太空探索技术公司（SpaceX）——424B4 最终招股说明书（IPO）

术语表 Glossary of Terms

本节所定义的术语和缩写贯穿本招股说明书全文：

The terms and abbreviations defined in this section are used throughout this prospectus:

- “AI”或“人工智能”指使机器能够学习、理解现实、解决复杂问题、展现创造力、做出关键决策并以日益增强的自主性运行的高级计算技术和系统。

- “AI” or “artificial intelligence” refers to advanced computational technologies and systems enabling machines to learn, comprehend reality, solve complex problems, exhibit creativity, make critical decisions, and function with growing autonomy.

- “AI 算力”或“算力”指训练和运行人工智能模型所需的计算基础设施，包括但不限于部署在数据中心或其他计算环境中的专用处理器、网络、存储和电力系统。

- “AI compute” or “compute” refers to the computing infrastructure required to train and operate artificial intelligence models, including, without limitation, specialized processors, networking, storage, and power systems deployed in data centers or other computing environments.

- “AI 算力卫星”指搭载星载人工智能处理能力、设计用于在轨执行数据分析、推理或其他机器学习、自动化决策及人工智能算法、模型和技术工作负载的卫星。

- “AI compute satellite” refers to a satellite equipped with onboard artificial intelligence processing capabilities designed to perform data analysis, inference, or other machine learning, automated decision-making and artificial intelligence algorithms, models and technologies workloads in orbit.

- “AI 生态系统”指由开发、利用和部署智能系统的技术、产品、系统和基础设施构成的复杂、多层次的网络。

- “AI ecosystem” refers to a complex, multi-layered network of technologies, products, systems, and infrastructure that develop, leverage, and deploy intelligent systems.

- “AI 分部”指我们的 AI 业务，该业务系随我们于 2026 年 2 月收购 xAI 一并取得，包括我们的 AI 算力、Grok 和 X。

- “AI segment” refers to our AI business, which we acquired in connection with our acquisition of xAI in February 2026, and includes our AI compute, Grok, and X.

- “AI 训练集群”指提供训练和运行先进 AI 模型所需算力的集成系统。

- “AI training cluster” refers to an integrated system that provides computational power required for training and running advanced AI models.

- “算法”指我们用于快速创新和优化的五步迭代流程，强调让需求不那么愚蠢、删除不必要的流程或部件、优化必要的流程或部件、加快循环时间步，以及仅在前四步完成后对已验证的流程进行自动化。

- “The Algorithm” refers to our five-step iterative process that we use to rapidly innovate and optimize, emphasizing making the requirements less dumb, deleting unnecessary processes or parts, optimizing the necessary processes or parts, accelerating cycle timesteps, and automating only proven processes after the first four steps are completed.

- “应用程序编程接口”或“API”指一组已定义的规则和协议，使不同软件系统能够以编程方式相互通信和交互。

- “Application Programming Interface” or “API” refers to a defined set of rules and protocols that allows different software systems to communicate with and interact with each other programmatically.

- “ARPU”指某一期间内 Starlink 用户产生的服务收入除以 (i) 该期间内 Starlink 用户的平均数量，再除以 (ii) 该期间的月份数。

- “ARPU” refers to service revenue generated from Starlink Subscribers during a period divided by (i) the average number of Starlink Subscribers during the period and by (ii) the number of months in the period.

- “Artemis 计划”指 NASA 旨在到 2020 年代末将人类送上月球的一项计划。

- “Artemis program” refers to a NASA program aimed at landing humans on the Moon by the late 2020s.

- “助推器”指在发射期间提供主要推力的第一级火箭。

- “booster” refers to the first-stage rocket that provides the primary thrust during launch.

- “助推器捕获”指一种回收方式，即返回的一级火箭助推器由发射塔上的机械臂在半空中捕获，而非在着陆区或海上通过着陆腿着陆。

- “booster catch” refers to a recovery method in which a returning first-stage rocket booster is captured mid-air by mechanical arms on the launch tower rather than on legs at a landing zone or at sea.

- “助推器发射”指一种火箭发射方式，其中助推级在升空及上升初始阶段提供主要推力，随后与飞行器分离。

- “booster launch” refers to a rocket launch in which a booster stage provides the primary thrust during liftoff and the initial phase of ascent before separating from the vehicle.

- “bps”指比特每秒。

- “bps” refers to bits per second.

- “COLOSSUS”指我们的旗舰数据中心，位于田纳西州孟菲斯的 Paul R. Lowry Road。

- “COLOSSUS” refers to our flagship data center, located on Paul R. Lowry Road in Memphis, Tennessee.

- “COLOSSUS II”指我们位于田纳西州孟菲斯和密西西比州 Southaven 的数据中心。这些数据中心是我们连贯的吉瓦级 AI 训练集群的一部分。

- “COLOSSUS II” refers to our data centers in Memphis, Tennessee and in Southaven, Mississippi. These data centers are part of our coherent gigawatt-scale AI training cluster.

- “Connectivity 分部”指我们的 Connectivity 分部，包括 Starlink 及相关产品。

- “Connectivity segment” refers to our Connectivity segment, which includes Starlink and associated offerings.

- “信贷协议”指我们的 SpaceX 信贷融资和 SpaceX 过桥贷款。

- “Credit Agreements” refers to our SpaceX Credit Facility and SpaceX Bridge Loan.

- “乘员”指曾乘坐我们航天器的人员，按每次任务计算。

- “crewmember” refers to a person who has traveled on our spacecraft, measuring by each mission.

- X 和 Grok 上的“每日帖子”指用户在 X 平台上每日分享的原创帖子、回复、转发、引用和媒体的总数量，以及 Grok 向用户提供的实时交互、分析和生成能力。这可能包括由 AI 生成的帖子或由 AI 管理的账户。

- “daily posts” on X and Grok refers to the aggregate volume of original posts, replies, reposts, quotes and media shared daily by users on the X platform, and the real-time interactions, analysis and generative capabilities provided to a user by Grok. This may include posts generated by AI or accounts managed by AI.

- “下行容量”指在给定时间段内，数据通过网络或通信链路从卫星传输至用户的最大速率。

- “downlink capacity” refers to the maximum rate at which data can be transmitted from a satellite to users over a network or communication link in a given period of time.

- “Draco 推进器”指 Dragon 航天器上用于精确轨道机动和调整的推进器。

- “Draco thrusters” refers to thrusters used in Dragon spacecraft for precise orbital maneuvering and adjustments.

- “Dragon”指我们的 Dragon 航天器。

- “Dragon” refers to our Dragon spacecraft.

- “Falcon 1”指我们于 2006 年至 2009 年运营的两级液体燃料小型运载火箭。

- “Falcon 1” refers to our two-stage, liquid-fueled small-lift launch vehicle that operated from 2006 to 2009.

- “Falcon 9”指我们具备可重复使用助推器的轨道级火箭，于 2010 年首飞，其近地轨道（LEO）运载能力约为 23 公吨。

- “Falcon 9” refers to our orbital-class rocket with reusable boosters, first launched in 2010, which has a payload capacity to LEO of approximately 23 metric tons.

- “Falcon Heavy”指我们部分可重复使用的超重型运载火箭，于 2018 年首飞，其近地轨道（LEO）运载能力约为 64 公吨。

- “Falcon Heavy” refers to our partially reusable super heavy-lift launch vehicle, first launched in 2018, which has a payload capacity to LEO of approximately 64 metric tons.

- “flight-proven booster launches”指使用此前已至少完成一次成功发射与回收的助推器执行的任务。

- “flight-proven booster launches” refers to a mission utilizing a booster that has previously completed at least one successful launch and recovery.

- “frontier model”指领先的、复杂的大型语言模型，例如 Grok，专为严谨推理与实时信息综合而设计。

- “frontier model” refers to a leading-edge, sophisticated large language model, such as Grok, designed for rigorous reasoning and real-time information synthesis.

- “Gbps”指吉比特每秒。

- “Gbps” refers to gigabits per second.

- “geostationary orbit”指一种高地球轨道，可使卫星与地球自转同步、从地面看呈静止状态，常用于通信卫星。

- “geostationary orbit” refers to a high Earth orbit that allows satellites to match Earth’s rotation, appearing stationary from the ground, often used for communication satellites.

- “geosynchronous transfer orbit”指用于将航天器从较低轨道转移至地球静止轨道的椭圆轨道。

- “geosynchronous transfer orbit” refers to an elliptical orbit used to transfer a spacecraft from a lower orbit to a geostationary orbit.

- “gigawatt”指十亿瓦。

- “gigawatt” refers to one billion watts.

- “gigawatt-scale”指设计用于产生、传输或消耗约一吉瓦或以上电力容量的基础设施、系统或设施。

- “gigawatt-scale” refers to infrastructure, systems, or facilities that are designed to generate, transmit, or consume approximately one gigawatt or more of electrical power capacity.

- “GPU”指图形处理器。

- “GPU” refers to a graphics processing unit.

- “Grok”指我们的前沿模型系列，它代表我们使命的核心支柱，即通过开发追求真理的人工智能，推进人类对宇宙的理解。

- “Grok” refers to our family of frontier models, which represents a core pillar of our mission to advance humanity’s understanding of the universe through the development of truth-seeking artificial intelligence.

- “Grok API”指我们的应用程序编程接口，使开发者能够访问 Grok 模型并将其集成到外部软件应用程序和工作流程中。

- “Grok API” refers to our application programming interface that enables developers to access and integrate Grok models into external software applications and workflows.

- “Grok Business”指我们基于订阅的服务，为组织提供 Grok 模型及相关工具的访问权限，用于内部业务应用程序和工作流程，专为中小型团队部署而设计。

- “Grok Business” refers to our subscription-based offering that provides organizations with access to Grok models and related tools for use in internal business applications and workflows, designed for deployment by small-to-medium teams.

- “Grok Enterprise”指我们基于订阅的服务，为组织提供 Grok 模型及相关工具的访问权限，用于内部业务应用程序和工作流程，专为企业组织部署而设计。

- “Grok Enterprise” refers to our subscription-based offering that provides organizations with access to Grok models and related tools for use in internal business applications and workflows, designed for deployment by enterprise organizations.

- “Grok Voice”指 Grok 实时语音引擎。

- “Grok Voice” refers to the Grok real-time speech engine.

- “高密度算力”指旨在在有限物理空间内提供大量处理能力的算力基础设施，通常以高处理器密度和单位空间较高功耗为特征。

- “high-density compute” refers to compute infrastructure designed to deliver a large amount of processing power within a limited physical footprint, typically characterized by high processor concentration and elevated power usage per unit of space.

- “Imagine”指我们的图像和视频生成系统。

- “Imagine” refers to our image and video generation system.

- “推理”指经过训练的人工智能模型根据新输入数据生成输出（如文本、图像或预测）的过程。

- “inference” refers to the process by which a trained artificial intelligence model generates outputs (such as text, images, or predictions) from new input data.

- “国际对接系统标准”指龙飞船等航天器所使用的自主对接能力标准。

- “International Docking System Standard” refers to a standard for autonomous docking capabilities used by spacecraft like Dragon.

- “IoT”指嵌入传感器、软件和其他技术的物理对象网络，目的是通过互联网与其他设备和系统连接并交换数据。

- “IoT” refers to the network of physical objects embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.

- “卡尔达舍夫 II 型”指能够利用其所在恒星（如我们的太阳）的全部能量输出，以驱动前所未有的增长并维持文明存续的文明。

- “Kardashev Type II” refers to a civilization that harnesses the full energy output of its local star, like our Sun, to power unprecedented growth and sustain the civilization’s existence.

- “大语言模型”或“LLM”指专为高级推理和自然语言处理而设计的复杂人工智能模型。

- “large language model” or “LLM” refers to a sophisticated artificial intelligence model designed for advanced reasoning and natural language processing.

- “大规模低轨宽带卫星星座”指由超过 1,000 颗卫星组成的卫星星座网络。

- “large-scale LEO broadband satellite constellation” refers to a satellite constellation network of over 1,000 satellites.

- “延迟”是指数据从源端传输到目的端接收之间的时间延迟，通常以毫秒为单位计量。

- “latency” refers to the time delay between the transmission of data from a source and its receipt at a destination, typically measured in milliseconds.

- “发射载荷质量”是指在特定条件下某一航天器能够将理论载荷质量投送至指定轨道的数值，该数值源自适用于特定任务场景和轨迹假设的先进计算机模拟与性能建模。特定任务实际可投送的载荷可能不同，并将因众多任务参数和运行因素而异，包括任务特定的轨迹要求、大气条件、运载器与载荷构型、风险状况以及适用的监管或靶场安全限制。

- “launch payload mass” refers to the theoretical payload mass that a particular spacecraft is capable of delivering to a specified orbit under specific conditions, which is derived from advanced computer simulations and performance modeling that apply to particular mission scenarios and trajectory assumptions. Actual payload that can be delivered for a given mission may be different and will vary depending on numerous mission parameters and operational factors, including mission-specific trajectory requirements, atmospheric conditions, vehicle and payload configuration, risk profile, and applicable regulatory or range-safety limitations.

- “发射系统”是指由火箭及相关地面基础设施组成的综合系统，用于将航天器和载荷发射至太空。

- “launch system” refers to a comprehensive system comprising rockets and associated ground infrastructure used to launch spacecraft and payloads into space.

- “运载火箭”是指设计用于将载荷从地球等陆地天体（例如地球、月球或火星）运送至太空或指定轨道轨迹的火箭。

- “launch vehicle” refers to a rocket designed to transport payloads from terrestrial bodies (e.g., Earth, Moon, or Mars) to space or to a designated orbital trajectory.

- “低地球轨道卫星星座”是指在低地球轨道运行的由众多卫星组成的网络，通常用于提供宽带连接等服务，包括 Starlink。

- “LEO satellite constellation” refers to a network of numerous satellites operating in Low-Earth Orbit, typically deployed to provide services such as broadband connectivity, including Starlink.

- “低地球轨道”或“LEO”是指相对接近地球表面的轨道，由于其延迟低于更高轨道，通常被卫星用于宽带互联网等应用。

- “Low-Earth Orbit” or “LEO” refers to an orbit relatively close to Earth’s surface, typically used by satellites for applications like broadband internet due to its lower latency compared to higher orbits.

- “低延迟网络”是指延迟低于 70 毫秒的网络。

- “low-latency network” refers to a network with latency below 70 milliseconds.

- “月球质量驱动器”是指我们拟在月球表面建造的发射系统，其设计将利用电磁加速将载荷推入太空，而无需使用火箭。

- “lunar mass driver” refers to a launch system that we intend to build on the Moon’s surface that will be designed to use electromagnetic acceleration to propel payloads into space without the use of rockets.

- “Macrohard”是指我们目前正在开发的一个平台，旨在模拟数字工作流程、增强人类对计算机的操作，并创建一家完全由 AI 运营的软件公司。

- “Macrohard” refers to a platform we are currently developing that is designed to emulate digital workflows, augment human operation of computers, and create a fully AI-operated software company.

- “入轨质量”是指在给定期间内投送至轨道的载荷总千克数，是衡量我们能力和可扩展性的关键指标，可支撑太空业务收入并推动我们连接和 AI 板块的扩张。

- “mass to orbit” refers to the total kilograms of payload deployed to orbit in a given period, and is a key indicator of our capacity and scalability that supports Space revenue and drives expansion across our Connectivity and AI segments.

- “MAU”（即月活跃用户）指在截至计量日期的 30 天期间内，通过网页浏览器或移动应用程序至少与 Grok 或 X 互动过一次的用户总数（“活跃用户”）。在列示两个平台的合并 MAU 时，我们力求根据登录流量识别并计入同时访问 Grok 和 X 的用户，以免在计量 MAU 时对此类用户重复计算。此外，仅统计已注册 X 或 Grok 账户的用户。尽管我们认为我们的方法能够基于独立用户数对 MAU 作出合理近似，但这些方法可能无法完全涵盖所有重复情形，我们报告的 MAU 应被视为适用期间内 Grok 和 X 平台独立用户数的估计值。我们根据服务器请求来源，分别追踪使用 Grok AI 功能的用户子集与未使用该功能的用户子集。

- “MAU” (or monthly active users) refers to the total number of users who have interacted with Grok or X through web browsers or mobile applications at least once during the 30-day period ending on the date of measurement (“active users”). In presenting combined MAUs across the two platforms, we seek to identify and account for users who access both Grok and X based on sign-in traffic so that such users are not double-counted when measuring MAU. Furthermore, only users who have registered for an X or Grok account are included. While we believe our methodologies provide a reasonable approximation of MAU based on the number of unique users, they may not fully capture all instances of duplication, and our reported MAU should be viewed as an estimate of unique users across our Grok and X platforms for the applicable period. We track the subset of users who used Grok’s AI features and those who have not based on the source of their server requests.

