finance
SpaceX Files for IPO with Musk Retaining Control as Jersey Mike's Also Pursues Public Offering
SpaceX has confidentially filed for an initial public offering, with founder Elon Musk set to maintain dominant voting power through a dual-class structure. Separately, sandwich chain Jersey Mike's has filed for an IPO following Blackstone's 2024 acquisition of a majority stake.
Apr 21, 6:32 AM·2m read3 sources
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SpaceX has confidentially filed for an initial public offering earlier this month, according to reports from Reuters cited in Benzinga and Rappler. The filing reveals that founder Elon Musk bought $1.4 billion worth of SpaceX shares last year through his trust.
This purchase was disclosed in a draft of the company's IPO prospectus. The company plans to adopt a dual-class equity structure, where Class B shares held by Musk and select insiders carry 10 votes each, while Class A shares for public investors carry one vote each.
This setup ensures Musk and insiders maintain substantial voting control post-IPO. Musk will continue as CEO, CTO, and chairman of the nine-member board.
SpaceX ended 2025 with $24.8 billion in cash and $92 billion in assets, reflecting a strong balance sheet. The filing includes provisions that may limit shareholders' influence over board elections and legal actions. This structure is common in founder-led tech firms.
Benzinga reported that the IPO filing sheds light on SpaceX's financial health and corporate governance. No specific date for the public offering has been announced. The company did not provide additional comments on the filing.
Sandwich chain Jersey Mike's has confidentially filed for an initial public offering. Blackstone bought a majority stake in the company in 2024 in a deal that valued it at roughly $8 billion. The filing marks a step toward public markets for the chain.
CNBC reported the confidential filing, but details on the timeline or valuation for the IPO were not disclosed. The company operates as a sandwich chain with locations across the U.S. No further financial specifics were provided in the report.
Group has bought a majority stake in U.K. digital production company After Party Studios. The acquisition focuses on expanding in the digital production sector. Variety reported the deal, noting it as a strategic move for Sister Group. After Party Studios is based in the U.K. and specializes in digital production.
