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SpaceX is weighing a dual-class share structure for a potential initial public offering later in 2026, according to people familiar with the matter. The structure would give some shares stronger voting rights and could let founder Elon Musk keep tighter control after a listing.
A dual-class setup creates at least two share types. One class usually carries extra votes per share, while the other holds standard voting power. Many US technology companies use the model to preserve founder influence after going public. Governance critics argue that the structure can reduce accountability.
People familiar with SpaceX’s talks said the company has considered that approach for its IPO. If SpaceX adopts the structure, it could give Musk and select insiders super-voting shares.
That design can limit the voting power of public investors. It can also protect management from activist campaigns.
The same people said SpaceX has started adding board members as it prepares for an IPO process. A larger board can add oversight and help manage disclosure demands. It can also support decisions on strategy and capital allocation.
Bloomberg said the additions would also back Musk’s broader space ambitions beyond rockets and satellites. The offering could value SpaceX at more than $1.5 trillion and raise as much as $50 billion. The report linked the potential proceeds to new projects, including AI data centers in space and a factory on the moon.
Those plans would require large, long-dated investments and careful execution. A final prospectus would need to outline risks, timelines, and governance terms.
SpaceX has not filed public IPO documents, and the company has not announced dates. Investors often watch for board appointments and adviser selections as early signals, but the company can still delay or cancel a listing. The people familiar with the matter said talks remain active and details could change.
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SpaceX recently acquired Musk’s artificial-intelligence startup xAI, a deal Musk announced on February 2, 2026. Reuters reported the transaction valued SpaceX at $1 trillion and xAI at $250 billion, for a combined $1.25 trillion. The acquisition ties SpaceX more closely to AI development and computing infrastructure.
Musk has highlighted voting influence as a priority in his public-company roles. Tesla does not use a dual-class structure, and Musk has said he needs about a 25% stake to hold enough voting influence.
In 2024, he described that level as a way to keep influence without full control, adding that it would not let him run the company unchecked “even if I go bonkers.” SpaceX’s reported discussions echo that governance view, while leaving key terms unresolved in the months ahead.