- “Mbps”指兆比特每秒。

- “Mbps” refers to megabits per second.

- “Megapack”指由 Tesla 生产的一种集装箱式公用事业规模锂离子电池储能系统，旨在稳定电网、储存可再生能源并替代化石燃料调峰电厂。

- “Megapack” refers to a containerized, utility-scale lithium-ion battery energy storage system produced by Tesla and designed to stabilize power grids, store renewable energy, and replace fossil fuel peaker plants.

- “megawatt”指一百万瓦。

- “megawatt” refers to one million watts.

- “Merlin”指 Merlin 系列发动机，包括真空型和海平面型，均由本公司完全开发并生产。

- “Merlin” refers to the Merlin family of engines, which include vacuum and sea level variants and are fully developed and produced by the Company.

- “microgravity”指极微弱的引力，例如在轨道航天器中所经历的引力环境，可实现制造超纯材料等独特制造工艺。

- “microgravity” refers to very weak gravity, such as that experienced in orbiting spacecraft, which allows for unique manufacturing processes like creating ultra-pure materials.

- “Mid-Earth Orbit”或“MEO”指距地球表面约 2,000 km 至 35,786 km 之间的轨道区域。

- “Mid-Earth Orbit” or “MEO” refers to an orbital region between approximately 2,000 km and 35,786 km above Earth’s surface.

- “mission success rate”指 Falcon 9 和 Falcon Heavy 任务实现其主要目标的比例。该术语不包括 Starship 飞行测试。

- “mission success rate” refers to the proportion of Falcon 9 and Falcon Heavy missions that achieve their primary objectives. This term does not include Starship flight tests.

- “mobile network operators”或“MNOs”指向客户提供移动电话服务的公司的当地实体，SpaceX 与其合作提供卫星到移动设备的连接服务。在适用情况下，该术语也可包括移动虚拟网络运营商。

- “mobile network operators” or “MNOs” refers to the local entities of the companies that provide mobile phone services to customers, with whom SpaceX partners to offer satellite-to-mobile connectivity. The term may also include mobile virtual network operators, where applicable.

- “Mobile Satellite Service”指通过使用轨道卫星而非地面蜂窝基站，向移动设备、从移动设备或在移动设备之间提供无线语音、消息和数据连接。

- “Mobile Satellite Service” refers to providing wireless voice, messaging, and data connectivity to, from, or between mobile devices by using orbiting satellites rather than terrestrial cell towers.

- “Moore’s Law”指一种观察结论（而非物理定律），即微芯片上的晶体管数量大约每两年翻一番，从而使电子产品速度呈指数级提升、体积更小且成本更低。

- “Moore’s Law” refers to an observation, not a physical law, that the number of transistors on a microchip doubles roughly every two years, leading to exponentially faster, smaller, and cheaper electronics.

- “orbital AI compute”指拟部署在太空的人工智能算力基础设施，由充当轨道数据中心的卫星星座组成，利用太阳能供电并借助太空环境进行冷却。我们预计最早于 2028 年开始部署我们的轨道 AI 算力卫星。

- “orbital AI compute” refers to artificial intelligence computing infrastructure contemplated to be deployed in space, consisting of satellite constellations that act as orbital data centers, harnessing solar energy for power and leveraging the space environment for cooling. We expect to begin deploying our orbital AI compute satellites as early as 2028.

- “有效载荷”是指飞行器总质量中由所运输的货物、乘客、卫星或其他特定任务物品构成、并抵达目标轨道或目的地的部分。有效载荷不同于总质量（也称总重或初始质量），后者指飞行器在旅程开始时的全部重量，包括有效载荷、燃料/推进剂、结构、发动机及任何其他物品。

- “payload” refers to the portion of a vehicle’s total mass that consists of the cargo, passengers, satellites, or other mission-specific items being transported and that reaches the target orbit or destination. Payload is distinct from total mass (also referred to as gross mass or initial mass) which is the entire weight of the vehicle, including the payload, fuel / propellant, structure, engines, and any other items, at the start of a journey.

- “入轨有效载荷能力”是指某一特定运载火箭在特定条件下能够将有效载荷送达指定轨道（如 LEO 或 GEO）或天体（如火星）的理论有效载荷能力，该轨道系通过适用于特定任务场景和轨迹假设的先进计算机模拟与性能建模得出。特定任务的实际有效载荷能力可能不同，并将因众多任务参数和运行因素而异，包括任务特定轨迹要求、大气条件、飞行器与有效载荷配置、风险状况及适用的

- “payload capacity to orbit” refers to a theoretical payload capacity that a particular launch vehicle is capable of delivering to a specified orbit (e.g., LEO or GEO) or celestial body (e.g., Mars) under specific conditions, which orbit is derived from advanced computer simulations and performance modelling that apply to particular mission scenarios and trajectory assumptions. Actual payload capacity for a given mission may be different and will vary depending on numerous mission parameters and operational factors, including mission-specific trajectory requirements, atmospheric conditions, vehicle and payload configuration, risk profile, and applicable

监管或靶场安全限制 · . • “电能利用效率”指数据中心效率的全球标准指标，计算方式为 设施总用电量与 IT 设备用电量之比。

regulatory or range-safety limitations · . • “Power Usage Effectiveness” refers to the global standard metric for data center efficiency, calculated as the ratio of total facility power to IT equipment power.

- “推进剂”是指火箭发动机通过产生高速废气以产生推力所消耗的化学物质或物质组合。

- “propellant” refers to the chemical substance or combination of substances consumed by a rocket engine to produce thrust by generating high-velocity exhaust gases.

- “动力着陆”是指火箭或航天器利用其发动机控制下降并实现柔和垂直触地的着陆过程。

- “propulsive landing” refers to the process of landing a rocket or spacecraft using its engines to control descent and achieve a soft, vertical touchdown.

- “辐射冷却”是指通过向太空辐射热量来散热的冷却方式，通常为被动方式，预计将用于轨道 AI 算力基础设施。

- “radiative cooling” refers to a cooling method that dissipates heat by radiating it into space, often passively, and is expected to be used in orbital AI compute infrastructure.

- “Raptor 发动机”是指本公司研发和生产的高性能发动机系列，例如为 Super Heavy 助推器和 Starship 上级提供动力的发动机，其设计注重效率与可重复使用性。

- “Raptor engines” refers to high-performance family of engines developed and produced by the Company, such as those powering the Super Heavy booster and Starship upper stage, designed for efficiency and reusability.

- “复飞”是指对已成功完成先前太空任务、并已回收、翻新和认证可用于后续发射的经飞行验证的火箭助推器或上级进行重复使用。

- “reflight” refers to the reuse of a flight-proven rocket booster or upper stage that has successfully completed a prior space mission, and has been recovered, refurbished, and certified for subsequent launches.

- “返回有效载荷质量”是指某一特定航天器在特定条件下能够从指定轨道带回地球的理论有效载荷质量，该质量系通过适用于特定任务场景和轨迹假设的先进计算机模拟与性能建模得出。特定任务可返回的实际有效载荷可能不同，并将因众多任务参数和运行因素而异，包括任务特定轨迹要求、大气条件、飞行器与有效载荷配置、风险状况及适用的监管或靶场安全限制。

- “return payload mass” refers to the theoretical payload mass that a particular spacecraft is capable of bringing back to Earth from a specified orbit under specific conditions, which is derived from advanced computer simulations and performance modelling that apply to particular mission scenarios and trajectory assumptions. Actual payload that can be returned for a given mission may be different and will vary depending on numerous mission parameters and operational factors, including mission-specific trajectory requirements, atmospheric conditions, vehicle and payload configuration, risk profile, and applicable regulatory or range-safety limitations.

- “拼车”是指来自不同客户的多个卫星或有效载荷搭载同一枚火箭一起发射、分摊成本的一类太空任务。

- “rideshare” refers to a type of space mission where multiple satellites or payloads from different customers are launched together on a single rocket, sharing the cost.

- “卫星直连手机”是指通过卫星直接为日常智能手机提供全球蜂窝连接的服务，作为地面网络的补充，消除移动信号盲区。

- “satellite-to-mobile” refers to a service that provides global cellular connectivity directly to everyday smartphones via satellites, supplementing terrestrial networks and eliminating mobile dead zones.

- “服务线路”是指在订阅计划下开通的单个 Starlink 宽带互联网服务实例，通常与特定的 Starlink 用户终端或一组终端相关联，并按照 Starlink 的服务计划和条款计费。服务线路数量不同于唯一设备数、账户持有人数、最终用户数或自然人数。

- “Service Line” refers to an individual instance of Starlink broadband internet service provisioned under a subscription plan, generally associated with a specific Starlink User Terminal or group of terminals, and billed according to Starlink’s service plans and terms of service. The number of Service Lines is distinct from the number of unique devices, account holders, end users, or physical persons.

- “太空经济”是指与利用或支持天基基础设施和能力的商品和服务的开发、生产和运营相关的经济活动，包括发射服务、卫星系统和太空赋能技术。

- “space economy” refers to economic activities related to the development, production, and operation of goods and services that utilize or support space-based infrastructure and capabilities, including launch services, satellite systems, and space-enabled technologies.

- “太空板块”是指我们的太空板块，包括我们的客户发射业务以及 Falcon、Dragon 和 Starship 等产品。

- “Space segment” refers to our Space segment, which includes our customer launch operations and offerings such as Falcon, Dragon, and Starship.

- “SpaceX 过桥贷款”是指日期为 2026 年 3 月 2 日的《过桥贷款信贷协议》，其订约方包括作为借款人的本公司、不时作为订约方的担保人、不时作为订约方的贷款人以及作为行政代理人和贷款人的 Goldman Sachs Bank USA。

- “SpaceX Bridge Loan” refers to the Bridge Loan Credit Agreement, dated as of March 2, 2026, by and among the Company, as borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto and Goldman Sachs Bank USA, as administrative agent and a lender.

- “SpaceX 信贷融资”是指我们日期为 2025 年 2 月 7 日的《信贷协议》，其订约方包括作为借款人的本公司、不时作为订约方的担保人、不时作为订约方的贷款人以及作为行政代理人的 Bank of America, N.A.，并经日期为 2026 年 3 月 2 日的《信贷协议第一修正案及豁免》修订，该修正案的订约方包括本公司、其订约方贷款人及其他订约方信用证开证人。2026 年 5 月，SpaceX 信贷融资经修订以增加借款额度并延长到期日。

- “SpaceX Credit Facility” refers to our Credit Agreement, dated as of February 7, 2025, by and among the Company, as borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, as amended by the First Amendment to Credit Agreement and Waiver, dated as of March 2, 2026, by and among the Company, the lenders party thereto, and the other L/C Issuers party thereto. In May 2026, the SpaceX Credit Facility was amended to increase the borrowing capacity and extends the maturity date.

- “频谱”是指用于无线通信的电磁频率范围，其中授权频谱授予特定服务的使用权。

- “spectrum” refers to the range of electromagnetic frequencies used for wireless communication, with licensed spectrum granting use for specific services.

- “Starlink”是指我们旨在全球范围内提供高速、低延迟互联网连接的全球低地球轨道卫星星座和宽带网络。

- “Starlink” refers to our global Low-Earth Orbit satellite constellation and broadband network designed to deliver high-speed, low-latency internet connectivity worldwide.

- “Starlink 消费者宽带”是指涵盖个人住宅用户（家庭和个人使用）及中小型企业的 Starlink 活跃用户类别。

- “Starlink Consumer Broadband” refers to a category of Starlink active users encompassing both individual residential users (households and personal use) and small-to-medium-sized businesses.

- “Starlink 固定站点”是指仅涵盖企业客户的 Starlink 活跃用户类别。

- “Starlink Fixed Site” refers to a category of Starlink active users encompassing exclusively enterprise businesses.

- “Starlink 套件”是指连接 Starlink 网络所需的一组产品，通常包括一个 Starlink 用户终端及配件。

- “Starlink Kit” refers to a set of products needed to connect to the Starlink network, typically including a Starlink User Terminal and accessories.

- “Starlink 移动”是指通过卫星直接为日常智能手机提供蜂窝连接的服务，作为地面网络的补充，并大幅减少移动信号盲区。

- “Starlink Mobile” refers to a service that provides cellular connectivity directly to everyday smartphones via satellites, supplementing terrestrial networks and substantially reducing mobile dead zones.

- “Starlink 订户”指直接分配给在 Starlink.com 注册的账户的唯一下一代服务线路，该账户注册于未与 Starlink 销售团队签订直接协商协议的个人或实体。

- “Starlink Subscriber” refers to a unique Service Line that is directly assigned to a Starlink.com account registered to a person or entity that does not have a direct, negotiated agreement with the Starlink sales team.

- “Starlink 用户终端”指公司开发的、连接 Starlink 卫星星座以提供高速、低延迟互联网的设备。

- “Starlink User Terminal” refers to a device developed by the Company that connects to the Starlink satellite constellation to deliver high-speed, low-latency internet.

- “Starshield”指专为政府客户和国家安全应用设计的安全卫星网络。

- “Starshield” refers to a secure satellite network designed specifically for government customers and national security applications.

- “Starship”指完全可重复使用的超重型运载火箭。Starship 可指堆叠式运载器（助推器和上面级）或仅指上面级。我们预计 Starship 将于 2026 年下半年开始向轨道运送有效载荷。

- “Starship” refers to a fully reusable, super heavy-lift launch vehicle. Starship can be used to describe the stacked vehicle (booster and upper stage) or upper stage only. We expect Starship to commence payload delivery to orbit in the second half of 2026.

- “太阳同步轨道”指一种绕行星的极地轨道，卫星在任意给定地表点上空以相同的当地平太阳时经过，从而实现一致的太阳能捕获。

- “Sun-synchronous orbit” refers to a type of polar orbit around a planet in which a satellite passes over any given point of the planet’s surface at the same local mean solar time, allowing for consistent solar energy capture.

- “Super Heavy”指 Starship 运载火箭的可重复使用第一级助推器，由 33 台 Raptor 发动机提供动力。

- “Super Heavy” refers to the reusable first-stage booster for the Starship launch vehicle, powered by 33 Raptor engines.

- “SuperGrok”指我们基于订阅的 Grok 服务，为用户提供对 Grok 模型及相关工具的扩展访问权限。

- “SuperGrok” refers to our subscription-based Grok service that provides users with expanded access to Grok models and related tools.

- “SuperGrok Heavy”指我们基于订阅的 Grok 服务层级，为用户提供对 Grok 模型及相关工具的扩展访问权限，包括相对于 SuperGrok 更高的使用限额。

- “SuperGrok Heavy” refers to our subscription-based Grok service tier that provides users with expanded access to Grok models and related tools, including higher usage limits relative to SuperGrok.

- “SuperGrok Lite”指我们基于订阅的 Grok 服务层级，为用户提供对 Grok 模型及相关工具的基本访问权限。

- “SuperGrok Lite” refers to our subscription-based Grok service tier that provides users with basic access to Grok models and related tools.

- “supported accounts”（受支持账户）在我们的 X 平台和 Grok 语境下使用时，指登录 X 平台或 Grok 的人类、机器人或类似账户。受支持账户总数可能包括虚假、垃圾邮件或机器人账户（若其处于活跃状态）。

- “supported accounts” refers to, when used in the context of our X platform and Grok, a human, bot or similar account that logged into the X platform or Grok. The total number of supported accounts may include fake, spam or bot accounts if they are active.

- “Tbps”指太比特每秒。

- “Tbps” refers to terabits per second.

