Story perspectives

SpaceX IPO Seeks $1.75 T Valuation, Musk Retains Full Control

5/1/2026

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Summary

Musk Blocks Removal

The April 29, 2026 IPO filing says Elon Musk cannot be removed as CEO or chairman without his consent.
Removal would require a vote of Class B shareholders, each holding ten votes, which Musk controls.
The filing seeks a $1.75 trillion valuation and could add 200 million super-voting shares if a $7.5 trillion market cap and a one-million-person Mars colony are achieved.
SpaceX will adopt a dual-class, Texas incorporation “Texas fortress” structure to block shareholder lawsuits.

Summary

SpaceX IPO

SpaceX filed an IPO on April 1, 2026 seeking $75 billion at a $1.75-$2 trillion valuation.
Retail investors may receive up to 30% of shares, three times the norm, with 10-20× oversubscription.
The roadshow starts June 8, 2026 with underwriters Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America.
Kalshi predicts an 86% chance the IPO will close before Aug 1, 2026 and the lock-up ends Dec 15-27, 2026.

History

Historical Context

Google’s August 19 2004 IPO raised $1.67 billion and introduced a dual-class share system that let Larry Page and Sergey Brin retain 56 % of voting power. That structure set a precedent for later tech listings, and the upcoming 2026 SpaceX offering is being compared to Google’s model as founders seek similar super-voting control.

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Musk Blocks Removal

The April 29, 2026 IPO filing says Elon Musk cannot be removed as CEO or chairman without his consent.
Removal would require a vote of Class B shareholders, each holding ten votes, which Musk controls.
The filing seeks a $1.75 trillion valuation and could add 200 million super-voting shares if a $7.5 trillion market cap and a one-million-person Mars colony are achieved.
SpaceX will adopt a dual-class, Texas incorporation “Texas fortress” structure to block shareholder lawsuits.

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