## Cursor 收购对价 $60B + 终止费 $1.5B / 延期服务费 $8.5B ENGLISH · ORIGINAL Meanwhile, by providing access to our large-scale compute infrastructure, we believe we can help Cursor deliver faster and higher quality user experiences. The collaboration with Cursor may also accelerate our AI strategy by integrating our AI models more directly into developer workflows and expanding the distribution of our AI capabilities through high-engagement software interfaces. The consideration for the acquisition of Cursor, if any, after the closing of this offering would consist of shares of our Class A common stock based on an implied equity value of Cursor of $60.0 billion, and the price of our Class A common stock that equals the volume-weighted average closing price thereof over the seven consecutive trading days immediately preceding the closing of the acquisition. If either (i) we decide to terminate the option agreement or (ii) Cursor is eligible to and decides to terminate due to our material breach of the option agreement (subject to notice and cure provisions), Cursor is entitled to a $1.5 billion termination fee under the option agreement and an $8.5 billion deferred services fee under the compute agreement. These fees are payable in cash (or Class A common stock, if this offering has not been consummated at the time the fees become payable). For more information about our arrangement with Cursor, including our option to acquire the company, please refer to "Business—Collaboration with Cursor" included elsewhere in this prospectus. 中文翻译 **Cursor 收购对价 $60B + 终止费 $1.5B / 延期服务费 $8.5B** **同时，通过把我们的大规模算力基础设施开放给 Cursor**，我们认为**能帮 Cursor 给用户更快、更高质量的体验**。**和 Cursor 的合作**还有可能**加速我们的 AI 战略**——**让我们的 AI 模型更直接地嵌进开发者工作流**——并通过**高粘性的软件界面扩大 AI 能力的分发**。 **收购 Cursor 的对价**（如果最终发生的话）：**本次发行完成之后**，收购对价**用我们的 A 类普通股（Class A common stock）股票支付**—— - 基础是 **Cursor 隐含股权价值 $60.0 billion（600 亿美元）**； - 股价取**收购完成前连续 7 个交易日**我们 **A 类普通股**的**成交量加权平均收盘价（VWAP）**。 **如果出现下面任一情况**： - **我们主动决定终止期权协议**；或 - **Cursor 有权终止**且**因我们"重大违约"决定终止**（有通知和宽限期条款）， 那 **Cursor 有权拿到**： - **$1.5 billion（15 亿美元）的终止费**——来自**期权协议**； - **$8.5 billion（85 亿美元）的延期服务费**——来自**算力协议**。 这些费用**用现金支付**（如果**到支付时本次发行还没完成**，**也可以用 A 类普通股**支付）。更多关于我们和 Cursor 安排（包括**收购期权**）的信息，请看招股书其他章节的**"业务—与 Cursor 的合作"**。 🤖 Anthropic + Grok-5

很多人一听到“举证不能”四个字，心里就凉了半截，觉得官司肯定输定了。其实还真不一定。我处理过一个合同纠纷，对方拿不出发货单，按常理说这就是典型的举证不能。但最后我们赢了，靠的是从对方的对账单里抠出了关键线索。 举证不能，表面看是没证据，但法律上真正的败诉点在于：你能不能说服法官“事实可能存在但证明不了”。所以突破口就在这儿——不是非得自己有无懈可击的证据，而是要让对方的证据链出现裂痕。比如，你说我欠你钱，但你拿不出借条，可你有转账记录，那你可以反过来要求对方说明转账性质。这时候举证责任就转移了。 律师常说的“举证责任倒置”就是一把好武器。还有些案子，对方拿不出书证，但法律允许用推定、日常经验法则来弥补。比如你作为员工被公司解雇，公司说不上班违纪，却拿不出打卡记录，那法律上就可以推定管理缺失，公司反而得吃哑巴亏。 所以别一听“没证据”就认栽。关键是要理清谁该举证、举什么证、举不到会怎样。很多时候，劣势只是看起来的纸老虎，真正聪明的人会用法律规则反过来挖对方的坑。

