SpaceX has proposed one of the most aggressive corporate governance regimes in US history, intending to guarantee Elon Musk cannot be fired and offering a trillion-dollar pay deal linked to building a colony on Mars.
The unprecedented structure has not deterred investors, who are overlooking weak shareholder rights and a science-fiction business strategy for a chance to own a “unique” company headed for the largest ever IPO.
Musk is targeting a listing next month to coincide with a rare alignment of planets, his 55th birthday on June 28 and ahead of the 250th anniversary of the US on July 4. While figures are still fluid, the rocketmaker has discussed raising about $75bn at a $1.75tn valuation.