## 发行条款（The Offering）：投票权 + A/B 转换规则 ENGLISH · ORIGINAL These provisions could limit our shareholders' ability to pursue certain claims and/or increase the cost of doing so and could also affect the procedures, rights, and remedies available to our shareholders in such legal actions or proceedings. • Upon completion of this offering, Mr. Musk will serve as our Chief Executive Officer, Chief Technical Officer, and Chairman of our board and control the election of our directors, and our dual class structure concentrates voting control with Mr. Musk and other B common stock. This will limit or preclude your ability to influence corporate matters and the election of our directors. 17 Table of Contents The Offering Issuer ...................................................................... Space Exploration Technologies Corp. Class A common stock offered by us ..................... shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Class A common stock outstanding immediately after this offering ................................................ shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Class B common stock outstanding immediately after this offering ................................................ shares. Voting power of Class A common stock after giving effect to this offering ............................... % (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Voting power of Class B common stock after giving effect to this offering ............................... % (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Voting rights ........................................................... Each share of Class A common stock will entitle its holder to one vote per share. Each share of Class B common stock will entitle its holder to 10 votes per share. Class A shareholders and Class B shareholders will vote together as a single class on all matters to be voted on by shareholders under our charter, except the holders of our Class B common stock will have the right to elect a majority of our board and have certain other voting rights as a class. Each share of Class B common stock will be convertible at any time at the option of the holder into one share of our Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon a Transfer (as defined in the charter) of that share of Class B common stock, whether or not for value, except for Permitted Transfers (as defined in the charter). 中文翻译 **发行条款（The Offering）：投票权 + A/B 转换规则** **这些条款**——**可能限制股东追究某些诉求的能力**、**或提高追究成本**——**也会影响股东在这种法律诉讼或程序中可用的程序、权利和救济**。 - **本次发行完成后**——**Musk 将担任我们的 CEO、CTO、董事长**——**控制董事的选举**——**我们的双重股权结构**——**把投票权集中到了 Musk 和其他 B 类普通股持有者手中**。**这会限制或排除你影响公司事务和董事选举的能力**。 **发行方案（The Offering）** 项目 内容 **发行人（Issuer）** **Space Exploration Technologies Corp.** **我们发售的 A 类普通股** **_____ 股**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **_____ 股**）。 **本次发行后立即流通的 A 类普通股** **_____ 股**（同上，含超额配售权情形）。 **本次发行后立即流通的 B 类普通股** **_____ 股**。 **本次发行后 A 类普通股的投票权占比** **_____ %**（含超额配售权情形）。 **本次发行后 B 类普通股的投票权占比** **_____ %**（含超额配售权情形）。 **投票权（Voting rights）** - **每一股 A 类普通股**：**1 股 1 票**。 - **每一股 B 类普通股**：**1 股 10 票**。 - **A 类和 B 类股东**——**根据章程**——**在所有需要股东投票的事项上作为一个单一类别一起投票**—— - **例外**：**B 类普通股的持有者**——**有权选出我们董事会的多数席位**——**还有一些其他"作为一个类别"的投票权**。 - **每一股 B 类普通股**： - **可以由持有者随时选择**——**转换为 1 股 A 类普通股**； - **或者**——**一旦发生"该 B 类普通股的转让"**（Transfer，**定义见章程**）——**无论是为对价还是不为对价**——**会自动转换为 1 股 A 类普通股**——**"允许的转让"（Permitted Transfers，定义见章程）除外**。 请参阅招股书其他章节的**"对股权证券的描述"（Description of Capital Stock）**。 💸 募集资金 + 分红

很多人一听到“无固定期限合同”，第一反应就是“签了是不是就被公司绑死了，以后跳槽都难？”其实恰恰相反，这个合同名字听着吓人，实际上是对劳动者最有利的一种保障。 我给你说个真实情况。我有个朋友在一家科技公司工作，干了快十年，公司一直跟他签一年一签的固定期限合同。后来他了解到，根据法律规定，连续订立两次固定期限合同后，第三次他就有权要求签无固定期限合同了。他提了之后，公司脸色很难看，但最后不得不签。为什么？因为法律就是这么规定的。 签了无固定期限合同，最大的好处就是公司不能随便解雇你。没有法定理由，比如你严重违纪、医疗期满不能胜任工作这些，公司要是硬要裁你，就得承担违法解除的赔偿金，两倍于经济补偿金。换句话说，你的饭碗比以前稳固多了。公司想裁员的时候，通常会先动那些签固定期限合同的人，因为成本低，解约到期不续就行。 当然，无固定期限合同也不是免死金牌。你要是自己提离职，或者严重违反公司制度，照样要走人。但它确实给了你一个更稳定的职业预期，尤其对于长期在一家公司工作的老员工来说，这是法律给你的“护身符”。所以别再一听“无固定”就害怕，它反而是你职场安全感的来源。

## 募集资金用途 + 分红政策 ENGLISH · ORIGINAL Use of proceeds ...................................................... We expect to receive approximately $ of net proceeds from this offering (or $ if the underwriters exercise their option to purchase additional shares of Class A common stock in full), based upon the assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Please refer to "Underwriting." We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes. Please refer to "Use of Proceeds" for a more complete description of the intended use of proceeds from this offering. 18 Table of Contents Dividend policy ...................................................... We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. We currently intend to retain future earnings, if any, to finance the growth of our business. Our future dividend policy is within the discretion of our board and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends, restrictions in our existing and any future debt agreements and other factors our board may deem relevant. Covenants under our Credit Agreements also restrict our ability to pay dividends, and we may enter into credit agreements or other borrowing arrangements in the future that restrict our ability to declare or pay cash dividends or make distributions in the future. 中文翻译 **募集资金用途 + 分红政策** **募集资金用途（Use of proceeds）** **我们预期**—— - 假设**首次公开发行价格 = 招股书封面价格区间的中点** = **$_____ / 股**； - 扣除**承销折扣、佣金和我们应付的估计发行费用**后； **我们将从本次发行中获得大约 $_____ 百万美元的净募集资金**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **$_____ 百万美元**）。请参阅招股书其他章节的**"承销"（Underwriting）**。 **我们打算把本次发行的净募集资金**—— - **用于支持我们的增长战略**——包括： - **扩大我们的 AI 算力基础设施**； - **升级我们的发射基础设施和运载火箭**； - **扩大我们卫星星座的规模和容量**； - **剩下没花完的部分**——**用于一般公司用途**。 请参阅招股书其他章节的**"募集资金用途"（Use of Proceeds）**——**对本次发行净募集资金用途的更完整描述**。 **分红政策（Dividend policy）** - **我们不打算在可预见的未来**——**对普通股的持有者**——**宣派或支付任何现金分红**。 - **我们目前打算**——**把未来的所有盈余（如果有）**——**留作"支持业务增长"用**。 - **未来的分红政策**——**由我们董事会自行决定**——**取决于当时存在的各种条件**，包括—— - **我们的经营结果**； - **财务状况**； - **资本需求**； - **投资机会**； - **法定上对分红的限制**； - **我们现有和未来债务协议中"限制分红"的条款**； - **其他董事会认为相关的因素**。 - **我们信贷协议（Covenants under our Credit Agreements）下的契约**——**也限制我们分红**——**我们未来可能签的信贷协议或其他借款安排**——**也可能限制我们"宣派或支付现金分红、或做分配"**。 #### 📝 翻译者注 - **"credit agreement covenants"（信贷契约）**：**贷款合同里"限制公司行为"的条款**——**对 SpaceX 这种资本密集型公司**——**分红限制是标准条款**——因为**贷款人希望公司"先还我钱、别给股东发钱"**。 - **"retain future earnings"（留存盈余）**：**对成长型科技公司是常态**——Amazon、Google、Meta 上市后**前 10-20 年几乎都不分红**。 