A two-tier structure would give select shareholders stock with extra voting power that would allow them to dominate decision making. The move would allow insiders such as Musk to maintain control of the company even with a minority stake.

The US rocket and satellite maker is also in the process of adding members to its board of directors, the people said, to help steer the initial public offering and drive Musk’s space ambitions beyond its core rocket and satellite business.

SpaceX is seeking to hold an IPO later this year, in a deal that could raise as much as $50 billion to fund AI data centers in space and a factory on the moon. SpaceX recently acquired Musk’s xAI, moving the company beyond its core businesses into artificial intelligence.

Read More: Musk’s Bankers Discussing Plan to Address xAI Debt

Deliberations are ongoing and details of the IPO could change, the people said, asking not to be identified as the information isn’t public. 

A SpaceX representative didn’t immediately respond to a request for comment.

Dual class shares are common among US technology firms including Meta Platforms Inc. and Google parent Alphabet Inc., and tend to be pitched as a way to enable founders to focus on a longer-term vision. The structure typically gives founders and insiders 10 or even 20 votes for each of their shares compared with only one vote for ordinary shares, which critics say makes them less accountable.

Under a dual-class structure that gives Musk super-voting shares, the billionaire would establish a bulwark against activist shareholders exerting changes at the company against his wishes.

What Bloomberg Intelligence Says

“Launch could drive SpaceX’s biggest gains in 2026, with Falcon liftoffs rising over 20% to 197 and boosting revenue to $14.6 billion at full use and a per-launch price of $74 million. We based estimates on Falcon 9 launches, providing some conservatism as Falcon Heavy could cover the shortfall from fewer launches. Research and development costs remain a headwind, pushing launch to operating losses.”

— Melissa Balzano, Bloomberg Intelligence analyst

Musk has praised the tiered structure and proposed the creation of a dual class of Tesla shares to have at least 25% voting control in the company, threatening to build his AI and robotics products elsewhere if he can’t achieve that level of influence. 

“That’s not so much that I could control the company, even if I go bonkers,” he said in 2024. Though he currently has about 11% of the shares, his new $1 trillion compensation package could expand his stake to 25% or more over the next decade.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO Investor

SpaceX has discussed the feasibility of a tie-up between SpaceX and Tesla, an idea that some investors are pushing, Bloomberg News has reported.