[SpaceX Warns in IPO Filing: Access to Water is a Key Constraint for Its AI Infrastructure Expansion] According to TechCrunch, SpaceX has added new content to the revised version of its IPO filing, warning potential investors that access to water has become a key constraint for the expansion of its AI infrastructure. Water is a necessary resource for cooling data centers, and SpaceX stated that the construction of data centers is limited by the ability to obtain "electricity and water at economically feasible prices." The filing noted, "Significant amounts of water may be required to cool large-scale data center operations," and that water shortages, drought conditions, local competition for water resources, or regulatory restrictions could limit the company's ability to secure sufficient cooling water, increase costs, delay, or restrict the expansion of data center infrastructure. SpaceX also disclosed that up to 5% of the shares in the IPO will be reserved for employees and friends and family of executives. Additionally, the company warned that it may issue a "substantial" number of shares after the IPO, which could dilute the holdings of existing shareholders.