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Investor group asks SEC to review SpaceX disclosures before IPO
07 May 2026

An investor group advising union pension funds has called on the US Securities and Exchange Commission (SEC) to closely examine SpaceX's disclosures.

The request comes as the rocket maker prepares for a record-breaking initial public offering (IPO).

The group raised concerns over financial accuracy and reliability, and also flagged Elon Musk's previous role in the Trump administration as a possible conflict of interest for regulators reviewing the company's filings.

Potential IPO could make Musk the world's 1st trillionaire
Potential impact

SpaceX is gearing up for an IPO this year, which could value the company at $1.75 trillion and raise some $75 billion.

If successful, it would be the largest listing in history and could make CEO Musk the world's first trillionaire.

The SOC Investment Group wrote to SEC chairman Paul Atkins and commissioners Hester Peirce and Mark Uyeda, expressing concerns about SpaceX's financial disclosures.

'SpaceX IPO may expose investors to risks'
Investor apprehensions

The SOC Investment Group expressed its worries in a letter to the SEC.

"We are specifically concerned that SpaceX's IPO will expose numerous investors - many unwillingly - to a company whose value may decline once its financial disclosures can be independently assessed and verified," the group wrote.

The letter was sent ahead of the publication of SpaceX's registration statement, which is currently confidential.

Concerns over auditor independence, revenue recognition practices
Previous interventions

The SOC Investment Group, which has affiliates with pension plans worth over $250 billion, has previously urged shareholders to vote against directors at companies such as Tesla.

For SpaceX, in which it doesn't own shares, the group's concerns include auditor independence and transactions with other companies controlled by Musk.

It also raised issues like goodwill impairment and SpaceX's revenue recognition practices.

SEC's independence in reviewing SpaceX's disclosures questioned
Regulatory concerns

The SOC Investment Group also raised concerns over the SEC's independence in reviewing SpaceX's disclosures.

It questioned whether staff members still interact with DOGE employees at the agency or if they had worked there previously.

The group asked what steps had been taken to ensure an independent review of SpaceX's disclosures without fear of political retribution and urged that no staff with ties to SpaceX control persons be involved in the review process.