🎁 定向增发 + 被控股

## 分红政策补充 + 定向增发计划 ENGLISH · ORIGINAL Directed share program .......................................... At our request, the underwriters have reserved five percent of the shares of Class A common stock to be issued by the Company and offered by this prospectus for sale, at the initial public offering price, to certain employees and persons selected based on the discretion of our executive officers. If purchased by these persons, these shares of Class A common stock will not be subject to a lock-up restriction. The number of shares of Class A common stock available for sale to the general public will not be subject to a lock-up restriction. The number of shares of Class A common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares of Class A common stock. Any reserved shares of Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares of Class A common stock offered by this prospectus. Please refer to "Underwriting—Directed Share Program." Controlled company ............................................... Upon completion of this offering, Mr. Musk will beneficially own a majority of the voting power of our common stock and the Class B common stock, which elects a majority of the board. As a result, we expect to be a "controlled company" within the meaning of the Nasdaq and Nasdaq Texas corporate governance standards, and intend to rely on exemptions from certain of the corporate governance listing requirements. Please refer to "Management—Controlled Company Exemption" and "Certain Relationships and Related Person Transactions." 中文翻译 **分红政策补充 + 定向增发计划** **定向增发计划（Directed share program）** - **应我们的要求**——**承销商已经预留了**——**占公司本次发行的 A 类普通股 5%**——**按首次公开发行价格**——**定向发售给"由我们高管自行决定的某些员工和特定人选"**。 - **如果这些定向对象购买了**——**这些 A 类普通股**——**不受"锁定期"限制**。 - **"可向普通公众发售"的 A 类普通股数量**——**会按这些定向对象实际购买的数量等额减少**。 - **任何"定向对象没买完"的预留股票**——**承销商会按和其他 A 类普通股一样的条件**——**向普通公众发售**。 请参阅招股书其他章节的**"承销—定向增发计划"（Underwriting—Directed Share Program）**。 **被控股公司（Controlled company）** - **本次发行完成后**——**Musk 将实际拥有**—— - **我们普通股投票权的多数**； - **以及 B 类普通股的多数**——**B 类普通股可以选出董事会多数**。 - **因此**——**我们预期自己**——**根据 Nasdaq 和 Nasdaq Texas 的公司治理标准**——**会成为一家"被控股公司"**——**并打算援引"对某些公司治理上市要求的豁免"**。 请参阅招股书其他章节的**"管理层—被控股公司豁免"（Management—Controlled Company Exemption）**和**"某些关系和关联交易"（Certain Relationships and Related Person Transactions）**。 #### 📝 翻译者注 - **"定向增发（directed share program）"**：也叫"**亲友股（friends and family program）**"——IPO 时专门**给员工、合作伙伴、亲友"留 5%"**按发行价购买——**好处是**让"长期支持者"也能参与；**坏处是**普通公众能买到的份额被等额挤压。 - **"锁定期（lock-up）"**：IPO 后**对内部人士**（高管、董事、大股东、5% 股东等）**通常有 90-180 天的"卖股禁令"**——**避免发行后立刻砸盘**。**定向对象不受 lock-up**——意味着**这 5% 在发行后第一天就可以卖**。 🏛️ 资本市场信息

## 风险因素重述 + 资本市场信息（IPO 规模 / 招股价格 / 中间承销商） ENGLISH · ORIGINAL Risk factors ........................................................ Please refer to "Risk Factors" for a discussion of the risks and uncertainties that could materially and adversely affect our business, financial condition, results of operations, and future prospects. Selling stockholder ............................................ shares of our Class A common stock (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). The Company will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholder. Use of proceeds ............................................ We expect to receive net proceeds from this offering of approximately $ million (or $ million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), assuming an initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, and increases in the scale and capacity of our satellite constellations. Please refer to "Use of Proceeds." Listing ............................................ We have applied to list our Class A common stock on the Nasdaq Global Select Market and the Nasdaq Texas securities exchange under the symbol "SPCX." Nasdaq Texas is a new national securities exchange that is affiliated with Nasdaq. We expect that trading will commence on the Nasdaq Global Select Market prior to the commencement of trading on Nasdaq Texas. The shares of Class A common stock will be the only class of our common stock listed on either exchange. We expect that the shares will be listed on the Nasdaq Global Select Market under the symbol "SPCX." 20 Table of Contents Lead bookrunner ............................................ Morgan Stanley Joint bookrunners ......................................... Morgan Stanley, JPMorgan, Goldman Sachs, Bank of America, Citigroup, Allen & Company, Barclays, Deutsche Bank, Jefferies 中文翻译 **风险因素重述 + 资本市场信息（IPO 规模 / 招股价格 / 中间承销商）** **风险因素（Risk factors）** 请参阅招股书其他章节的**"风险因素"（Risk Factors）**——**对"可能重大不利影响我们业务、财务状况、经营结果和未来前景"的风险和不确定性的讨论**。 **售股股东（Selling stockholder）** - **_____ 股 A 类普通股**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **_____ 股**）。 - **公司不会从"售股股东出售 A 类普通股"中获得任何收益**。 **募集资金用途（Use of proceeds）** - **我们预期**——**假设首次公开发行价格 = 招股书封面价格区间的中点 = $_____ / 股**——**扣除承销折扣、佣金和我们应付的估计发行费用后**——**从本次发行中获得大约 $_____ 百万美元的净募集资金**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **$_____ 百万美元**）。 - **用途**—— - **扩大 AI 算力基础设施**； - **升级发射基础设施和运载火箭**； - **扩大卫星星座规模和容量**。 - 请参阅招股书其他章节的**"募集资金用途"（Use of Proceeds）**。 **上市（Listing）** - **我们已经申请**——**在 Nasdaq Global Select Market（纳斯达克全球精选市场）和 Nasdaq Texas（纳斯达克德州证券交易所）**——**以代码 "SPCX" 上市我们的 A 类普通股**。 - **Nasdaq Texas**——**是一家和 Nasdaq 关联的、全新设立的国家证券交易所**。 - **我们预期交易将先在 Nasdaq Global Select Market 启动**——**之后才在 Nasdaq Texas 启动**。 - **A 类普通股**——**将是我们唯一在两家交易所上市的股票类别**——**股票代码 "SPCX"**。 **主簿记管理人（Lead bookrunner）** - **Morgan Stanley（摩根士丹利）** **联合簿记管理人（Joint bookrunners）** - **Morgan Stanley, JPMorgan, Goldman Sachs, Bank of America, Citigroup, Allen & Company, Barclays, Deutsche Bank, Jefferies** - **摩根士丹利、摩根大通、高盛、美银、花旗、Allen & Company、巴克莱、德意志银行、杰富瑞** #### 📝 翻译者注 - **"SPCX"**：这是 SpaceX 上市的**特殊 ticker**——一般**上市公司代码 4 个字母**——"SPCX" 是 **SpaceX** 的"缩写"——**Nasdaq 专门开了"4 字母 ticker"的便利**给 SpaceX。 - **"Nasdaq Texas"**：2026 年 5 月**正式启动**的**新交易所**——**和 Nasdaq 体系挂钩**——**因为**Musk 系公司大多**从特拉华迁到德州**——**Nasdaq 专门给"德州"开个交易所**——这是个**很新**的金融基础设施。 - **"9 家承销商 + Morgan Stanley 领衔"**：**典型的"巨型独角兽 IPO"配置**——Morgan Stanley 在 Musk 系 IPO 中**一直是 lead**（Tesla 2010、Twitter 2013 都是 Morgan Stanley 牵头）。 🚀 火星 100 万人里程碑

## SPCX 上市 + Musk 火星 100 万人里程碑（10 亿受限股业绩条件） ENGLISH · ORIGINAL We have applied to list our Class A common stock on Nasdaq and Nasdaq Texas under the symbol "SPCX." The number of shares of Class A and Class B common stock that will be outstanding after this offering is based on 6,824,641,355 shares of Class A common stock and 5,695,668,265 shares of Class B common stock outstanding as of March 31, 2026, after giving effect to (i) the Class C Reclassification (as defined below) and (ii) the Preferred Conversion (as defined below). The amount of Class B common stock that will be outstanding after this offering includes 1,302,072,285 restricted shares of Class B common stock issued to and held of record by Mr. Musk, which may be voted by Mr. Musk, and the vesting of which is subject to the satisfaction of certain performance and other conditions. 