SpaceX Considering Multi-Class Shares in IPO to Strengthen Musk's Influence

2026 February 14 at 9:01 JST/Bloomberg

Granting greater voting rights to certain shareholders, allowing them to lead decision-making

A system that allows founders to focus on long-term vision.

SpaceX, the US space exploration company, is considering a capital structure with dual-class shares (multiple voting rights stock) for its planned initial public offering (IPO) later this year, according to multiple sources familiar with the matter. Elon Musk, the founder, has previously proposed a similar strategy at Tesla.

This structure grants more voting rights to certain shareholders, enabling them to take the lead in decision-making. Even with less than a majority stake, insiders like Mr. Musk could maintain control of the company.

Moreover, according to sources, SpaceX is in the process of expanding its board of directors. The aim is to facilitate a smooth IPO and push forward Musk's vision for space beyond core businesses such as rockets and satellites.

SpaceX is aiming for an IPO this year and could raise up to $50 billion (approximately ¥7.64 trillion) to fund artificial intelligence (AI) data centers in space and the construction of lunar factories. Recently, it acquired Musk’s xAI, expanding its business into AI.

According to sources, discussions are ongoing, and details regarding the IPO may change. The sources spoke on condition of anonymity as the information has not been made public.

Comment was sought from SpaceX’s spokesperson, but no response has been received as of now.

Shares with multiple voting rights are common among US tech companies such as Meta Platforms and Alphabet, Google’s parent company. This structure is often explained as a way for founders to focus on long-term vision. Typically, the shares held by founders or insiders grant 10 or 20 votes per share, significantly more than the one vote per ordinary share. However, some criticize this as weakening management accountability.

Under a structure that grants Mr. Musk multi-voting shares, it would act as a bulwark against activist shareholders seeking to force changes contrary to his intentions.

Mr. Musk has previously praised this type of stock structure and proposed the creation of multi-class shares to secure at least 25% voting rights at Tesla. He suggested that if he couldn't gain such influence, he might expand his AI and robotics businesses with other companies.

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