\n\tSpaceX plans to cement founder Elon Musk\u2019s control after its IPO, granting him and a small group of insiders supervoting shares that will outweigh other investors, according to excerpts of the company\u2019s IPO filing reviewed by Reuters.\u00a0<\/p>\n
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\n\tThe prospectus, which was confidentially filed this month, provides fresh details of the company\u2019s financials and corporate governance. Upon completion of the offering, Musk will stay on as chief executive officer, chief technical officer, and will serve as chairman of SpaceX\u2019s nine-member board of directors.\u00a0<\/p>\n
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\n\tThough Musk was paid $54,080 last year, according to the excerpts, he stands to gain billions in equity after the company\u2019s stock market debut.\u00a0<\/p>\n
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\n\tSpaceX is targeting a listing valuation of roughly $1.75 trillion with a $75 billion raise, which would make it the largest initial public offering in history. Musk bought $1.4 billion in the company\u2019s stock last year and stands to get another 60 million in shares if SpaceX\u2019s market value reaches $6.6 trillion and he is able to build data centres in space under a stock plan approved last month, the Information reported.\u00a0<\/p>\n
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\n\tThe filing shows SpaceX will use a dual-class equity structure that gives Class B shareholders 10 votes each, concentrating power with Musk and a handful of other insiders, while Class A shares sold to public investors will carry one vote each.\u00a0<\/p>\n
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\n\tThey also outline provisions that could limit share- holders\u2019 ability to influence board elections or pursue certain legal claims, forcing disputes into arbitration instead and restricting where they can be brought. While such structures are common among founder-led technology companies, they limit public shareholders\u2019 ability to influence strategy or challenge management.<\/p>\n","protected":false},"excerpt":{"rendered":"
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