FCC filings show his equity stake rose to 42.5% from 41.5% between January 30 and May 1 after SpaceX acquired xAI on February 2.
The deal valued xAI at $250 billion and SpaceX at $1 trillion, reshaping ownership in the combined company ahead of a planned summer initial public offering.
SpaceX is expected to adopt a dual-class share structure for the IPO, with Musk holding Class B shares carrying 10 votes each, further strengthening his influence.
With Musk's near-total control, what power will public investors really have after the historic IPO?
How does the US manage a critical defense contractor controlled by one unpredictable CEO?
Inside SpaceX's Record $75B IPO: $1.75T Valuation, Musk's Super-Voting Power, and Investor Challenges
Overview
In May 2026, SpaceX filed for a landmark IPO aiming to raise $75 billion with a record $1.75 trillion valuation, placing it among the world's top ten companies. This milestone is backed by strong financials, including $24.8 billion in cash and a profitable Starlink division generating $7.2 billion EBITDA. A dual-class share structure grants Elon Musk 79% voting power despite owning 42% of shares, ensuring his near-total control as CEO, CTO, and Chairman. The IPO proceeds will fund ambitious projects like Starship and Mars colonization, while Musk’s compensation ties to $2 trillion and $3 trillion valuation targets incentivize aggressive growth. However, governance concerns, regulatory hurdles, environmental opposition, and Musk’s divided focus pose significant risks for investors.