碰到这种情况，有时候确实挺让人头疼的。明明政府下了停工令，天气太热或者空气质量不好，要求户外作业暂停，但老板还是催着你去工地或者厂里继续干。这时候，你心里肯定犯嘀咕：不去吧，怕被扣工资甚至开除；去吧，又担心安全问题，万一出事怎么办。 首先你得明白，停工令是政府为了保障大家生命健康作出的紧急措施，具有强制执行效力。如果雇主无视风险，强行要求你上班，这本身已经涉嫌违规。你需要做的第一件事是保留证据，比如停工令的通知、聊天记录里老板要求出工的指令，或者现场录音录像。千万别空口无凭，到时候说不清楚。 然后，明确告诉雇主：根据相关规定，停工期间可以协商安排调休或者发放基本工资，但不能强迫冒险作业。如果雇主依然坚持，你可以向当地劳动监察部门投诉，或者拨打法律服务热线求助。实践中，很多雇主听说你要走法律途径，往往就妥协了。 记住，任何时候人身安全第一。老板要是拿辞退吓唬你，也不用怕。违法解除劳动合同，法律上是要付赔偿金的。你好好干是你的本分，但面对明显违法的指令，学会自我保护才是真聪明。

## 风险摘要（续）：发射失败 / 太空环境 / 太空碎片 / 数据中心 ENGLISH · ORIGINAL We have experienced, and will likely continue to experience, launch delays and failures that could have a material adverse effect on our business, financial condition, results of operations, and future prospects. • Our satellites, launch vehicles, and other space-related technologies operate, and in the case of orbital AI compute, will operate, in the harsh and unpredictable environment of space, exposing them to a wide and unique range of space-related risks that could cause them to malfunction or fail, and any such malfunction or failure could adversely affect our business, financial condition, results of operations, and future prospects. • The continued proliferation of satellite constellations in Low-Earth Orbit, as well as the risk of collisions with space debris or other spacecraft, could limit or impair our launch flexibility and satellite deployment, which could adversely affect our business, financial condition, results of operations, and future prospects. • Interruptions in the operation of critical satellite network, ground station, launch, manufacturing, or spacecraft or data center infrastructure could result in significant downtime, operational delays or loss of service, each of which could have a material adverse effect on our business, financial condition, results of operations, and future prospects. • Manufacturing, testing and launching rockets, satellites, and spacecraft, including our efforts to reuse rockets and spacecraft, involve inherent risks that could result in human injury or death, property damage and environmental damage or other adverse environmental impacts due to accidents or equipment failures. 中文翻译 **风险摘要（续）：发射失败 / 太空环境 / 太空碎片 / 数据中心** - **我们过去经历、并且可能继续经历**——**发射延期和发射失败**——**这些事可能严重损害我们的业务、财务状况、经营结果和未来前景**。 - **我们的卫星、运载火箭和其他太空相关技术**——**以及未来的"轨道 AI 算力"**——**在太空这种"严酷、不可预测"的环境里运行**——**会暴露在一系列"范围广、独特"的太空相关风险之下**——**可能导致它们出故障或失效**——**任何一次故障或失效都可能损害我们的业务、财务状况、经营结果和未来前景**。 - **近地轨道上卫星星座的持续增多**——**以及和太空碎片或其他航天器相撞的风险**——**可能限制或削弱我们的发射灵活性和卫星部署**——**这会损害我们的业务、财务状况、经营结果和未来前景**。 - **关键的卫星网络、地面站、发射、制造、航天器或数据中心基础设施**——**运行一旦中断**——**可能导致严重停机、运营延迟或服务中断**——**每一种情况都可能严重损害我们的业务、财务状况、经营结果和未来前景**。 - **制造、测试、发射火箭、卫星、航天器**——**包括我们"重复使用火箭和航天器"的努力**——**本身就有内生风险**——**可能因为事故或设备故障导致人员伤亡、财产损失、环境破坏或其他不利环境影响**。 #### 📝 翻译者注 - **"近地轨道（Low-Earth Orbit, LEO）"**：高度约 300–2,000 公里的轨道。**Starlink 卫星就飞在这里**。LEO 越来越拥挤——**美国 FCC 和业界都在推"5 年内主动离轨"的规则**。 - **"自动避碰"**：SpaceX 在 2025 年公开过，Starlink 卫星**每天主动执行超过 1,000 次避碰机动**——是"拥堵"问题已经实质化的硬证据。 - **"发射失败"**：Musk 公开说过**"Starship 早期发射失败是学习过程"**——所以"风险摘要"里**直接列出"会继续失败"**是诚实的。 