The prospectus disclosure is quite aggressive this time, including the CEO's personal risks in the document, leaving investors to weigh it themselves.

SpaceX's prospectus reveals extensive overlaps with multiple companies owned by Elon Musk: Tesla holds about 19 million shares of SpaceX Class A stock (less than 1%), which are converted into SpaceX shares after merging with xAI. SpaceX purchased the Cybertruck from Tesla at MSRP for approximately $131 million, and in 2024-2025, it will also buy Megapack batteries for about $697 million. The merger allocates about 60% of capital expenditure to xAI (around $2 billion), but although xAI increased revenue by 22% last year, it still incurred losses of several billion dollars. The prospectus lists Musk as a major risk, stating that the company heavily depends on his leadership and ongoing involvement, and that Musk's other businesses may compete with or create conflicts of interest with SpaceX.