Elon Musk is about to take SpaceX public on terms that would get most CEOs laughed out of a roadshow. Investors are lining up to buy in.

The Wall Street Journal reported Thursday that SpaceX’s board has granted Musk his own “moonshot” pay package and is structuring the June IPO around a dual-class share system. Musk and a handful of executives will hold Class B shares with 10 votes each. Outside investors, including the retail buyers SpaceX hopes will take one-third of the offering, get Class A shares with one vote each.

It is the governance setup Musk has publicly admitted he wishes he had locked in at Tesla Inc. (NASDAQ:TSLA) in 2010, where his roughly 18% stake leaves him technically removable.

What Polymarket Is Pricing

Polymarket traders give SpaceX a 72% chance of going public by June 30th and price a $1 trillion-plus closing market cap on day one at 93%. A $2 trillion debut is closer to a coin flip at 56%.

That would edge out Saudi Aramco’s 2019 listing as the largest IPO in history.

Kalshi traders think there is a 3% chance that Trump will nationalize SpaceX before July 2026.

The Power Grab Nobody Is Pushing Back On

Until 2023, the S&P 500 banned dual-class companies from joining its index. That rule is gone. Nasdaq has already signaled SpaceX could be added to the Nasdaq 100 within 15 days of listing, triggering billions in forced buying from index funds whose holders will have no say in how the company is run.

Shareholders will also have no say on pay. Tesla investors approved a potential $1 trillion award for Musk in November, and SpaceX’s board has now granted him a second “moonshot” package tied to a market value as high as $6.6 trillion, according to The Information.

Musk could be running two trillion-dollar incentive schemes in parallel, with compensation consultants warning he has obvious reasons to prioritize whichever looks more winnable at any given moment.

He already owns roughly 40% of SpaceX after the February xAI merger. The IPO, the pay package, and the supervoting shares are designed to make sure that number only goes up.

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