SpaceX is preparing for what could be the largest initial public offering in history later this year, targeting a valuation of up to $1.75 trillion and aiming to raise as much as $75 billion. However, according to IPO registration documents reviewed by media, the company will adopt an unusually structured governance model designed to ensure that founder Elon Musk retains absolute control after going public.

The documents reveal that SpaceX will implement a dual-class share structure: Class A shares offered to the public will carry one vote per share, while Class B shares held by Musk and a small group of insiders will carry ten votes per share. Musk currently holds approximately 42.5% of the company’s equity but controls 83.8% of the voting power. Post-IPO, his voting rights are expected to remain above 50%. Additionally, Musk will serve concurrently as Chief Executive Officer, Chief Technology Officer, and Chairman of the Board, with exclusive authority to appoint and remove directors—meaning that the only person who can fire Musk is Musk himself.

SpaceX has also significantly restricted shareholders’ statutory rights. Under its corporate bylaws, investors automatically waive their rights to jury trials and class-action lawsuits, with all disputes required to be resolved through mandatory arbitration. Furthermore, the company has relocated its incorporation from Delaware to Texas, taking advantage of local laws that raise the bar for shareholder proposals: investors must hold at least $1 million in market value or 3% of the company’s shares to force a vote.

Corporate governance expert Bruce Herbert criticized the arrangement, stating, “This structure closes the doors to voting, litigation, and shareholder proposals simultaneously—it is unprecedented in eliminating accountability mechanisms.” Despite these concerns, SpaceX’s leading position in the aerospace sector and Musk’s personal influence are expected to attract strong investor interest.