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Perhaps the largest IPO in the history of technology is being prepared - and when it happens, one man mainly will be much wealthier, while a handful of others will get rich "a little." SpaceX is expected to go public at a valuation of 1.7 trillion dollars, aiming to raise 75 billion dollars. What does this mean for those inside the frame?
The share structure makes the centre clear. Elon Musk owns over 6.42 billion shares, of which almost 5.6 billion are Class B shares with 10 votes each. To that, another billion shares are added, conditioned on reaching a million inhabitants on Mars - a bonus for something that doesn't yet exist.
The other names on the top list are familiar from the inner circle. Antonio Gracias (503.4 million shares), Musk's long-time associate and founder of Valor Management, who has served on the boards of Tesla and Neuralink. Luke Nosek (33 million shares), member of the "PayPal Mafia" and co-founder of Gigafund. Gwynne Shotwell (12.6 million shares), SpaceX's chief operating officer since 2008. Bret Johnsen (9.6 million shares), CFO since 2011.
On top of that, there are also 5% owners: Ira Ehrenpreis of DBL Partners and Randy Glein of DFJ Growth. Around 400 investors have placed about 30 billion dollars into SpaceX across multiple funding rounds. For those who got in at Series A at 1 dollar per share, even today's estimated price looks like a joke. The Series N shares were issued at 270 dollars apiece - and they too can find a respectable exit.
What is significant here, however, is the concentration of power. After the IPO, Musk will have even less of a reason to listen to anyone. SpaceX is a company that is at once one of the largest soon-to-be public corporations, and a private operation in the hands of one man. That's an unusual combination - but it's exactly what makes this IPO interesting.
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