🛡️ 风险摘要收尾

## 风险摘要（收尾）：第三方依赖 / 算力扩张 / 竞争 / 法律 ENGLISH · ORIGINAL Any such events could result in substantial losses, including reputational harm and legal liability, which could have a material adverse effect on our business. • Although we are focused on the vertical integration of our businesses, we depend on third parties to manufacture and supply certain key components necessary for the provision of our launch, connectivity, and AI 16 Table of Contents services, and any supply shortages or disruptions or failures in their performance could have a material adverse effect on our business, financial condition, results of operations, and future prospects. • Our ability to scale our AI products relies on our terrestrial and orbital AI compute infrastructure, which depends on the availability of power, water, AI processors, and other critical components, and telecommunications services, and any shortages or disruptions thereof would materially adversely affect our business, financial condition, results of operations, and future prospects. • We face intense competition in the markets in which we operate, and while we have historically outperformed certain competitors in our Space and Connectivity segments, we may not continue to do so, which could adversely affect our business, financial condition, results of operations, and future prospects. • The Company's AI segment is recently formed, still being integrated, operates in a rapidly evolving industry and is subject to integration, execution, competitive and operational risks. • Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial condition, results of operations and future prospects. • We depend on our ability to recruit and retain employees who have advanced engineering and technical skills, and intense competition for such employees may increase costs and affect our ability to meet development and production timelines. • Any significant disruption in, or unauthorized access to, our computer and data systems or those of third parties that we utilize in our operations could result in a loss or degradation of service, loss of trust in us and harm to our business. • The development and maintenance of our technologies and infrastructure will require significant capital expenditures, and if we are unable to generate sufficient cash flow from operations or obtain additional financing on acceptable terms, our business, financial condition, results of operations, and future prospects could be materially and adversely affected. • Our substantial level of indebtedness could materially adversely affect our financial condition. • Our future revenue and operating results depend upon our ability to develop new technologies and respond to changes in customer demands and industry standards in highly competitive markets, and if we are unable to do so, our business, financial condition, results of operations, and future prospects may be materially and adversely affected. • The estimates of future market opportunity and forecasts of market growth, and our ability to capture such markets, included in this prospectus may prove to be inaccurate. • Many of our initiatives, including those to develop orbital AI compute at scale, manufacture AI chips at scale, establish a lunar economy, develop human augmentation systems, and transport humans and cargo to the Moon and Mars, involve significant technical complexity, unproven technologies, or technologies that do not exist or may require significant advancement, and such initiatives may not achieve commercial viability. • The global nature of our business poses risks with respect to unstable, malicious or arbitrary legal regimes and authorities. • Our bylaws place restrictions on the forum, venue and procedures for legal actions or proceedings initiated by our shareholders, including certain requirements for mandatory arbitration. 