SpaceX is weighing a dual-class share structure for its planned initial public offering, a move that could strengthen founder Elon Musk’s control over the company, according to people familiar with the matter. The proposal mirrors a governance strategy Musk has previously advocated in the technology sector.
Under a dual-class framework, certain insiders would hold shares carrying enhanced voting rights, enabling them to maintain decision-making authority even with a minority economic stake. Such a structure is often used by founder-led firms to preserve long-term strategic direction and protect against pressure from activist investors.
The US rocket and satellite manufacturer is also said to be expanding its board of directors as it prepares for a potential IPO later this year. The offering could reportedly raise up to $50 billion, with funds expected to support ambitious projects including space-based artificial intelligence infrastructure and a proposed lunar manufacturing facility. The company has also moved deeper into AI following its recent acquisition of Musk’s xAI venture.
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People familiar with the discussions cautioned that deliberations remain ongoing and the final structure of the IPO could change. A company representative did not immediately respond to requests for comment. Market watchers note that dual-class shares are widely used across the US technology sector.
Major firms such as Meta Platforms and Alphabet Inc. employ similar governance models, typically granting founders multiple votes per share. Supporters argue the approach allows leadership to pursue long-term innovation, while critics contend it reduces accountability to public shareholders.
Musk has previously endorsed the model and pushed for greater voting control at Tesla Inc., where he has said stronger influence would help advance the company’s artificial intelligence and robotics ambitions. Bloomberg News earlier reported that SpaceX has also explored the feasibility of closer ties with Tesla, underscoring Musk’s broader strategy of aligning his technology ventures.
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