The 5 strangest things about the SpaceX IPO

If you're going away for a weekend and are in the mood for something good to read, consider the SpaceX IPO prospectus or "Form S-1 of Registration under the Securities Exchange Act of 1933: Space Exploration Technologies Corp."

While this type of document is typically dry, SpaceX's S-1 form reveals important details about the finances and operations of the world's most valuable private company, on the eve of what will likely be the largest initial public offering in history.

With more than 270 pages, the document describes the mission of Elon Musk's company, which combines space exploration, artificial intelligence and social media. The purpose of the form is to provide investors with all necessary details about the company's business model, including potential risk factors and audited financial statements. Here are some of the things we learned from the document:

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- 'The Moon, Mars and beyond'

Musk's obsession with Mars has been part of SpaceX's mission since he founded the company in 2002, and it appears he remains as committed as ever. The word "Mars" appears 63 times in the document, including in the "executive compensation" section.

In short, SpaceX's board granted Musk a bonus of 1 billion restricted shares on the condition that he lead the company to two goals: a market capitalization of $7.5 trillion and "a permanent human colony on Mars with at least one million inhabitants."

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Now, you may be asking yourself, "What would be the financial incentive for someone who already has virtually unlimited resources?" And yes, your answer is as good as ours. SpaceX did not respond to a request for comment.

- Musk is practically impossible to fire

Musk will be the CEO, chief technology officer and chairman of SpaceX. And it appears he has gone out of his way to ensure he won't have to deal with the same shareholder objections he faced at Tesla. The document shows that Musk holds the majority of shares with multiple voting rights, known as Class B shares.

Musk will be able to "elect, remove or fill any vacancy" among the board's principal shareholders and "shall have the power to control the outcome of matters requiring shareholder approval, including the election of all of our directors, and to control our business and affairs."

According to the document, Musk controls 85% of shareholder votes, meaning he would have to vote to resign.

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- Remember Cybertrucks?

SpaceX spent nearly $700 million on Tesla's "Megapack" products between 2024 and 2025 and another $131 million on Cybertrucks, the flat-sided electric pickup trucks that Tesla has struggled to sell.

This type of "related party spending" is not uncommon, but there has always been a certain mystery surrounding Cybertruck sales and how many units went to Musk's other operations. Business Insider estimates that the $131 million purchase would equate to approximately 1,183 to 1,813 vehicles, or somewhere between 6% and 9% of all Cybertruck sales last year.

- SpaceX's finances are a bit confusing

The company had a loss of almost US$5 billion last year, on revenue of US$18.7 billion. And losses increased by more than $4.3 billion in the first three months of this year.

The losses are largely due to SpaceX's merger with Musk's AI, which spent billions building its "Colossus" data centers in Tennessee.

The AI division made a loss of $6.4 billion last year while generating revenue of $3.2 billion. And its capital expenditures, at $12.7 billion, were more than three times that of SpaceX's main rocket division.

- This is all a great experience

In a section of the document titled "Our Challenges," SpaceX essentially acknowledges that many of its ambitions are "somewhat ambitious."

At one point, the company says it aims to deploy "orbital AI computing satellites," essentially data centers in space, "as early as 2028."

Further, the company states that this goal, along with plans to "establish a lunar economy, transport humans and cargo to the Moon and Mars, and develop human enhancement systems," will involve "unproven" or "technologies that do not exist."

As such, these projects "may not achieve commercial viability."

However, elsewhere in the document it states: "We believe the next paradigm shift for humanity is the creation of a resilient, ever-expanding space civilization that drives continuous innovation into new frontiers."

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Source: CNN