It looks like Elon Musk will not give up control of his company even after it goes public.
According to an excerpt of its IPO filing reviewed by Reuters, SpaceX told prospective investors that its board will not be required to have a majority of independent directors, indicating how Musk will retain control of the rocket and artificial intelligence company.
SpaceX is moving toward one of the most closely watched public offerings in modern markets, marking its formal entry into the public listing process. The company, founded in 2002 by Elon Musk, has grown from a private aerospace startup into a dominant force in commercial spaceflight and satellite communications. Its reusable Falcon 9 rockets dramatically reduced launch costs and enabled frequent missions for governments, private companies, and its own Starlink internet network.
READ: SpaceX to pursue ‘one of the largest’ IPOs in 2026 (December 10, 2025)
The IPO process is widely viewed as a milestone driven largely by SpaceX’s expanding capital requirements. Starship development, intended for deep-space missions and eventual Mars transport, remains one of the most expensive private aerospace projects in progress. At the same time, Starlink has grown into a global broadband network with millions of users, requiring continued investment in satellite deployment and ground infrastructure.
As per Reuters, in a departure from the vast majority of public companies, SpaceX said it would maintain “controlled company status” after its $1.75 trillion IPO, expected this summer, that means it will not need a majority of its board to be independent, nor need independent compensation and nominating committees, the filing excerpt showed.
Despite preparing for public markets, SpaceX continues to emphasize long-term objectives, including interplanetary transport and large-scale orbital infrastructure, positioning the IPO as a funding step rather than a strategic shift away from its mission-driven focus.
The IPO filing also stated that it only must have an audit committee composed entirely of independent directors, according to Reuters.
READ: Is Elon Musk trying to influence SpaceX’s valuation ahead of IPO (February 3, 2026)
This process raises concerns about accountability and investor influence. Traditional public companies rely on independent boards to balance leadership decisions with shareholder interests, but SpaceX’s model limits that separation. This creates a hybrid framework that sits between private control and public ownership, potentially redefining expectations for future listings of similarly dominant tech and infrastructure firms.
The SpaceX IPO represents more than a financial milestone; it reflects an evolving philosophy in corporate structure where mission-driven companies seek access to public capital without fully adopting traditional governance constraints. How markets respond to this balance between control and transparency will likely shape not only SpaceX’s future but also broader standards for next-generation industrial and technological enterprises.