Gate News message, April 21 — SpaceX’s confidential IPO filing disclosed that Elon Musk will retain control of the company through Class B shares, each carrying 10 votes, while seeking a $1.75 trillion valuation in a $75 billion offering.
Musk will remain chief executive, chief technical officer, and board chair. Public investors will receive Class A shares with one vote each, and certain shareholder disputes will be subject to arbitration. The filing showed SpaceX posted a $4.94 billion loss on $18.67 billion in 2025 revenue, while holding $24.8 billion in cash. Starlink, the company’s satellite internet division, generated approximately $11.4 billion of the 2025 revenue, while the rocket launch unit, xAI, and X combined contributed $7.3 billion.
Starlink’s profitability has helped offset spending on xAI infrastructure. The $75 billion raise is intended to fund expansion and cover xAI’s operating needs, with the AI unit reportedly burning approximately $1 billion monthly.
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