## 第三方算力服务协议（Anthropic 案例）+ Grok-5 325,000NVIDIA GPU 数量$1.25B每月费用（至 2029/5）3 个月提前 90 天可终止 ENGLISH · ORIGINAL Compute Services Agreements with Third Parties We believe our compute infrastructure and related strategy provides us with substantial flexibility in how we allocate and monetize capacity. We have the ability to use compute resources to support our proprietary AI applications (such as Grok-5, which is currently being trained at COLOSSUS II), while also providing access to select compute capacity to third-party customers. For example, in May 2026, we entered into Cloud Services Agreements with Anthropic PBC ("Anthropic"), an AI research and development public benefit corporation, with respect to access to compute capacity across COLOSSUS and COLOSSUS II. Compute capacity provided includes approximately 325,000 NVIDIA GPUs, backed by hyperscale-class CPUs, exabyte-scale storage and high-speed networking and interconnects purpose-built for AI workloads. Pursuant to these agreements, the customer has agreed to pay us $1.25 billion per month through May 2029, with capacity ramping in May and June 2026 at a reduced fee. After the initial three-month period, the agreements may be terminated by either party upon 90 days' notice. The customer will retain ownership and intellectual property rights in its content, AI models, and related data. This structure allows us to monetize a portion of the compute capacity in our infrastructure, while still permitting reallocation of that capacity for our own internal initiatives if needed in the future. 中文翻译 **第三方算力服务协议（Anthropic 案例）+ Grok-5** **与第三方的算力服务协议** **我们认为，自己的算力基础设施和相关战略**——**让我们在"如何分配和变现算力"这件事上**有**很大的灵活性**。我们可以**用算力跑自己的 AI 应用**（比如 **Grok-5——目前正在 COLOSSUS II 上训练**），**也可以把一部分算力开放给第三方客户**。 **案例**：**2026 年 5 月**，我们和 **Anthropic PBC**（对外叫 **Anthropic**，一家"**AI 研究和开发的公益公司**"）签了**云服务协议（Cloud Services Agreements）**——把 **COLOSSUS 和 COLOSSUS II** 的算力开放给 Anthropic 用。 - **算力规模**：**大约 325,000 块 NVIDIA GPU**。 - **配套**：**超大规模 CPU（hyperscale-class CPUs）**、**艾字节级（exabyte-scale）存储**、**为 AI 工作负载专门搭的高速网络和互联**。 **协议条款**： - 客户**每月付我们 $1.25 billion（12.5 亿美元）**，**一直付到 2029 年 5 月**。 - 2026 年 5、6 月份**算力爬坡期**，**费率打折扣**。 - **头 3 个月**之后，**任何一方提前 90 天通知就可以终止**。 - **客户保留**其**内容、AI 模型和相关数据的知识产权**。 **这种结构**—— - **让我们能把一部分算力变现**； - 同时**保留了未来"如果需要，把这部分算力挪回给我们自己用"的灵活性**。 💼 算力双重变现

前段时间北京下大雪，有个外卖小哥在送餐途中摔伤了，公司说这不属于工伤，理由是“恶劣天气下的意外属于不可抗力”。其实，这个理由站不住脚，工伤认定的核心是看事故是否与工作相关，跟天气好坏没有直接关系。 很多人的误区是：觉得风雪天、暴雨天出的事，就应该算工伤。但法律上，恶劣天气并不会自动改变认定标准。相反，只要是在工作时间和工作场所内，因工作原因受伤，不管那天是下刀子还是下沙子，都照样能认定。比如，环卫工在暴雪天扫街时滑倒骨折，只要是在工作时段、履行工作职责，就属于工伤。 不过，真的有区别。区别在于，恶劣天气下，员工需要比平时多注意一点：尽量保留天气预警的截图、路况视频、同事或路人证言，这些是证明“事故与工作存在因果关系”的关键证据。另外，如果公司强行要求员工在极端天气下冒风险外出工作，导致受伤，单位还要承担额外的法律责任，甚至可能涉及安全生产责任问题。 一句话总结：天气是背景，不是理由。只要你在上班干活时受伤，别管外面刮风还是下雹子，记住第一时间送医、留证据、找单位申报，别因为“天气不好”就主动放弃维权。

