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- Controlled Company / Founder Control (unchanged) — Mr. Musk personally holds 82.4% of total voting power through Class B super-voting shares, electing a majority of the board. SpaceX will use controlled-company exemptions from governance requirements, limiting public shareholder influence.
- Dual-Class Super-Voting (unchanged) — Class B shares carry 10 votes each versus 1 vote for Class A. Class B holds 88.5% of voting power post-IPO despite Class A representing the majority of shares, entrenching control with insiders.
- Regulatory Investigation / Child-Safety / Csam (new) — SpaceX is subject to investigations and inquiries from U.S. and international regulators concerning allegations that its AI products were used to create nonconsensual explicit images or content representing children in sexualized contexts.
- Regulatory Investigation / Ai Data-Protection (new) — In February 2026, the Irish Data Protection Commission (SpaceX's AI segment's privacy regulator in Europe) launched a large-scale inquiry into whether the company complied with GDPR obligations, including processing personal data of EU children using Grok.
SpaceX prices 555.6M-share IPO at $135.00, raising $74.4B net proceeds ($85.7B with overallotment)
Filed June 11, 2026 · ~4 min read
IPO filing cluster
Same offering- S-1 May 19, 2026 SpaceX (SPCX) files for IPO at preliminary price range; Musk to retain voting control via dual-class structure EDGAR →
- S-1/A May 31, 2026 SPCX files S-1/A with Musk's 1.3B restricted shares tied to Mars colony, 100TW compute goals EDGAR →
- S-1/A Jun 2, 2026 SpaceX prices $75B IPO at $135/share; Musk retains 82% voting control via dual-class structure EDGAR →
- 424B4 Jun 11, 2026 This filing EDGAR →
- 8-K Jun 15, 2026 SpaceX completes $86B IPO, converts 103M preferred shares to dual-class common stock EDGAR →
Key Changes
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SpaceX prices its IPO at $135.00 per share, offering 555,555,555 primary shares for net proceeds of $74.4B ($85.7B if the 83.3M-share overallotment is exercised). All shares are primary; all proceeds go to the company.
The Offering verify on EDGAR → -
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Implied post-offering market capitalization is $1.79T ($135.00 × 13.2B shares outstanding). New investors pay $135.00/share for 4.2% ownership while existing investors own 95.8%, having paid $6.48/share on average.
Dilution verify on EDGAR → -
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Mr. Musk personally holds 82.4% of total voting power through Class B super-voting shares (10 votes each vs. 1 vote for Class A). SpaceX will be a controlled company exempt from independent-board requirements.
The Offering verify on EDGAR →
10 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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