中文翻译 **风险摘要（收尾）：第三方依赖 / 算力扩张 / 竞争 / 法律** **任何这些事件**——**可能造成重大损失**——**包括声誉损害和法律诉讼**——**会严重损害我们的业务**。 - **虽然我们专注"垂直整合"我们的业务**——**但我们仍然依赖第三方**来**制造和供应"我们发射、通信、AI 服务所需要的某些关键零部件"**——**任何供应短缺、中断或第三方表现不及预期**——**都可能严重损害我们的业务、财务状况、经营结果和未来前景**。 - **我们"扩展 AI 产品"的能力**——**依赖我们的地面和轨道 AI 算力基础设施**——**而这些设施又依赖电力、水、AI 处理器、其他关键零部件和电信服务的可用性**——**任何短缺或中断**——**都会严重损害我们的业务、财务状况、经营结果和未来前景**。 - **我们面临的竞争非常激烈**——**虽然在 Space 和 Connectivity 板块**——**历史上我们跑赢过某些竞争对手**——**但不一定能一直跑赢**——**这会损害我们的业务、财务状况、经营结果和未来前景**。 - **我们的 AI 板块**——**新成立、还在整合中**——**所处行业变化极快**——**面临整合、执行、竞争和运营风险**。 - **全球宏观经济和地缘政治的不利状况**——**可能负面影响我们的业务、财务状况、经营结果和未来前景**。 - **我们依赖"招聘和留住"具有高级工程和技术技能的员工**——**对这些员工的激烈竞争**——**可能推高成本**——**影响我们"按期开发和生产"的能力**。 - **我们的或第三方运营用的计算机和数据系统**——**任何重大中断或未授权访问**——**可能导致服务降级或中断、信任流失、伤害我们的业务**。 - **开发和维护我们技术和基础设施**——**需要巨额资本支出**——**如果我们无法靠运营产生足够现金流**——**或无法以可接受条件获得额外融资**——**业务、财务状况、经营结果和未来前景会受到重大不利影响**。 - **我们巨额的债务水平**——**可能对我们的财务状况造成重大不利影响**。 - **我们未来的营收和经营结果**——**取决于"开发新技术、响应客户需求和行业标准变化"的能力**——**在竞争激烈的市场里**——**如果我们做不到**——**业务、财务状况、经营结果和未来前景会受到重大不利影响**。 - **本招股书里写的"未来市场机会估算和市场增长预测"以及"我们捕获这些市场"的能力**——**可能证明不准确**。 - **我们的很多举措**——**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、开发人类增强系统、把人和货物运到月球和火星"**——**涉及高度技术复杂度、未经验证的技术、甚至"还不存在的技术"**——**或者需要重大技术突破**——**这些举措可能无法实现商业可行性**。 - **业务的全球性**——**带来"不稳定、恶意或任意"的法律制度和监管机构**风险。 - **我们的公司章程细则（bylaws）**——**对"由股东发起的法律诉讼或程序"的管辖地、法庭和程序**——**有限制**——**包括对某些情况下的强制仲裁要求**。 #### 📝 翻译者注 - **"强制仲裁（mandatory arbitration）"**：公司章程细则要求**股东和公司之间的纠纷**——**先走仲裁而不是法院**。Musk 系公司常用——**好处**是**程序快、保密**；**坏处**是**股东失去了走法院、形成集团诉讼的权利**。 - **"bylaws"**：公司法上**比 charter 低一级的内部治理文件**——可以**由董事会单方面修改**（不需要股东投票）。 📜 发行方案

## 发行条款（The Offering）：投票权 + A/B 转换规则 ENGLISH · ORIGINAL These provisions could limit our shareholders' ability to pursue certain claims and/or increase the cost of doing so and could also affect the procedures, rights, and remedies available to our shareholders in such legal actions or proceedings. • Upon completion of this offering, Mr. Musk will serve as our Chief Executive Officer, Chief Technical Officer, and Chairman of our board and control the election of our directors, and our dual class structure concentrates voting control with Mr. Musk and other B common stock. This will limit or preclude your ability to influence corporate matters and the election of our directors. 17 Table of Contents The Offering Issuer ...................................................................... Space Exploration Technologies Corp. Class A common stock offered by us ..................... shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Class A common stock outstanding immediately after this offering ................................................ shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Class B common stock outstanding immediately after this offering ................................................ shares. Voting power of Class A common stock after giving effect to this offering ............................... % (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Voting power of Class B common stock after giving effect to this offering ............................... % (or % if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Voting rights ........................................................... Each share of Class A common stock will entitle its holder to one vote per share. Each share of Class B common stock will entitle its holder to 10 votes per share. Class A shareholders and Class B shareholders will vote together as a single class on all matters to be voted on by shareholders under our charter, except the holders of our Class B common stock will have the right to elect a majority of our board and have certain other voting rights as a class. Each share of Class B common stock will be convertible at any time at the option of the holder into one share of our Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon a Transfer (as defined in the charter) of that share of Class B common stock, whether or not for value, except for Permitted Transfers (as defined in the charter). 中文翻译 **发行条款（The Offering）：投票权 + A/B 转换规则** **这些条款**——**可能限制股东追究某些诉求的能力**、**或提高追究成本**——**也会影响股东在这种法律诉讼或程序中可用的程序、权利和救济**。 - **本次发行完成后**——**Musk 将担任我们的 CEO、CTO、董事长**——**控制董事的选举**——**我们的双重股权结构**——**把投票权集中到了 Musk 和其他 B 类普通股持有者手中**。**这会限制或排除你影响公司事务和董事选举的能力**。 **发行方案（The Offering）** 项目 内容 **发行人（Issuer）** **Space Exploration Technologies Corp.** **我们发售的 A 类普通股** **_____ 股**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **_____ 股**）。 **本次发行后立即流通的 A 类普通股** **_____ 股**（同上，含超额配售权情形）。 **本次发行后立即流通的 B 类普通股** **_____ 股**。 **本次发行后 A 类普通股的投票权占比** **_____ %**（含超额配售权情形）。 **本次发行后 B 类普通股的投票权占比** **_____ %**（含超额配售权情形）。 **投票权（Voting rights）** - **每一股 A 类普通股**：**1 股 1 票**。 - **每一股 B 类普通股**：**1 股 10 票**。 - **A 类和 B 类股东**——**根据章程**——**在所有需要股东投票的事项上作为一个单一类别一起投票**—— - **例外**：**B 类普通股的持有者**——**有权选出我们董事会的多数席位**——**还有一些其他"作为一个类别"的投票权**。 - **每一股 B 类普通股**： - **可以由持有者随时选择**——**转换为 1 股 A 类普通股**； - **或者**——**一旦发生"该 B 类普通股的转让"**（Transfer，**定义见章程**）——**无论是为对价还是不为对价**——**会自动转换为 1 股 A 类普通股**——**"允许的转让"（Permitted Transfers，定义见章程）除外**。 请参阅招股书其他章节的**"对股权证券的描述"（Description of Capital Stock）**。 💸 募集资金 + 分红

很多人一听到“无固定期限合同”，第一反应就是“签了是不是就被公司绑死了，以后跳槽都难？”其实恰恰相反，这个合同名字听着吓人，实际上是对劳动者最有利的一种保障。 我给你说个真实情况。我有个朋友在一家科技公司工作，干了快十年，公司一直跟他签一年一签的固定期限合同。后来他了解到，根据法律规定，连续订立两次固定期限合同后，第三次他就有权要求签无固定期限合同了。他提了之后，公司脸色很难看，但最后不得不签。为什么？因为法律就是这么规定的。 签了无固定期限合同，最大的好处就是公司不能随便解雇你。没有法定理由，比如你严重违纪、医疗期满不能胜任工作这些，公司要是硬要裁你，就得承担违法解除的赔偿金，两倍于经济补偿金。换句话说，你的饭碗比以前稳固多了。公司想裁员的时候，通常会先动那些签固定期限合同的人，因为成本低，解约到期不续就行。 当然，无固定期限合同也不是免死金牌。你要是自己提离职，或者严重违反公司制度，照样要走人。但它确实给了你一个更稳定的职业预期，尤其对于长期在一家公司工作的老员工来说，这是法律给你的“护身符”。所以别再一听“无固定”就害怕，它反而是你职场安全感的来源。

## 募集资金用途 + 分红政策 ENGLISH · ORIGINAL Use of proceeds ...................................................... We expect to receive approximately $ of net proceeds from this offering (or $ if the underwriters exercise their option to purchase additional shares of Class A common stock in full), based upon the assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting underwriting discounts and commissions and estimated offering expenses payable by us. Please refer to "Underwriting." We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes. Please refer to "Use of Proceeds" for a more complete description of the intended use of proceeds from this offering. 