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With Dual-Class Share Structure, Company Seeks to Raise Up to US$ 50 Billion to Fund Space Data Centers, Expand Presence in Artificial Intelligence, and Keep Strategic Control in the Hands of the Founder
SpaceX is preparing for one of the most anticipated IPOs of the decade. The American rocket and satellite manufacturer is evaluating a initial public offering that could raise up to US$ 50 billion later this year. However, more than just raising billions, the move reveals a clear strategy: to ensure Elon Musk maintains control of the company even after going public.
The information was disclosed by “Bloomberg”, based on sources familiar with the internal negotiations. According to the report, SpaceX is considering adopting a dual-class share structure, a model already used by tech giants like Meta and Alphabet (Google).
Dual-Class Structure Ensures Enhanced Voting Power
The proposal calls for the issuance of two types of shares. On one side, ordinary shares with one vote per share. On the other, special shares with enhanced voting power, potentially granting 10 or even 20 votes per unit to strategic holders.
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In practice, this structure will allow Elon Musk to dominate decision-making, even if he holds a minority stake in the company’s total capital. This way, SpaceX preserves its governance aligned with the long-term vision of the founder.
Additionally, the model creates a barrier against activist shareholders, making it more difficult to attempt unwanted strategic changes. In other words, the IPO strengthens the company’s cash flow without diluting Musk’s power.
It’s worth noting that Musk has already defended this strategy at Tesla. In 2024, he proposed creating a dual-class share structure to ensure at least 25% of voting control. Currently, he owns about 11% of the shares, but his new compensation package estimated at US$ 1 trillion could raise his stake to 25% or more in the next decade.
Billion-Dollar IPO Will Fund Space AI and Factory on the Moon
The US$ 50 billion IPO is not limited to financial strengthening. On the contrary, it integrates an aggressive strategy for expansion in artificial intelligence, space infrastructure, and advanced computing.
According to sources interviewed by Bloomberg, the funds could finance:
- AI Data Centers in Space
- Building a Factory on the Moon
- Expansion of Orbital Infrastructure
Recently, SpaceX acquired xAI, an artificial intelligence startup founded by Musk. With this, the company expanded its activities beyond rockets and satellites, directly entering the high-performance AI market.
This move signals a strategic transformation: SpaceX is no longer just an aerospace company and is positioning itself as a technology conglomerate focused on artificial intelligence and global space infrastructure.
Furthermore, the company is expanding its board of directors to strengthen governance and structure the IPO with greater institutional robustness.
Aspirations That Go Beyond Earth’s Orbit
Although SpaceX‘s historical focus has been on orbital launches and the Starlink project, Elon Musk’s ambitions are much greater. The creation of space data centers could redefine global data processing capability. The idea of a factory on the Moon reinforces the long-term plan for human expansion in space.
However, dual-class share structures also generate criticism. Some analysts argue that the model reduces accountability of leadership by concentrating decision-making power. Nevertheless, companies like Meta and Alphabet have shown that this structure can sustain disruptive innovation with corporate stability.
Furthermore, investors see concentrated governance as a competitive advantage, as it allows for faster decisions aligned with high-risk technology projects.
Market Awaits Possible Largest IPO in the Space Sector
If the IPO is confirmed, the operation could become one of the largest public offerings in the technology sector in recent years. Moreover, it will solidify SpaceX as a key player not only in the space race but also in the artificial intelligence economy.
Deliberations are still ongoing, and details may change. However, the move already indicates that the company intends to unite financial markets, space exploration, and AI into a single integrated strategy.
In light of this scenario, global investors are closely watching every step. After all, SpaceX’s IPO could mark the beginning of a new phase in the convergence of technology, space, and international capital.
Would you invest in a company that promises to take artificial intelligence to space and also build a factory on the Moon?
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