## 已有 Starlink 经验 + 在轨技术 + 卫星量产能力 ENGLISH · ORIGINAL Because AI compute satellites represent an evolution of spacecraft engineering already demonstrated through Starlink, we believe development of AI compute satellites will be easier for us than for anyone else. Our existing Starlink constellation is another crucial enabler of orbital AI compute, as its global network allows data from our AI compute satellites to reach ground stations anywhere on Earth. • We will use our proven Starlink in-orbit technology to optimize our orbital AI compute. In order to operate orbital AI compute satellites, we plan to build on our vast experience of operating approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit. In 2025 alone, Starlink satellites proactively performed over 1,000 automated collision avoidance maneuvers per day guided by this technology to safely and efficiently operate the constellation. This operating model gives us control over workload placement across Earth and space while maintaining resilience through redundancy and fail safe systems. A high degree of controllability will allow the satellite to be optimized for brightness mitigation, disposal, and other modes of operation. • We can manufacture our AI compute constellations at scale with rapid upgrade cycles. We have built one of the largest satellite manufacturing operations in the world. 中文翻译 **已有 Starlink 经验 + 在轨技术 + 卫星量产能力** **AI 算力卫星本质上是 Starlink 已经验证过的"航天器工程"的进化版**——所以对我们来说，**开发 AI 算力卫星比任何人都简单**。我们现有的 **Starlink 星座**本身就是轨道 AI 算力的**关键使能因素**：它的**全球网络**让 AI 算力卫星处理完的数据**可以送到地球上任何一个地面站**。 - **我们会用已经在 Starlink 上验证过的"在轨运营技术"来优化轨道 AI 算力。** 为了运行轨道 AI 算力卫星，我们打算**复用已经在低地球轨道运营约 9,600 颗 Starlink 宽带和手机直连卫星**积累下来的庞大经验。仅 2025 年一年，**Starlink 卫星每天就主动执行超过 1,000 次"自动避碰机动"**——靠的就是这套技术，**让整个星座既安全又高效**。这套运营模式让我们能**在全球范围灵活调度"地面—太空"工作负载**，同时通过**冗余设计和故障安全系统**保持韧性。**高度可控**也意味着：卫星可以被优化去做"**降低亮度（防光污染）**"、"**离轨处置**"等操作。 - **我们能"上规模 + 快速迭代"地造 AI 算力卫星。** 我们建了**全球最大的卫星制造工厂之一**。 🔧 Terafab 自研芯片

## 垂直整合 + Terafab 自研芯片 + Tesla/Intel 合作 ENGLISH · ORIGINAL Our vertically integrated approach with limited reliance on third-party suppliers will be key to our mass-scaling efforts and should allow us to deploy the latest AI processors. We believe SpaceX will be the first and only company to manufacture satellites at the scale of automotive manufacturing. • We are building chip manufacturing capabilities to scale our access to AI compute hardware. We announced a collaboration with Tesla in March 2026 to build the Terafab initiative with a long-term goal of producing one terawatt of compute hardware each year. In connection with such collaboration, we have agreed with Tesla on a general framework for the future development of Terafab. Intel joined the project in April 2026 and is expected to contribute its expertise in designing, fabricating, and packaging ultra-high performance chips to help Terafab scale. Any specific projects undertaken pursuant to this framework will be subject to separate negotiations and agreements (including any development timelines, milestones and capital expenditures) and 10 Table of Contents have not yet been determined. With this internal manufacturing capability, we plan to alleviate potential future chip shortages at SpaceX, especially as we develop orbital AI at scale, and design chips that are optimized for the space environment. • We can leverage our terrestrial experience to build and operate compute clusters and AI workloads at scale. 