Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle
Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle
谁将从 SpaceX 的 IPO 中获益最多？主要是埃隆·马斯克及其核心圈子
While there are some shocking revelations in SpaceX’s S-1 as it gets ready to become a public company, Elon Musk’s total control of the company perhaps isn’t one of them. I could argue that the oddball provision where Elon Musk gets up to a billion more shares to add to his already oversized, company-controlling cache once a million people are living on Mars (yes, really), is perhaps the most jaw-dropping. It is also fairly unserious. 随着 SpaceX 为成为一家上市公司做准备，其 S-1 文件中披露了一些令人震惊的消息，但埃隆·马斯克对公司的绝对控制权或许并不在其中。我认为最令人瞠目结舌的，或许是那项古怪的条款：一旦有一百万人居住在火星上（是的，你没看错），埃隆·马斯克将获得多达 10 亿股额外股票，并将其加入他本已庞大且足以控制公司的持股中。这听起来也相当不严肃。
Musk controls and can vote those shares now, by the way. But even a billion extra super-voting rights shares are immaterial in this company’s setup because Musk is, by miles, the largest shareholder in the company. He owns just under 850 million Class A shares, entitled to 1 vote per share, and another nearly 5.6 billion Class B shares, entitled to 10 votes per share. That includes the billion shares contingent on a million people living in a SpaceX company-town colony on Mars. 顺便提一下，马斯克现在就已经可以控制并投票这些股票了。但即便有 10 亿股额外的超级投票权股票，在公司的架构中也无关紧要，因为马斯克是该公司遥遥领先的最大股东。他拥有近 8.5 亿股 A 类股（每股 1 票）和近 56 亿股 B 类股（每股 10 票）。这其中包括了以“一百万人居住在 SpaceX 火星殖民地”为前提的那 10 亿股。
Sci-fi conditions aside, there are a handful of people who stand to benefit most should the SpaceX IPO be a success and the stock continue to do well in the future: the 5% shareholders. These are the people who hold at least 5% of the company. While the company has not yet said how many shares it will sell or at what price, the whisper number on the street is that this IPO will raise a whopping $75 billion, with a post-money valuation of $1.7 trillion. At those numbers, even a 1% stake is worth $17 billion. Here’s the rundown of who owns what. 撇开这些科幻般的条件不谈，如果 SpaceX 的 IPO 取得成功且未来股价表现良好，有少数人将获益最多：即持股 5% 以上的股东。虽然公司尚未公布将出售多少股票或定价如何，但市场传言称此次 IPO 将筹集高达 750 亿美元的资金，投后估值将达到 1.7 万亿美元。按照这个数字计算，即使是 1% 的股份也价值 170 亿美元。以下是持股情况的详细清单。
Elon Musk, founder, CEO, CTO and chairman. Total SpaceX stock holdings: just over 6.42 billion shares. 埃隆·马斯克，创始人、首席执行官、首席技术官兼董事长。 SpaceX 持股总数：超过 64.2 亿股。
Antonio Gracias, investor and board member. Total SpaceX stock holdings: just over 503.4 million shares. Gracias is founder and CEO of Valor Management and a long-time Musk friend, pro-Musk board member and financier. He was on Tesla’s board from its startup days through the years after its IPO. He was also a board member of Musk’s solar company Solar City during its controversial sale to Tesla. He’s backed and held board roles for Musk’s Neuralink, including The Boring Company. He was also among the financiers that agreed to fund Musk’s failed attempted hostile takeover of OpenAI for $97 billion in early 2025. 安东尼奥·格拉西亚斯（Antonio Gracias），投资者兼董事会成员。 SpaceX 持股总数：超过 5.034 亿股。格拉西亚斯是 Valor Management 的创始人兼首席执行官，也是马斯克多年的好友、支持马斯克的董事会成员及金融家。他从特斯拉初创时期一直到 IPO 后的几年里都在其董事会任职。在马斯克的太阳能公司 Solar City 被出售给特斯拉的争议期间，他也是该公司的董事会成员。他曾支持并担任马斯克旗下 Neuralink 和 The Boring Company 的董事会职务。他也是同意资助马斯克在 2025 年初以 970 亿美元恶意收购 OpenAI 失败计划的金融家之一。
