SpaceX will reserve up to 5% of the shares in its upcoming initial public offering for certain employees and friends and family of its directors, the company revealed in an amended document.
The number of Class A shares the company will reserve for its directed stock program is specified in an updated prospectus filed Monday. Space Exploration Technologies Corp. had already revealed last month that participants on its friends and family list will not be subject to blocking restrictions.
While directed equity programs are a fairly common feature of IPOs, participants are often subject to lock-up periods that prevent them from selling their shares immediately. SpaceX states in the filing that more than 60% of the shares outstanding immediately prior to the offering are subject to an extended lock-up period, including shares held by Elon Musk, its founder and CEO.
The amended documentation also reveals that the SpaceX to provide Anthropic PBC Artificial intelligence computing capacity includes approximately 325,000 chips Nvidia Corp.
The agreement, costing Anthropic $1.25 billion per month, will run until May 2029 and, after the initial three-month period, can be terminated by either party with 90 days’ notice. In the risk factors, SpaceX noted that some of its computer services clients could depend on external capital to finance their obligations.
Water scarcity was included as a risk factor in the documentation presented by SpaceX. According to the documentation, drought conditions, increased competition for water resources, and regulatory restrictions on water use could limit or make it more expensive to cool your data center infrastructure. Data centers for artificial intelligence are coming under increasing scrutiny when it comes to their water and energy consumption.
As reported BloombergNews last week, citing sources familiar with the matter, SpaceX seeks to achieve a valuation of at least US$1.8 billion in its IPO. In April, Bloomberg had already reported that the company aspired to a valuation of more than US$2 billion.