中文翻译 **垂直整合 + Terafab 自研芯片 + Tesla/Intel 合作** 我们**深度垂直整合、对外部供应商依赖很低**的做法是"**大规模量产**"的关键——也是我们能"**第一时间用上最新 AI 处理器**"的根本原因。**我们相信 SpaceX 将是全球第一家、也是唯一一家能"按汽车制造的规模和节奏"造卫星的公司**。 - **我们正在自建芯片制造能力，保证 AI 算力硬件供应。** 2026 年 3 月，我们宣布和 **Tesla** 合作搞一个叫 **Terafab** 的项目，**长期目标是每年造出 1 太瓦（TW）算力的芯片**。围绕这个合作，我们和 Tesla 已经就 **Terafab 的未来发展**签了一份**总体框架协议**。2026 年 4 月，**Intel** 也加入了这个项目，**它会贡献自己在"超高性能芯片设计、制造和封装"上的专业能力**，帮 Terafab 上规模。任何**根据这份框架协议**实际落地的项目，**还要再单独谈、单独签协议**（包括具体的**开发时间表、里程碑、资本支出**等），**目前都还没有确定**。有了这种"**自己造的芯片**"能力，我们计划**缓解 SpaceX 未来可能出现的芯片短缺**——尤其是在**大规模发展轨道 AI** 这件事上——同时**设计出专门为太空环境优化的芯片**。 - **我们可以复用地面经验，去"上规模"地建造和运营算力集群、跑 AI 工作负载。** 🌐 地面 + 轨道算力

## 地面运营经验 + 算力组合拳 = 顶尖 AI ENGLISH · ORIGINAL We believe our experience operating compute infrastructure on Earth provides the technical and operational foundation to extend these capabilities into orbit. For example, we plan to subject compute hardware to extensive pre-deployment testing on Earth to identify early life failures before launch to reduce in-orbit disruption. For compute hardware that does fail, we plan to leverage existing Starlink fleet management software to reallocate traffic to other satellites and prevent cluster-level downtime. We Believe Our Infrastructure is a Distinct Advantage in Delivering Superior AI. We expect the combination of competitive cost per token, our ability to deploy and operate data centers in orbit, and our strength in connectivity to result in more scalable intelligence that is accessible globally at high speeds. 中文翻译 **地面运营经验 + 算力组合拳 = 顶尖 AI** 我们认为，**在地球上运营算力基础设施**的经验，给了我们**把这些能力搬到轨道上去的技术和运营底座**。比如： - **算力硬件在发射前，要在地面做大量测试**——**早期失效要在升空前就抓出来**，减少"在轨才出故障"的可能； - 真有硬件在太空坏了，**我们就用现成的 Starlink 星座管理软件重新分配流量给其他卫星**——**避免整个集群宕机**。 **我们认为自己的基础设施是"交付顶级 AI"的明显优势。** 我们预期，**"有竞争力的单 token 成本"+"能在轨道上部署运营数据中心"+"通信网络很强"**这三件事加在一起，会带来"**更可扩展的智能**"——**全球任何地方都能高速用上**。 🎯 7 大优势 + 4 大战略

## 我们的核心优势 + 增长战略 + TAM 引子 ENGLISH · ORIGINAL Our Strengths • Global Leadership in Orbital Launch Services • Unrivaled Satellite and Connectivity Platform across Design, Manufacturing, Deployment, and Operations • Truth-Seeking AI Model Enhanced by Real-Time Data • Extreme Vertical Integration Enabling High Velocity and Superior Cost Efficiency at Scale • Unique Ability to Scale New Trillion-Dollar Markets Across Space, Connectivity, and AI • Business Models that Are Incredibly Difficult to Replicate • Mission-D riven Culture and World-Class Talent Our Growth Strategies Space • Increase launch payload capacity • Establ ish the lunar economy, including cargo transport, manufacturing, and energy production on the Moon Connectivity • Grow Starlink Consumer Broadband and enterprise and government customers • Expand our Starlink Mobile offering • Incre ase the capacity of our constellations AI • Grow consumer AI platform monetization • Grow X monetizatio n • Deepen enterprise and government adoption • Increase the scale of our terrestrial power and AI compute infrastructure • Deploy orbital AI compute at scale • Design and manufacture our own chips • Launch digital human augmentation Future Markets • Point-to-point terrestrial travel • Space tourism • In-orbit manufacturing • Passenger and cargo transport to the Moon and Mars • Energy production on the Moon and Mars • Manufacturing capabilities on the Moon and Mars • Asteroid mining 11 Table of Contents Our Market Opportunity We believe we have identified the largest actionable total addressable market ("TAM") in human history. 