SpaceX Eyes 2026 IPO with Dual-Class Voting to Preserve Musk Control (TSLA, BAC)

SpaceX is evaluating a dual-class voting structure for its planned 2026 IPO to preserve Elon Musk’s control even without majority ownership. The firm is considering issuing separate classes of stock, with certain shares carrying super-votes—such as 10 or 20 votes per share—while common shares vote one for one. The proposal follows discussions on expanding the board and aligns with similar architectures at Meta Platforms (META-US) and Alphabet (GOOGL-US). While proponents argue it supports long-term strategy, critics warn of reduced oversight by common shareholders. The IPO timing and structure remain under discussion, with a potential $50 billion raise aimed at funding next-generation projects including an AI datacenter in space and a lunar factory, as well as its recent acquisition of xAI. Analyst Melissa Balzano of Bloomberg expects Falcon rocket launches to reach 197 per year in 2026, with revenue climbing to about $14.6 billion at roughly $74 million per flight. However, significant R&D spending remains a key earnings pressure. Musk has previously advocated for a similar structure at Tesla (TSLA) to secure at least 25% voting control.