- “Terafab”指一项芯片制造计划，其长期目标是每年生产一太瓦的算力硬件。

- “Terafab” refers to a chip manufacturing initiative with a long-term goal of producing one terawatt of compute hardware each year.

- “太瓦”指一万亿瓦特。

- “terawatt” refers to one trillion watts.

- “太瓦级”指设计用于产生、传输或消耗约一太瓦或以上电力容量的基础设施、系统或设施。

- “terawatt-scale” refers to infrastructure, systems, or facilities that are designed to generate, transmit, or consume approximately one terawatt or more of electrical power capacity.

- “地面 AI 算力”指位于地球上的、用于训练和运行 AI 模型的人工智能计算基础设施，例如数据中心和超级计算机。

- “terrestrial AI compute” refers to artificial intelligence computing infrastructure located on Earth, such as data centers and supercomputers, used for training and running AI models.

- “吞吐量”指数据或材料可被处理或传输的速率，通常指网络容量或生产产出。

- “throughput” refers to the rate at which data or material can be processed or transferred, often referring to network capacity or production output.

- “token”指由 AI 模型处理和生成的基本文本或图像单元，用于衡量 AI 工作负载、吞吐量和计算输出。

- “tokens” refers to the basic units of text or images processed and generated by an AI model, used to measure AI workload, throughput, and computational output.

- “瓦特”是国际单位制（SI）中用于衡量功率的单位，表示能量被传输、使用或产生的速率。

- “watt” is the International System of Units (SI) unit for measuring power, representing the rate of which energy is transferred, used or generated.

- “X”指我们的实时信息、娱乐和言论自由平台，其作为 AI 生态系统的基础分发和数据引擎。

- “X” refers to our real-time information, entertainment, and free speech platform that serves as a foundational distribution and data engine for the AI ecosystem.

- “xAI”指 X.AI Holdings LLC，或在 xAI 合并之前指 X.AI Holdings Corp.，连同其子公司（视情况而定）。

- “xAI” refers to X.AI Holdings LLC or, prior to the xAI Merger, X.AI Holdings Corp., together with its subsidiaries, as applicable.

- “xAI Gov”指我们提供的产品，使政府客户能够访问 Grok 模型及相关工具，用于政府应用、工作流程和服务。

- “xAI Gov” refers to our offering that provides government customers with access to Grok models and related tools for use in governmental applications, workflows, and services.

- “X Premium+”指我们面向 X 的最高订阅层级。

- “X Premium+” refers to our highest subscription tier for X.

#### 我们的卫星名称

#### Our Satellite Names

我们对 Starlink 卫星采用“V”命名惯例（例如 V1、V2 Mini 和 V3）。尽管我们对宽带和移动卫星星座均采用类似的“V”命名惯例，但它们是不同的系统。我们的宽带卫星旨在向家庭、企业和车辆提供高速互联网服务，而我们的移动卫星旨在从太空直接连接手机。这些星座具有不同的性能要求和技术规格。请见下文我们在本招股说明书中使用的卫星相关术语：

We use a “V” naming convention for our Starlink satellites (such as V1, V2 Mini, and V3). Although we use a similar “V” naming convention for both our broadband and mobile satellite constellations, these are distinct systems. Our broadband satellites are designed to deliver high-speed internet services to homes, businesses, and vehicles, while our mobile satellites are designed to connect directly to cell phones from space. These constellations have different performance requirements and technical specifications. Please see below the terms used for our satellites throughout this prospectus:

- “V1 宽带卫星”指我们在 Starlink 星座中的第一代卫星，用于从近地轨道（LEO）向地球提供高速、低延迟的宽带互联网服务。

- “V1 Broadband satellites” refers to our first-generation satellites in the Starlink constellation for delivering high-speed, low-latency broadband internet from LEO to Earth.

- “V1 移动卫星”指我们的移动卫星，为移动设备提供轻量数据、文本消息（SMS）和 OTT 语音服务（如 WhatsApp 和 FaceTime）。V1 移动卫星目前已在轨，并通过我们的 Falcon 火箭发射。

- “V1 Mobile satellites” refers to our mobile satellites that provide light data, text messaging (SMS), and over-the-top voice services (e.g., WhatsApp and FaceTime) to mobile devices. V1 Mobile satellites are currently in orbit and are launched on our Falcon rockets.

- “V2 Mini 卫星”指我们当前的宽带卫星，为家庭、企业和车辆提供高速互联网服务。V2 Mini 卫星目前已在轨，并通过我们的 Falcon 火箭发射。

- “V2 Mini satellites” refers to our current broadband satellites that provide high-speed internet to homes, businesses, and vehicles. V2 Mini satellites are currently in orbit and are launched on our Falcon rockets .

- “V2 移动卫星”指我们的下一代移动卫星，旨在提供更全面的卫星到移动设备服务，包括宽带数据和 IoT 连接，我们预计将于 2027 年开始在 Starship 上部署。

- “V2 Mobile satellites” refers to our next-generation mobile satellites, which are designed to provide more comprehensive satellite-to-mobile services, including broadband data and IoT connectivity and which we expect to begin deploying on Starship in 2027.

- “V3 卫星”指我们的下一代 Starlink 宽带卫星，旨在为每颗卫星提供 1 Tbps 的下行容量，我们预计将于 2026 年下半年开始在 Starship 上部署。

- “V3 satellites” refers to our next-generation Starlink broadband satellites, which are designed to offer one Tbps of downlink capacity per satellite and which we expect to begin deploying on Starship in the second half of 2026.

招股说明书摘要 Prospectus Summary

本摘要重点介绍本招股说明书其他部分所载信息。本摘要并不完整，亦未包含您在投资我们的 A 类普通股之前应考虑的全部信息。在作出投资决策之前，您应仔细阅读本招股说明书全文。您应特别审慎考虑“风险因素”“管理层对财务状况和经营成果的讨论与分析”以及本招股说明书其他部分所载我们的合并财务报表及相关附注等章节。本摘要中的部分陈述构成前瞻性陈述。请审慎考虑“关于前瞻性陈述的警示性说明”。

This summary highlights information contained elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider before investing in our Class A common stock. You should read this entire prospectus carefully before making an investment decision. You should carefully consider, among other things, the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements and the related notes included elsewhere in this prospectus. Some of the statements in this summary constitute forward-looking statements. Please carefully consider “Cautionary Statement Regarding Forward-Looking Statements.”

“你希望清晨醒来时认为未来将无比美好——而这正是成为太空文明的全部意义所在。它关乎对未来的信念，关乎相信未来将比过去更美好。我想不出还有什么比走向太空、置身群星之间更令人激动的事了。”

“You want to wake up in the morning and think the future is going to be great—and that’s what being a space-faring civilization is all about. It’s about believing in the future and thinking that the future will be better than the past. And I can’t think of anything more exciting than going out there and being among the stars.”

— Elon Musk

— Elon Musk

我们的使命 Our Mission

我们的使命是构建必要的系统与技术，使生命得以在多行星间延续，理解宇宙的真正本质，并将意识之光延伸至群星。为此，我们在地球上（以及地球之外）打造了最具雄心的垂直整合创新引擎，具备无可匹敌的能力，能够快速制造并发射连接世界的天基通信系统，驾驭太阳能为追求真理、推动科学发现的人工智能提供动力，并最终在月球建立基地、在其他行星上建设城市。

Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.

概览 Overview

SpaceX 成立于 2002 年，是唯一一家在太空、连接和 AI 领域构建未来软硬件一体化基础设施的公司。我们的核心是建设者。我们设计、制造、发射和运营基于前沿技术的产品与服务，包括全球最先进的火箭和航天器。我们安全可靠地运送宇航员、卫星及其他有效载荷，执行造福地球生命的任务。自 2023 年以来，我们每年以 Falcon 火箭为全球发射了超过 80% 的入轨质量，任务成功率超过 99%。我们还运营一个高速、低延迟的全球宽带数据与通信网络，由约 9,600 颗低地球轨道上的 Starlink 宽带和移动卫星提供支持，截至 2026 年 3 月 31 日，为 164 个国家、地区及其他市场的数百万消费者、企业和政府客户提供连接。利用我们专用的卫星直连移动星座，我们提供连接服务，补充地面网络，并大幅减少约 30 个国家的移动“盲区”。

Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers across 164 countries, territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer connectivity services, supplementing terrestrial networks and substantially reducing mobile “dead zones” across approximately 30 countries.

AI 具有改善太空探索和地球生命的潜力，加速了 SpaceX 的使命——让生命多行星化、理解宇宙的真正本质，并将意识之光延伸至星辰。xAI 成立于 2023 年，于 2026 年初被 SpaceX 收购，现已成为我们垂直整合公司不可或缺的支柱。我们正以行业领先的速度和成本效率快速构建 AI 算力基础设施——从地球起步，目标是延伸至太空。我们的基础设施支持 Grok 的训练和推理，Grok 已成为全球最先进的前沿模型之一。Grok 被设计为一个追求真相的 AI 模型，建立在我们的创始人 Elon Musk 的使命之上，即让人类理解宇宙。我们相信，实现这一使命需要对 AI 采取追求真相的方法。我们将追求真相定义为积极、不懈地追求关于现实的客观真实，并以证据、逻辑、经验数据和第一性原理思维为基础。我们的目标是，在现有知识允许的范围内，尽可能准确地理解和解释宇宙似乎正在做的事情。在其初始模型发布后的两年内，Grok 在科学推理方面达到了前沿水平，以 GPQA Diamond 分数衡量——这是一项行业基准，通过一组由专家编写和验证的标准化问题来评估 AI 模型——其时间线快于其他领先模型提供商所报告的。Grok 还得益于与 X 的整合，X 是我们的实时信息、娱乐和言论自由平台，作为我们 AI 生态系统的基础分发和数据引擎，并进一步增强 Grok 的追求真相目标。

With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX’s mission to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data, and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment, and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and further enhances Grok’s truth-seeking objective.

我们相信，太空代表着人类历史上最大的经济前沿。太空中的连接基础设施旨在帮助地球上的每个人获得教育、医疗、娱乐和通信服务，并帮助人们克服诸多传统限制，例如物理边界和政治边界。我们相信，太空中的 AI 基础设施可以利用太阳几乎无限的能源，从而使 AI 成为理解宇宙、改善全人类日常生活的变革性力量。我们相信，这些领域的融合将推动全球经济实现前所未有的扩张，引领一个富足时代的到来。我们的创新和技术进步正在重新定义地球上的各个行业，同时我们致力于在月球、火星及更远的地方创造新的行业。我们正在真正构建未来的基础设施。

We believe that space represents the largest economic frontier in human history. Connectivity infrastructure in space is designed to help everyone on Earth have access to education, healthcare, entertainment, and communications, and to enable people to overcome many traditional limits, such as physical and political borders. We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use of AI as a transformative force for understanding the universe and improving the daily lives of all humans. We believe the convergence of these areas will enable an unprecedented expansion in the global economy, leading to an age of abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim to create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future.

- 太空。SpaceX 是唯一一家破解了大规模进入太空难题的公司，彻底改变了一个数十年来停滞不前、规避风险且成本结构在经济上极不合理的行业。SpaceX 通过运用第一性原理思维颠覆了这一范式，这种思维拒绝行业假设，基于物理学的基本定律构建解决方案。我们强烈的、以使命为驱动、工程优先的文化以及对极致垂直整合的专注，推动我们实现了许多人认为不可能的事情。我们通过 Falcon 系列火箭开创了高频次、可靠且可负担的太空进入方式。2015 年，我们成功将首枚 Falcon 9 助推器从太空回收着陆，领先所有其他公司，从而建立了至少 10 年的行业领先优势。历史上每次发射耗资数十亿美元的太空飞行，如今成本已降至数千万美元，从根本上降低了太空进入成本，并为在太空建立新企业提供了机会。

- Space. SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. SpaceX upended this paradigm through the application of first-principles thinking, which rejects industry assumptions and builds solutions based on the fundamental laws of physics. Our intense, mission-driven, engineering-first culture and focus on extreme vertical integration have propelled us to achieve what many deemed impossible. We pioneered high-cadence, reliable, and affordable access to space with our Falcon family of rockets. In 2015, we established at least a 10-year lead over the industry by successfully landing our first Falcon 9 booster back from space before anyone else. Space flight that historically cost billion s per launch now costs in the tens of million s, fundamentally reducing the cost of space access and providing the opportunity to build new enterprises in space.

- 连接。自 2020 年为客户激活服务以来，Starlink 迅速扩大了全球高速互联网的接入范围，优先服务全球范围内服务不足的农村和偏远社区。在此类社区建设地面网络可能成本高昂到令人望而却步，而 Starlink 仅需一套 Starlink Kit 即可在地球上任何地方提供宽带连接。截至 2026 年 3 月 31 日，我们在低地球轨道拥有约 9,600 颗 Starlink 宽带和移动卫星，运营着全球最先进的宽带星座，为 164 个国家、地区及其他市场的约 10.3 百万 Starlink 用户提供互联网连接。2024 年 1 月，我们还开始部署 Starlink Mobile 星座，该星座利用具备卫星直连手机能力的独立 Starlink 卫星，大幅减少全球移动“盲区”。截至 2026 年 3 月 31 日，我们约 650 颗 V1 Mobile 卫星组成的专用卫星直连手机星座，为约 30 个国家的约 7.4 百万月度独立设备提供卫星直连手机数据、OTT 语音和消息服务。

- Connectivity. Since activating service for customers in 2020, Starlink has rapidly expanded global access to high-speed internet, prioritizing underserved rural and remote communities worldwide. While building terrestrial networks in such communities can be prohibitively expensive, Starlink is capable of delivering broadband connectivity anywhere on Earth with just a Starlink Kit . As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the world’s most advanced broadband constellation providing internet connectivity to approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets. In January 2024, we also began deploying our Starlink Mobile constellation that utilizes separate Starlink satellites with satellite-to-mobile capabilities, substantially reducing mobile “dead zones” around the world. As of March 31, 2026, our dedicated satellite-to-mobile constellation of approximately 650 V1 Mobile satellites provides satellite-to-mobile data, over-the-top voice, and messaging services to approximately 7.4 million monthly unique devices across approximately 30 countries.

- AI。我们是首家部署连贯的吉瓦级 AI 训练集群的公司。对于复杂推理和智能体工作负载而言，算力与智能质量及任务完成速度直接相关。在不到两年内，我们已在成本效率和规模化部署速度两方面建立起双重优势。通过自有算力基础设施并在整个 AI 技术栈上垂直整合，我们能够以更低的成本和更高的速度训练并迭代我们的前沿模型，并加速开发周期。这消除了外部瓶颈，推动模型性能快速、持续提升。我们相信，我们最先进的 AI 算力基础设施、追求真相的前沿模型以及对 X 实时数据的访问权限，这一组合构成了显著的战略优势。截至 2026 年 3 月 31 日和 2025 年 12 月 31 日的过去十二个月内，我们横跨 Grok 和 X 的集成 AI 平台拥有约 13 亿个活跃支持账户，其中截至 2026 年 3 月 31 日和 2025 年 12 月 31 日的月活跃用户（MAU）分别约为 5.50 亿和 5.20 亿。在我们的 MAU 中，截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，分别约有 1.17 亿和 8,900 万 MAU 使用了 Grok 的 AI 功能。Grok 与 X 的深度集成带来了时效性、相关性和上下文感知能力，我们相信这是一项差异化竞争优势。这种对 X 上信息和人类话语的直接、实时访问，通过将输出建立在最新知识和多元观点之上，增强了 Grok 追求真相的能力。因此，我们相信 Grok 能够提供最客观、最相关的洞察，并最好地服务于消费级和企业级 AI 应用中的高频、高价值用例。

- AI. We were the first company to deploy a coherent gigawatt-scale AI training cluster. For complex reasoning and agentic workloads, compute is directly correlated with the quality of intelligence and task completion speed. In under two years, we have established a dual advantage in both cost efficiency and deployment speed at scale. By owning the compute infrastructure and vertically integrating across the full AI stack, we can train and iterate our frontier models at lower cost and higher velocity and accelerate development cycles. This eliminates external bottlenecks and drives rapid, continuous improvements in model performance. We believe this combination of our state-of-the-art AI compute infrastructure, our truth-seeking frontier model, and our access to real-time data on X creates a significant strategic advantage. Our integrated AI platforms across Grok and X had approximately 1.3 billion supported accounts active in the last twelve months ended March 31, 2026 and December 31, 2025, including approximately 550 million and 520 million MAUs as of March 31, 2026 and December 31, 2025, respectively. Of our MAUs, we had approximately 117 million and 89 million MAUs that used Grok’s AI features as of March 31, 2026 and December 31, 2025, respectively. Grok’s deep integration with X enables freshness, relevance, and contextual awareness that we believe is a competitive differentiator. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. As a result, we believe Grok can deliver the most objective and relevant insights and best serve high-frequency, high-value use cases across consumer and enterprise AI applications.

