SpaceX plans to use a dual-class share structure in its IPO to strengthen Musk's control.

According to sources familiar with the matter, SpaceX is considering a dual-class share structure in its planned initial public offering (IPO) this year. A dual-class share structure would grant certain shareholders a higher voting power, thus giving them a dominant role in decision-making. This would allow insiders, including Musk, to maintain control of the company even with a smaller percentage of shares. The sources also stated that SpaceX is adding board members to assist with the IPO and expand Musk's space ambitions beyond its core rocket and satellite businesses. Dual-class share structures are common in US tech companies, typically granting founders and insiders 10 to 20 votes per share, while common stock usually has only one vote. Critics argue that this weakens accountability. Musk has praised this structure and proposed a dual-class share structure for Tesla to ensure he has at least 25% voting control in the company. (Jinshi)