Luke Nosek, investor and board member. Total SpaceX stock holdings: nearly 33 million shares. Nosek is a co-founder of venture investment firm Gigafund, and a fellow PayPal mafia member. Nosek joined Peter Thiel at Founders Fund during its early days and led Founders first investment into SpaceX. He took a board seat, then, and has been on the board ever since. Gigafund also backs other Musk companies, The Boring Company and Neuralink. 卢克·诺塞克（Luke Nosek），投资者兼董事会成员。 SpaceX 持股总数：近 3300 万股。诺塞克是风险投资公司 Gigafund 的联合创始人，也是“PayPal 黑帮”成员之一。诺塞克在 Founders Fund 早期加入了彼得·蒂尔（Peter Thiel），并主导了 Founders 对 SpaceX 的首次投资。当时他获得了董事会席位，并一直担任董事至今。Gigafund 还支持了马斯克的其他公司，如 The Boring Company 和 Neuralink。
Gwynne Shotwell, SpaceX COO. Total SpaceX stock holdings: nearly 12.6 million shares. Shotwell has been with SpaceX since 2002, and COO since 2008. She’s the aerospace engineer genius that runs day-to-day operations. In another age, with different majority founder, someone like Shotwell would have been granted co-founder status, and likely have a bigger stake in the company. However, it’s hard to call her underpaid. For instance, in 2025, she received a large tranche of restricted stock units, bringing her total compensation to $85.8 million that year. 格温·肖特韦尔（Gwynne Shotwell），SpaceX 首席运营官。 SpaceX 持股总数：近 1260 万股。肖特韦尔自 2002 年起加入 SpaceX，并从 2008 年起担任首席运营官。她是负责日常运营的航空航天工程天才。在另一个时代，如果创始人不同，像肖特韦尔这样的人本会被授予联合创始人的身份，并可能拥有公司更大的股份。然而，很难说她的薪酬过低。例如，在 2025 年，她获得了大批限制性股票单位，使她当年的总薪酬达到 8580 万美元。
Bret Johnsen, CFO. Total SpaceX stock holdings: nearly 9.6 million shares. Bret Johnsen has been SpaceX’s CFO since 2011. Prior to SpaceX he held CFO and financier roles in the semiconductor industry. 布雷特·约翰森（Bret Johnsen），首席财务官。 SpaceX 持股总数：近 960 万股。布雷特·约翰森自 2011 年起担任 SpaceX 的首席财务官。在加入 SpaceX 之前，他在半导体行业担任过首席财务官和金融职务。
Ira Ehrenpreis, investor and board member. Total SpaceX stock holdings: 809,050 shares. Ehrenpreis is a founder and managing member of VC firm DBL Partners. He’s been on the SpaceX board since February 2026 and is also on Tesla’s board. 艾拉·埃伦普雷斯（Ira Ehrenpreis），投资者兼董事会成员。 SpaceX 持股总数：809,050 股。埃伦普雷斯是风险投资公司 DBL Partners 的创始人和管理成员。他自 2026 年 2 月起担任 SpaceX 董事，同时也是特斯拉的董事会成员。
Randy Glein, investor, board member. Total SpaceX stock holdings: 277,800 shares. Glein is co-founder and managing partner of DFJ Growth. 兰迪·格莱恩（Randy Glein），投资者、董事会成员。 SpaceX 持股总数：277,800 股。格莱恩是 DFJ Growth 的联合创始人兼管理合伙人。
And around 400 other VCs. SpaceX has raised around $30 billion in private capital to date from hundreds of investors, according Pitchbook estimates. None of the others have a stake big enough to be reported, although, again, even a small percentage of the company should be worth billions at the debut. The company did, however, share the prices that these investors paid for their shares. Series A investors paid $1 per share. Series F investors paid $7.50 and the final investors, in Series N, paid $270 a share. 以及其他约 400 家风险投资机构。据 Pitchbook 估计，迄今为止，SpaceX 已从数百名投资者那里筹集了约 300 亿美元的私人资本。其他投资者的持股比例均未达到需要披露的程度，尽管如此，即使是公司的一小部分股份，在上市时也应价值数十亿美元。不过，该公司确实披露了这些投资者购买股票的价格：A 轮投资者每股支付 1 美元，F 轮投资者每股支付 7.50 美元，而 N 轮的最终投资者每股支付 270 美元。