SpaceX plans to allocate up to 5% of its IPO shares to employees, friends, and family of executives through a directed share program, with no lock-up restrictions for these participants. Meanwhile, over 60% of existing shares, including those held by Elon Musk, will remain under extended lock-up periods.
The filing also highlights a major AI infrastructure deal with Anthropic, involving roughly 325,000 Nvidia chips at a cost of $1.25 billion per month through 2029. SpaceX noted risks tied to customers relying on external funding to meet such large commitments.
Additionally, the company flagged water scarcity as a growing operational risk, citing its potential impact on cooling data centers. SpaceX is targeting a valuation of at least $1.8 trillion in the IPO, though earlier expectations had exceeded $2 trillion.