中文翻译 **我们的核心优势 + 增长战略 + TAM 引子** **我们的核心优势：** - **轨道发射服务**：全球领先。 - **卫星 + 通信平台**：从**设计、制造、部署到运营**，**全链条无人能敌**。 - **"追求真相"的 AI 模型**：靠**实时数据**加持。 - **极致垂直整合**：带来**高速度 + 大规模下的低成本**。 - **独有的能力**：能在**太空、通信、AI** 三个领域**同时撑起"万亿美元级新市场"**。 - **商业模式**：**极其难以复制**。 - **使命驱动的文化 + 世界级人才**。 **我们的增长战略：** **🌌 太空（Space）** - **提升火箭运力（每次能送更多东西上太空）**。 - **建月球经济**——包括**往月球运货、在月球上造东西、在月球上发电**。 **📡 通信（Connectivity）** - **继续做大 Starlink 消费宽带**和企业、政府客户。 - **扩大 Starlink Mobile（手机直连卫星）**。 - **继续提升星座容量**（同一时间能服务更多用户、每户带宽更高）。 **🤖 AI** - **让消费级 AI 平台赚更多钱**。 - **让 X 平台赚更多钱**。 - **加深企业级、政府级 AI 渗透**。 - **扩大地面电力和 AI 算力基础设施的规模**。 - **把 AI 算力大规模搬到轨道上去**。 - **自研、自造芯片**。 - **推出"数字人类增强（digital human augmentation）"**——也就是把人和 AI 结合的产品/服务。 **🚀 未来市场（Future Markets）** - **点对点地面高速交通**（如跨洲"火箭民航"）。 - **太空旅游**。 - **在轨制造（in-orbit manufacturing）**。 - **载人 + 载货往返月球和火星**。 - **在月球和火星上发电**。 - **在月球和火星上造东西**。 - **小行星采矿**。 **我们的市场机会（TAM）** 我们认为，**自己识别出了"人类历史上最大、且可执行"的"可触达总市场"（TAM，Total Addressable Market）**。 💎 TAM $28.5 万亿

## TAM 拆分 $28.5T + 规模挑战 $28.5T可量化 TAM 合计$26.5TAI$1.6T通信$370B太空 ENGLISH · ORIGINAL We estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across $870 billion in Starlink Broadband and $740 billion in Starlink Mobile as well as additional opportunities in enterprise and government; $26.5 trillion in AI across $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications. For illustrative purposes of sizing our addressable market opportunity, we exclude China and Russia from our global estimates. Space X's Estimated TAM by Segment Our Challenges We face a number of challenges relating to our business and growth strategy and, ultimately, the achievement of our mission to make life multiplanetary, understand the true nature of the universe, and extend the light of consciousness to the stars. The pursuit of our mission drives our decision-making and forms the foundation of our business plan, which is predicated on building, commercializing, and operating services and products at a scale that has not previously been achieved. This objective requires us to develop and integrate complex and novel technologies, develop new processes and infrastructure, and coordinate across multiple suppliers, contractors, regulators, and stakeholders. 中文翻译 **TAM 拆分 $28.5T + 规模挑战** 我们估算，**"可量化"的 TAM = 28.5 万亿美元**，拆开是： - **🌌 太空 $3,700 亿**——靠"**太空能力**"能解决的各种场景。 - **📡 通信 $1.6 万亿**——其中 **Starlink 宽带 $8,700 亿**、**Starlink Mobile $7,400 亿**，还有**企业 + 政府**的额外机会。 - **🤖 AI $26.5 万亿**——其中 **AI 基础设施 $2.4 万亿**、**消费订阅 $7,600 亿**、**数字广告 $6,000 亿**、**企业应用 $22.7 万亿**。 **说明**：为了方便估算"可触达市场"的大小，**我们在全球数字里把中国和俄罗斯排除掉了**。 **SpaceX 按板块估算的 TAM**（详见招股书配图） **我们面临的挑战** 我们在**业务、增长战略**上——最终也就是在**"让人变成多行星物种 / 真正理解宇宙 / 把意识带到星星那里"**这个使命上——**面临着一系列挑战**。**对使命的追求**驱动着我们的**每一个决策**，也构成我们商业计划的底色。这个商业计划的**前提**是：**建造、商业化、运营一些"前所未有规模"的服务和产品**。要做到这件事，我们必须： - **开发和整合复杂且新颖的技术**； - **开发新的工艺和基础设施**； - **和大量供应商、承包商、监管机构、利益相关方协同**。 #### 📝 翻译者注 - **"TAM（Total Addressable Market，可触达总市场）"**：公司理论上的最大可赚市场。