SpaceX IPO filing shows Elon Musk can retain board control

SpaceX is telling prospective investors its board will not need a majority of directors who are independent ⁠of the company, according to an excerpt of its IPO filing reviewed by Reuters, underscoring how founder Elon Musk is retaining control of the rocket and artificial intelligence maker.

In a departure from the vast majority of public companies, SpaceX said it would maintain "controlled company status" after its $1.75 trillion IPO, expected this summer. That means it will not need a majority of its board to be independent, nor will it need independent compensation and nominating ⁠committees, the filing excerpt showed. It only must have an audit committee ⁠composed entirely of independent directors, the document stated.