New York: Elon Musk is set to retain strong control over SpaceX even as the company prepares for a landmark public offering, according to new filing details that shed light on its ownership and finances.
The documents show that SpaceX plans to adopt a dual class share structure that will give Musk and a small group of insiders far greater voting power than public investors. Shares held by insiders will carry multiple votes, while those sold to the public will carry only one vote each. This means that even after listing, key decisions will remain in the hands of Musk and his inner circle.
The planned public offering could become one of the largest ever, with the company targeting a valuation of about 1.75 trillion dollars and aiming to raise tens of billions in fresh capital. The move is expected to attract strong interest from global investors, including individuals, as SpaceX considers allocating a portion of shares to retail buyers.
The filing also offers a rare look into the company’s financial position. SpaceX reported revenue of about 18.7 billion dollars in 2025 but posted a net loss of nearly 5 billion dollars. The loss is largely linked to heavy spending on artificial intelligence projects and expansion efforts tied to its growing technology ambitions.
Despite the loss, the company holds strong cash reserves and maintains a solid asset base. Its satellite internet business, Starlink, continues to provide steady income and has helped balance the impact of rising costs. The service generated significant operating profit, showing its importance to the company’s long term plans.
In recent months, Musk has also increased his stake in SpaceX by purchasing shares from employees, further strengthening his influence. A new compensation plan could grant him additional shares if the company reaches ambitious valuation targets in the future.
The approach reflects a broader trend among major technology firms where founders seek public investment without giving up control. While this model allows companies to focus on long term goals, it has raised concerns among some investors about limited shareholder influence.
As SpaceX moves closer to its public debut, the offering is expected to reshape global markets and draw widespread attention, marking a major moment for both the company and the future of private space and technology ventures.