SpaceX's IPO filing reveals Elon Musk as both the company's biggest asset and greatest risk factor

SpaceX's S-1 filing explicitly lists Musk as a risk factor, stating the company is 'highly dependent on the continued services of Mr. Musk' and that his leadership, vision, and technical expertise are critical to its future. The filing also notes Musk is not 'restricted' from competing directly with SpaceX through his other ventures.

The IPO reveals extensive financial entanglement between Musk's companies: Tesla owns nearly 19 million shares of SpaceX's Class A common stock; SpaceX purchased $131 million worth of Cybertrucks from Tesla; SpaceX spent $697 million on Tesla's Megapacks (stationary storage batteries) in 2024 and 2025; and the Boring Company has received about $1.2 million in office lease payments from SpaceX.

SpaceX was valued at $1.25 trillion earlier this year after merging with xAI, Musk's AI company. The filing showed SpaceX directed about 60 percent of its capital spending in 2025 toward xAI, or about $20 billion, though xAI lost billions of dollars last year on revenue that grew by only 22 percent year over year.