这里 **$28.5T = 28.5 万亿美元**——是个非常大的数（接近美国一年 GDP）。 - **"空间能力（space-enabled solutions）"**：用"在太空有资产/能力"这件事去**解决地面上本来很难解决**的问题，比如**遥感、监测、地面通信盲区覆盖**等。 - **"企业应用 $22.7 万亿"**：这是 AI TAM 里最大的一块——**企业用 AI 替代/增强人力**（金融、医疗、法律、客服等所有行业）。 ⚠️ 规模挑战

## 挑战：从未有人达到过的执行规模 ENGLISH · ORIGINAL Because we are attempting to execute at a scale for which there is no precedent, we face heightened uncertainty with respect to design, engineering, procurement, construction, commissioning, and operational performance. In particular, our ability to execute our growth strategy is highly dependent on the successful development and scaling of Starship and the ability to increase our launch cadence, both of which are subject to challenges and uncertainties inherent in the development and deployment of new and complex technologies. Additionally, many of our initiatives described above under "Our Growth Strategies," including those to develop orbital AI compute at scale, manufacture AI chips at scale, establish a lunar economy, transport humans and cargo to the Moon and Mars, and develop human augmentation systems, involve significant technical complexity, unproven technologies or technologies that do not exist, and such initiatives may not achieve commercial viability. Many of the innovative products and services described elsewhere in this prospectus may ultimately be unsuccessful and may require great expense, innovations not yet achieved or technologies not yet developed. 中文翻译 **挑战：从未有人达到过的执行规模** 我们要做的事情**规模前所未有**——所以在**设计、工程、采购、建设、调试、运营表现**这六个环节上，**不确定性都比一般公司高**。特别是，**我们能不能执行好增长战略**——**高度依赖 Starship 的成功研发和量产**、以及**发射频率的提升**。**这两件事都受制于"新技术从研发到部署"过程中天然就有的挑战和不确定性**。 此外，**"我们的增长战略"那一节里提到的很多事**——包括**大规模发展轨道 AI 算力、大规模制造 AI 芯片、建立月球经济、把人和货物运到月球和火星、开发"数字人类增强"系统**——都涉及**极高的技术复杂度、未经验证的技术、甚至"还不存在的技术"**。**这些事不一定能最终做成、能赚钱**。本招股书里介绍到的**很多创新产品和服务，最终可能压根不成功**——而且**代价很大、需要还没实现的创新或还没开发出来的技术**。 ⏳ 100 GW 火星人时间表

## 100 GW / 月球经济 / 火星：时间表很难精确 + 未来市场很早期 ENGLISH · ORIGINAL As a result, the timeline for certain of our initiatives involving unproven or new innovations, including our goal of deploying 100 gigawatts of 12 Table of Contents annual compute power to orbit, the establishment of a lunar economy and interplanetary industrialization, and the launch cadence required to achieve these goals may be difficult or impossible to determine. Our growth strategy may take longer to execute than anticipated, and you may not realize a return on your investment within the timeframe you anticipate, or at all. In addition, a portion of our anticipated market opportunities is associated with industries described above under "Future Markets." Certain of these industries, such as space tourism and cargo transport to the Moon, are still emerging. Others, including in-orbit manufacturing, passenger transport to the Moon, passenger and cargo transport to Mars, energy production on the Moon and Mars, manufacturing capabilities on the Moon and Mars, and asteroid mining, do not exist today. While we believe these industries will develop over time, the manner in which they emerge, including the timing of commercialization, the scale and pace of adoption, and the applicable competitive, technical, regulatory, geopolitical, and economic frameworks may differ materially from our current expectations. 