我们通过构建面向未来的集成硬件和软件基础设施，并整合我们广泛的能力组合，在太空、连接和 AI 行业创造了独特的新市场。例如，SpaceX 近期对 xAI 的收购将 SpaceX 的发射能力和全球连接网络与 xAI 的 AI 开发能力结合在一起。具体而言，我们相信 SpaceX 的可重复使用火箭、规模化卫星制造和运营专长，能够实现大规模 AI 算力卫星星座——可能达到数百万颗卫星——的成本效益高且快速的部署，用于轨道数据中心。我们相信，这些位于太阳同步轨道的 AI 算力卫星将能够以远超地面替代方案的规模和效率处理能源密集型 AI 工作负载，例如推理需求，而 Starlink 提供低延迟的全球连接，将这些轨道 AI 系统与世界各地的人们连接起来，并交付实时智能。我们预计最早于 2028 年开始部署我们的轨道 AI 算力卫星。

We have created distinct new markets across the space, connectivity, and AI industries by building the integrated hardware and software infrastructure of the future and by combining our broad range of capabilities. For example, SpaceX’s recent acquisition of xAI unites SpaceX’s launch capabilities and global connectivity network with xAI’s AI development capabilities. Specifically, we believe SpaceX’s reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations—with potentially million s of satellites—for orbital data centers. We believe these AI compute satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand, at far greater scale and efficiency than terrestrial alternatives, with Starlink providing low-latency, global connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. We expect to begin deploying our orbital AI compute satellites as early as 2028.

我们的财务业绩反映了我们运营模式的实力，以及我们创建和规模化多项新业务的能力：

Our financial results reflect the strength of our operating model and our ability to create and scale multiple new businesses:

- 截至 2026 年 3 月 31 日止三个月，我们按合并口径产生的收入为 $4,694 million，经营亏损为 $(1,943) million，调整后 EBITDA 为 $1,127 million。2025 年，我们按合并口径产生的收入为 $18,674 million，经营亏损为 $(2,589) million，调整后 EBITDA 为 $6,584 million。在截至 2026 年 3 月 31 日止三个月及截至 2025 年 12 月 31 日止年度，我们的太空与连接业务板块贡献了合并收入的绝大部分，体现了其规模优势以及在我们垂直整合业务模式下的经营杠杆效益；

- For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million, loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. In 2025, we generated revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted EBITDA of $6,584 million. Our Space and Connectivity segments contributed the substantial majority of our consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025, demonstrating the benefits of their scale and operating leverage in our vertically integrated business model;

- 截至 2026 年 3 月 31 日止三个月，我们的太空业务板块产生的收入为 $619 million，经营亏损为 $(662) million，板块调整后 EBITDA 为 $(351) million。2025 年，我们的太空业务板块产生的收入为 $4,086 million，经营亏损为 $(657) million，板块调整后 EBITDA 为 $653 million。此外，在截至 2026 年 3 月 31 日止三个月及截至 2025 年 12 月 31 日止年度，我们的太空业务板块分别为我们的下一代 Starship 运载火箭项目投入了 $930 million 和 $3,004 million 的研发费用。Starship 旨在实现我们发射能力在可重复使用性、有效载荷能力和发射频率方面的阶跃式变革，并通过开启全新的任务类别，成为我们长期增长战略的关键推动因素；

- For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. In 2025, our Space segment generated revenue of $4,086 million, loss from operations of $(657) million, and Segment Adjusted EBITDA of $653 million . Additionally, our Space segment funded $930 million and $3,004 million in research and development expense during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key enabler of our long-term growth strategy by unlocking entirely new categories of missions;

- 截至 2026 年 3 月 31 日止三个月，我们的连接业务板块产生的收入为 $3,257 million，经营利润为 $1,188 million，板块调整后 EBITDA 为 $2,087 million。我们的连接业务板块主要由 Starlink 驱动，产生的收入为 $11,387 million，经营利润为 $4,423

- For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million, income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. Our Connectivity segment, primarily driven by Starlink, generated revenue of $11,387 million, income from operations of $4,423

million, and Segment Adjusted EBITDA of $7,168 million in · 2025, representing year-over-year growth of 49.8%、120.4% 和 86.2%，得益于订阅用户增长、企业采用率提升以及 网络效率的持续改善； • 在新收购的 AI 分部，我们计划优先推动增长与投资，以把握 AI 应用和算力基础设施领域的重大 机遇。截至 2026 年 3 月 31 日止三个月，我们的 AI 分部实现收入 $818 百万美元、经营亏损 $(2,469) 百万美元，分部调整后 EBITDA 为 $(609) 百万美元。2025 年，我们的 AI 分部实现收入 $3,201 百万美元、经营亏损 $(6,355) 百万美元，分部调整后 EBITDA 为 $(1,237) 百万美元，反映其处于较早期 发展阶段，并持续投入以支持 AI 领域的长期增长机遇；以及 • 截至 2026 年 3 月 31 日止三个月，我们 Space 分部的资本支出为 $1,052 百万美元， Connectivity 分部为 $1,332 百万美元，AI 分部为 $7,723 百万美元。2025 年，资本 支出中，Space 分部为 $3,832 百万美元，Connectivity 分部为 $4,178 百万美元， AI 分部为 $12,727 百万美元。 分部调整后 EBITDA 是一项非 GAAP 指标。请参阅题为“管理层对财务状况 和经营成果的讨论与分析——非 GAAP 财务指标”的章节，以了解更多 有关我们非 GAAP 财务指标的信息，包括分部调整后 EBITDA 与 分部经营利润（亏损）——最直接可比的 GAAP 指标——的调节表。

million, and Segment Adjusted EBITDA of $7,168 million in · 2025, representing year-over-year growth of 49.8%, 120.4%, and 86.2%, respectively, benefiting from subscriber growth, increasing enterprise adoption, and continued improvement in network efficiency; • In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted EBITDA of $(609) million. In 2025, our AI segment generated revenue of $3,201 million, loss from operations of $(6,355) million, and Segment Adjusted EBITDA of $(1,237) million, reflecting its earlier stage of development and continued investments to support long-term growth opportunities in AI; and • For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and for our AI segment was $12,727 million. Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.

为何此刻至关重要 Why This Matters Now

在人类文明存在的整个历程中，我们始终生活在单一的天体之上：地球。当前这种将人类文明局限于一颗行星的范式，使人类暴露于行星尺度上不可预测且无法控制的存在性威胁之中。通过走出我们唯一已知的家园，我们确保物种层面的冗余，并确保意识之光不会系于一颗注定要承受严酷而浩瀚宇宙中不可避免之风险的行星。我们不希望人类重蹈恐龙的命运。我们希望给人类一个满怀激情展望未来的理由，一个我们正迈入富足时代、拥有无限繁荣与激动人心未来的前景。

For the entirety of its existence, human civilization has lived on a single celestial body: Earth. The current paradigm, in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable and uncontrollable on a planetary scale. By moving beyond the only home we have ever known, we ensure species-level redundancy and that the light of consciousness will not be tied to a single planet subject to the inevitable hazards of a harsh and vast universe. We do not want humans to have the same fate as dinosaurs. We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an endlessly prosperous and exciting future.

数十年来，人类在行星与恒星之间穿梭的现实一直显得近在咫尺，却仍被禁锢在科幻小说的书页与屏幕之中。我们有能力更好地理解宇宙、探索宇宙，并最终让生命在宇宙中实现多行星化。我们正在成为一个有能力超越地球摇篮、开始栖居其他世界的文明。在坚守这一根本使命的同时，我们在进入太空方面的进展持续带来丰富地球生活的机遇。例如，通过大幅降低进入太空的成本，我们得以拓展使命，以应对地球上一些最紧迫的挑战，包括通过致力于将超过三十亿未联网人口接入互联网和人类集体知识，弥合数字鸿沟。

For decades, a reality where humanity travels between the planets and the stars has felt tantalizingly close but still locked in the pages and screens of science fiction. We are capable of better understanding the universe, exploring the universe, and ultimately making life multiplanetary across the universe. We are becoming a civilization with the ability to reach beyond Earth’s cradle and begin to inhabit other worlds. While we remain dedicated to this fundamental mission, our progress in accessing space continues to yield opportunities that enrich life on Earth. For example, by dramatically reducing the cost of access to space, we have been able to expand our mission to address some of the Earth’s most pressing challenges, including bridging the digital divide by aiming to connect over three billion unconnected people to the internet and humanity’s collective knowledge.

AI 时代的迅速到来加剧了我们使命的紧迫性，因为 AI 不仅有可能加速太空探索，也有可能加速地球上具有变革性的社会进步。然而，AI 能否彻底释放人类潜能，直接取决于能否满足呈指数级增长的资源需求。在地球上，为支撑不断增长的算力需求而大规模扩张数据中心容量，其速度已显著超过发电量的增长——美国的发电量在大约 15 年间基本持平，2008 年至 2023 年的复合年增长率仅为 0.1%。尽管近期 AI 数据中心带来的电力需求有所上升，但 2023 年至 2025 年间美国发电量的年增长率仍低于 3%，而同期中国的发电量增速约为美国的两倍。这种供需失衡已经对地面电网、供应链和环境造成了不可持续的壓力。太阳蕴含了太阳系约 99.8% 的能量，因此我们认为，在 AI 时代，太阳是唯一真正可规模化解决地球能源约束的方案。在太空利用这一能源的效率远高于在地面利用。由于可连续受照、无大气干扰以及最佳朝向，太空太阳能阵列的单位面积发电量可达地面太阳能的五倍以上。SpaceX 凭借卫星制造规模和发射能力，能够快速进入太阳同步轨道，因而处于获取这一太空太阳能的有利位置。因此，我们正在扩大自身布局，开发利用广袤的太空资源，而这些资源对于维持技术发展至关重要。我们的目标是确保 AI 成为促进人类繁荣的力量、造福文明，而不是加剧地球资源枯竭与不稳定的催化剂。

The rapid emergence of the AI era intensifies the urgency of our mission, as AI has the potential to accelerate not only space exploration, but also transformative societal advancements on Earth. However, AI’s ability to revolutionize human potential is directly dependent on meeting exponentially increasing resource demands. On Earth, the massive expansion of data center capacity to support growing compute demand is significantly outpacing electricity generation, which was effectively flat in the United States for approximately 15 years, growing at a compound annual growth rate of 0.1% from 2008 to 2023. Despite the recent increase in electricity demand from AI data centers, electricity generation in the United States has grown at an annual rate of less than 3% between 2023 and 2025, while electricity generation in China has grown at approximately twice that rate in the same time period. This supply and demand imbalance is already imposing unsustainable strains on terrestrial power grids, supply chains, and the environment. The Sun contains approximately 99.8% of the solar system’s energy and, as a result, we believe it is the only truly scalable solution to terrestrial energy constraints in the age of AI. Harnessing this energy in space is considerably more efficient than on land. Space-based solar arrays can generate more than five times the energy per unit area of terrestrial solar due to continuous illumination, lack of atmospheric interference, and optimal orientation. SpaceX is well-positioned to capture this space-based solar energy through our ability to rapidly access Sun-synchronous orbit through our satellite manufacturing scale and launch capability. As a result, we are expanding our footprint and harnessing the vast resources of space that are essential to sustaining technological development. Our goal is to ensure that AI becomes a force for human flourishing and a benefit to civilization, rather than a catalyst for terrestrial resource depletion and instability.

我们相信，我们当前的太空努力将催生具有变革性的突破，这些突破可能重塑地球上的各个产业，并在月球、火星及更远的地方催生出新的万亿美元级市场。特别是，我们相信建立月球存在的目标将支撑太瓦级的年度 AI 算力增长，支持更深入的太空探索与工业化，并成为在火星上建立文明的跳板。我们相信，人类的下一次范式转变是创建一个具有韧性、持续扩张的太空文明，在新边疆推动持续创新，最终推动我们达到卡尔达肖夫 II 型文明状态——我们相信，我们有能力开启一个前所未有的经济扩张时代，同时为人类未来抵御生存性风险作出贡献。

We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond. In particular, we believe our goal of establishing a lunar presence will enable terawatt-scale annual AI compute growth, support deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars. We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding spacefaring civilization that drives continuous innovation across new frontiers, ultimately propelling us to Kardashev Type II status—we believe we are capable of unlocking an era of unprecedented economic expansion, while also contributing to the safeguards of humanity’s future against existential risk.

我们是谁 Who We Are

SpaceX 融合了人类历史上最具变革性和最关键的技术，包括可重复使用火箭、覆盖全球的互联网服务、卫星到移动通信、实时信息、娱乐与言论自由平台，以及一个旨在加速科学发现、增强人类能力的求真型 AI 系统。

SpaceX combines the most transformative and critical technologies in human history, including reusable rockets, a fully global internet service, satellite-to-mobile communications, a real-time information, entertainment and free speech platform, and a truth-seeking AI system designed to accelerate scientific discovery and augment human capabilities.

#### 我们无与伦比的发射能力

#### Our Unparalleled Launch Capabilities

自 2002 年成立以来，SpaceX 已破解了规模化进入太空的密码，彻底改变了一个以数十年停滞、规避风险和经济上扭曲的成本结构为特征的行业。我们设计、制造、发射并翻新可重复使用运载火箭，为我们自身以及第三方商业和政府客户提供高性价比、可靠且高频次的太空进入能力。我们广泛的垂直整合以及对从设计到发射再到运营的整个价值链的端到端控制，使我们能够实现前所未有的速度和成本效率。

Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design, manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence access to space for our own purposes as well as for third-party commercial and government customers. Our extensive vertical integration and end-to-end control over the entire value chain, from design to launch to operations, allows us to achieve unprecedented speed and cost efficiency.

截至 2026 年 3 月 31 日，SpaceX 通过猎鹰火箭向轨道发射的总质量约为 7,400 公吨，任务成功率超过 99%。我们已完成约 650 次轨道太空发射，其中超过 540 次由经过飞行验证的猎鹰火箭完成。随着 2008 年猎鹰 1 号首次成功发射，我们成为首家成功将液体燃料火箭发射至地球轨道的私营公司。2015 年 12 月，我们实现了许多人认为不可能的事情：将发射至太空的火箭降落回地球。到 2017 年，我们已常态化地在发射后回收并重复使用猎鹰 9 号一级助推器，通过突破性的可重复使用性，再次实现了太空进入成本的阶跃式下降。截至 2026 年 3 月 31 日，我们的猎鹰 9 号火箭已展示出一级火箭重复飞行 34 次的能力。随着未来星舰的部署——其设计目标是成为全球首款完全且快速可重复使用的航天器——我们旨在将入轨成本相对于历史平均发射成本降低 99% 或更多，从而建立最经济、最可扩展的路径，在太空创造新机遇，例如轨道 AI 算力和火星探索。

As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over 99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches, and over 540 of those launches were completed by a flight-proven Falcon rocket. With the first successful launch of Falcon 1 in 2008, we became the first private company to successfully launch a liquid-fueled rocket to Earth’s orbit. In December 2015, we achieved what many deemed impossible: landing a rocket launched to space back on Earth. By 2017, we were routinely recovering and reusing the Falcon 9 first-stage booster post-launch, delivering another step-function drop in space access costs via groundbreaking reusability. As of March 31, 2026, our Falcon 9 rockets have demonstrated the ability to refly a first-stage 34 times. With the future deployment of Starship, which is designed to be the world’s first fully and rapidly reusable spacecraft, we aim to reduce the cost to reach orbit by 99% or more relative to the historical average launch cost, establishing the most affordable and scalable path to creating new opportunities in space, such as orbital AI compute and Mars exploration.

