This seems to be the safest version.
tr '[\n]' '[\0]' < a.txt | xargs -r0 /bin/bash -c 'command1 "$@"; command2 "$@";' ''
(-0 can be removed and the tr replaced with a redirect (or the file can be replaced with a null separated file instead). It is mainly in there since I mainly use xargs with find with -print0 output) (This might also be relevant on xargs versions without the -0 extension)
It is safe, since args will pass the parameters to the shell as an array when executing it. The shell (at least bash) would then pass them as an unaltered array to the other processes when all are obtained using ["$@"][1]
If you use ...| xargs -r0 -I{} bash -c 'f="{}"; command "$f";' '', the assignment will fail if the string contains double quotes. This is true for every variant using -i or -I. (Due to it being replaced into a string, you can always inject commands by inserting unexpected characters (like quotes, backticks or dollar signs) into the input data)
If the commands can only take one parameter at a time:
tr '[\n]' '[\0]' < a.txt | xargs -r0 -n1 /bin/bash -c 'command1 "$@"; command2 "$@";' ''
Or with somewhat less processes:
tr '[\n]' '[\0]' < a.txt | xargs -r0 /bin/bash -c 'for f in "$@"; do command1 "$f"; command2 "$f"; done;' ''
If you have GNU xargs or another with the -P extension and you want to run 32 processes in parallel, each with not more than 10 parameters for each command:
tr '[\n]' '[\0]' < a.txt | xargs -r0 -n10 -P32 /bin/bash -c 'command1 "$@"; command2 "$@";' ''
This should be robust against any special characters in the input. (If the input is null separated.) The tr version will get some invalid input if some of the lines contain newlines, but that is unavoidable with a newline separated file.
The blank first parameter for bash -c is due to this: (From the bash man page) (Thanks @clacke)
-c   If the -c option is present, then  commands  are  read  from  the  first  non-option  argument  com‐
     mand_string.   If there are arguments after the command_string, the first argument is assigned to $0
     and any remaining arguments are assigned to the positional parameters.  The assignment  to  $0  sets
     the name of the shell, which is used in warning and error messages.