholder oversight options. Legal analysts cited in the report argued that these measures greatly strengthen Musk’s long-term control over the company.
Another major factor discussed was SpaceX’s likely fast-track inclusion into indexes like the Nasdaq 100. According to TechCrunch, that move could automatically force major institutional investors and retirement funds to purchase SpaceX shares, helping support the stock price even if concerns about governance emerge. Analysts suggested this weakens investors’ ability to pressure the company by simply selling shares.
Musk also stands to gain enormous personal wealth from the IPO. The filing reportedly includes a compensation package awarding him 1 billion additional Class B shares tied to ambitious milestones, including growing SpaceX’s valuation to $7.5 trillion and helping establish a permanent human colony on Mars with at least one million inhabitants.
Even before those shares fully vest, Musk would reportedly still be able to vote with them and use them as collateral for loans — a strategy commonly used by ultra-wealthy executives to access cash without selling stock.
The filing further suggested that Musk may be positioning SpaceX for long-term dynastic control. According to TechCrunch, the super-voting shares can retain their special status if transferred into trusts, potentially allowing Musk’s heirs to maintain control over the company for generations.