我们的主要运载火箭和航天器包括：

Our principal launch vehicles and spacecraft include:

- 猎鹰 9 号。作为全球首款轨道级快速可重复使用火箭，猎鹰 9 号于 2010 年首次发射，在完全一次性使用模式下，其近地轨道（LEO）有效载荷能力约为 23 公吨。截至 2026 年 3 月 31 日，猎鹰 9 号已完成约 620 次轨道太空发射，任务成功率超过 99%。根据 NASA 的数据，2010 年首版猎鹰 9 号将发射成本降至约每公斤 $2,700，比历史平均发射成本每公斤 $18,500 低约 85%。

- Falcon 9. As the world’s first orbital-class rapidly reusable rocket, Falcon 9 was first launched in 2010 and has a payload capacity to LEO of approximately 23 metric tons when fully expendable. Falcon 9 has completed approximately 620 orbital space launches as of March 31, 2026, and an over 99% mission success rate. According to NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per kilogram, approximately 85% less than the historical average launch cost of $18,500 per kilogram.

- 猎鹰重型（Falcon Heavy）。猎鹰重型于 2018 年首次发射，当时它将一辆特斯拉全电动跑车（“Tesla Roadster”）及其名为 Starman 的人体模型乘客送入环绕太阳的轨道。猎鹰重型向 LEO 的运载能力约为 64 公吨，是一种部分可重复使用的超重型运载火箭，旨在将大型有效载荷送入轨道。按起飞推力衡量，猎鹰重型是世界上现役最强大的火箭之一，截至 2026 年 3 月 31 日已进行 11 次发射，任务成功率为 100%。

- Falcon Heavy. Falcon Heavy first launched in 2018 when it put a Tesla all-electric sports car (“Tesla Roadster”) and its mannequin passenger, known as Starman, into orbit around the Sun. With a payload capacity to LEO of approximately 64 metric tons, Falcon Heavy is a partially reusable super heavy-lift launch vehicle designed to deliver large payloads to orbit. Falcon Heavy is one of the most powerful operational rockets in the world measured by liftoff thrust, with 11 launches as of March 31, 2026 and a 100% mission success rate.

- 龙飞船（Dragon）。我们的龙飞船于 2012 年由猎鹰 9 号发射，成为首个向国际空间站运送货物并返回的商业航天器——国际空间站是一个在轨实验室，既是研究设施，也是载人航天的目的地；八年后，它又成为首个将人类送往该在轨实验室的私人建造航天器。自 2020 年以来，我们的龙飞船已安全搭载来自 20 个国家的 78 名乘员。

- Dragon. Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial spacecraft to deliver cargo to and from the International Space Station, an orbiting laboratory that serves as a research facility and destination for human spaceflight, and, eight years later, the first privately built vehicle to fly humans to the orbiting laboratory. Since 2020, our Dragon spacecraft has safely flown 78 crewmembers from 20 countries.

- 星舰（Starship）。星舰于 2023 年首次发射，旨在成为一种完全可重复使用的超重型运载火箭。星舰 V3 旨在以完全可重复使用的构型向地球轨道运送 100 公吨有效载荷，同时实现可与商业航空相媲美的快速周转时间。未来几代星舰的设计目标是将这一运载能力翻倍。迄今为止，我们已执行 12 次星舰飞行测试，其中 2026 年 5 月的第 12 次飞行测试首次亮相了下一代星舰飞行器及超重型助推器，其动力来自我们猛禽（Raptor）发动机的下一代演进版本，并从 Starbase 一座新设计的发射台发射。我们预计星舰将于 2026 年下半年开始向轨道运送有效载荷。我们已实现多项创新里程碑，例如使用发射塔上的“筷子”机械臂捕获助推器，且该发射塔正是其发射所用的同一座塔。我们预计这一能力将有助于快速翻修和重复使用，从而以更低的成本实现每天多次发射。

- Starship. First launched in 2023, Starship is designed to be a fully reusable, super heavy-lift launch vehicle. Starship V3 is designed to deliver 100 metric tons to Earth’s orbit in a fully reusable configuration while enabling rapid turnaround times akin to commercial aviation. Future generations of Starship are being designed to double this payload capacity. To date, we have executed 12 Starship flight tests, with our 12th flight test in May 2026 debuting the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones such as catching a booster using “chopstick” arms on the same tower it launched from. We expect this capability will facilitate rapid refurbishment and reuse, allowing for multiple launches per day at reduced costs.

在实现火箭可重复使用后，我们认识到我们的发射业务在创造新收入来源方面的巨大潜力。这促成了 Starlink 的开发——这是我们的全球卫星互联网星座，由数千颗 LEO 卫星组成，旨在为全球服务不足的地区提供高速、低延迟的宽带连接。尽管利用卫星实现全球互联网连接的概念可追溯至数十年前，但技术挑战以及进入太空和部署满足容量与全球覆盖所需卫星的高昂成本，历来使提供此类连接的尝试在经济上不可行。在我们于 2019 年首次发射卫星后的三年内，我们解决了卫星的技术和生产挑战，并部署了当时存在的最大 LEO 星座。如今，Starlink 是全球唯一可用的低延迟网络。通过将不断提升的发射频次、不断扩大的运载能力和不断下降的单位成本相结合——这些均由快速可重复使用所驱动——我们形成了复合型竞争优势。这不仅巩固了我们的核心业务，还提供了唯有太空才能带来的广阔新市场机遇。

Upon achieving rocket reusability, we recognized the immense potential of our launch business to enable new revenue streams. This led to the development of Starlink, our global satellite internet constellation, consisting of thousand s of LEO satellites designed to provide high-speed, low-latency broadband connectivity to underserved areas worldwide. Although the concept of using satellites for global internet connectivity dates back decades, technical challenges and the prohibitive cost of accessing space and deploying the satellites required for capacity and global coverage historically rendered attempts to provide such connectivity economically unviable. Within three years of our first satellite launch in 2019, we solved the technical and production challenges of the satellites and had deployed the largest LEO constellation in existence. Today, Starlink is the sole low-latency network available globally. By combining increasing launch cadence, expanding cargo capacity, and declining unit costs—driven by rapid reusability—we have generated a compounding competitive advantage. This not only fortifies our core business, but also provides vast new market opportunities uniquely enabled by space.

#### 我们在太空、连接与 AI 领域的领先能力

#### Our Leading Capabilities Across Space, Connectivity, and AI

太空。我们的发射能力在支持星链消费宽带和星链移动等其他业务的同时，我们也向第三方客户销售发射服务。我们通过可重复使用的猎鹰 9 号和猎鹰重型火箭，为商业、民用、国际和政府客户提供卫星、货运和载人任务的发射服务。我们是美国政府的主要发射服务提供商。2025 年，我们执行了 12 次国家安全太空发射（“NSSL”）中型和重型运载任务中的 11 次，以及 NASA 全部五次前往国际空间站的美国载人和货运任务。

Space. While our launch capabilities support our other businesses, such as Starlink Consumer Broadband and Starlink Mobile, we also sell launches to third-party customers. We offer launch services to commercial, civil, international and government customers through our reusable Falcon 9 and Falcon Heavy rockets for satellite, cargo, and crew missions. We are the primary launch provider for the U.S. government. In 2025, we launched 11 of 12 National Security Space Launch (“NSSL”) medium and heavy lift missions and all five U.S. crew and cargo missions to the International Space Station for NASA.

连接。我们的连接业务包括星链消费宽带、企业解决方案、政府解决方案和星链移动。

Connectivity. Our Connectivity business includes Starlink Consumer Broadband, Enterprise Solutions, Government Solutions, and Starlink Mobile.

- 星链消费宽带。我们运营着全球规模最大、最先进的太空互联网宽带服务。我们提供类光纤下载速度——截至 2026 年 3 月 31 日，住宅用户在高峰时段的中位下载速度为 225 Mbps——并具备在地球任何地方（包括两极）提供服务的技术能力。这一服务质量得益于我们由约 9,600 颗低地球轨道星链宽带和移动卫星组成的庞大网络，截至 2026 年 3 月 31 日，这些卫星约占在轨所有活跃可机动卫星的 75%。我们预计将于 2026 年下半年使用星舰开始部署下一代 V3 卫星，该卫星设计为每颗提供 1 Tbps 的下行容量。我们预计单次星舰发射将能够向 LEO 部署多达 60 颗 V3 卫星，这意味着相对于猎鹰 9 号发射，星链部署的下行容量可能增加二十倍。

- Starlink Consumer Broadband. We operate the world’s largest and most advanced space-based internet broadband service. We provide fiber-like download speeds—at a median of 225 Mbps during peak hours for residential users as of March 31, 2026—and the technological capability to provide service everywhere on Earth, including the poles. This service quality is enabled by our vast network of approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, which accounted for approximately 75% of all active maneuverable satellites in orbit as of March 31, 2026. We expect to commence deploying our next-generation V3 satellites, designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of 2026. We expect that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a potential twenty-fold increase in Starlink downlink capacity deployed relative to a Falcon 9 launch.

- 企业解决方案。SpaceX 是众多企业的重要合作伙伴。我们为建筑、农业、零售、电信、酒店、航空、海事和陆地交通等各行业的企业客户提供星链高速、低延迟、可靠的互联网服务。星链的独特能力非常适合在现场办公室、偏远工地、研究站、钻井平台、乡村医院、飞机、游轮、火车和酒店等场景部署。我们还服务于零售和金融服务等行业广泛的固定站点客户群体，这些客户需要关键业务的高可用性，以及在偏远或难以覆盖地点获得可靠连接。

- Enterprise Solutions. SpaceX is a critical partner to a wide array of enterprises. We offer Starlink’s high-speed, low-latency, reliable internet services to enterprise customers across industries including construction, agriculture, retail, telecom, hospitality, aviation, maritime, and land mobility. Starlink’s unique capabilities are well‑suited for deployments across field offices, remote worksites, research stations, drilling rigs, rural hospitals, aircraft, cruise ships, trains, and hotels. We also serve a broad fixed‑site customer base across industries such as retail and financial services that require high availability for critical operations as well as reliable connectivity in remote or hard-to-serve locations.

- 政府解决方案。对于政府客户，我们即使在最偏远和最具挑战性的环境中，也为公共服务、社会影响、人道主义工作和灾害响应提供高速、有韧性的连接。此外，通过 Starshield，我们利用商业 LEO 卫星星座的工程经验和运营经验，开发了一个安全、专用的卫星网络，专为美国政府客户和国家安全应用而设计。

- Government Solutions. For our government customers, we provide high-speed, resilient connectivity for public services, social impact, humanitarian efforts, and disaster response in even the most remote and challenging environments. Separately with Starshield, we have leveraged our commercial LEO satellite constellation engineering learnings and operational experiences to develop a secure, dedicated satellite network designed specifically for United States Government customers and national security applications.

- Starlink Mobile。我们提供卫星到移动终端的连接服务，补充地面网络，并大幅减少约 30 个国家/地区的移动“盲区”。通过与六大洲约 30 家移动网络运营商（MNO）合作，我们使消费者、企业和公共部门客户能够在更多地点使用其现有手机，在灾害和停电期间支持关键连接，并为低带宽移动设备和物联网设备开辟新的应用。

- Starlink Mobile. We provide satellite-to-mobile connectivity, supplementing terrestrial networks and substantially reducing mobile “dead zones” across approximately 30 countries. Through our partnerships with approximately 30 MNOs on six continents, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.

AI。我们运营一个高度垂直整合的 AI 平台。

AI. We operate a highly vertically integrated AI platform.

- AI 算力基础设施。xAI 在建设和扩展地面 AI 算力基础设施方面已确立领先地位，成为首家部署连贯的吉瓦级 AI 训练集群的公司。我们拥有并运营我们认为地球上最大的 AI 训练数据中心集群，包括 COLOSSUS 和 COLOSSUS II。与 Tesla 和 Intel 合作新增的芯片制造计划 Terafab，旨在进一步将我们的垂直整合延伸至芯片设计与制造，以缓解 SpaceX 未来可能出现的芯片短缺、优化算力性能，并有可能降低整体算力成本。就该等合作而言，我们已与 Tesla 就 Terafab 的未来发展达成总体框架。根据该框架开展的任何具体项目均须另行协商并签订协议（包括任何开发时间表、里程碑和资本支出），且尚未确定。我们认为，AI 持续增长的关键制约因素是物理层面的——芯片制造、数据中心基础设施和发电；AI 的未来将由

- AI Compute Infrastructure. xAI has established a leading position in building and scaling terrestrial AI compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. We own and operate what we believe to be the largest AI training data center clusters on Earth, including COLOSSUS and COLOSSUS II. The addition of Terafab, a chip manufacturing initiative with Tesla and Intel, aims to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs. In connection with such collaboration, we have agreed with Tesla on a general framework for the future development of Terafab. 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 have not yet been determined. We believe that the key constraints in the continued growth of AI are physical— chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the

对物理技术栈的控制 · . • 求真前沿模型。自 2023 年 11 月推出 Grok-1 以来，我们已发布四个主要 及其重要变体，实现了业内最快的迭代周期之一。在两项 在其初始模型发布后的数年内，Grok 在科学推理方面达到了前沿水平，依据的是 按其在 GPQA Diamond 评分中的表现，这是一项行业基准，用于在一套标准化题目上评估 AI 模型 由专家编写并验证的问题，其时间线比其他领先模型提供商所报告的更快。 在这一发展轨迹的基础上，我们预计将通过后续几代产品继续扩展 Grok。持续 下一代模型的训练预计将扩展至数万亿参数规模，这可能 代表着推理深度和整体智能的阶跃式提升。在此背景下，参数数量 指模型的规模，其中参数是内部数值，例如“权重”，即 在训练过程中进行调整，以使模型能够识别数据中的模式和关系。更大数量的 参数通常使模型能够捕捉更复杂的关系、存储更大量的 知识，并实现更高水平的推理能力。这种加速的创新速度源于 我们高度垂直整合的技术栈：完全拥有训练基础设施；获取全球最 强大的算力集群；以及对求真和现实世界实用性的不懈专注。一项关键的竞争 差异化优势在于 Grok 与 X 的深度整合，从而能够专有地访问实时信息流， 每日约 350 million 条帖子，这增强了新鲜度、相关性和上下文感知能力，用于 Grok。这种对 X 上信息和人类话语的直接、实时访问增强了 Grok 对真相的探求 通过将输出建立在最新知识和多元观点之上来提升能力。 • 消费者与企业应用。我们依托领先的前沿模型和算力基础设施 以交付消费级和企业级应用。我们还与 Tesla 共同开发 Macrohard，这是一个 旨在能够完全模拟数字工作流程并增强人类能力的智能体式 AI 平台 使用复杂的自主智能体操作计算机。我们相信 Macrohard 将有可能 从根本上改变公司的组织架构与运营方式，从而实现大幅提升 人类生产力。

control of the physical stack · . • Truth-Seeking Frontier Model. Since launching Grok-1 in November 2023, we have released four major versions and notable variations thereof, achieving one of the fastest iteration cycles in the industry. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. Building on this trajectory, we expect to continue scaling Grok through subsequent generations. Ongoing training of next‑generation models is expected to scale toward multiple trillions of parameters, which could represent a step change in reasoning in depth and overall intelligence.In this context, the number of parameters refers to the scale of the model, where parameters are the internal numerical values, such as “weights,” that are adjusted during training to enable the model to recognize patterns and relationships in data. A larger number of parameters generally allows the model to capture more complex relationships, store greater amounts of knowledge, and achieve higher levels of reasoning capability. This accelerated rate of innovation stems from our highly vertically integrated stack: full ownership of training infrastructure; access to the world’s most powerful compute clusters; and relentless focus on truth seeking and real-world utility. A key competitive differentiator is Grok’s deep integration with X, enabling proprietary access to a real-time information stream of approximately 350 million daily posts, which enhances freshness, relevance, and contextual awareness for Grok. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. • Consumer and Enterprise Applications. We leverage our leading frontier models and compute infrastructure to deliver consumer and enterprise applications. Together with Tesla, we are also developing Macrohard, an agentic AI platform designed to be capable of fully emulating digital workflows and augmenting human operation of computersusing sophisticated autonomous agents. We believe Macrohard will have the potential to fundamentally transform how companies are structured and operate, thereby allowing dramatic increases in human productivity.

