SpaceX IPO prospectus reveals deep intertwining of Musk's companies, with Tesla holding nearly 19 million SpaceX shares According to BlockBeats, on May 21st, SpaceX's initial public offering (IPO) prospectus (Form S-1) revealed extensive business and equity intersections among multiple companies under Elon Musk. In this 330 page document, "Tesla" is mentioned 87 times, "xAI" appears 356 times, "X" appears 267 times, "Bored Company" and "Neuralink" are also mentioned 7 and 3 times respectively. In terms of equity, Tesla holds approximately 19 million Class A common shares of SpaceX, accounting for less than 1%. In February of this year, Musk merged his artificial intelligence company xAI with SpaceX, and Tesla's xAI shares have been converted into SpaceX shares. In terms of business dealings, SpaceX purchased a Cybertruck worth $131 million from Tesla at the manufacturer's suggested retail price. Previously, there were reports that SpaceX purchased 1279 Cybertrucks in the fourth quarter of 2025, and the prospectus suggests that the actual purchase quantity may be even higher. In addition, 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 located in Memphis, Tennessee. The prospectus also reveals the financial pressure brought about by the merger. SpaceX will allocate approximately 60% of its capital expenditures (about $20 billion) to xAI in 2025, but xAI's revenue only increased by 22% year-on-year last year and incurred losses of billions of dollars. In the risk factors section, SpaceX explicitly lists Musk himself as the primary risk. The document states that the company is highly dependent on Musk's ongoing service, and his leadership, vision, and technical expertise are crucial for the company's future. At the same time, SpaceX acknowledges that Musk is not always 100% focused on company affairs, and its multiple subsidiaries may compete or erode each other's businesses in certain aspects. Musk has not been restricted from engaging in activities that may directly compete with SpaceX, and there may be conflicts of interest in the future. In addition, Musk's statements and actions may have a positive or negative impact on the company's business, customer relationships, regulatory relationships, or stock price. [Original link]