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SpaceX plans to reserve up to 5% of its initial public offering shares for employees, as well as friends and family of executives, through a directed share program that would not include lock-up restrictions for those participants, according to the filing. At the same time, more than 60% of existing shares, including stock held by Elon Musk, would remain subject to extended lock-up periods after the offering. The structure highlights a split approach to the IPO, giving certain early participants more immediate flexibility while limiting the ability of major holders to sell shares.

The filing also points to a major artificial intelligence infrastructure arrangement involving Anthropic and a large fleet of Nvidia chips. The deal is described as covering about 325,000 Nvidia chips at an estimated cost of $1.25 billion per month through 2029. SpaceX said such large agreements carry risk because some customers may depend on outside funding to meet their commitments. The company’s disclosure suggests that while demand for AI infrastructure remains strong, the financial scale of these contracts could expose suppliers and partners to payment and execution uncertainty.

In addition to funding and contract risks, SpaceX identified water scarcity as a growing operational concern. The company said limited water availability could affect the cooling systems used in data centers, underscoring the environmental and infrastructure challenges tied to large-scale compute operations. As AI and cloud facilities expand, access to water and reliable cooling is becoming an increasingly important factor in operational planning and long-term sustainability.

SpaceX is seeking an IPO valuation of at least $1.8 trillion, according to the filing, marking a substantial target for one of the world’s most closely watched private companies. That figure is below earlier expectations that had reportedly surpassed $2 trillion, but it would still place the company among the most valuable in public markets if achieved. The proposed valuation reflects investor interest in SpaceX’s core businesses and its broader role in space, communications, and advanced technology infrastructure.

The filing outlines a mix of shareholder incentives, liquidity restrictions, major AI-related commercial exposure, and environmental risk disclosures, offering a detailed look at the company’s plans as it moves toward public markets.