#### 我们可复制的商业模式

#### Our Repeatable Business Model

我们的商业模式建立在一个可复制、工程驱动的框架之上，该框架结合了我们无与伦比的发布能力、极致的垂直整合、快速迭代和纪律严明的资本投资，以创建持久的大规模业务。我们通过以下核心原则执行这一框架：

Our business model is built on a repeatable, engineering-driven framework that combines our unparalleled launch capabilities, extreme vertical integration, rapid iteration, and disciplined capital investment to create durable, large-scale businesses. We execute this framework through the following core principles:

1. 利用我们无与伦比的发布能力实现大规模扩展；2. 识别并创造新的万亿美元市场机遇；3. 以世界级工程和第一性原理思维设计解决方案；4. 应用“算法”（减少愚蠢、删除、优化、加速、自动化）；

1. Leverage our unparalleled launch capabilities to enable massive scale; 2. Identify and create new trillion-dollar market opportunities; 3. Design a solution with world-class engineering and first-principles thinking; 4. Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate);

5. · 垂直整合直至终端客户； 6. · 持续降低成本、提升产能；以及 7. · 产生可观的现金流并再投资于未来。

5. · Vertically integrate all the way to the end customer; 6. · Continuously drive cost down and throughput up; and 7. · Generate significant cash flow and reinvest in the future.

#### 我们的工程师优先文化

#### Our Engineering-First Culture

我们之所以能够实现变革性的技术突破，是因为我们只将物理定律视为我们工作和使命的限制因素。我们的核心方法深深植根于第一性原理思维，拒绝任何先入为主的观念或基于经验的常规。我们拥有将许多人认为不可能之事变为现实的历史记录。我们一些定义行业的成就和历史性里程碑包括：

We are able to achieve transformative technological breakthroughs because we accept only the laws of physics as the limiting factors to our work and mission. Our core approach is deeply rooted in first-principles thinking, which rejects any preconceived notions or experience-based norms. We have a track record of achieving what many have deemed impossible. Some of our industry-defining achievements and historic milestones include:

- 首家开发并发射液体燃料火箭入轨的私营公司（2008 年）；

- The first private company to develop and launch a liquid-fuel rocket to reach orbit (2008);

- 首家成功将私人航天器与国际空间站对接的私营公司（2012 年）；

- The first private company to successfully dock a private spacecraft with the International Space Station (2012);

- 首家成功实现推进式着陆（2015 年）并重复使用轨道级火箭助推器（2017 年）；

- The first to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017);

- 首家开始部署大规模低地球轨道（LEO）宽带卫星星座的公司（2019 年）；

- The first to begin deploying a large-scale LEO broadband satellite constellation (2019);

- 首家将宇航员送入轨道的私营公司，恢复了美国往返国际空间站运送宇航员的能力（2020 年）；

- The first private company to transport astronauts to orbit, returning America’s ability to fly astronauts to and from the International Space Station (2020);

- 首家大规模制造消费级相控阵用户终端的公司（2022 年）；

- The first to manufacture consumer-grade phased-array user terminals at scale (2022);

- 首家部署大规模低地球轨道（LEO）卫星直连手机星座的公司（2025 年）；

- The first to deploy a large-scale LEO satellite-to-mobile constellation (2025);

- 首家建成吉瓦级 AI 训练集群和最大相干超级计算机的公司（2026 年）；

- The first to build a gigawatt-scale AI training cluster and largest coherent supercomputer (2026);

- 首个吉瓦级 Megapack 电池装置（2026 年）；以及

- The first gigawatt-scale Megapack battery installation (2026); and

- 唯一有能力大规模建设轨道 AI 算力的公司。

- The only company capable of building orbital AI compute at scale.

我们的 AI 算力基础设施优势与增长战略 Our AI Compute Infrastructure Advantage and Growth Strategy

为何算力至关重要。我们相信，AI 领导地位将由能否快速扩展算力容量以支撑指数级的使用量增长和前沿智能来界定。先进 AI 模型所需的训练和推理需要大量计算资源。2024 年推出的推理模型表明，在推理过程中分配更多计算资源并给予模型更多处理时间，可直接带来更高质量的智能。此外，通过软件与硬件系统之间的紧密集成实现端到端、集群级一致性的算力基础设施，能够以更大规模实现更高效、更稳定、更高保真度的训练和推理——最终提升模型智能和性能。在推理方面，我们预计计算密集型的推理、智能体及多模态工作负载在整体使用量中的占比将持续增长。因此，我们认为在模型与算力集成方面具有优势的运营者——即能够在训练和推理工作负载之间高效支持和分配算力的运营者——最有条件赢得 AI 竞赛。

Why Compute Matters. We believe AI leadership will be defined by the ability to rapidly scale compute capacity to support exponential usage growth and frontier intelligence. The training and inference demanded by advanced AI models require substantial computational resources. Reasoning models introduced in 2024 demonstrated that allocating more computational resources and giving models more time to process during inference directly leads to higher-quality intelligence. In addition, compute infrastructure with end-to-end, cluster-level coherence through tight integration across software and hardware systems enables more efficient, stable, and higher-fidelity training and inference at scale—ultimately enhancing model intelligence and performance. Within inference, we expect computationally-intensive reasoning, agentic, and multi-modal workloads will continue to grow as a portion of overall usage. We therefore believe operators with superior model-to-compute integration—the ability to efficiently support and allocate compute across both training and inference workloads—are best positioned to win the AI race.

单位 token 成本、模型质量与用户采用之间的自我强化网络效应。AI 系统最终受制于其生成和处理 token 的成本、速度和规模，并由此形成差异化。“token”代表现代 AI 模型所消耗和产生的基本数据单位。这是因为更低的单位 token 成本能够支持更频繁的模型训练、更大更复杂的模型、针对推理和智能体工作负载的更长的处理链条，以及以经济可行的价格实现显著更高的推理量。这一动态直接影响模型质量、响应速度和可及性，同时也决定了能否满足消费者、企业及关键任务 AI 应用中不断上升的全球需求。这形成了一种自我强化的优势：更低的 token 成本推动更高的模型质量和用户采用，从而巩固 AI 领导地位。

Self-Reinforcing Network Effects Among Lower Cost Per Token, Model Quality, and User Adoption.AI systems are ultimately constrained or differentiated by the cost, speed, and scale at which they can generate and process tokens. A “token” represents the fundamental unit of data consumed and produced by modern AI models. This is because lower cost per token enables more frequent model training, larger and more sophisticated models, longer chains of processing for reasoning and agentic workloads, and significantly higher inference volumes at economically viable prices. This dynamic directly impacts model quality, responsiveness, and accessibility, while also determining the ability to serve the rising global demand across consumer, enterprise, and mission-critical AI applications. This creates a self-reinforcing advantage in which lower token costs drive greater model quality and user adoption, reinforcing AI leadership.

算力成本是每 Token 成本的主要驱动因素。每 Token 的总成本由底层算力的效率、可用性和单位经济性，以及建设和运营算力基础设施的成本所决定。建设和运营该算力基础设施成本的改善——无论是通过降低数据中心建设成本、降低电力基础设施成本、缩短并网时间，还是提高集群级吞吐量——都会直接转化为更低的每 Token 成本。因此，对于给定水平的智能，我们预计 AI 公司的长期经济性将取决于能否以尽可能低的每 Token 成本持续提供最前沿的算力。简而言之，我们将每 Token 成本视为三项主要投入的函数——底层 AI 模型、算力硬件和能源，并且我们预计在后两项成本构成上具有竞争优势。我们相信，凭借我们为 Starlink 卫星设计定制芯片的经验，通过持续的垂直整合和专有芯片的开发，我们有一条随时间推移显著降低算力硬件成本的路径。我们还预计，我们 AI 算力卫星的边际能源成本将极低，因为我们的卫星由太空中的太阳能阵列供电。通过将能源成本构成降至最低水平并持续改善算力硬件成本，我们相信未来能够实现显著更低的整体每 Token 成本。

Cost of Compute is the Main Driver of Cost Per Token. The total cost per token is determined by the efficiency, availability, and unit economics of the underlying compute and the cost of building and operating compute infrastructure. Improvement in the cost of building and operating this compute infrastructure—whether through lower data center construction cost, lower power infrastructure cost, shorter time to grid interconnection, or higher cluster-level throughput—translates directly into lower cost per token. Accordingly, for a given level of intelligence, we expect the long-term economics of AI companies to be driven by the ability to consistently deliver bleeding-edge compute at the lowest possible cost per token. Put simply, we view cost per token as a function of three primary inputs—the underlying AI model, the compute hardware, and energy, and we expect to have a competitive advantage in the latter two cost components. We believe we have a pathway over time that will significantly reduce compute hardware costs through continued vertical integration and development of proprietary chips, building on our experience designing custom silicon for our Starlink satellites. We also expect that the marginal cost of energy for our AI compute satellites will be minimal because our satellites are powered by solar arrays in space. By driving the energy component to minimal levels and pursuing improvements in compute hardware cost, we believe we can achieve a meaningfully lower overall cost per token in the future.

我们在地面 AI 算力方面具有速度和成本的双重优势。我们拥有并运营着我们认为是地球上最大的 AI 训练数据中心集群。我们的 AI 算力设施 COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，并另有可用于数据中心运营的电力容量。我们的第一性原理思维使我们能够以低于行业内大多数其他公司的成本，大规模、快速地构建连贯一致的算力。为了尽快让算力集群上线，我们采用垂直整合、灵活敏捷的建设方式。我们在 122 天内让 COLOSSUS 的第一个集群上线，复用了现有工厂的外壳；COLOSSUS II 的第一个集群上线更快，仅用 91 天。作为说明性对比，将一个 100 兆瓦的新建数据中心上线的行业基准约为两年。我们还在成本效率方面展现了显著改善，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。

We Have a Dual Speed and Cost Advantage in Terrestrial AI Compute. We own and operate what we believe to be the largest AI training data center clusters on Earth. Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. Our first-principles thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other companies in the industry. In order to bring compute clusters online as fast as possible, we employ a vertically integrated, nimble approach to construction. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.

我们认为轨道 AI 能够加速通电时间并降低 token 成本。太阳蕴含了太阳系约 99.8%的能量，我们认为，面对算力需求加速增长与地面能源约束之间的矛盾，这是唯一真正可扩展的解决方案。合乎逻辑的前进路径是将电力密集型 AI 工作负载迁移至轨道，在那里太阳能近乎恒定且不中断。凭借这种能源可及性，我们认为，我们的发射业务将使我们能够持续先于不具备此类条件的竞争对手激活性能最高的硬件，缩短在尖端硬件上产出可用 token 的时间线，并维持我们的 token 成本优势。我们认为，SpaceX 凭借我们在发射、规模化卫星制造、网络连接及地面数据中心专业能力方面高度垂直整合的模式，具备独特优势来部署和运营轨道数据中心，并随着时间推移最终实现低于地面数据中心的成本。

We Believe Orbital AI Can Accelerate Time to Power and Reduce Token Costs. The Sun contains approximately 99.8% of the solar system’s energy and offers what we believe is the only truly scalable solution to the challenge of accelerating demand for compute relative to terrestrial energy constraints. The logical path forward is to move power-intensive AI workloads into orbit, where solar energy is near-constant and uninterrupted. With such accessibility to energy, we believe that our launch business will enable us to consistently activate the highest performing hardware before our competitors without such access, shrinking the timeline to useful tokens on bleeding-edge hardware and sustaining our token cost advantage. We believe SpaceX is uniquely positioned to deploy and operate data centers in orbit that can eventually achieve a lower cost than terrestrial data centers over time due to our extreme vertically integrated approach across launch, satellite manufacturing at scale,network connectivity, and terrestrial data center expertise.

我们认为我们具备良好条件来交付轨道 AI 算力。我们认为，轨道 AI 算力是一项极其困难的技术挑战，短期内只有我们能够大规模解决。我们是唯一一家已经攻克将连接卫星演进为 AI 算力卫星相关关键技术挑战的公司。在我们看来，我们具备良好条件来交付全规模的 AI 算力卫星星座。仍有大量工作要做，但我们对我们独一无二的领导地位充满信心。

We Believe We Are Well-Positioned to Deliver Orbital AI Compute. We believe orbital AI compute is an incredibly difficult technical challenge that only we can solve at scale in the near term. We are the only company that has already accomplished the key technical challenges associated with evolving connectivity satellites into AI compute satellites. In our view, we are well-positioned to deliver a full-scale AI compute satellite constellation. Significant work remains, but we are confident in our singular leadership position.

- 我们拥有无可匹敌的卫星发射能力，可实现规模化部署。通过每公吨算力超过 100 千瓦的卫星实现每年 100 吉瓦的部署，将需要每年数千次发射，并每年向轨道运送约 100 万公吨。星舰完全可重复使用的特性使我们有能力发射这一量级的质量。Starlink 宽带 V1 和 V2 Mini 卫星已在振动、冲击、g 载荷、声学应力和真空暴露条件下证明了发射生存能力和高可靠性，平均正常运行时间达到 99.9%。

- We have unm atched satellite launch capabilities to enable deployment at scale. Deployment of 100 gigawatts per year via satellites carrying over 100 kilowatts of compute power per metric ton will require thousand s of launches per year and the transport of approximately one million metric tons to orbit annually. The fully reusable nature of Starship positions us to be capable of launching this level of mass. Starlink Broadband V1 and V2 Mini satellites have already demonstrated launch survivability and high reliability under vibration, shock, g-loads, acoustic stress, and vacuum exposure, achieving 99.9% average uptime.

- 我们已解决将连接卫星演进为 AI 算力卫星的许多重大技术障碍。

- We have already solved many of the significant technical hurdles to evolving connectivity satellites into

AI 算力卫星。凭借我们在连接卫星领域的领先专业能力——包括大规模生产、部署、网络运营以及星间激光和网状连接——我们已解决 AI 算力卫星开发中最困难的部分。由于 AI 算力卫星代表着已通过 Starlink 得到验证的航天器工程的演进，我们认为，对我们而言 AI 算力卫星的开发将比任何人都更容易。我们现有的 Starlink 星座是轨道 AI 算力的另一关键使能因素，因为其全球网络使我们 AI 算力卫星的数据能够到达地球上任何位置的地面站。

AI compute satellites. Through our leading expertise of connectivity satellites—including mass production, deployment, network operations, and inter-satellite lasers and mesh connectivity—we have already solved the hardest part in the development of AI compute satellites. 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.

- 我们将利用经过验证的 Starlink 在轨技术来优化我们的轨道 AI 算力。为运营轨道 AI 算力卫星，我们计划依托在低地球轨道运营约 9,600 颗 Starlink 宽带和移动卫星所积累的丰富经验。仅在 2025 年，Starlink 卫星在该技术的引导下每天主动执行超过 1,000 次自动避碰机动，以安全高效地运营星座。这一运营模式使我们能够控制地球与太空之间的工作负载部署，同时通过冗余和失效安全系统保持韧性。高度可控性将使卫星能够针对亮度缓解、处置及其他运行模式进行优化。

- 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.

- 我们能够以快速升级周期大规模制造 AI 算力星座。我们已建成全球最大的卫星制造业务之一。我们垂直整合、对第三方供应商依赖有限的方式将是实现大规模扩产的关键，并应使我们能够部署最新的 AI 处理器。我们相信 SpaceX 将成为首家也是唯一一家以

- 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. 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

汽车制造 · . • 我们正在建设芯片制造能力，以扩大我们对 AI 算力硬件的获取。我们 于 2026 年 3 月宣布与 Tesla 合作，共同建设 Terafab 计划，其长期目标是 每年生产一太瓦的算力硬件。就该等合作而言，我们已与 Tesla 就 Terafab 未来开发的一般框架达成一致。Intel 于 2026 年 4 月加入该项目， 预计将贡献其在设计、制造和封装超高性能芯片方面的专业知识， 以帮助 Terafab 扩大规模。根据该框架开展的任何具体项目均将另行 协商并签订协议（包括任何开发时间表、里程碑和资本支出），并且

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

尚未确定。借助这一内部制造能力，我们计划缓解 SpaceX 未来潜在的芯片短缺，尤其是在我们大规模开发轨道 AI 的过程中，并设计针对太空环境优化的芯片。

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.

