T-8 to May 15. SpaceX's confidential S-1 hit the SEC on April 1, targeting a $1.75 trillion valuation and as much as $75 billion raised — the largest IPO in history if it prices. [1] SEC rules require a public S-1 filed at least 15 days before any roadshow begins, and the company is targeting a June listing, codenamed Project Apex, with 21 underwriting banks lined up. [2] The paper's May 6 standard on the public-filing window named the disclosure inheritance.

What changed since the confidential filing is the related-party set. Tesla's amended 10-K/A, filed April 30, named $573 million in 2025 revenue from Musk-controlled entities — $430.1 million from xAI Megapack purchases and $143.3 million from SpaceX vehicle purchases (SpaceX bought roughly 1,279 Cybertrucks in Q4 alone, 18% of all U.S. Cybertruck registrations). [3] Tesla's $2 billion January investment in xAI Series E preferred stock converted into SpaceX Class A common after the February 2026 SpaceX-xAI merger. [4]

That conversion is what makes Tesla's related-party schedule the SpaceX prospectus's related-party schedule. The public S-1 will be the first audited financial set for the combined entity — Starlink revenue, the xAI goodwill treatment on the $250 billion AI layer, and the Musk pay package that ties incentives to a $7.5 trillion valuation and Mars settlement. The clock is the constraint.

-- THEO KAPLAN, San Francisco