BlockBeats news: On May 21, SpaceX’s initial public offering (IPO) prospectus (Form S-1) revealed extensive business and equity overlaps among companies owned by Elon Musk. The 330-page document mentions “Tesla” 87 times, “xAI” 356 times, “X” 267 times, and references “The Boring Company” and “Neuralink” seven and three times, respectively.
In terms of equity, Tesla holds approximately 19 million shares of Class A common stock in SpaceX, representing less than 1%. In February of this year, after Musk merged his artificial intelligence company xAI with SpaceX, Tesla’s shares in xAI were converted into shares of SpaceX.
In terms of business transactions, SpaceX purchased Cybertrucks from Tesla for $131 million at the manufacturer's suggested retail price. Previous reports indicated that SpaceX bought 1,279 Cybertrucks in the fourth quarter of 2025, and the prospectus suggests the actual number may be higher. Additionally, SpaceX purchased $697 million worth of Megapack energy storage batteries from Tesla in 2024 and 2025 to stabilize peak demand at its Colossus I and II data centers in Memphis, Tennessee.
The prospectus also revealed the financial strain caused by the merger. In 2025, SpaceX plans to allocate approximately 60% of its capital expenditures (about $20 billion) to xAI, yet xAI's revenue grew by only 22% year-over-year last year, while posting losses in the billions of dollars. In the risk factors section, SpaceX explicitly identifies Musk himself as a primary risk. The document states that the company is "highly dependent on Musk's continued services," and that his leadership, vision, and technical expertise are critical to the company's future.
At the same time, SpaceX acknowledges that Musk has not always been 100% focused on company matters, and his various enterprises may compete with or cannibalize each other in certain areas. Musk is not restricted from engaging in activities that could directly compete with SpaceX, potentially leading to future conflicts of interest. Additionally, Musk’s statements and actions may positively or negatively impact the company’s business, customer relationships, regulatory relations, or stock price.