Musk will retain absolute control of SpaceX and will still hold 82.4% of the voting rights after the IPO.

According to Mars Finance, on June 12th, although Elon Musk sold some shares through the IPO, he did not relinquish control of SpaceX. According to the company's prospectus, after the IPO, Musk will still hold 82.4% of the combined voting rights in SpaceX, continuing to have absolute control over major company decisions. SpaceX employs a dual-class share structure, with each Class B share carrying 10 votes and each Class A share carrying only 1 vote. After the IPO, Musk will still hold the vast majority of the Class B high-voting shares, thus maintaining overwhelming control in board elections, mergers and acquisitions, and other major company decisions. Unlike many tech companies where control gradually disperses after going public, SpaceX will remain a publicly traded company highly controlled by Musk.