- 我们能够利用我们的地面经验，大规模构建和运营算力集群及 AI 工作负载。

- We can leverage our terrestrial experience to build and operate compute clusters and AI workloads at

我们相信，我们在地球上运营算力基础设施的经验提供了技术和运营基础，可将这些能力延伸至轨道。例如，我们计划在地球上对算力硬件进行广泛的部署前测试，以在发射前识别早期失效，从而减少在轨中断。对于确实发生故障的算力硬件，我们计划利用现有的 Starlink 机队管理软件将流量重新分配至其他卫星，并防止集群级停机。

scale. 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.

我们相信，我们的基础设施是在提供卓越 AI 方面的一项独特优势。我们预计，具有竞争力的每 token 成本、我们在轨道部署和运营数据中心的能力，以及我们在连接性方面的优势，将共同带来更具可扩展性、可在全球高速获取的智能。

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.

我们的优势 Our Strengths

- 轨道发射服务领域的全球领先地位

- Global Leadership in Orbital Launch Services

- 覆盖设计、制造、部署与运营的无与伦比的卫星与连接平台

- Unrivaled Satellite and Connectivity Platform across Design, Manufacturing, Deployment, and Operations

- 由实时数据增强的求真 AI 模型

- Truth-Seeking AI Model Enhanced by Real-Time Data

- 极致的垂直整合，实现高速度与规模化下的卓越成本效率

- Extreme Vertical Integration Enabling High Velocity and Superior Cost Efficiency at Scale

- 独特能力：在太空、连接与 AI 领域规模化开拓新的万亿美元级市场

- Unique Ability to Scale New Trillion-Dollar Markets Across Space, Connectivity, and AI

- 极难被复制的商业模式

- Business Models that Are Incredibly Difficult to Replicate

- 使命驱动的文化与世界级人才

- Mission-Driven Culture and World-Class Talent

我们的增长战略 Our Growth Strategies

#### 太空

#### Space

- 提升发射有效载荷能力

- Increase launch payload capacity

- 建立月球经济，包括在月球上进行货物运输、制造和能源生产

- Establish the lunar economy, including cargo transport, manufacturing, and energy production on the Moon

#### 连接

#### Connectivity

- 扩大 Starlink 消费者宽带以及企业和政府客户

- Grow Starlink Consumer Broadband and enterprise and government customers

- 扩展我们的 Starlink Mobile 产品

- Expand our Starlink Mobile offering

- 提升我们星座的容量

- Increase the capacity of our constellations

#### AI

#### AI

- 扩大消费者 AI 平台的变现

- Grow consumer AI platform monetization

- 扩大 X 的变现

- Grow X monetization

- 深化企业和政府的采用

- Deepen enterprise and government adoption

- 扩大我们地面电力和 AI 算力基础设施的规模

- Increase the scale of our terrestrial power and AI compute infrastructure

- 大规模部署轨道 AI 算力

- Deploy orbital AI compute at scale

- 设计并制造我们自己的芯片

- Design and manufacture our own chips

- 推出数字人类增强技术

- Launch digital human augmentation

#### 未来市场

#### Future Markets

- 点对点地面旅行

- Point-to-point terrestrial travel

- 太空旅游

- Space tourism

- 在轨制造

- In-orbit manufacturing

- 月球与火星的客运和货运

- Passenger and cargo transport to the Moon and Mars

- 月球与火星的能源生产

- Energy production on the Moon and Mars

- 月球与火星的制造能力

- Manufacturing capabilities on the Moon and Mars

- 小行星采矿

- Asteroid mining

我们的市场机遇 Our Market Opportunity

我们相信，我们已经识别出人类历史上最大的可行动潜在市场总额（“TAM”）。我们估计，我们的可量化 TAM 为 $28.5 trillion，其中包括：太空领域 $370 billion，来自太空赋能解决方案；连接领域 $1.6 trillion，涵盖 Starlink 宽带 $870 billion 和 Starlink 移动 $740 billion，以及企业和政府领域的额外机会；AI 领域 $26.5 trillion，涵盖 AI 基础设施 $2.4 trillion、消费者订阅 $760 billion、数字广告 $600 billion 和企业应用 $22.7 trillion。为便于说明我们可寻址市场机会的规模，我们在全球估算中排除了中国和俄罗斯。

We believe we have identified the largest actionable total addressable market (“TAM”) in human history. 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.

SpaceX 按业务板块划分的估计 TAM

SpaceX’s Estimated TAM by Segment

我们的挑战 Our Challenges

我们在业务与增长战略方面面临诸多挑战，最终也关系到我们实现使命——让生命多行星化、理解宇宙的真实本质、将意识之光延伸至群星——的能力。对使命的追求驱动着我们的决策，并构成我们商业计划的基础，而该计划的前提是以此前未曾达到的规模构建、商业化并运营服务与产品。这一目标要求我们开发和整合复杂且新颖的技术，开发新的流程和基础设施，并协调多个供应商、承包商、监管机构和利益相关方。由于我们试图以前所未有的规模执行，我们在设计、工程、采购、建设、调试和运营表现方面面临更高的不确定性。特别是，我们执行增长战略的能力高度依赖于 Starship 的成功开发和规模化，以及提高发射频次的能力，而这两者都受到开发和部署新型复杂技术所固有的挑战和不确定性的影响。此外，我们在上文“我们的增长战略”中描述的许多举措，包括大规模开发轨道 AI 算力、大规模制造 AI 芯片、建立月球经济、将人员和货物运送至月球和火星，以及开发人类增强系统等，涉及重大的技术复杂性、未经证实的技术或尚不存在的技术，且此类举措可能无法实现商业可行性。本招股说明书其他部分描述的许多创新产品和服务最终可能不成功，并可能需要巨额支出、尚未实现的创新或尚未开发的技术。因此，我们涉及未经证实或全新创新的某些举措的时间表，包括我们向轨道部署 100 吉瓦年算力的目标、建立月球经济和行星际工业化，以及实现这些目标所需的发射频次，可能难以或无法确定。我们的增长战略的执行可能比预期耗时更长，您可能无法在预期的时间范围内实现投资回报，甚至根本无法实现回报。

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. 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. As a result, the timeline for certain of our initiatives involving unproven or new innovations, including our goal of deploying 100 gigawatts of 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.

此外，我们预期市场机会的一部分与上文“未来市场”中描述的行业相关。其中某些行业，例如太空旅游和向月球运送货物，仍处于新兴阶段。其他行业，包括在轨制造、向月球运送乘客、向火星运送乘客和货物、在月球和火星上生产能源、在月球和火星上的制造能力以及小行星采矿，目前尚不存在。虽然我们相信这些行业将随着时间的推移而发展，但其出现的方式，包括商业化的时机、采用的规模和速度，以及适用的竞争、技术、监管、地缘政治和经济框架，可能与我们当前的预期存在重大差异。

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.

我们的太空、连接和 AI 业务板块还面临以下挑战和不确定性（其中包括）：

Our Space, Connectivity, and AI segments are also subject to the following challenges and uncertainties, among others.

- 太空：我们的增长战略取决于我们提高发射频率和有效载荷能力的能力，而这又取决于 Starship 能否实现规模化成功开发。意外的设计修改、供应链中断、异常情况、环境问题以及其他不可预见的技术挑战，可能导致 Starship 无法按我们预期的时间表部署或出现延迟，从而延迟或阻碍我们实现其他业务目标，例如部署下一代卫星、扩展卫星直连移动连接服务，以及部署在轨 AI 算力基础设施。

- 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.

- 连接：我们的卫星连接业务（包括 Starlink Mobile 旗下的全球卫星直连移动连接服务）取决于能否获得无线电频谱使用权以及美国联邦通信委员会（简称“FCC”）和其他国家电信监管机构的授权。获取必要授权可能是一个复杂且耗时的过程。如果没有这些许可证和批准，我们通常无法在特定市场提供连接服务。频谱资源本身有限且受到严格监管。此外，我们连接服务的增长取决于我们能否在众多各具独特挑战的国际市场中提高市场对 Starlink 连接服务的认知度和接受度。

- 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 regulated. 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：我们的 AI 业务尚处于相对早期阶段，正在融入我们的组织，其业务战略仍在制定中，并将需要大量资本支出来为算力、基础设施和发电、模型训练以及产品开发提供资金。此外，我们的 AI 业务还面临一个新兴、竞争激烈、资本密集且快速变化的行业所固有的挑战。这些挑战包括：可能出现颠覆性技术变革、行业和监管标准不断演变、资金雄厚的新竞争对手涌现、新产品和服务频繁推出，以及客户需求不断变化。

- 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.

上述任何挑战，以及我们目前可能尚不知晓的其他挑战，都可能对我们的业务、财务状况和经营业绩产生负面影响。有关可能损害我们未来前景的挑战、风险和局限性的讨论，请参阅本招股说明书其他部分所载的“关于前瞻性陈述的警示说明”、“风险因素”以及“管理层对财务状况和经营业绩的讨论与分析”。

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.

近期发展 Recent Developments

#### 与 Cursor 的合作

#### Collaboration with Cursor

2026 年 4 月，我们与 Anysphere, Inc.（以 Cursor 名义开展业务，一家总部位于旧金山的私营软件公司，简称“Cursor”）签订了算力与期权协议，我们认为这有力地延伸了我们垂直整合算力基础设施、模型与应用的战略。根据算力协议，我们将向 Cursor 提供一定的 GPU 集群算力，并合作改进现有模型（包括 Grok），并可能共同开发 AI 模型及相关特定模型交付物或产品。根据期权协议，我们有权（但无义务）以预定价格收购 Cursor 或支付一笔费用。我们认为软件开发是 AI 的一项具有战略重要性的应用场景，因为它结合了高质量结构化数据、快速反馈循环以及频繁的关键任务使用。AI 辅助的编码工作流可生成上下文丰富、可验证的数据，从而增强模型训练与性能，同时推动持续的推理需求。Cursor 与高频编码工作流的深度整合产生了有价值的开发者交互数据，包括编码生成提示、迭代周期和软件架构决策。我们预期获取这些数据将增强我们的模型训练与推理，包括在 Grok 方面。同时，通过提供对我们大规模算力基础设施的访问权限，我们相信可以帮助 Cursor 提供更快、更高质量的用户体验。与 Cursor 的合作还可能通过将我们的 AI 模型更直接地整合到开发者工作流中，并通过高参与度的软件界面扩大我们 AI 能力的分发，从而加速我们的 AI 战略。

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 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. 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.

本次发行交割后，收购 Cursor 的对价（如有）将包括我们的 A 类普通股股份，基于 Cursor 的隐含股权价值 $60.0 billion，以及我们的 A 类普通股价格等于紧接收购交割前连续七个交易日的成交量加权平均收盘价。如果 (i) 我们决定终止期权协议，或 (ii) Cursor 因我们重大违反期权协议而有权并决定终止（须遵守通知和补救条款），则 Cursor 有权根据期权协议获得 $1.5 billion 的终止费，并根据算力协议获得 $8.5 billion 的递延服务费。这些费用以现金支付（如果费用到期应付时本次发行尚未完成，则以 A 类普通股支付）。有关我们与 Cursor 安排的更多信息，包括我们收购该公司的期权，请参阅本招股说明书其他部分所载的“业务——与 Cursor 的合作”。

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.

#### 与第三方的算力服务协议

#### Compute Services Agreements with Third Parties

我们认为，我们的算力基础设施及相关战略使我们在如何分配和变现算力方面具备极大的灵活性。我们既能够利用算力资源支持我们的专有 AI 应用（例如目前正在 COLOSSUS II 上训练的 Grok-5），同时也向部分第三方客户提供精选算力的访问权限。例如，2026 年 5 月，我们与 AI 研发公益公司 Anthropic PBC（“Anthropic”）就访问 COLOSSUS 和 COLOSSUS II 的算力签订了云服务协议。所提供的算力包括约 325,000 块 NVIDIA GPU，并配备超大规模级 CPU、EB 级存储以及专为 AI 工作负载打造的高速网络和互连。根据该等协议，客户已同意在 2029 年 5 月前每月向我们支付 $1.25 billion，其中 2026 年 5 月和 6 月的算力将按降低的费用逐步提升。初始三个月期限届满后，任何一方均可提前 90 天通知终止该等协议。客户将保留其内容、AI 模型及相关数据的所有权和知识产权。这一结构使我们能够将基础设施中一部分算力变现，同时仍允许在未来有需要时将该算力重新分配用于我们自身的内部计划。我们拥有充足的算力，既能为我们自己的 AI 模型提供算力，包括支持我们的训练和推理需求，也能履行该等协议项下的义务。我们预计将签订更多类似的服务合同。我们认为，这一机会凸显了大规模、前沿级 AI 基础设施日益增长的重要性，并使我们在为内部和第三方 AI 工作负载提供高性能算力方面成为一家具有差异化优势的供应商。我们认为，我们的双重变现战略提供了多条产生投资资本回报的路径。

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. 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.

创始人、首席执行官、首席技术官兼董事会主席 Founder, Chief Executive Officer, Chief Technical Officer and Chairman of Our Board

马斯克先生是我们的创始人、首席执行官、首席技术官兼董事会主席。假设按本招股说明书封面页所载的规模以及每股 135.00 美元的首次公开发行价格计算，

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 $135.00 per

股份，马斯克先生将持有约 · 我们普通股投票权的 82.4%（或 · 82.3%，如果 承销商全额行使购买额外 A 类普通股的选择权）之后立即 本次发行通过其持有的 · 849,494,440 股我们的 A 类普通股以及 · 5,219,053,075 股 我们的 B 类普通股，约占 · 我们 B 类普通股的 91.6%。上述 B 类普通股的数量包括向以下主体发行且向其发行的 1,302,072,285 股 B 类普通股限制性股份，以及 由马斯克先生登记持有，可由马斯克先生投票，且其归属须满足 在满足某些业绩及其他条件的前提下。根据我们的公司章程，B 类普通股持有人将拥有

share, Mr. Musk will hold approximately · 82.4% of the voting power of our common stock (or · 82.3% 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 · 849,494,440 shares of our Class A common stock and · 5,219,053,075 shares of our Class B common stock, which comprises approximately · 91.6% of our Class B common stock. 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

有权选举我们董事会的多数成员（该等董事称为“B 类董事”）。作为我们 B 类普通股的多数股份持有人，马斯克先生将能够选举、罢免或填补 B 类董事的任何空缺。此外，只要其实益拥有我们普通股 50% 以上的投票权，马斯克先生将控制我们董事会人选方面的投票权。因此，马斯克先生将有权控制需要股东批准的事项的结果，包括选举我们的全部董事，并控制我们的业务和事务。

the right to elect a majority 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.

我们的受控公司地位 Our Controlled Company Status

根据纳斯达克及纳斯达克德克萨斯上市规则，本次发行完成后，我们将成为一家受控公司。受控公司无须董事会多数成员为独立董事，也无须设立独立的薪酬委员会和提名委员会。作为受控公司，我们仍须遵守要求审计委员会全部由独立董事组成的规定。

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. As a controlled company, we will remain subject to rules that require us to have an audit committee composed entirely of independent directors.

公司信息 Corporate Information

我们于 2002 年 3 月 14 日作为特拉华州公司以 Space Exploration Technologies Corp. 之名设立并注册成立，并于 2024 年 2 月 14 日重新注册为德克萨斯州公司。我们的主要行政办公地址为 1 Rocket Road, Starbase, Texas 78521。我们的网站地址为 www.spacex.com。我们网站上或通过链接指向或以其他方式与之相连的信息，不构成本招股说明书或本招股说明书所构成部分的注册声明的一部分，亦未通过引用并入其中。

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.

风险因素摘要 Summary of Risk Factors

投资我们的 A 类普通股涉及风险和不确定性。以下是对使投资我们的 A 类普通股具有投机性或风险性的主要因素的摘要，所有这些因素均在标题为“风险因素”的章节中有更完整的描述。本摘要应与“风险因素”章节一并阅读，且不应被视为详尽无遗的摘要。

An investment in our Class A common stock involves risks and uncertainties. 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.