1,000,000,000 of such restricted shares of Class B common stock vest upon both (i) our achievement of specified market capitalization milestones across 15 equal tranches and (ii) our establishment of a permanent human colony on Mars with at least one million inhabitants, in each case, subject to Mr. Musk's continued employment with us through the date on which achievement is certified by our board. 中文翻译 **SPCX 上市 + Musk 火星 100 万人里程碑（10 亿受限股业绩条件）** - **我们申请在 Nasdaq 和 Nasdaq Texas**——**以代码 "SPCX"**——**上市我们的 A 类普通股**。 - **本次发行后"将流通"的 A 类和 B 类普通股数量**——**基于 2026 年 3 月 31 日的"已发行"数量**—— - **A 类普通股 6,824,641,355 股**； - **B 类普通股 5,695,668,265 股**； - **已考虑**——（i）**C 类普通股重新分类（Class C Reclassification，定义见下文）**——（ii）**优先股转换（Preferred Conversion，定义见下文）**。 - **本次发行后"将流通"的 B 类普通股**——**包括 1,302,072,285 股"受限 B 类普通股"**——**这些股票已发行给 Musk、并以 Musk 名义持有**—— - **Musk 可以投票**； - **归属需要满足"特定的业绩和其他条件"**。 **🔑 Musk 的"火星里程碑"——重磅业绩条件** 在上述 1,302,072,285 股受限 B 类普通股中——**有 1,000,000,000（10 亿股）**——**归属需要"同时"满足两个条件**： - **公司"达到特定的市值里程碑"**——**分 15 档（15 equal tranches）**； - **公司"在火星上建一个至少 100 万居民的永久人类定居点"**； **外加第三个前提条件**——**Musk 本人在"董事会认证达成之日"**——**必须仍然在 SpaceX 任职**。 #### 📝 翻译者注 - **"6,824,641,355 A + 5,695,668,265 B"**：合计 **125.2 亿股普通股**——**比 Tesla（约 30 亿股）+ Google（约 120 亿股）总和还多**——但**B 类 1 股 10 票**——所以**投票权高度集中**。 - **"Class C Reclassification"（C 类普通股重新分类）**：**SPCX 上市前——把原来发出去的不同"股权类别"**——**统一重新归类为 A/B 两类**——**为 IPO 准备**。 - **"Preferred Conversion"（优先股转换）**：**原"可转换优先股"**——**按 IPO 时的转换价**——**全部转为 A/B 类普通股**——**也是 IPO 标准动作**。 - **"10 亿股火星股"**——**这是本招股书最大的"叙事彩蛋"**： - **业绩条件 1（公司市值分 15 档）**：典型 Musk 式"长期股权激励"——绑定 15 个市值里程碑，**可能从 $1T 到 $10T 递增**。 - **业绩条件 2（100 万火星人）**：**人类历史上从未达到的目标**——意味着**这 10 亿股归属的可能性极低**——但**写进招股书本身**——**就是 Musk 给投资者看的"长期信号"**："**SpaceX 的目标不是 IPO、是让人类成为多行星物种**"。 - **"Musk 必须仍在职"**：**对 Musk 这种"灵魂人物"**——**把"创始人留任"和"业绩条件"绑定**——**是公司治理上对 Musk 的"黄金手铐"**——**Musk 不能抛下公司就跑**。 📈 股权激励

## 股权激励计划 + 资产负债表日期 233M未行权期权 (A 类)$34.39加权平均行权价80M已授予 RSU155M未来可授予池 ENGLISH · ORIGINAL Equity compensation plans .......................................... We intend to file with the SEC a registration statement on Form S-8 covering the shares of our Class A common stock issuable upon the exercise of options and the vesting of restricted stock units and performance-based restricted stock units granted under our 2006 Stock Plan, as amended and restated, and any other equity plans we may adopt in the future. Accordingly, upon effectiveness of such registration statement, shares registered thereon will be available for sale in the open market, subject to any vesting restrictions and lock-up agreements. As of March 31, 2026, options to purchase 233,182,000 shares of our Class A common stock were outstanding with a weighted-average exercise price of $34.39 per share. As of March 31, 2026, 80,382,000 restricted stock units that settle in shares of our Class A common stock were outstanding and 1,000,000 performance-based restricted stock units that settle in shares of our Class A common stock were outstanding. The number of shares of our Class A common stock available for future grant under our 2006 Stock Plan was 154,923,000 as of March 31, 2026. Selected Consolidated Financial Data The following selected consolidated financial data should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements and the related notes included elsewhere in this prospectus and "Management's Discussion and Analysis of Financial Condition and Results of Operations." The selected consolidated financial data presented below has been derived from our audited consolidated financial statements. 