'$1.7 trillion valuation': Who will win big from SpaceX’s listing?

As SpaceX prepares for a potential public listing, new disclosures highlight who stands to benefit the most from the company’s initial public offering (IPO). The filings show that Elon Musk remains the dominant shareholder, with a level of control that sets him apart from other investors.

According to details from the company’s S-1 filing, Musk holds a significant majority of voting power, giving him control over key decisions even after the IPO.

Elon Musk’s dominant stake explained

Musk owns more than 6.4 billion shares in total, including:

Around 850 million Class A shares (one vote per share)

Nearly 5.6 billion Class B shares (10 votes per share)

This dual-class share structure gives Musk overwhelming voting power. Reports suggest that even additional shares linked to long-term targets, such as future Mars missions, do not materially change his already strong control.

This means Musk is likely to remain the key decision-maker even after SpaceX becomes a public company.

Who else benefits from the IPO

Apart from Musk, a small group of insiders and early investors also hold significant stakes.

These include:

Antonio Gracias, investor and board member, with over 503 million shares

Luke Nosek, investor, with nearly 33 million shares

Gwynne Shotwell, COO, with around 12.6 million shares

Bret Johnsen, CFO, with nearly 9.6 million shares

These individuals are among the largest shareholders after Musk and could see substantial gains if the IPO performs well.

Estimated valuation and potential gains

Market estimates suggest that the SpaceX IPO could raise around $75 billion, with a possible valuation of $1.7 trillion.

At this level:

A 1 per cent stake could be worth around $17 billion

Even smaller stakes could translate into billions of dollars in value

This highlights the scale of wealth that could be created for major shareholders.

Role of early investors

SpaceX has raised around $30 billion in private funding from hundreds of investors over the years.

Early investors bought shares at much lower prices:

Around $1 per share in early funding rounds

About $7.50 in mid-stage rounds

Up to $270 per share in later rounds

This wide range shows how early backers could see significant returns if the company lists at a high valuation.

Why control matters in this IPO

Unlike many public companies, SpaceX’s ownership structure ensures that Musk retains control even after listing.

The dual-class share system allows him to:

Maintain voting power

Influence strategic decisions

Control long-term direction

This structure is often used by founder-led companies to protect their vision while raising capital.

What this means for investors

For public investors, the IPO could offer access to one of the world’s most valuable private companies. However, the structure means that minority shareholders may have limited influence over decisions.

For insiders, the listing represents a major financial opportunity, with potential gains tied to the company’s future performance.

What happens next

Details such as pricing, share allocation and listing timelines are yet to be finalised. However, the disclosures provide a clear picture of who stands to benefit the most.

As SpaceX moves closer to going public, attention is likely to remain on its ownership structure and how it shapes the company’s future