BlockBeats reported that on May 21, SpaceX's initial public offering (IPO) prospectus (Form S-1) revealed extensive business and equity intersections among several companies under Elon Musk. In this 330-page document, "Tesla" is mentioned 87 times, "xAI" 356 times, "X" 267 times, and "Bored Company" and "Neuralink" are mentioned 7 times and 3 times respectively.

In terms of equity, Tesla holds about 19 million Class A common shares of SpaceX, accounting for less than 1%. In February this year, after Musk merged his AI company xAI with SpaceX, Tesla's xAI shares have been converted into SpaceX shares.

In terms of business dealings, SpaceX purchased a $131 million Cybertruck from Tesla at the manufacturer's suggested retail price. Earlier reports indicated that SpaceX purchased 1,279 Cybertrucks in the fourth quarter of 2025, with the prospectus suggesting the actual purchase may be higher. Additionally, SpaceX purchased Megapack energy storage batteries worth $697 million from Tesla in 2024 and 2025 to stabilize peak demand at its Colossus I and II data centers in Memphis, Tennessee.

The prospectus also reveals the financial pressures brought by the merger. SpaceX plans to invest about 60% of its capital expenditure (around $20 billion) in xAI by 2025, but last year, xAI's revenue grew only 22% year-on-year, and its losses reached billions of dollars. In terms of risk factors, SpaceX clearly lists Musk himself as a major risk. The document states that the company "heavily relies on Musk's ongoing service," and that his leadership, vision, and technical expertise are crucial to its future.

At the same time, SpaceX acknowledged that Musk has not always been 100% focused on company affairs, and that several of his companies may compete with or erode each other's businesses in certain areas. Musk is not restricted from engaging in activities that could directly compete with SpaceX, and future conflicts of interest may arise. Moreover, Musk's remarks and actions may have positive or negative impacts on the company's business, customer relationships, regulatory relationships, or stock price.

特斯拉：FSD Supervised已在中国、韩国等10个国家和地区上线

Replies

Related Flash News