SpaceX Reportedly Considering Dual Class Shares To Keep Elon Musk In Control After IPO

SpaceX is reportedly eyeing a dual-class share structure for its highly anticipated IPO later this year.The move would let billionaire founder Elon Musk maintain iron-grip control over the rocket maker even as he taps public markets for cash.The two-tier setup mirrors a strategy Musk has publicly championed for Tesla Inc (NASDAQ:TSLA), giving select insiders supervoting shares that dominate corporate decision-making. Critics say the structure shields executives from accountability, but Musk has long argued it protects long-term vision from activist pressure.This insulation from activist pressure may be vital for Musk’s latest pivot: a capital-intensive shift from Mars colonization to lunar industrialization.From Mars Dreams To Moon CatapultsSpaceX has shifted focus from Mars to the moon in recent months, prioritizing closer-to-Earth opportunities. “It is only possible to travel to Mars when the planets align every 26 months, whereas we can launch to the Moon every 10 days. This means we can iterate much faster to complete a Moon city than a Mars city,” Musk said. Musk told xAI employees he wants a moon factory building AI satellites, then launching them via a massive electromagnetic catapult he calls a ‘mass driver.’Blockbuster IPOPolymarket traders are putting SpaceX’s 2026 IPO odds at 93%. The IPO could value SpaceX at $1.5 trillion and raise over $30 billion, which would make it the largest stock market debut in history, surpassing Saudi Aramco’s $29 billion offering in 2019.The IPO could happen as soon as mid-June 2026, timed to coincide with a rare planetary alignment of Jupiter and Venus and Musk’s 55th birthday on June 28.Why Dual-Class Matters For Musk’s EmpireDual-class structures are common among US tech giants like Meta Platforms Inc (NASDAQ:META) and Alphabet Inc (NASDAQ:GOOGL), typically giving founders 10 or 20 votes per share versus one for ordinary investors. Under such structures, public shareholders typically get limited voting rights despite owning the majority of shares.For Musk, supervoting shares would create a bulwark against activist investors pushing changes he opposes. He floated a similar plan for Tesla in 2024, seeking at least 25% voting control. “That’s not so much that I could control the company, even if I go bonkers,” Musk said at the time.The dual-class approach may prove critical as Musk juggles oversight of multiple companies while pursuing ambitious space and AI initiatives that require patient capital and insulation from short-term shareholder demands. Whether shareholders will accept the trade-off remains to be seen. Image: Shutterstock