"XAI, the artificial intelligence company Elon Musk created and recently merged into SpaceX, is not helping on that front. The filing shows SpaceX directed around 60% of its capital spending in 2025 to its AI division, or around $20 billion. And yet that division — which houses the chatbot Grok — lost billions last year, and only grew revenue by about 22%. That’s far below the reported revenue growth rates at frontier AI labs."

https://techcrunch.com/2026/05/20/the-spacex-ipo-filing-has-...

So this confirms that SpaceX was making a lot of cash and plowing it back into R&D, and that the X/Twitter/xAI merger is concrete shoes on the good parts.

"Mr. Musk or his affiliates may become aware, from time to time, of certain business opportunities ... and may direct such opportunities to other businesses in which they have invested."

"Under our charter, Mr. Musk and his affiliates are not restricted from owning assets or engaging in businesses that compete directly or indirectly with us"

Pg. 56

I think this part is interesting considering Tesla shareholders seem to have lost out on developing (x)AI (AGI?) internally.

Is there any risk to SpaceX that the Musk brand pulls the market cap too far ahead now?

It's not a risk factor I see in the prospectus but seems plausible to me.

Just like with the AI company vesting, I imagine a scenario where a company seeds its own competition by realizing the monetary gains before the work is done. Maybe there's precedent in the dot com bubble. Certainly people were able to sell before the dip a la Cuban and broadcast.com. But I'm thinking more more specifically inducing competitive space ventures.

"We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future."

Sounds like 'never' to me.

Elon Musk owns 12.3% of Class A shares and 93.6% of Class B shares. Class B shares have 10x the voting power of class A shares. Overall Elon controls 85.1% of the voting power in the company. If Elon sells any of his Class B shares, they automatically convert into Class A shares.

Retail and institutional investors will have practically no say in the direction of the SpaceX.

> Each share of Class A common stock will entitle its holder to one vote per share. Each share of Class B common stock will entitle its holder to 10 votes per share. Each share of Class B common stock will convert automatically into one share of Class A common stock upon a Transfer.

wow x.ai is a literal money incinerator

Who is gonna buy at the IPO and why or why not? (Assumes you read the S1).

I did. I’m not buying. lol I won’t get an allocation but I also want to see where this shakes out. So in 6 months time if starlink is the gem that people say then sure.

I think he finds a way to trade inflated SpaceX stock to o buy Tesla and call it a day.

Perhaps related:

* "SpaceX IPO Scandal": https://news.ycombinator.com/item?id=47388640

* "SpaceX and OpenAI: The Mega IPO Grift": https://news.ycombinator.com/item?id=47648226

So, a significant amount of self-dealing, and Elon Musk has an 85.1% voting share in the company. That sounds like a really great thing. There is no sarcasm in that previous statement. None at all.