PART 55 / 63 spaceX招股书

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