中文翻译 **100 GW / 月球经济 / 火星：时间表很难精确 + 未来市场很早期** 所以，下面这些涉及"**未经验证的创新**"的事——**时间表很难、甚至不可能精确预测**： - 我们的目标**每年向轨道部署 100 GW 算力**； - **建立月球经济 + 行星际工业化**； - 实现上述目标所需要的**发射频率**。 **我们的增长战略**——**可能比预期的要花更长时间**——**你可能无法在你预期的时间里、或者根本得不到投资回报**。 另外，**我们预测的一部分市场机会**是和"**未来市场**"那一节里说的行业绑定的。**有些行业**——比如**太空旅游、往月球运货**——**还处在早期**。还有些——**在轨制造、载人登月、载人 + 载货登火、在月球和火星上发电、在月球和火星上制造、小行星采矿**——**今天根本还不存在**。 **我们相信这些行业会随着时间慢慢发展起来**，但**它们会怎么出现**——**商业化的时点、规模和速度、背后的竞争/技术/监管/地缘/经济框架**——**很可能和现在的预期有重大差异**。 📊 三大板块挑战

## 三大板块的具体挑战（Space / Connectivity / AI） ENGLISH · ORIGINAL Our Space, Connectivity, and AI segments are also subject to the following challenges and uncertainties, among others. • Space: Our growth strategy depends on our ability to increase our launch cadence and payload capacity, which is dependent on the successful development of Starship at scale. Unexpected design modifications, supply chain disruptions, anomalies, environmental issues, and other unforeseen technical challenges could result in delays or failures to deploy Starship on our anticipated schedule, which would delay or impede our ability to achieve our other business objectives, such as the deployment of our next-generation satellites, the expansion of our satellite-to-mobile connectivity services, and deployment of in-orbit AI compute infrastructure. • Connectivity: Our satellite connectivity, including our global satellite-to-mobile connectivity services under Starlink Mobile, depend on access to radio frequency spectrum and authorizations from the Federal Communications Commission (the "FCC") in the United States and telecommunications regulators in other countries. Acquiring the necessary authorizations can be a complex and time-consuming process. Without these licenses and approvals, we cannot generally offer connectivity services in a given market. Spectrum access itself is limited and highly受 reg. 中文翻译 **三大板块的具体挑战（Space / Connectivity / AI）** 我们的**太空、通信、AI 三大板块**，还各自面临下面这些挑战和不确定性（只列部分）： - **🌌 太空（Space）**：**我们的增长战略**——**取决于能不能把发射频率和每次运量都提上去**——而**这又取决于 Starship 能不能成功实现规模化量产**。**意外的设计修改、供应链中断、异常情况、环境问题**等**我们没预见到的技术挑战**——都**可能导致 Starship 部署延期或失败**。这会进一步**拖慢或阻挡我们其他业务目标的实现**，比如： - **下一代卫星的部署**； - **卫星—手机直连通信服务的扩展**； - **在轨 AI 算力基础设施的部署**。 - **📡 通信（Connectivity）**：**我们的卫星通信服务**——包括 **Starlink Mobile 全球手机直连卫星**——**依赖两件事**： - **无线电频谱资源**； - **美国联邦通信委员会（FCC）和各国通信监管机构**颁发的**授权许可**。 **拿到这些授权的过程可能很复杂、很慢**。**没有这些执照和批准，我们通常没法在某个市场提供通信服务**。**频谱资源本身是有限的、受严格监管的**。 🛒 AI 板块挑战

## 通信市场推广 + AI 板块挑战（收尾） ENGLISH · ORIGINAL Additionally, the growth of our connectivity services depends on our ability to increase market awareness and acceptance of connectivity through Starlink across numerous international markets, each with its unique challenges. • AI: Our AI business is in a relatively early stage, it is being integrated into our organization, its business strategy is still developing, and it will require significant capital expenditures to fund compute, infrastructure and power generation, model training, and product development. Additionally, our AI business is subject to challenges inherent in a nascent, highly competitive, capital intensive and rapidly changing industry. These include the potential for disruptive technological change, evolving industry and regulatory standards, the emergence of new and well-funded competitors, frequent new product and service introductions, and changing customer demands. Any number of these challenges, and others that may be currently unknown to us, could have a negative impact on our business, financial condition, and results of operations. For a discussion of the challenges, risks, and limitations that could harm our future prospects, please refer to "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. 