SpaceX will reserve up to 5% of shares in its upcoming initial public offering for certain employees and friends and family of its executive officers, the company disclosed in an amended filing.
The amount of Class A stock the company is setting aside for its directed share program is newly specified in the filing Monday. Space Exploration Technologies Corp. already had disclosed last month that participants on its so-called friends and family list will not be subject to a lock-up restriction.
While directed share programs are a fairly common feature of IPOs, participants often are subject to lock-ups that prevent them from immediately selling their shares. SpaceX says in the filing that more than 60% of shares outstanding immediately prior to the offering are subject to an extended lock-up period, including the stock held by Elon Musk, its founder and chief executive officer.
The amended filing also discloses that SpaceX’s agreement to provide Anthropic PBC with artificial intelligence computing capacity includes about 325,000 chips from Nvidia Corp.
The agreement, at a cost to Anthropic of $1.25 billion per month, runs through May 2029 and, after the initial three-month period, can be terminated by either party with 90 days’ notice. In the risk factors, SpaceX flagged that some of its compute service customers may rely on external capital to fund their obligations.
Water scarcity was added as a risk factor in SpaceX’s filing. Drought conditions, more competition for water sources and regulatory restrictions on water use could limit or make it more expensive for the company to cool its data center infrastructure, the filing shows.
Data centers for AI are drawing increasing scrutiny over their water and power usage.
SpaceX is currently targeting a valuation of at least $1.8 trillion in the IPO, Bloomberg News reported last week, citing people familiar with the matter. Bloomberg previously reported in April that the company was aiming for a valuation above $2 trillion.
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