Musk: ‘$10T or bust’ as SpaceX nears $1.5T IPO, retains control

Elon Musk wrote “$10T or bust” in a reply on X as SpaceX advances toward a potential initial public offering that could value the company near $1.5 trillion and preserve his voting control through a dual‑class share structure.

About 200 institutional investors traveled to Texas for in‑person SpaceX presentations. Several fund managers have set aside capital for the offering, are calculating potential allocations and are weighing which existing holdings to sell to free up cash, including large technology positions such as Tesla.

A filing for the planned offering shows SpaceX would issue Class B shares carrying 10 votes each. Musk is expected to control a substantial portion of that class. The filing states Musk could be removed as chief executive or board chair only by a vote of Class B shareholders, and warns that the stock structure “will limit or preclude your ability to influence corporate matters and the election of our directors.”

Legal experts note the practical effect will depend on SpaceX’s charter and related documents. If Musk retains significant Class B holdings for an extended period, the documents indicate he would have strong influence over director appointments and board composition.

Retail traders focused on Tesla while institutional demand for SpaceX built. Public chatter about SpaceX among individual traders was limited and skewed negative, and some retail participants posted price targets and trading ideas for Tesla. Tesla shares are down about 13% year‑to‑date and rank among the weaker performers in large technology names.

SpaceX’s outreach to investors included detailed discussions about valuation and governance. An IPO at roughly $1.5 trillion would place the listing among the largest in market history.

Separately, Musk has filed a lawsuit against OpenAI, its CEO Sam Altman and its president Greg Brockman, alleging a breach of a charitable trust. Brockman is expected to testify in a California courtroom. Court filings show Musk contacted Brockman around April 25 to propose a settlement and warned, “you and Sam will be the most hated men in America” if they did not drop claims; OpenAI has sought permission to question Brockman about that exchange.

The final investor rights and the extent of Musk’s control after any listing will depend on the offering’s final terms, the corporate charter and any shareholder agreements enacted at the time of the IPO.