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, more than 60% of the existing shares, including Elon Musk’s shares, will remain under the extended lock-up period.
The filing also highlights a major AI infrastructure deal with Anthropic, which includes about 325,000 Nvidia chips at a cost of $1.25 billion per month through 2029. SpaceX noted the risks associated with customers relying on external funding to meet such large commitments.
Additionally, the company flagged water shortages as an increasing operational risk, citing its potential impact on cooling data centers. SpaceX is aiming for a valuation of at least $1.8 trillion in the IPO, though earlier expectations were more than $2 trillion.