Mostly Elon — and a few from his inner circle

While there are some shocking revelations in SpaceX’s S-1 as it gets ready to become a public company, Elon Musk’s total control of the company perhaps isn’t one of them.

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.

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.

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.

...read more at techcrunch.com