18 Table of Contents Dividend policy ...................................................... We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. We currently intend to retain future earnings, if any, to finance the growth of our business. Our future dividend policy is within the discretion of our board and will depend upon then-existing conditions, including our results of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends, restrictions in our existing and any future debt agreements and other factors our board may deem relevant. Covenants under our Credit Agreements also restrict our ability to pay dividends, and we may enter into credit agreements or other borrowing arrangements in the future that restrict our ability to declare or pay cash dividends or make distributions in the future. 中文翻译 **募集资金用途 + 分红政策** **募集资金用途（Use of proceeds）** **我们预期**—— - 假设**首次公开发行价格 = 招股书封面价格区间的中点** = **$_____ / 股**； - 扣除**承销折扣、佣金和我们应付的估计发行费用**后； **我们将从本次发行中获得大约 $_____ 百万美元的净募集资金**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **$_____ 百万美元**）。请参阅招股书其他章节的**"承销"（Underwriting）**。 **我们打算把本次发行的净募集资金**—— - **用于支持我们的增长战略**——包括： - **扩大我们的 AI 算力基础设施**； - **升级我们的发射基础设施和运载火箭**； - **扩大我们卫星星座的规模和容量**； - **剩下没花完的部分**——**用于一般公司用途**。 请参阅招股书其他章节的**"募集资金用途"（Use of Proceeds）**——**对本次发行净募集资金用途的更完整描述**。 **分红政策（Dividend policy）** - **我们不打算在可预见的未来**——**对普通股的持有者**——**宣派或支付任何现金分红**。 - **我们目前打算**——**把未来的所有盈余（如果有）**——**留作"支持业务增长"用**。 - **未来的分红政策**——**由我们董事会自行决定**——**取决于当时存在的各种条件**，包括—— - **我们的经营结果**； - **财务状况**； - **资本需求**； - **投资机会**； - **法定上对分红的限制**； - **我们现有和未来债务协议中"限制分红"的条款**； - **其他董事会认为相关的因素**。 - **我们信贷协议（Covenants under our Credit Agreements）下的契约**——**也限制我们分红**——**我们未来可能签的信贷协议或其他借款安排**——**也可能限制我们"宣派或支付现金分红、或做分配"**。 #### 📝 翻译者注 - **"credit agreement covenants"（信贷契约）**：**贷款合同里"限制公司行为"的条款**——**对 SpaceX 这种资本密集型公司**——**分红限制是标准条款**——因为**贷款人希望公司"先还我钱、别给股东发钱"**。 - **"retain future earnings"（留存盈余）**：**对成长型科技公司是常态**——Amazon、Google、Meta 上市后**前 10-20 年几乎都不分红**。 🎁 定向增发 + 被控股

## 分红政策补充 + 定向增发计划 ENGLISH · ORIGINAL Directed share program .......................................... At our request, the underwriters have reserved five percent of the shares of Class A common stock to be issued by the Company and offered by this prospectus for sale, at the initial public offering price, to certain employees and persons selected based on the discretion of our executive officers. If purchased by these persons, these shares of Class A common stock will not be subject to a lock-up restriction. The number of shares of Class A common stock available for sale to the general public will not be subject to a lock-up restriction. The number of shares of Class A common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares of Class A common stock. Any reserved shares of Class A common stock that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares of Class A common stock offered by this prospectus. Please refer to "Underwriting—Directed Share Program." Controlled company ............................................... Upon completion of this offering, Mr. Musk will beneficially own a majority of the voting power of our common stock and the Class B common stock, which elects a majority of the board. As a result, we expect to be a "controlled company" within the meaning of the Nasdaq and Nasdaq Texas corporate governance standards, and intend to rely on exemptions from certain of the corporate governance listing requirements. Please refer to "Management—Controlled Company Exemption" and "Certain Relationships and Related Person Transactions." 