According to excerpts from SpaceX's initial public offering prospectus, company founder Elon Musk has designed an exceptionally rare power structure for himself: "Only Elon Musk can fire Elon Musk." This clause highlights how the billionaire will consolidate his absolute control over the rocket and AI manufacturing giant as it prepares to become a publicly traded company.

The documents indicate that SpaceX plans to adopt a dual-class share structure following its IPO, which could be valued at up to $1.75 trillion. 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.

In terms of personnel structure, Musk will hold "three roles simultaneously": he will continue to serve as Chief Executive Officer, Chief Technology Officer, and will also act as Chairman of the nine-member board of directors.

Typically, a majority of a public company's board consists of independent directors. However, SpaceX has applied for a "controlled company" exemption, meaning its board does not need to have a majority of independent directors, nor is it required to establish separate compensation and nomination committees.

Beyond controlling personnel decisions, Musk's compensation is tied to interplanetary goals. The board has approved an ambitious performance-based equity plan: if the company's market capitalization increases from its current level of approximately $1.1 trillion to a maximum of $7.5 trillion, and if objectives such as establishing a colony of one million people on Mars and building space-based data centers are achieved, he will receive substantial equity awards.

Analysts note that while this structure limits the influence of public shareholders, it provides SpaceX with maximum flexibility to pursue its long-term, ambitious vision, potentially avoiding many of the governance controversies previously encountered by Tesla Motors.