Catenaa, February 14, 2026 – SpaceX is preparing for a potential IPO in 2026 that could use a dual-class share structure to give insiders greater voting power, according to people familiar with the matter. This format would allow Elon Musk to retain strategic control even after the company goes public.
Under the proposed structure, select shares would carry extra votes relative to common stock. That design has been adopted by other major tech companies to protect founders’ long-term vision.
SpaceX’s valuation has soared recently. Secondary market transactions last year valued the company at roughly $800 billion, potentially making it the world’s most valuable private firm. A potential IPO could value the company at nearly $1.5 trillion and raise tens of billions of dollars, according to market reports.
One driver of that growth is Starlink, SpaceX’s global broadband satellite network, which has expanded rapidly. Starlink now operates over 9,400 satellites and has surpassed 9 million subscribers, significantly boosting revenue and cash flow.
SpaceX also recently integrated xAI, Musk’s artificial intelligence venture, into its operations. That move aims to combine AI capabilities with space infrastructure, expanding the company’s strategic reach ahead of the IPO.
Governance advocates caution that dual-class shares may weaken accountability for public investors. Critics argue that concentrated voting power can limit shareholder influence over executive decisions.
Supporters, however, argue that the structure would protect long-term R&D projects that require patient capital and resilience against short-term market pressures. Space exploration initiatives, such as Starship development and orbital infrastructure, often require extended time horizons.
Final terms have not been set, and the timeline depends on regulatory filings and market conditions. Still, the move underscores SpaceX’s ambition to balance founder control with public access to one of the most disruptive industrial leaders of the decade.