中文翻译 **分红政策补充 + 定向增发计划** **定向增发计划（Directed share program）** - **应我们的要求**——**承销商已经预留了**——**占公司本次发行的 A 类普通股 5%**——**按首次公开发行价格**——**定向发售给"由我们高管自行决定的某些员工和特定人选"**。 - **如果这些定向对象购买了**——**这些 A 类普通股**——**不受"锁定期"限制**。 - **"可向普通公众发售"的 A 类普通股数量**——**会按这些定向对象实际购买的数量等额减少**。 - **任何"定向对象没买完"的预留股票**——**承销商会按和其他 A 类普通股一样的条件**——**向普通公众发售**。 请参阅招股书其他章节的**"承销—定向增发计划"（Underwriting—Directed Share Program）**。 **被控股公司（Controlled company）** - **本次发行完成后**——**Musk 将实际拥有**—— - **我们普通股投票权的多数**； - **以及 B 类普通股的多数**——**B 类普通股可以选出董事会多数**。 - **因此**——**我们预期自己**——**根据 Nasdaq 和 Nasdaq Texas 的公司治理标准**——**会成为一家"被控股公司"**——**并打算援引"对某些公司治理上市要求的豁免"**。 请参阅招股书其他章节的**"管理层—被控股公司豁免"（Management—Controlled Company Exemption）**和**"某些关系和关联交易"（Certain Relationships and Related Person Transactions）**。 #### 📝 翻译者注 - **"定向增发（directed share program）"**：也叫"**亲友股（friends and family program）**"——IPO 时专门**给员工、合作伙伴、亲友"留 5%"**按发行价购买——**好处是**让"长期支持者"也能参与；**坏处是**普通公众能买到的份额被等额挤压。 - **"锁定期（lock-up）"**：IPO 后**对内部人士**（高管、董事、大股东、5% 股东等）**通常有 90-180 天的"卖股禁令"**——**避免发行后立刻砸盘**。**定向对象不受 lock-up**——意味着**这 5% 在发行后第一天就可以卖**。 🏛️ 资本市场信息

## 风险因素重述 + 资本市场信息（IPO 规模 / 招股价格 / 中间承销商） ENGLISH · ORIGINAL Risk factors ........................................................ Please refer to "Risk Factors" for a discussion of the risks and uncertainties that could materially and adversely affect our business, financial condition, results of operations, and future prospects. Selling stockholder ............................................ shares of our Class A common stock (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). The Company will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholder. Use of proceeds ............................................ We expect to receive net proceeds from this offering of approximately $ million (or $ million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), assuming an initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, and increases in the scale and capacity of our satellite constellations. Please refer to "Use of Proceeds." Listing ............................................ We have applied to list our Class A common stock on the Nasdaq Global Select Market and the Nasdaq Texas securities exchange under the symbol "SPCX." Nasdaq Texas is a new national securities exchange that is affiliated with Nasdaq. We expect that trading will commence on the Nasdaq Global Select Market prior to the commencement of trading on Nasdaq Texas. The shares of Class A common stock will be the only class of our common stock listed on either exchange. We expect that the shares will be listed on the Nasdaq Global Select Market under the symbol "SPCX." 20 Table of Contents Lead bookrunner ............................................ Morgan Stanley Joint bookrunners ......................................... Morgan Stanley, JPMorgan, Goldman Sachs, Bank of America, Citigroup, Allen & Company, Barclays, Deutsche Bank, Jefferies 中文翻译 **风险因素重述 + 资本市场信息（IPO 规模 / 招股价格 / 中间承销商）** **风险因素（Risk factors）** 请参阅招股书其他章节的**"风险因素"（Risk Factors）**——**对"可能重大不利影响我们业务、财务状况、经营结果和未来前景"的风险和不确定性的讨论**。 **售股股东（Selling stockholder）** - **_____ 股 A 类普通股**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **_____ 股**）。 - **公司不会从"售股股东出售 A 类普通股"中获得任何收益**。 **募集资金用途（Use of proceeds）** - **我们预期**——**假设首次公开发行价格 = 招股书封面价格区间的中点 = $_____ / 股**——**扣除承销折扣、佣金和我们应付的估计发行费用后**——**从本次发行中获得大约 $_____ 百万美元的净募集资金**（如果承销商**完全行使 A 类普通股超额配售权**，则为 **$_____ 百万美元**）。 - **用途**—— - **扩大 AI 算力基础设施**； - **升级发射基础设施和运载火箭**； - **扩大卫星星座规模和容量**。 - 请参阅招股书其他章节的**"募集资金用途"（Use of Proceeds）**。 **上市（Listing）** - **我们已经申请**——**在 Nasdaq Global Select Market（纳斯达克全球精选市场）和 Nasdaq Texas（纳斯达克德州证券交易所）**——**以代码 "SPCX" 上市我们的 A 类普通股**。 - **Nasdaq Texas**——**是一家和 Nasdaq 关联的、全新设立的国家证券交易所**。 - **我们预期交易将先在 Nasdaq Global Select Market 启动**——**之后才在 Nasdaq Texas 启动**。 - **A 类普通股**——**将是我们唯一在两家交易所上市的股票类别**——**股票代码 "SPCX"**。 **主簿记管理人（Lead bookrunner）** - **Morgan Stanley（摩根士丹利）** **联合簿记管理人（Joint bookrunners）** - **Morgan Stanley, JPMorgan, Goldman Sachs, Bank of America, Citigroup, Allen & Company, Barclays, Deutsche Bank, Jefferies** - **摩根士丹利、摩根大通、高盛、美银、花旗、Allen & Company、巴克莱、德意志银行、杰富瑞** #### 📝 翻译者注 - **"SPCX"**：这是 SpaceX 上市的**特殊 ticker**——一般**上市公司代码 4 个字母**——"SPCX" 是 **SpaceX** 的"缩写"——**Nasdaq 专门开了"4 字母 ticker"的便利**给 SpaceX。 - **"Nasdaq Texas"**：2026 年 5 月**正式启动**的**新交易所**——**和 Nasdaq 体系挂钩**——**因为**Musk 系公司大多**从特拉华迁到德州**——**Nasdaq 专门给"德州"开个交易所**——这是个**很新**的金融基础设施。 - **"9 家承销商 + Morgan Stanley 领衔"**：**典型的"巨型独角兽 IPO"配置**——Morgan Stanley 在 Musk 系 IPO 中**一直是 lead**（Tesla 2010、Twitter 2013 都是 Morgan Stanley 牵头）。 🚀 火星 100 万人里程碑

## SPCX 上市 + Musk 火星 100 万人里程碑（10 亿受限股业绩条件） ENGLISH · ORIGINAL We have applied to list our Class A common stock on Nasdaq and Nasdaq Texas under the symbol "SPCX." The number of shares of Class A and Class B common stock that will be outstanding after this offering is based on 6,824,641,355 shares of Class A common stock and 5,695,668,265 shares of Class B common stock outstanding as of March 31, 2026, after giving effect to (i) the Class C Reclassification (as defined below) and (ii) the Preferred Conversion (as defined below). The amount of Class B common stock that will be outstanding after this offering 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. 1,000,000,000 of such restricted shares of Class B common stock vest upon both (i) our achievement of specified market capitalization milestones across 15 equal tranches and (ii) our establishment of a permanent human colony on Mars with at least one million inhabitants, in each case, subject to Mr. Musk's continued employment with us through the date on which achievement is certified by our board. 中文翻译 **SPCX 上市 + Musk 火星 100 万人里程碑（10 亿受限股业绩条件）** - **我们申请在 Nasdaq 和 Nasdaq Texas**——**以代码 "SPCX"**——**上市我们的 A 类普通股**。 - **本次发行后"将流通"的 A 类和 B 类普通股数量**——**基于 2026 年 3 月 31 日的"已发行"数量**—— - **A 类普通股 6,824,641,355 股**； - **B 类普通股 5,695,668,265 股**； - **已考虑**——（i）**C 类普通股重新分类（Class C Reclassification，定义见下文）**——（ii）**优先股转换（Preferred Conversion，定义见下文）**。 - **本次发行后"将流通"的 B 类普通股**——**包括 1,302,072,285 股"受限 B 类普通股"**——**这些股票已发行给 Musk、并以 Musk 名义持有**—— - **Musk 可以投票**； - **归属需要满足"特定的业绩和其他条件"**。 **🔑 Musk 的"火星里程碑"——重磅业绩条件** 在上述 1,302,072,285 股受限 B 类普通股中——**有 1,000,000,000（10 亿股）**——**归属需要"同时"满足两个条件**： - **公司"达到特定的市值里程碑"**——**分 15 档（15 equal tranches）**； - **公司"在火星上建一个至少 100 万居民的永久人类定居点"**； **外加第三个前提条件**——**Musk 本人在"董事会认证达成之日"**——**必须仍然在 SpaceX 任职**。 #### 📝 翻译者注 - **"6,824,641,355 A + 5,695,668,265 B"**：合计 **125.2 亿股普通股**——**比 Tesla（约 30 亿股）+ Google（约 120 亿股）总和还多**——但**B 类 1 股 10 票**——所以**投票权高度集中**。 - **"Class C Reclassification"（C 类普通股重新分类）**：**SPCX 上市前——把原来发出去的不同"股权类别"**——**统一重新归类为 A/B 两类**——**为 IPO 准备**。 - **"Preferred Conversion"（优先股转换）**：**原"可转换优先股"**——**按 IPO 时的转换价**——**全部转为 A/B 类普通股**——**也是 IPO 标准动作**。 - **"10 亿股火星股"**——**这是本招股书最大的"叙事彩蛋"**： - **业绩条件 1（公司市值分 15 档）**：典型 Musk 式"长期股权激励"——绑定 15 个市值里程碑，**可能从 $1T 到 $10T 递增**。 - **业绩条件 2（100 万火星人）**：**人类历史上从未达到的目标**——意味着**这 10 亿股归属的可能性极低**——但**写进招股书本身**——**就是 Musk 给投资者看的"长期信号"**："**SpaceX 的目标不是 IPO、是让人类成为多行星物种**"。 - **"Musk 必须仍在职"**：**对 Musk 这种"灵魂人物"**——**把"创始人留任"和"业绩条件"绑定**——**是公司治理上对 Musk 的"黄金手铐"**——**Musk 不能抛下公司就跑**。 📈 股权激励

## 股权激励计划 + 资产负债表日期 233M未行权期权 (A 类)$34.39加权平均行权价80M已授予 RSU155M未来可授予池 ENGLISH · ORIGINAL Equity compensation plans .......................................... We intend to file with the SEC a registration statement on Form S-8 covering the shares of our Class A common stock issuable upon the exercise of options and the vesting of restricted stock units and performance-based restricted stock units granted under our 2006 Stock Plan, as amended and restated, and any other equity plans we may adopt in the future. Accordingly, upon effectiveness of such registration statement, shares registered thereon will be available for sale in the open market, subject to any vesting restrictions and lock-up agreements. As of March 31, 2026, options to purchase 233,182,000 shares of our Class A common stock were outstanding with a weighted-average exercise price of $34.39 per share. As of March 31, 2026, 80,382,000 restricted stock units that settle in shares of our Class A common stock were outstanding and 1,000,000 performance-based restricted stock units that settle in shares of our Class A common stock were outstanding. The number of shares of our Class A common stock available for future grant under our 2006 Stock Plan was 154,923,000 as of March 31, 2026. Selected Consolidated Financial Data The following selected consolidated financial data should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements and the related notes included elsewhere in this prospectus and "Management's Discussion and Analysis of Financial Condition and Results of Operations." The selected consolidated financial data presented below has been derived from our audited consolidated financial statements. 中文翻译 **股权激励计划 + 资产负债表日期** **股权激励计划（Equity compensation plans）** - **我们打算向 SEC 提交一份 S-8 表格注册声明**——**覆盖"根据我们的 2006 年股权计划（经修订和重述）授予的、行使期权时可发行的 A 类普通股"**——**以及"归属限制性股票单位（RSU）和业绩型限制性股票单位（PSU）时可发行的 A 类普通股"**——**以及我们未来可能通过的其他任何股权计划**。 - **S-8 生效后**——**注册的股票**——**可以在公开市场自由出售**——**受任何归属限制和锁定期协议约束**。 **截至 2026 年 3 月 31 日**的统计数据： 项目 数量 **A 类普通股期权（尚未行权）** **233,182,000 份**——**加权平均行权价 $34.39 / 股** **限制性股票单位（RSU，结算为 A 类普通股）** **80,382,000 份**（已授予但未归属） **业绩型限制性股票单位（PSU，结算为 A 类普通股）** **1,000,000 份**（已授予但未归属） **2006 年股权计划下"未来可授予"的 A 类普通股** **154,923,000 股** **精选合并财务数据（Selected Consolidated Financial Data）** **下面这份"精选合并财务数据"**——**要和招股书其他章节的"合并财务报表和相关附注"**——**以及"管理层对财务状况和经营情况的讨论与分析"**——**一起读**——**并以它们为准**。**下面展示的精选合并财务数据**——**来自我们经过审计的合并财务报表**。 #### 📝 翻译者注 - **"2006 年股权计划（2006 Stock Plan）"**：SpaceX 内部**搞了 20 年**的"**期权池 + RSU 池**"——**Musk 2002 年才创办 SpaceX**——**2006 年**就开始给员工发期权。**到 2026 年**——**未行权期权总数 2.33 亿股**、**RSU 0.8 亿**、**未来池 1.55 亿**——**加在一起约 4.7 亿股**——**对 SpaceX 来说是个巨大的"潜在稀释源"**。 - **"S-8 表格"**：**SEC 给"员工股权激励"专门的简单注册表**——**公司不需要走完整的招股流程**——**员工行权后拿到的股票就可以在公开市场卖**。 - **"$34.39 加权平均行权价"**：**远低于预期 IPO 价格**——意味着**这些期权一旦行权就"深度价内"（deep in-the-money）**——**会计上要算大量"股票薪酬费用"**——**对未来 GAAP 利润是显著拖累**。 - **"业绩型 RSU（PSU）"**：**比 RSU 多了"业绩条件"**——**比如"市值达到 X 美元"或"收入达到 Y 美元"**——**PSU 占比 1.25%（1M / 80.38M）**——**SpaceX 的激励体系以"时间 RSU"为主**——**这跟 Musk 自己的"一切围绕交付"哲学一致**。 📋 股权计划规模