中文翻译 **通信市场推广 + AI 板块挑战（收尾）** **通信板块**：除了频谱和监管，**我们通信服务的增长**还**取决于能不能在很多个国际市场**——**每个市场都有自己独特的挑战**——**让更多人知道并接受 Starlink**。 - **🤖 AI**：**我们的 AI 业务还处在比较早期的阶段**： - **正在被整合进我们的组织**； - **业务战略还在打磨中**； - **需要巨额资本开支**——投在**算力、电力基础设施和发电、模型训练、产品开发**上。 此外，**AI 业务本身**就处于**一个早期、竞争白热化、烧钱、变化极快的行业**——**它面临的挑战**包括： - **颠覆性技术变革**； - **行业标准、监管标准不断变化**； - **资金雄厚的新玩家不断冒出来**； - **新产品新服务层出不穷**； - **客户需求不断变化**。 **这些挑战中的任何一个**——以及**很多我们现在可能还不知道的**——**都可能给我们的业务、财务状况、经营结果带来负面影响**。要更全面地了解"**会伤害我们未来前景的挑战、风险和限制**"，请看招股书里其他章节的**"前瞻性陈述的警示性声明"**、**"风险因素"**和**"管理层对财务状况和经营情况的讨论与分析"**。 🤝 Cursor 合作

## 近期动态：和 Cursor 的合作（2026 年 4 月） $60.0BCursor 隐含估值$1.5B期权终止费$8.5B延期服务费 ENGLISH · ORIGINAL Recent Developments Collaboration with Cursor In April 2026, we entered into a compute and option agreement with Anysphere, Inc., doing business as Cursor, a San Francisco-based private software company ("Cursor"), which we view as a compelling extension of our strategy to vertically integrate compute infrastructure, models, and applications. Under the compute agreement, we will provide Cursor with certain GPU cluster compute capacity and collaborate to improve existing models, including Grok, and potentially to jointly develop AI models and related model-specific deliverables or products. With the option agreement, we have the right, but not obligation, to acquire Cursor at a predetermined price or pay a fee. We 13 Table of Contents consider software development as a strategically important use case for AI given its combination of high-quality structured data, rapid feedback cycles and frequent, mission-critical usage. AI-assisted coding workflows generate context-rich, verifiable data that can enhance model training and performance, while also driving sustained inference demand. The depth of Cursor's integration with a high-frequency coding workflow generates valuable developer interaction data, including coding generation prompts, iteration cycles, and software architecture decisions. We expect that access to this data will enhance our model training and inference, including with respect to Grok. 中文翻译 **近期动态：和 Cursor 的合作（2026 年 4 月）** **近期动态** **与 Cursor 的合作** 2026 年 4 月，我们和 **Anysphere, Inc.**（对外品牌叫 **Cursor**，一家总部在旧金山的**私有软件公司**）签了**一份"算力 + 期权"协议**。**我们认为这是"垂直整合算力、模型和应用"战略的一个有说服力的延伸**。协议包含两块： - **算力协议（Compute Agreement）**：我们会**给 Cursor 提供一定的 GPU 集群算力**——同时**合作改进现有模型**（包括 **Grok**）——并且**可能会共同开发 AI 模型和相关的"模型专用"交付物/产品**。 - **期权协议（Option Agreement）**：我们**有权（但没有义务）以一个预定的价格收购 Cursor**——或者**支付一笔费用**。 **我们认为"软件开发"是 AI 的一个战略性重要使用场景**，原因有三点： - **高质量的结构化数据**； - **快速的反馈循环**； - **高频、关键任务式**的使用。 **AI 辅助写代码的工作流**会**产生"上下文丰富、可验证"的数据**——既能**提升模型训练和表现**，又能**持续拉动推理需求**。**Cursor 和"高频写代码"工作流深度集成**——它能拿到**宝贵的开发者交互数据**，包括**生成代码的提示词（prompts）、迭代轮次、软件架构决策**。**我们预期，拿到这些数据会提升我们的模型训练和推理能力**——**对 Grok 尤其如此**。 💵 $60B 收购 + $10B 终止费