## 算力充足 + 双重变现 + Musk 介绍 ENGLISH · ORIGINAL We have sufficient capacity to provide compute for our own AI models, including support of our training and inference demands, and to satisfy the obligations under these agreements. We expect to enter into additional similar services contracts. We believe this opportunity highlights the increasing importance of large-scale, frontier-level AI infrastructure and positions us as a differentiated provider of high-performance compute capacity to both internal and third-party AI workloads. We believe our dual monetization strategy provides multiple pathways to generate returns on invested capital. Founder, Chief Executive Officer, Chief Technical Officer and Chairman of Our Board Mr. Musk is our founder, Chief Executive Officer, Chief Technical Officer and the Chairman of our board. Assuming a size as set forth on the cover page of this prospectus and an initial public offering price of $ per share (the midpoint of the price range set forth on the cover page of this prospectus), Mr. Musk will hold approximately % of the voting power of our common stock (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full) immediately after this offering through his ownership of shares of our Class A common stock and shares of our Class B common stock, which comprises approximately % of our Class B common stock. 中文翻译 **算力充足 + 双重变现 + Musk 介绍** **我们的算力**—— - **够支撑自己的 AI 模型**（包括训练和推理需求）； - **够履行上面的合同义务**。 **我们预期未来还会签更多类似的服务合同**。**我们认为这种机会**凸显了**大规模、前沿级 AI 基础设施**越来越重要——也把**我们定位成"高性能算力的差异化供应商"**——**既能服务内部 AI 工作负载，也能服务第三方**。**我们认为这种"双重变现"战略**——**给我们提供了"把投入资本赚回收益"的多种路径**。 **创始人、CEO、CTO、董事长——Mr. Musk** **Mr. Musk 是我们的创始人、CEO、CTO，也是我们的董事长**。**假设**—— - 发行规模按招股书封面所述； - **首次公开发行（IPO）价格 = 招股书封面价格区间的中点**； 那**本次发行完成之后**，**Mr. Musk 通过持有 A 类普通股和 B 类普通股**，将**持有我们普通股票约 % 的投票权**（如果承销商**完全行使 A 类普通股超额配售权**，则约 %）；**其中 B 类普通股约占 %**。 #### 📝 翻译者注 - **"双重变现（dual monetization）"**：SpaceX 既**卖自己生产的 AI 产品**（Grok、X、AI 服务），**也卖"算力本身"**（给 Anthropic 等第三方）——两条腿走路。 - **"超额配售权（greenshoe option）"**：承销商可以在发行后一段时间内**多卖 15% 的股票**（这是美国 IPO 标配）——给"卖得太火"加缓冲。具体比例在招股书封面上。 👑 Musk 1.3B 受限股

## Musk 1.3B 受限股 + Class B 董事控制权 + 双重股权结构 ENGLISH · ORIGINAL The foregoing amount of Class B common stock includes 1,302,072,285 restricted shares of Class B common stock issued to and held of record by Mr. Musk, which may be voted by Mr. Musk, and the vesting of which is subject to the satisfaction of certain performance and other conditions. Under our charter, the holders of our Class B common stock will have the right to elect a majority 14 Table of Contents of our board (such directors, the "Class B Directors"), for so long as any shares of Class B common stock remain outstanding. As the holder of a majority of our shares of Class B common stock, Mr. Musk will be able to elect, remove or fill any vacancy among the Class B Directors. In addition, for so long as he beneficially owns more than 50% of the voting power of our common stock, Mr. Musk will control the voting power over the selection of our board. As a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors, and to control our business and affairs. Our Controlled Company Status We will be a controlled company as of the completion of this offering under Nasdaq and Nasdaq Texas listing rules. A controlled company is not required to have a majority of its board composed of independent directors or to establish independent compensation and nominating committees. 中文翻译 **Musk 1.3B 受限股 + Class B 董事控制权 + 双重股权结构** **上面提到 Musk 持有的 B 类普通股**里——**包括 1,302,072,285 股"受限 B 类普通股"**——这些股票**发行给 Musk、本身由 Musk 名义持有**： - **Musk 可以投票**； - 但**归属（vesting）需要满足特定的业绩和其他条件**。 **根据我们的章程**：只要还有任何 B 类普通股在外流通，**B 类普通股的持有者就有权选出董事会的多数席位**（这些董事叫"**Class B Directors**"）。**Musk 持有我们 B 类普通股的多数**——所以他**能选举、罢免、或填补 Class B 董事中的任何空缺**。 **只要 Musk 实际拥有我们普通股投票权的 50% 以上**，**他就能控制"选董事会"这件事的投票权**。**结果就是**：**Musk 拥有决定任何需要股东批准事项结果的权力**——**包括选我们所有董事**——并**控制我们的业务和事务**。 **我们"被控股公司"（Controlled Company）身份** **本次发行完成之后**，**根据 Nasdaq 和 Nasdaq Texas 的上市规则**，**我们将是一家"被控股公司"（Controlled Company）**。**"被控股公司"**有几个**可以豁免的治理要求**—— - **董事会多数不必由独立董事组成**； - **不必设独立的薪酬委员会和提名委员会**。 #### 📝 翻译者注 - **"双重股权结构（dual class structure）"**：A 类普通股**1 股 1 票**、**B 类普通股 1 股 10 票**。Musk 拿 B 类——**用相对少的"经济所有权"控制多数"投票权"**。这是 Meta、Google、Snap 等创始人系科技公司标配。 - **"1,302,072,285 股受限 B 类普通股"**：折合 **13.02 亿股**——是 Musk 在公司里的"压舱石"，**但归属要看业绩条件**（不一定是"时间 vesting"，更可能是"市值/业绩里程碑 vesting"）。 - **"被控股公司（controlled company）"**：Nasdaq 给"创始人/家族持续控制"的公司一项"治理豁免"——**独立董事不强制多数、独立委员会不强制设**。代价是**公司治理上对外部股东保护偏弱**——但 Musk 个人风格下这是有意为之的选择。 🏢 公司基本信息

