Senator Elizabeth Warren, ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement ahead of SpaceX's initial public offering criticizing the Securities and Exchange Commission's handling of the deal and urging index providers to protect retail and retirement investors. She framed the concerns around the company's valuation, governance structure and the prospect that passive investors could gain exposure through index funds without choosing to do so. Warren referred to an earlier letter to the SEC asking it to delay the IPO, where she highlighted analyst criticism of SpaceX's target valuation and argued that the offering would raise capital without meaningful accountability for Elon Musk or company leadership. She also pointed to governance features she said would entrench insider control, including supervoting shares, mandatory arbitration, stricter shareholder proposal rules and the use of Texas corporate law. In a separate letter to index providers, she objected to rule changes that could accelerate SpaceX's inclusion in major stock indexes while waiving investor protections, which she said could force millions of passive index fund investors to take on the company's risks.

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