SpaceX has filed an S-1 with the SEC for a Nasdaq IPO under ticker SPCX, offering Class A shares with one vote each while Elon Musk retains 85.1% combined voting power through Class B stock at ten votes per share.Summary:SpaceX filed an S-1 registration statement with the US Securities and Exchange Commission on 20 May 2026, per the filingThe company will list Class A common stock on Nasdaq under the ticker SPCX, per the filingTwo classes of common stock will be issued: Class A shares carrying one vote each and Class B shares carrying ten votes each, per the filingElon Musk holds 12.3% of Class A shares and 93.6% of Class B shares, giving him a combined voting power of 85.1%, per the filingSpaceX will have controlled company status post-IPO, exempting it from the requirement to maintain a majority independent board, per the filingMusk will serve as CEO, CTO and chairman of the board following the IPO and will retain the power to elect, remove or fill vacancies among Class B directors, per the filingThe company does not expect to declare or pay dividends to Class A shareholders in the foreseeable future, per the filingSpaceX has filed an S-1 registration statement with the US Securities and Exchange Commission, setting the stage for a long-anticipated public listing on the Nasdaq exchange under the ticker SPCX. The filing confirms that the company will offer Class A common stock to public investors while retaining a dual-class share structure that concentrates decision-making power firmly with founder and chief executive Elon Musk.Under the terms outlined in the filing, Class A shares will carry one vote per share while Class B shares will carry ten. Musk owns 12.3% of Class A shares and 93.6% of Class B shares, a combination that gives him 85.1% of total voting power in the company. That level of control means public shareholders, regardless of how large a collective stake they accumulate, will have no practical ability to influence outcomes on matters requiring shareholder approval.The governance arrangements extend further. SpaceX will claim controlled company status following the IPO, a designation that exempts it from stock exchange requirements mandating that a majority of the board be composed of independent directors. Musk will hold the roles of chief executive, chief technology officer and board chairman simultaneously, and will retain the authority to elect, remove or fill vacancies among Class B directors. The structure places more concentrated authority in a single individual than most major public listings in recent memory.The company has also confirmed that it does not intend to declare or pay dividends to holders of Class A stock in the foreseeable future. For investors, the proposition is therefore a pure growth play, with returns contingent on capital appreciation rather than income. Given SpaceX's position across launch services, satellite broadband through its Starlink network, and long-duration space exploration programmes, the addressable market narrative is unlikely to struggle for ambition.The filing will nonetheless invite pointed questions from institutional governance bodies and some large asset managers about the wisdom of backing a listed company in which public shareholders hold negligible sway. Dual-class structures have become more common across the technology sector, but few have concentrated control to this degree while simultaneously placing one person across the chief executive, technology leadership and board chair functions.SpaceX has for years ranked among the most valuable private companies in the world, and the S-1 filing marks the formal beginning of a process that will test how the market prices that value when set against a governance structure designed, transparently, to ensure that going public changes very little about who runs the company. This article was written by Eamonn Sheridan at investinglive.com.