SpaceX revealed that founder Elon Musk controls 85% of votes through 5.5 billion super‑voting Class B shares, each worth ten votes. This arrangement lets Musk steer board elections and major decisions, even though he has not earned the linked $1.3 billion restricted shares.

The company’s prospectus shows Musk can vote those shares before meeting milestone targets, a move critics call a corporate loophole. Board seats favor Musk’s allies, while an arbitration clause blocks shareholder lawsuits, raising concerns among institutional investors.

SpaceX values itself at over $1.25 trillion and plans a looming IPO next month. The governance bundle could inflate Musk’s control, squeezing minority shareholders and diluting market confidence. Regulators and pension funds have already questioned the mandatory arbitration provision.

These moves position Musk to lock in his leadership and profit from the anticipated public offering, while leaving ordinary investors with limited recourse and influence.