In a move that signals a massive shift in Elon Musk’s long-held stance on public markets, SpaceX is reportedly exploring a dual-class share structure for its highly anticipated initial public offering (IPO). According to reports on February 13, 2026, the rocket and satellite giant is weighing a two-tier stock setup that would grant insiders “super-voting” shares, ensuring Musk retains “iron-grip” control even with a minority ownership stake.
The deliberations come as SpaceX targets a historic $1.5 trillion valuation, positioning the debut as potentially the largest in stock market history.
Why Dual-Class? The Control Narrative
A dual-class structure allows a company to issue different types of shares with varying voting power. Typically, “Class B” shares held by founders carry 10 to 20 votes per share, while “Class A” shares sold to the public carry only one.
| Feature | Proposed SpaceX Structure | Strategic Rationale |
| Insider Control | Super-voting shares for Musk & Board. | Protects “multi-planetary” long-term vision from activist pressure. |
| Board Expansion | Adding new independent directors. | Strengthening corporate governance ahead of a trillion-dollar listing. |
| AI Integration | Inclusion of recently acquired xAI. | Rebranding from a “rocket company” to an “AI-in-Space” infrastructure provider. |
The “Tesla Lesson”: Musk has previously advocated for this structure at Tesla, expressing frustration that he lacks enough voting influence (targeting ~25%) to develop AI and robotics without threat from short-term investors. By implementing this at SpaceX before the IPO, he avoids the legal and shareholder hurdles currently facing his Tesla voting-control push.
The Trillion-Dollar Financial Engine
SpaceX’s path to the public markets is being fueled by the explosive growth of Starlink and the rapid development of Starship.
- Revenue Surge: The company is projected to generate between $22 billion and $24 billion in revenue for 2026, with Starlink contributing the lion’s share.
- Capital Raise: The IPO could raise up to $50 billion, eclipsing Saudi Aramco’s record-breaking $29.4 billion debut in 2019.
- Use of Proceeds: Funds are reportedly earmarked for “lunar industrialization,” including a factory on the Moon and space-based AI data centers.
The “June 2026” Roadmap
While the company has not made an official statement, analysts and prediction markets have converged on a specific timeline.
- Valuation Anchor: A recent secondary share sale at $420 per share (valuing the firm at ~$1.25 trillion) acted as a “level-setting” exercise for the IPO price.
- Target Date: Rumors suggest a mid-June 2026 listing, potentially coinciding with Musk’s 55th birthday on June 28.
- Bank Lineup: SpaceX has reportedly tapped four major Wall Street banks to lead the syndicate, including Morgan Stanley and Goldman Sachs.
“SpaceX is the IPO bellwether the market has been waiting for. If it succeeds at a trillion-dollar valuation with a dual-class structure, it triggers a cascade for other ‘sovereign-scale’ unicorns like OpenAI.” — Greg Martin, Managing Director at Rainmaker Securities.