中文翻译 **股权激励计划 + 资产负债表日期** **股权激励计划（Equity compensation plans）** - **我们打算向 SEC 提交一份 S-8 表格注册声明**——**覆盖"根据我们的 2006 年股权计划（经修订和重述）授予的、行使期权时可发行的 A 类普通股"**——**以及"归属限制性股票单位（RSU）和业绩型限制性股票单位（PSU）时可发行的 A 类普通股"**——**以及我们未来可能通过的其他任何股权计划**。 - **S-8 生效后**——**注册的股票**——**可以在公开市场自由出售**——**受任何归属限制和锁定期协议约束**。 **截至 2026 年 3 月 31 日**的统计数据： 项目 数量 **A 类普通股期权（尚未行权）** **233,182,000 份**——**加权平均行权价 $34.39 / 股** **限制性股票单位（RSU，结算为 A 类普通股）** **80,382,000 份**（已授予但未归属） **业绩型限制性股票单位（PSU，结算为 A 类普通股）** **1,000,000 份**（已授予但未归属） **2006 年股权计划下"未来可授予"的 A 类普通股** **154,923,000 股** **精选合并财务数据（Selected Consolidated Financial Data）** **下面这份"精选合并财务数据"**——**要和招股书其他章节的"合并财务报表和相关附注"**——**以及"管理层对财务状况和经营情况的讨论与分析"**——**一起读**——**并以它们为准**。**下面展示的精选合并财务数据**——**来自我们经过审计的合并财务报表**。 #### 📝 翻译者注 - **"2006 年股权计划（2006 Stock Plan）"**：SpaceX 内部**搞了 20 年**的"**期权池 + RSU 池**"——**Musk 2002 年才创办 SpaceX**——**2006 年**就开始给员工发期权。**到 2026 年**——**未行权期权总数 2.33 亿股**、**RSU 0.8 亿**、**未来池 1.55 亿**——**加在一起约 4.7 亿股**——**对 SpaceX 来说是个巨大的"潜在稀释源"**。 - **"S-8 表格"**：**SEC 给"员工股权激励"专门的简单注册表**——**公司不需要走完整的招股流程**——**员工行权后拿到的股票就可以在公开市场卖**。 - **"$34.39 加权平均行权价"**：**远低于预期 IPO 价格**——意味着**这些期权一旦行权就"深度价内"（deep in-the-money）**——**会计上要算大量"股票薪酬费用"**——**对未来 GAAP 利润是显著拖累**。 - **"业绩型 RSU（PSU）"**：**比 RSU 多了"业绩条件"**——**比如"市值达到 X 美元"或"收入达到 Y 美元"**——**PSU 占比 1.25%（1M / 80.38M）**——**SpaceX 的激励体系以"时间 RSU"为主**——**这跟 Musk 自己的"一切围绕交付"哲学一致**。 📋 股权计划规模

## 股权计划规模 + 优先股转换 + 招股书"基础日" ENGLISH · ORIGINAL The weighted-average exercise price of such options forfeited was $9.67 per share of Class A common stock and $0.71 per share of Class B common stock; and • 86,262,705 shares of Class A common stock resulting from the conversion of an equivalent number of shares of Class B common stock after March 31, 2026. 20 Table of Contents Unless otherwise noted, common stock outstanding after the offering and other information based thereon in this prospectus also does not reflect any of the following: • 299,256,055 shares of Class A common stock reserved for issuance under the A&R 2024 Plan, which amount excludes shares subject to outstanding awards thereunder as described above and includes shares withheld upon vesting and settlement of restricted stock units and shares subject to awards forfeited thereunder after March 31, 2026 as described above; • 24,026,920 shares of Class A common stock reserved for issuance under the Second Amended and Restated 2017 Employee Stock Purchase Plan (the "A&R 2017 ESPP"); and • shares of Class A common stock reserved for future issuance upon the conversion of all outstanding shares of Class B common stock on a one-for-one basis. The information set forth above regarding transactions or other events occurring after March 31, 2026 is given as of May 11, 2026. 中文翻译 **股权计划规模 + 优先股转换 + 招股书"基础日"** - **被没收期权的加权平均行权价**—— - **A 类普通股 $9.67 / 股**； - **B 类普通股 $0.71 / 股**。 - **2026 年 3 月 31 日之后**——**等量 B 类普通股转换为 A 类普通股**——**86,262,705 股**。 **除非另有说明**——**本招股书中"本次发行后流通的普通股"和基于此的其他信息**——**也不反映下列任何一项**： - **A 类普通股 299,256,055 股**——**根据 A&R 2024 计划预留**—— - **不含**——**根据该计划"已授予但尚未行权/归属"的股票**（如上所述）； - **含**——**2026 年 3 月 31 日之后**——**RSU 归属和结算时被公司扣下的股票** + **被没收的股票**。 - **A 类普通股 24,026,920 股**——**根据"经第二次修订和重述的 2017 年员工购股计划"**（**"A&R 2017 ESPP"**）**预留**。 - **A 类普通股"未来因所有已发行 B 类普通股按 1:1 转换而预留"的股数**（**按 1:1**）。 **上面"2026 年 3 月 31 日之后发生"的交易或其他事件的信息**——**以 2026 年 5 月 11 日为基准日**。 #### 📝 翻译者注 - **"A&R 2024 计划"**（Amended and Restated 2024 Equity Incentive Plan）——**SpaceX 在 2024 年重述过的股权激励计划**——**预留近 3 亿股**——是"**未来十年员工激励**"的主池子。 - **"A&R 2017 ESPP"**（Employee Stock Purchase Plan）——**员工购股计划**——**美国公司标配**——**让员工按工资一定比例定期买公司股票**——**通常有 15% 折扣**。 - **"加权平均行权价 $0.71（Class B）"**：**B 类期权基本等于"白送"**——**说明这些期权是早年 Musk 时代给核心员工的"奠基性期权"**——**行权价接近零**——**未来一旦行权就是"天量"账面收益**。 - **"2026/5/11 基础日"**：**招股书"证券存量"的计算时点**——**晚于"3/31 财务数据"**——意味着**5/11 前的所有重大变化**（包括**xAI 收购**、**B 转 A 86M 股**等）**都已计入**。 🔗 全部股权计划

## 全部股权计划（SpaceX + xAI + Swarm）+ EchoStar + Cursor 期权 ENGLISH · ORIGINAL The term "Equity Plans" in this prospectus refers to our 2015 Plan, our A&R 2017 ESPP and our A&R 2024 Plan as well as (i) xAI's 2023 Equity Incentive Plan, 2023 Incentive Plan and 2025 Equity Incentive Plan, each of which we assumed in the xAI Merger (the "xAI Plans") and (ii) the 2017 Stock Plan, as amended, of Swarm Technologies, Inc. ("Swarm"), which we assumed in our acquisition of Swarm in 2021. The information in this prospectus also does not reflect: • the payment of 261,792,453 shares of Class A common stock and cash consideration which would occur upon closing of our agreement with EchoStar Corporation ("EchoStar") to purchase certain AWS-3, AWS-4, and H-Block spectrum licenses pursuant to the License Purchase Agreement, dated as of September 7, 2025 (as amended and restated on November 5, 2025), by and among SpaceX, Spectrum Business Trust 2025-1 and EchoStar (the "Spectrum Transaction"), which transaction was approved by the FCC on May 12, 2026 and is subject to other closing conditions prior to completion; and • the issuance of shares of our Class A common stock if in the future our board determines to exercise our option to acquire Cursor as such option is described under "Business—Collaboration with Cursor," which, as an example, assuming the volume-weighted average closing price of our common stock over the seven consecutive trading days immediately preceding the closing of such acquisition were equal to the initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover of this prospectus), would equal approximately shares. 中文翻译 **全部股权计划（SpaceX + xAI + Swarm）+ EchoStar + Cursor 期权** **"股权计划"这个术语**——**在本招股书中**——**包括我们的**—— - **2015 计划**； - **A&R 2017 ESPP**； - **A&R 2024 计划**； - 以及—— - **(i) xAI 的 2023 股权激励计划、2023 激励计划、2025 股权激励计划**——**这些是我们在 xAI 并购中承接下来的**（合称"**xAI 计划**"）； - **(ii) Swarm Technologies, Inc. 的 2017 股权计划（已修订）**——**这是我们在 2021 年收购 Swarm 时承接下来的**。 **本招股书的信息还不反映**： - **根据 SpaceX、Spectrum Business Trust 2025-1 和 EchoStar Corporation 之间的"许可购买协议"（2025 年 9 月 7 日签订，2025 年 11 月 5 日修订重述）**——**收购某些 AWS-3、AWS-4 和 H-Block 频谱许可**——**完成时将支付的 261,792,453 股 A 类普通股 + 现金对价**（**"频谱交易"**）。**该交易于 2026 年 5 月 12 日获 FCC 批准**——**完成前还需满足其他交割条件**。 - **如果未来我们董事会决定行使收购 Cursor 的期权**——**按"业务—与 Cursor 合作"那一节的描述**——**将要发行的 A 类普通股**。**举例来说**——**假设收购完成前 7 个交易日我们普通股的成交量加权平均收盘价 = 招股书封面价格区间的中点 $_____ / 股**——**将发行约 _____ 股**。 #### 📝 翻译者注 - **"xAI Plans"**：**xAI 三套股权激励计划**——**2023 计划**（**初始**）+ **2023 Incentive Plan**（**可能给高管**）+ **2025 计划**（**最近合并前给关键人**）——**SpaceX 在 2026 年 2 月收购 xAI 时"原样承接"**——**这些计划的归属和行权都会导致 SpaceX 未来发行新股**。 - **"Swarm Technologies"**：**一家做"微型卫星物联网"的公司**——**2021 年被 SpaceX 悄悄收购**——**它的 2017 股权计划被承接**。 - **"EchoStar 频谱交易 261,792,453 股"**：**2025 年 9 月披露的"SpaceX 用股票 + 现金从 EchoStar 买频谱"的交易**——**频谱对 Starlink 直接连接手机业务至关重要**——**FCC 于 2026 年 5 月 12 日批准**——**完成后 SpaceX 立即拿到关键频谱资源**。 - **"AWS-3 / AWS-4 / H-Block"**：**都是美国 FCC 拍卖的特定频段**——**最适合做"卫星—手机直连"**。 🪓 2026 Stock Split

## 2026 Stock Split + Class C 重分类 + 优先股转换 + IPO 假设 ENGLISH · ORIGINAL The actual number of shares that may be issued will be determined based on a future trading price and is subject to customary adjustments for reclassifications, recapitalization, stock splits or any other similar event affecting the outstanding capital stock of Cursor or the Company. Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to: • the 2026 Stock Split; • prior to the completion of this offering, pursuant to the terms of our certificate of formation in effect as a private company prior to this offering, the reclassification of all of the outstanding shares of our Class C common stock into an aggregate of 494,050,675 shares of Class A common stock (the "Class C Reclassification") and the conversion of the outstanding shares of all our preferred stock into an aggregate of 3,448,110,450 shares of our Class A common stock and 3,274,452,900 shares of our Class B common stock (the "Preferred Conversion"); • the effectiveness of our charter and bylaws, which will become effective upon the completion of this offering; • an initial public offering price of $ per share of Class A common stock (the midpoint of the price range set forth on the cover of this prospectus); • that the underwriters do not exercise their option to purchase additional shares of Class A common stock from us; and 21 Table of Contents • no purchase of shares of Class A common stock in this offering by our directors, officers or existing shareholders. 22 Table of Contents Summary Historical Consolidated Financial and Operating Data The following table sets forth the summary historical consolidated financial and operating data for the periods and as of the dates presented. 中文翻译 **2026 Stock Split + Class C 重分类 + 优先股转换 + IPO 假设** **实际"将发行"的股数**——**由未来的交易价决定**——并受"**Cursor 或 SpaceX 已发行股本发生重分类、资本重组、股票分割或任何类似事件**"的**常规调整**约束。 **除非另有说明**——**本招股书包含的所有信息**——**都假设或已经考虑了以下事项**： - **2026 股票分割（2026 Stock Split）**； - **本次发行完成前**——**根据我们"作为非上市公司时"的公司注册证书条款**—— - **把所有已发行的 C 类普通股**——**重分类**——**为合计 494,050,675 股 A 类普通股**（**"C 类重分类"**）； - **把所有已发行的优先股**——**转换为**——**合计 3,448,110,450 股 A 类普通股 + 3,274,452,900 股 B 类普通股**（**"优先股转换"**）； - **新章程和新细则生效**——**本次发行完成时生效**； - **首次公开发行价格 = 招股书封面价格区间的中点 $_____ / 股**； - **承销商不行使向我们额外购买 A 类普通股的权利**； - **我们的董事、高管或现有股东不在本次发行中购买 A 类普通股**。 **"汇总历史合并财务和运营数据"小节即将开始**——**下面这张表**——**汇总了所示期间和日期的"汇总历史合并财务和运营数据"**。 #### 📝 翻译者注 - **"2026 股票分割"**：**招股书披露过的"反向/正向股票分割"**——**具体比例未在摘要中披露**——**可能 1-for-N 或 N-for-1**——**作用是"调整"股价到合理的 IPO 价格区间**。 - **"C 类普通股 4.94 亿股 → A 类 4.94 亿股"**：**重分类**——**C 类不参与投票或有限投票**——**IPO 时被归并到 A 类**。 - **"优先股 34.48 亿 A + 32.74 亿 B"**：**优先股转换**——**这是 SpaceX 之前私募轮的可转换优先股**——**IPO 时按转换价全部转成 A/B 两类普通股**——**原优先股股东获得相应的投票权和流通权**——**但优先级消失**。 - **"IPO 假设"**：**所有"未来事件"都被"假设为"已发生或按招股书封面的中点定价**——**这让"摘要财务表"具有可比性**。 📊 共同控制追溯合并