SpaceX IPO Prospectus Reveals Deep Ties to Musk's Companies, with Tesla Holding Nearly 19 Million SpaceX Shares

BlockBeats News, May 21st, SpaceX's initial public offering (IPO) prospectus (Form S-1) revealed extensive business and equity intersections among Elon Musk's various companies. In this 330-page document, "Tesla" was mentioned 87 times, "xAI" appeared 356 times, and "X" appeared 267 times.

On the equity side, Tesla holds approximately 19 million shares of SpaceX's Class A common stock, accounting for less than 1%. In February of this year, after Musk merged his artificial intelligence company xAI with SpaceX, Tesla's xAI shares were converted to SpaceX shares.

In terms of business dealings, SpaceX purchased Cybertrucks worth $131 million from Tesla at the manufacturer's suggested retail price. Previous reports stated that SpaceX bought 1279 Cybertrucks in the fourth quarter of 2025, but the prospectus suggests that the actual purchase quantity may be higher. Additionally, SpaceX bought $697 million worth of Megapack energy storage batteries from Tesla in 2024 and 2025 to stabilize the peak demand of its Colossus I and II data centers in Memphis, Tennessee.

The prospectus also revealed the financial pressure brought by the merger. In 2025, SpaceX will allocate about 60% of its capital expenditure (around $20 billion) to xAI, but xAI's revenue only grew by 22% year-on-year last year, with losses reaching billions of dollars. In the risk factors section, SpaceX explicitly identified Musk himself as a key risk. The document stated that the company is "highly dependent on Musk's continued service," and his leadership, vision, and technical expertise are crucial to the company's future.

At the same time, SpaceX acknowledged that Musk is not always 100% focused on company affairs, and his various enterprises may compete in certain areas or cannibalize each other's businesses. Musk is not restricted from engaging in activities that may directly compete with SpaceX, potentially leading to conflicts of interest in the future. Furthermore, Musk's statements and actions could have positive or negative effects on the company's business, customer relationships, regulatory relationships, or stock price.