SpaceX has reportedly filed confidential paperwork for an initial public offering that could rank among the largest in history, targeting a valuation of up to US$1.75 trillion and aiming to raise as much as US$75 billion.
Musk's grip on the wheel
According to Reuters, the company is preparing a governance structure designed to preserve founder Elon Musk's control even after going public. The outlet reports that SpaceX plans to adopt a dual-class share system, in which Class B shares carry 10 votes each, while publicly traded Class A shares carry one vote. The structure would allow Musk and early insiders to retain effective voting control even as ownership is diluted through public markets. The filing also reportedly includes provisions that limit the influence of outside shareholders over board composition and legal action.
Pay gap at the top
The documents also provide rare insight into executive compensation at one of the world's most valuable private companies. President and Chief Operating Officer Gwynne Shotwell — a veteran executive who joined SpaceX as its seventh employee — earned US$85.8 million in 2025, primarily through stock options and incentive awards. Her compensation exceeded that of Apple CEO Tim Cook in the same period.
By contrast, Musk's formal salary remains minimal at about US$54,000 per year, while Chief Financial Officer Bret Johnsen received roughly US$9.8 million. That said, Musk stands to receive performance-based equity awards worth tens of billions of dollars if the company achieves ambitious milestones, including reaching specific valuation targets or deploying space-based data center infrastructure.
Ambition meets capital pressure
Despite strong revenue growth, SpaceX is facing mounting capital demands driven by its expanding ambitions in artificial intelligence and space infrastructure. Investment in AI-related capacity reportedly surged to US$12.7 billion in 2025 alone. While its Starlink satellite internet business is now profitable, the company continues to operate under heavy capital expenditure pressure as it builds out global communications and space-based computing systems.
Article translated by Elaine Chen and edited by Jerry Chen
