New Delhi, June 10 -- This week, history is about to be made with the SpaceX initial public offering (IPO)-the largest IPO ever. The company's valuation is within touching distance of a mind-boggling $2 trillion.

While most analysis one sees is about that valuation and whether it makes sense in any possible scenario, what's flying under the radar is the fact that investors in the IPO get almost no rights whatsoever.

SpaceX represents one of the most aggressive founder-control set-ups in modern corporate history. Traditionally, public markets grant shareholders three primary rights: to vote, to sue and to sell.

SpaceX has systematically restricted or eliminated these protections to effectively grant all rights to its founder Elon Musk. ...