## 公司基本信息（注册地变迁 + Starbase 总部） ENGLISH · ORIGINAL As a controlled company, we will remain subject to rules that require us to have an audit committee composed entirely of independent directors. Corporate Information We were founded and incorporated as Space Exploration Technologies Corp., a Delaware corporation, on March 14, 2002 and reincorporated as a Texas corporation on February 14, 2024. Our principal executive offices are located at 1 Rocket Road, Starbase, Texas 78521. Our website address is www.spacex.com. Information contained on our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part. 15 Table of Contents Summary of Risk Factors An investment in our Class A common stock involves risks and uncertainties. 中文翻译 **公司基本信息（注册地变迁 + Starbase 总部）** **作为"被控股公司"**：**我们仍然要遵守"审计委员会必须全部由独立董事组成"这条规则**。 **公司基本信息** - **成立和注册**：我们以 **Space Exploration Technologies Corp.**（太空探索技术公司）名义**创立并注册**——**最初是特拉华州（Delaware）公司**，**2002 年 3 月 14 日**注册；**2024 年 2 月 14 日**——**改注册为德克萨斯州（Texas）公司**。 - **总部地址**：**1 Rocket Road, Starbase, Texas 78521**。 - **官网**：[www.spacex.com](http://www.spacex.com)。 **网站上的信息**——**或者**网站上的**链接信息**、**或者**其他方式连到网站上的信息——**不构成本招股书的一部分，也未被本招股书或本招股书所属的注册声明以引用方式纳入**。 **风险因素摘要** 投资我们的 A 类普通股**涉及风险和不确定性**。 #### 📝 翻译者注 - **"Starbase"**：SpaceX 在德州**博卡奇卡（Boca Chica）**建的"火箭城"——既是 Starship 工厂、也是发射场、也当公司总部用。**78521** 是当地邮编（很偏僻，靠近美墨边境）。 - **"特拉华州 → 德州"重注册**：2024 年 Musk 把多家公司从特拉华迁到德州——和 Tesla 重注册是同一年。**一般解读**：（1）**对特拉华"衡平法院"（Court of Chancery）司法管辖的偏好下降**（这个法院对股东友好、对管理层严格）；（2）**德州没有州所得税**——对个人股东和员工有税收好处；（3）**政治姿态**。 ⚠️ 风险摘要

## 风险因素摘要（开头 + Starship / 监管 / 频谱） ENGLISH · ORIGINAL The following is a summary of the principal factors that make an investment in our Class A common stock speculative or risky, all of which are more fully described below in the section titled "Risk Factors." This summary should be read in conjunction with the "Risk Factors" section and should not be relied upon as an exhaustive summary. • Any failure or delay in the development of Starship at scale or in achieving the required launch cadence, reusability and capabilities thereafter would delay or limit our ability to execute our growth strategy, including the deployment of next-generation satellites, global satellite-to-mobile connectivity, and orbital AI compute, which could materially adversely affect our business, financial condition, results of operations, and future prospects. • Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses required for our space-related activities, including the U.S. 中文翻译 **风险因素摘要（开头 + Starship / 监管 / 频谱）** **下面是"为什么投资 A 类普通股是投机性、有风险"的**主要因素摘要**——所有这些风险**都在招股书其他章节的**"风险因素"**里有**更详细的描述**。**这份摘要要和"风险因素"那一节一起读**——**不能当作穷尽性的总结**。 - **如果 Starship 的大规模研发出问题、或者达不到要求的发射频率/复用能力/后续能力**——**会延迟或限制我们执行增长战略**——包括**部署下一代卫星、全球手机直连卫星、轨道 AI 算力**——**这会严重损害我们的业务、财务状况、经营结果和未来前景**。 - **如果我们在"太空相关活动"上需要的监管批准和执照**——**包括美国……** 🚨 风险摘要续

