SpaceX Goes Public, Probing Musk’s Near-Absolute Control
SpaceX’s Nasdaq IPO raised about $75 billion and the stock jumped roughly 22% on its debut, signaling investor optimism for near-term goals and Mars ambitions. The deal cements Elon Musk’s near-total voting power (85.1%), with a board largely aligned to him, a governance structure some critics call novel and extreme but insiders say reflects SpaceX’s culture of “extreme ownership” from cradle to grave. The piece also notes profitability questions tied to Musk’s xAI purchase and the need for a more powerful rocket amid regulatory and competitive headwinds.