Elon Musk‘s Space Exploration Technologies Corp. has earmarked about $25.5 million towards legal costs and roped in a battery of blue-chip law firms as it prepares for what could be the largest stock market debut in history. But the company’s initial public offering disclosures reveal a notable omission: the absence of a named top legal executive in its C-suite.
In securities filings related to the proposed listing, Space Exploration Technologies Corp., better known as SpaceX, does not identify a dedicated general counsel or chief legal officer. The omission stands out at a time when the company is reportedly exploring a valuation that could stretch to $2 trillion, a scale at which investors typically expect clear visibility into governance and legal oversight.
According to the filings, key legal matters relating to the offering will be handled by outside counsel. U.S. legal work for SpaceX will be passed upon by Gibson, Dunn & Crutcher LLP, while legal matters on behalf of the underwriters will be handled by Davis Polk & Wardwell LLP. Canadian law aspects of the transaction will be advised by Strikeman Elliott LLP for SpaceX and by Blake, Cassels & Graydon LLP on behalf of the underwriters.
The company disclosed that partners, counsel, and associates of both Canadian law firms, as a group, beneficially own less than 1% of SpaceX’s outstanding securities of any class.
SpaceX’s independent auditor for the offering is PricewaterhouseCoopers LLP, based in Los Angeles.
