Who will benefit most from SpaceX IPO? Mostly Elon - and a few from his inner circle | TechCrunch

Elon Musk’s control of SpaceX is not portrayed as a surprising development despite provisions granting him up to a billion additional shares under speculative future conditions. Musk already holds nearly 850 million Class A shares with one vote each and nearly 5.6 billion Class B shares with ten votes each, including the contingent shares. Because Musk is by far the largest shareholder, extra super-voting rights are immaterial to overall control. The biggest beneficiaries of a successful IPO and strong future stock performance are large holders, especially shareholders owning at least 5% of the company. Market expectations estimate a $75 billion IPO and a $1.7 trillion post-money valuation, making even a 1% stake extremely valuable.

"But even a billion extra super-voting rights shares are immaterial in this company's setup because Musk is, by miles, the largest shareholder in the company. He owns just under 850 million Class A shares, entitled to 1 vote per share, and another nearly 5.6 billion Class B shares, entitled to 10 votes per share. That includes the billion shares contingent on a million people living in a SpaceX company-town colony on Mars."

"I could argue that the oddball provision where Elon Musk gets up to a billion more shares to add to his already oversized, company-controlling cache once a million people are living on Mars (yes, really), is perhaps the most jaw-dropping. It is also fairly unserious. Musk controls and can vote those shares now, by the way."

"Sci-fi conditions aside, there are a handful of people who stand to benefit most should the SpaceX IPO be a success and the stock continue to do well in the future: the 5% shareholders. These are the people who hold at least 5% of the company. While the company has not yet said how many shares it will sell or at what price, the whisper number on the street is that this IPO will raise a whopping $75 billion, with a post-money valuation of $1.7 trillion."

"At those numbers, even a 1% stake is worth $17 billion. Here's the rundown of who owns what. Elon Musk, founder, CEO, CTO and chairman. Total SpaceX stock holdings: just over 6.42 billion shares Antonio Gracias, investor and board member. Total SpaceX stock holdings: just over 503.4 million shares"

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