PART 51 / 63 spaceX招股书

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