On May 14, three powerful pension officials in the United States wrote a letter expressing serious concerns about SpaceX's upcoming stock market debut. Together, they manage close to one trillion dollars in retirement savings for teachers, firefighters, and state employees. The letter criticized SpaceX's governance structure as unusually favorable to management.
On June 12, 2026, SpaceX plans to list on the Nasdaq exchange under the ticker "SPCX." The company is seeking to raise approximately $75 billion at a valuation of around $1.75 trillion, which would make it the largest initial public offering in history, surpassing Saudi Aramco's 2019 debut.
The financial picture is mixed. SpaceX and xAI, which merged in February 2026, generated $18.67 billion in revenue last year but lost $4.94 billion. Starlink, SpaceX's satellite internet service with 10 million subscribers worldwide, is highly profitable. However, xAI, the artificial intelligence company folded into SpaceX, burned through significant cash.
The pension funds' main concern is voting power. SpaceX plans to use a dual-class share structure where Elon Musk, the founder, would hold approximately 79 to 83.8 percent of voting rights while owning roughly 42 percent of equity. This means removing Musk as CEO would mathematically require his own vote, making him essentially unfireable without his consent. The pension officials warn this structure dangerously undermines investor rights and limits accountability.