The high-profile preparations for a SpaceX initial public offering anticipated in June 2026. The company is reportedly targeting a record-breaking $1.75 trillion to $2 trillion valuation, driven by the success of Starlink and the recent integration of the artificial intelligence venture xAI. A significant feature of the offering is an unusually large 30% share allocation for retail investors, a move designed to leverage Elon Musk’s dedicated supporter base. However, the proposed dual-class share structure has sparked intense criticism from major pension fund trustees, who warn that it grants Musk overwhelming voting control while insulating him from accountability. These institutional investors are urging the company to adopt stronger corporate governance standards, such as independent board oversight and more equitable voting rights, before the listing. Ultimately, the documents frame the IPO as a historic market event that balances extraordinary technical ambition against complex legal and fiduciary concerns.