The $135 share price means Elon Musk’s rocket maker is poised to exceed the 2019 initial public offering of Saudi Aramco in both valuation and money raised.

The billionaire’s new roots in Argentina are said to be partly motivated by concerns about the future of the United States and shared beliefs with Argentina’s right-wing leader.

The ways it set up its board and Mr. Musk’s pay appear to benefit him at the expense of other shareholders, corporate governance experts said.