BlockBeats News, May 21st, SpaceX's initial public offering (IPO) prospectus (Form S-1) revealed extensive business and equity intersections among Elon Musk's various companies. In this 330-page document, "Tesla" was mentioned 87 times, "xAI" appeared 356 times, "X" appeared 267 times, and both "Boring Company" and "Neuralink" were mentioned 7 and 3 times, respectively.

On the equity side, Tesla holds approximately 19 million shares of SpaceX's Class A common stock, representing less than 1%. In February of this year, Musk merged his artificial intelligence company xAI with SpaceX, and Tesla's xAI shares have since been converted to SpaceX shares.

In terms of business dealings, SpaceX purchased Cybertrucks worth $131 million at the manufacturer's suggested retail price from Tesla. Previous reports indicated that SpaceX bought 1279 Cybertrucks in the fourth quarter of 2025, and the prospectus suggests that the actual purchase quantity may be higher. Additionally, SpaceX bought Megapack energy storage batteries worth $697 million from Tesla in 2024 and 2025 to support the peak demand of its Colossus I and II data centers in Memphis, Tennessee.

The prospectus also revealed the financial pressure brought about by the merger. In 2025, SpaceX will allocate about 60% of its capital expenditures (around $20 billion) to xAI. However, xAI's revenue only grew by 22% year-on-year last year, with losses amounting to several billion dollars. In the risk factors section, SpaceX explicitly identified Musk himself as a key risk. The document stated that the company is "highly dependent on Musk's continued service," and his leadership, vision, and technical expertise are crucial to the company's future.

Furthermore, SpaceX acknowledged that Musk is not always 100% focused on company affairs, and his multiple enterprises may compete in certain areas or cannibalize each other's businesses. Musk is not restricted from engaging in activities that may directly compete with SpaceX, potentially leading to conflicts of interest in the future. Additionally, Musk's statements and actions may have a positive or negative impact on the company's business, customer relationships, regulatory affairs, or stock price.