SpaceX's IPO prospectus, now public, confirms that Elon Musk and other insiders will retain dominant voting control of the company after its listing due to a dual-class share structure. The company is aiming for a June listing at a $1.75 trillion valuation, raising up to $75 billion, and an unusually large 30% retail investor allocation. The S-1 prospectus reveals that Musk controls roughly 79% of SpaceX’s votes despite owning approximately 42% of its equity. This arrangement allows him to control roughly 79%. Critics have criticised the structure, suggesting it effectively turns retail investors into exit liquidity for early insiders who acquired shares at far lower private-market prices. If successful, SpaceX would be one of the ten most valuable public companies on earth.