Elon Musk held a 48.4% economic stake in SpaceX as of June 30, worth roughly $860 billion. His super-voting Class B shares give him 82%-84% of total voting power, granting unilateral control over board elections and major corporate decisions. His lockup period expires June 12, 2027.
Elon Musk held a 48.4% stake in SpaceX as of June 30, worth about $860 billion, a regulatory filing shows.
Musk said on X that some shares counted toward his stake remain subject to vesting conditions. "A bunch of it only vests on extremely crazy good outcomes for SpaceX, so actual full vested percentage is lower," he said.
Musk holds 6.42 billion shares, including 849.5 million Class A shares and 3.92 billion Class B shares held through trusts for which he serves as trustee. He also directly holds 1.30 billion restricted Class B shares and can acquire 350 million more through options exercisable within 60 days of June 30. Class B shares carry 10 votes each versus one vote for publicly traded Class A shares, giving Musk 82%-84% of total voting power despite owning less than half the economic equity.
The concentration gives Musk unilateral control over board member elections and removals, plus approval and veto powers over major business decisions. His 366-day lockup expires June 12, 2027, though SEC Rule 144 caps insider sales at 1% of outstanding shares or average weekly trading volume within any three-month period.
SpaceX trades at 96 times its 2025 revenue of $18.7 billion, giving the company a market cap of $1.79 trillion. Musk has set a target of $1 trillion in annual revenue by 2030, which would represent a five-year compound annual growth rate of 122 percent. He expects annualized revenue run rate to reach at least $100 billion by year-end, driven by Starlink's 12 million subscribers and expansion of AI capacity from 1.4 gigawatts to more than 10 gigawatts by the end of 2027. Goldman Sachs projects Starlink revenue will reach $144 billion by 2030.
Musk said in a July interview with The Economist that he needs to retain control to focus on a five-to-10-year time horizon. "I really just need to make sure that I can focus on long term," he said. The company's first public earnings report in early August showed stronger-than-expected revenue and a narrower loss, but shares fell as investors weighed heavy AI spending plans. CFO Bret Johnsen said capital expenditures would remain elevated through the rest of the year.
SPCX stock has been volatile since its record-setting IPO on June 12 at $135. It surged past $200 within three trading days, then fell to an all-time low of $104.83 on the first trading day of August before recovering. The stock traded at $136.97 on Friday, up 2.22 percent.
Musk will likely set up an automated SEC Rule 10b5-1 trading schedule to sell shares on specific dates, avoiding insider trading charges. While he can begin selling next June, his voting control ensures he remains firmly in charge of the company's direction.
The filing reinforces that SpaceX operates as a founder-controlled enterprise, with public shareholders holding limited influence over strategy. Investors will watch whether Musk's $1 trillion revenue target and AI expansion plans justify the stock's 96-times-sales valuation when the lockup expires next June.
This article is for informational purposes only and does not constitute investment advice.