## 风险摘要（续）：FAA 监管 / 频谱 / AI 法律 / 业务执行 ENGLISH · ORIGINAL Federal Aviation Administration ("FAA") launch and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability to execute our business strategy. • Any delays or difficulties in obtaining, maintaining or renewing required communications licenses and spectrum authorizations for our satellite connectivity services, including international and FCC satellite spectrum licenses, could materially delay or disrupt our operations, harm our business, or limit our ability to execute our business strategy. • Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations that are subject to change and uncertain interpretation, and we could be required to make changes to our products and business practices, and be exposed to monetary penalties, increased cost of operations, declines in user growth or engagement, or loss of customers, or other harm to our AI products and X platform. • Our business strategy depends on successfully designing, developing, and deploying our products and services, as well as related platforms, infrastructure, and other strategic initiatives, at an unprecedented scale, which presents significant execution, cost, and timing risks. 中文翻译 **风险摘要（续）：FAA 监管 / 频谱 / AI 法律 / 业务执行** **……联邦航空管理局（FAA）的发射和再入许可证**——**会严重延迟或打乱我们的运营、伤害我们的业务、或限制我们执行商业战略**。 - **如果我们在"卫星通信服务"上需要的通信执照和频谱授权**——**包括国际和 FCC 的卫星频谱执照**——**在获取、维持或续期上出问题**——**会严重延迟或打乱我们的运营、伤害我们的业务、或限制我们执行商业战略**。 - **我们的 AI 产品和 X 平台**——**受复杂且不断变化的美国和外国法律法规约束**——**这些法规本身会变、解释也不一定确定**——我们可能**被迫修改产品和业务实践**——并可能**面临罚款、运营成本上升、用户增长或参与度下降、客户流失**，**或对 AI 产品和 X 平台的其他伤害**。 - **我们的业务战略**——**取决于能否以前所未有的规模成功设计、研发、部署我们的产品和服务**——**以及相关的平台、基础设施和其他战略举措**——**这件事本身就有重大的执行、成本、时间风险**。 💥 发射失败 / 太空风险

说实话，这个问题现在被很多HR问爆了。通勤风险评估，雇主到底有没有法律义务做？直接说结论：法律没有明文规定“必须做”，但司法实践中，不做风险很大。 我们先看《工伤保险条例》。第十四条第六款明确把“上下班途中受到非本人主要责任的交通事故”列为工伤。也就是说，通勤风险一旦出事，雇主可能要承担工伤赔偿。如果你连通勤路线、交通方式、天气影响这些基础风险都没评估过，出事后再去补调查，往往已经晚了。 更关键的是，劳动法要求雇主提供安全的工作环境和合理的劳动保障。你可能会说，通勤是员工自己的事，公司管不着？错了。在高温、暴雨、积雪等极端天气下，如果雇主明知通勤路段有塌方、积水或严重拥堵风险，却强行要求员工按时到岗，一旦出事，法院很可能认定雇主未尽到安全保障义务。这种情况下，别说工伤赔偿，还可能面临民事侵权诉讼。 真实案件里，就有公司因为没提前做通勤风险评估，结果员工在暴雪天骑车上班摔成重伤。仲裁和法院最终判定公司承担30%的连带责任，理由是“明知恶劣天气未采取调整工时或远程办公等合理措施”。 所以，虽然法律没写“必须做风险评估”，但你不做，就等于把主动权交给了事故和法院。简单一句话：通勤风险评估，不是让你搞形式主义，而是帮你堵住潜在的赔偿黑洞。作为合规动作，建议每年至少做一次，记录在案，有备无患。