Elon Musk is about to become probably the most shielded CEO in history. While SpaceX prepares for its IPO, which could reach a valuation of one trillion dollars (or close to it), the documents filed with the SEC reveal something quite interesting: the guy will maintain full control of the company even after going public. And it’s not just a little control, it’s truly incontestable.

The scheme is like this: SpaceX will issue Class A shares to the general public and Class B shares with multiple voting rights to the executives. Each Class B share is worth ten votes. Musk will hold the majority of these Class B shares, which means literally no one can remove him from the CEO or board chairman position without his approval. The SEC document is very clear: this will significantly limit the influence of common shareholders over company decisions.

To make it worse (or better, depending on your point of view), the board approved in January a compensation plan that could give Musk up to 200 million restricted Class B shares if SpaceX reaches a valuation of $7.5 trillion and manages to establish a permanent human settlement on Mars with at least one million people. Meanwhile, his official salary is only $54,000 per year. Basically, he doesn’t need a salary when he has this kind of upside.

Now, the big question everyone is asking: is it worth paying nearly $2 trillion in valuation for this? SpaceX projects revenue of $15.6 billion for 2025, which puts the price-to-sales ratio above 100. To put it into perspective, this is more expensive than any S&P 500 stock at the moment. It’s an absolutely absurd multiple.

Financial advisors are already warning investors: don’t buy on the first day. Matthew Parenti, from Private Vista, made a valid point — Apple, Amazon, and Meta went public at three to six years old. SpaceX will go public at 24 years old, after most of the valuation has already happened in the private market. Basically, early investors have already made their money, and now retail investors will enter at the top.

There’s one more detail that worries: the lock-up period will end between mid and late December 2026. Historically, when that time comes, the market is flooded with insider and employee shares that were acquired at much lower prices. Prices tend to drop significantly. Those who bought during the initial euphoria usually get hit hard.

SpaceX knows there are growing doubts about this valuation, so it has started doing private roadshows in Texas and Tennessee, showing the sites and trying to convince analysts that the story is worth it. Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup are leading the IPO. Up to 30% of the shares will go to retail investors, but honestly, the whole structure seems more like a reward for those already inside than a real opportunity for new investors.