How Elon Musk sold a $1.77 trillion dream—and what other CEOs can learn from the SpaceX IPO

In today’s CEO Daily: We have liftoff!

The big leadership story: The chaos at CBS News shows the limits of ‘blow it up’ leadership.

The markets: Stocks rally globally on hopes for a U.S.-Iran peace deal.

Plus: All the news and watercooler chat from Fortune.

Good morning. It’s SpaceX IPO day! Hooray? Odds are high that investors will clamor for some of the $75 billion worth of shares, a small sliver of equity that puts the market cap of Elon Musk’s aerospace and satellite company at an eye-watering $1.77 trillion. Never mind that Morningstar says it’s being optimistic in valuing the stock at $63, or 53% below that IPO price. BlackRock alone has reportedly put in a $5 billion order to get a piece of this money-losing operation that has ambitions to, among other things, put a million people on Mars.

What can leaders learn from this sci-fi thriller that they can adapt into their own playbook? Well, maybe a few things.

You don’t have to be shareholder-friendly to get shareholders excited. Governance experts were outraged when Google went public in 2004 under a dual-class structure, which gives more power or votes to one class of shareholders. As founders Sergey Brin and Larry Page wrote at the time: “Google is not a conventional company. We do not intend to become one.” In other words, if you don’t like it, don’t buy it. (If you’d invested $1,000 then, you’d have around $75,000 today.) Fast forward to SpaceX, and dual-class structures are now common in tech IPOs, reinforcing the myth that founders know best how to steer their public companies and giving shareholders almost no........

© Fortune