With SpaceX’s IPO imminent, according to an amendment to SpaceX’s S-1 filing, Musk has reached an agreement with underwriters to accept a 366-day lock-up period.
None of his shares may be sold without Goldman Sachs’ prior written consent.
In addition, SpaceX disclosed in an updated filing that it will reserve up to 5% of its shares in its upcoming initial public offering (IPO) for subscription by a select group of employees and their family and friends.
The filing shows that these Class A shares will be reserved through a private placement.
SpaceX disclosed last month that participants on the “family and friends list” will not be subject to a lock-up period.
Private placements are common in IPOs, but participants are usually subject to a lock-up period, preventing them from selling their shares in the short term.
In its filing, SpaceX stated that over 60% of its pre-IPO issued shares will be subject to extended lock-up restrictions, including shares held by founder and CEO Elon Musk.
The updated filing also disclosed an agreement between SpaceX and Anthropic PBC to provide AI computing power, involving approximately 325,000 Nvidia chips.
Under the agreement, Anthropic will pay $1.25 billion per month for the computing power services, with the contract valid until May 2029. After the initial three-month period, either party may terminate the agreement with 90 days’ notice.
Regarding risk factors, SpaceX stated that some computing power service customers may rely on external financing to fulfill their payment obligations.