- 星舰（Starship）在规模化开发方面、或在实现所需发射频率、可重复使用性及此后能力方面出现的任何失败或延迟，都将延迟或限制我们执行增长战略的能力，包括部署下一代卫星、全球卫星到移动连接以及轨道 AI 算力，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

- 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.

- 在获取、维持或续展我们太空相关活动所需的监管批准和许可证（包括美国联邦航空管理局（“FAA”）发射和再入许可证）方面出现的任何延迟或困难，都将严重延迟或扰乱我们的运营、损害我们的业务，或限制我们执行业务战略的能力。

- Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses required for our space-related activities, including the U.S. 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.

- 在获取、维持或续展我们卫星连接服务所需的通信许可证和频谱授权（包括国际和 FCC 卫星频谱许可证）方面出现的任何延迟或困难，都可能严重延迟或扰乱我们的运营、损害我们的业务，或限制我们执行业务战略的能力。

- 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.

- 我们的 AI 产品和 X 平台受制于复杂且不断演变的美国及外国法律法规，这些法律法规可能发生变化且解释具有不确定性，我们可能被要求对我们的产品和业务实践作出改变，并可能面临罚款、运营成本增加、用户增长或参与度下降、客户流失，或对我们的 AI 产品和 X 平台的其他损害。

- 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.

- 我们的业务战略取决于能否以前所未有的规模成功设计、开发和部署我们的产品和服务，以及相关平台、基础设施和其他战略举措，这带来了重大的执行、成本和时间风险。

- 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.

- 我们曾经经历、且很可能将继续经历发射延迟和失败，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

- 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.

- 我们的卫星、运载火箭和其他太空相关技术是在严酷且不可预测的太空环境中运行的，就轨道 AI 算力而言，未来也将在该环境中运行，这使它们面临广泛而独特的太空相关风险，可能导致其发生故障或失效，而任何此类故障或失效都可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

- 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.

- 低地球轨道卫星星座的持续增多，以及与空间碎片或其他航天器发生碰撞的风险，可能限制或削弱我们的发射灵活性和卫星部署能力，进而可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

- 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.

- 关键卫星网络、地面站、发射、制造或航天器或数据中心基础设施的运行中断，可能导致严重停机、运营延迟或服务中断，其中任何一项均可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

- 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.

- 制造、测试和发射火箭、卫星及航天器（包括我们为重复使用火箭和航天器所做的努力）涉及固有风险，可能因事故或设备故障导致人员伤亡、财产损失和环境损害或其他不利环境影响。任何此类事件均可能造成重大损失，包括声誉损害和法律责任，进而可能对我们的业务产生重大不利影响。

- 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. Any such events could result in substantial losses, including reputational harm and legal liability, which could have a material adverse effect on our business.

- 尽管我们专注于业务的垂直整合，但我们依赖第三方制造和供应提供发射、连接和 AI 服务所必需的某些关键组件，任何供应短缺或中断或其履约失败均可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

- 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 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.

- 我们扩大 AI 产品规模的能力依赖于我们的地面和在轨 AI 算力基础设施，而这取决于电力、水、AI 处理器及其他关键组件的可用性以及电信服务，任何相关短缺或中断均将对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

- 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.

- 我们在所经营的市场中面临激烈竞争，尽管我们历来在太空和连接业务板块的表现优于某些竞争对手，但我们可能无法继续保持这一优势，进而可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

- 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.

- 公司的 AI 业务板块成立时间较近，仍在整合之中，所处行业快速演变，面临整合、执行、竞争和运营风险。

- 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.

- 不利的全球宏观经济和地缘政治状况可能对我们的业务、财务状况、经营业绩和未来前景产生负面影响。

- Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial condition, results of operations and future prospects.

- 我们依赖于招募和留住具备先进工程和技术技能的员工的能力，对此类员工的激烈竞争可能增加成本并影响我们满足开发和生产时间表的能力。

- 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.

- 我们的计算机和数据系统，或我们在运营中所使用的第三方计算机和数据系统发生任何重大中断或未经授权的访问，均可能导致服务丢失或降级、对我们信任的丧失以及对我们的业务造成损害。

- 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.

- 开发和维护支持我们当前及未来运营所需的技术和基础设施将需要大量资本支出，如果我们无法从运营中产生足够的现金流，或无法以可接受的条款获得额外融资，我们的业务、财务状况、经营业绩和未来前景可能会受到重大不利影响。

- The development and maintenance of the technologies and infrastructure necessary to support our current and future operations 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.

- 我们沉重的债务负担可能对我们的财务状况造成重大不利影响。

- Our substantial level of indebtedness could materially adversely affect our financial condition.

- 我们未来的收入和经营业绩取决于我们能否在高度竞争的市场中开发新技术并应对客户需求和行业标准的变化，如果我们无法做到这一点，我们的业务、财务状况、经营业绩和未来前景可能会受到重大不利影响。

- 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.

- 本招股说明书中包含的未来市场机会估计和市场增长预测，以及我们把握此类市场的能力，可能被证明是不准确的。

- 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.

- 我们的许多计划，包括大规模开发轨道 AI 算力、大规模制造 AI 芯片、建立月球经济、开发人体增强系统，以及将人员和货物运送至月球和火星，涉及重大技术复杂性、未经证实的技术，或尚不存在或可能需要重大进步的技术，且此类计划可能无法实现商业可行性。

- 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.

- 我们业务的全球性质带来了与不稳定、恶意或任意性的法律制度和监管机构相关的风险。

- The global nature of our business poses risks with respect to unstable, malicious or arbitrary legal regimes and authorities.

- 我们的章程对股东提起的法律诉讼或程序所适用的法院、管辖地和程序作出限制，包括某些强制仲裁要求。这些条款可能限制股东提出某些索赔的能力和/或增加提出索赔的成本，也可能影响股东在此类法律诉讼或程序中所享有的程序、权利和救济。

- 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. 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.

- 本次发行完成后，Musk 先生将担任我们的首席执行官、首席技术官及董事会主席，并控制我们董事的选举，且我们的双重股权结构使投票控制权集中于 Musk 先生及我们 B 类普通股的其他持有人。这将限制或排除您对公司事务及我们董事选举施加影响的能力。

- 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 holders of our Class B common stock. This will limit or preclude your ability to influence corporate matters and the election of our directors.

**本次发行**

**The Offering**

发行人 我们发售的 A 类普通股 · 555,555,555 股（若承销商全额行使超额配售权购买额外 A 类普通股，则为 · 638,888,888 股）。

Issuer Class A common stock offered by us · 555,555,555 shares (or · 638,888,888 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

紧随其后流通在外的 A 类普通股

Class A common stock outstanding immediately

本次发行后 7,380,196,910 股（或 · 7,463,530,243 股，若承销商全额行使超额配售权购买额外 A 类普通股）。

after this offering 7,380,196,910 shares (or · 7,463,530,243 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

本次发行后立即流通在外的 B 类普通股

Class B common stock outstanding immediately

本次发行后

after this offering

5,695,668,265 股。

5,695,668,265 shares.

本次发行生效后 A 类普通股的投票权

Voting power of Class A common stock after

本次发行生效后

giving effect to this offering

11.5%（若承销商全额行使购买额外 A 类普通股的选择权，则为 11.6%）。

11.5% (or 11.6% if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

本次发行生效后 B 类普通股的投票权

Voting power of Class B common stock after

本次发行生效后

giving effect to this offering

88.5%（若承销商全额行使购买额外 A 类普通股的选择权，则为 88.4%）。

88.5% (or 88.4% if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

投票权 · 每股 A 类普通股将赋予其持有人每股一票的投票权。每股 B 类普通股将赋予其持有人每股 10 票的投票权。A 类股东与 B 类股东将就根据公司章程须由股东表决的所有事项作为一个单一类别共同投票，但 B 类普通股持有人将有权选举我们董事会的多数成员，并作为一类股份享有某些其他投票权。每股 B 类普通股可由持有人随时选择转换为一股 A 类普通股。此外，每股 B 类普通股在该等 B 类普通股发生转让（定义见公司章程）时（无论是否有偿）将自动转换为一股 A 类普通股，但许可转让（定义见公司章程）除外。请参阅“股本说明”。 募集资金用途 · 在扣除承销折扣和佣金以及我们应付的估计发行费用后，我们将从本次发行中获得约 $74.4 billion 的净募集资金（若承销商全额行使购买额外 A 类普通股的选择权，则为 $85.7 billion）。 请参阅“承销”。我们拟将本次发行的净募集资金用于为我们的增长战略提供资金，包括扩展我们的 AI 算力基础设施、增强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，以及将任何剩余金额用于一般公司用途。有关本次发行募集资金拟用途的更完整说明，请参阅“募集资金用途”。 股利政策 我们普通股的持有人 在可预见的未来。我们目前拟保留未来任何收益，以资助我们业务的增长。我们未来的股利政策由董事会酌情决定，并将取决于届时存在的条件，包括我们的经营业绩、财务状况、资本需求、投资机会、对我们支付股利能力的法定限制、我们现有及未来任何债务协议中的限制以及董事会可能认为相关的其他因素。我们信贷 协议项下的契约亦限制我们支付股利的能力，且我们未来可能签订信贷协议或其他借款安排，限制我们未来宣派或支付现金股利或进行分配的能力。 定向股份计划 · 应我们的请求，承销商已预留拟由本公司发行并由本招股说明书发售的 A 类普通股的百分之五， 按首次公开发行价格出售给若干员工及由我们高级管理人员酌情选定的人员。若该等人员购买，该等 A 类普通股将不受锁定期限制。可供 向公众出售的 A 类普通股数量将在此等个人购买该等预留 A 类普通股的范围内相应减少。任何未如此购买的预留 A 类普通股将由承销商按与本招股说明书发售的其他 A 类普通股相同的基础向公众发售。请参阅“承销——定向股份 计划”。 受控公司 · 本次发行完成后，马斯克先生将实益拥有我们普通股及 B 类普通股的多数投票权，而 B 类普通股选举董事会的多数成员。因此，我们预计将成为纳斯达克和纳斯达克德克萨斯公司治理标准含义内的“受控公司”，并拟依赖某些公司治理上市要求的豁免。请参阅“管理层——受控公司豁免”及 “某些关系和相关人士交易”。 风险因素 · 在决定是否投资我们的 A 类普通股之前，您应仔细阅读并考虑自第 27 页起的“风险因素”一节中列载的信息， 连同本招股说明书中列载的所有其他信息。 上市及交易代码 · 我们已获准将我们的 A 类普通股在

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). Please refer to “Description of Capital Stock.” Use of proceeds · We will receive approximately $74.4 billion of net proceeds from this offering (or $85.7 billion if the underwriters exercise their option to purchase additional shares of Class A common stock in full), 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. Dividend policy 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. 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 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.” Risk factors · You should carefully read and consider the information set forth in the section titled “Risk Factors” beginning on page 27, together with all of the other information set forth in this prospectus, before deciding whether to invest in our Class A common stock. Listing and trading symbol · We have been approved to list our Class A common stock on

在纳斯达克及纳斯达克得克萨斯交易所以“SPCX”为交易代码上市。

Nasdaq and Nasdaq Texas under the symbol “SPCX.”

本次发行后将发行的 A 类普通股和 B 类普通股股数基于

The number of shares of our Class A and Class B common stock that will be outstanding after this offering is based

6,824,641,355 股 A 类普通股和 · 5,695,668,265 股已发行 B 类普通股 截至 2026 年 3 月 31 日，在使 (i) C 类重新分类（定义见下文）和 (ii) 优先股 转换（定义见下文）。本次发行后将流通在外的 B 类普通股数量 包括已向马斯克先生发行并由其登记持有的 1,302,072,285 股受限 B 类普通股，该等股份 可能由马斯克先生投票，且其归属须满足若干业绩及其他条件 条件。1,000,000,000 股该等受限 B 类普通股在以下两项均达成时归属：(i) 我们实现 按 15 个等额批次设定的市值里程碑，以及(ii)我们设立一个永久的人类 在火星上建立至少一百万居民的殖民地，每种情形均以马斯克先生继续任职为前提 与我们共同持有至董事会认证业绩达成之日。剩余 302,072,285 股受限 B 类普通股股份在同时满足以下两项条件时归属：(i) 我们实现指定的市值里程碑 分 12 个等额批次进行，以及 (ii) 我们完成能够提供 100 太瓦算力的非地球数据中心 每年算力，在每种情况下，均以马斯克先生持续受雇于我们直至该日期为条件

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. The remaining 302,072,285 restricted shares of Class B common stock vest upon both (i) our achievement of specified market capitalization milestones across 12 equal tranches and (ii) our completion of non-Earth-based data centers capable of delivering 100 terawatts of compute per year, in each case, subject to Mr. Musk’s continued employment with us through the date on which

董事会认证达成之日。有关该等业绩条件及其他条件的更多信息，请参见“高管薪酬——其他事项——2026 年薪酬进展”。

achievement is certified by our board. For additional information regarding such performance and other conditions, see “Executive Compensation—Other Matters—2026 Compensation Developments.”

除另有说明外，本招股说明书中本次发行后已发行普通股及基于此的其他信息均未反映以下任何事项：

Unless otherwise noted, common stock outstanding after the offering and other information based thereon in this prospectus does not reflect any of the following:

- 133,793,640 股 A 类普通股和 358,169,015 股 B 类普通股，均系根据股权计划（定义见下文）授予的、截至 2026 年 3 月 31 日尚未行使的股票期权行使后可发行，A 类普通股加权平均行权价为每股$27.65，B 类普通股加权平均行权价为每股$8.22；

- 133,793,640 shares of Class A common stock and 358,169,015 shares of Class B common stock, in each case issuable upon the exercise of outstanding stock options granted under the Equity Plans (as defined below) that were outstanding as of March 31, 2026, with a weighted-average exercise price of $27.65 per share of Class A common stock and $8.22 per share of Class B common stock;

- 128,455,370 股 A 类普通股和 931,450 股 B 类普通股，均系根据股权计划截至 2026 年 3 月 31 日尚未归属的限制性股票单位归属及结算后可发行（其中无任何股份将因本次发行而归属）；

- 128,455,370 shares of Class A common stock and 931,450 shares of Class B common stock, in each case issuable upon the vesting and settlement of restricted stock units that were outstanding as of March 31, 2026 under the Equity Plans (none of which will vest in connection with this offering);

- 23,842,920 股 A 类普通股，系根据股权计划于 2026 年 3 月 31 日之后授予的限制性股票单位归属及结算后可发行（其中无任何股份将因本次发行而归属）；

- 23,842,920 shares of Class A common stock issuable upon the vesting and settlement of restricted stock units granted under the Equity Plans after March 31, 2026 (none of which will vest in connection with this offering);

- 8,510,615 股 A 类普通股和 745,230 股 B 类普通股，均系 2026 年 3 月 31 日之后根据股权计划（定义见下文）授予的尚未行使的股票期权行使后发行，A 类普通股加权平均行权价为每股$8.47，B 类普通股加权平均行权价为每股$0.71；

- 8,510,615 shares of Class A common stock and 745,230 shares of Class B common stock, in each case that were issued after March 31, 2026 upon the exercise of outstanding stock options granted under the Equity Plans (as defined below) at a weighted-average exercise price of $8.47 per share of Class A common stock and $0.71 per share of Class B common Stock;

- 12,774,325 股 A 类普通股和 69,945 股 B 类普通股，系为结算 2026 年 3 月 31 日之后归属的限制性股票单位而发行（该等数量已扣除就上述归属和结算而代扣的股份）；

- 12,774,325 shares of Class A common stock and 69,945 shares of Class B common stock issued in settlement of restricted stock units that vested after March 31, 2026 (which amounts are net of shares withheld in connection with such vesting and settlement);

- 4,318,640 股 A 类普通股和 46,495 股 B 类普通股，系就 2026 年 3 月 31 日之后股权计划项下限制性股票单位的归属和结算而代扣，其中被代扣的 3,245,695 股 A 类普通股仍可供发行，并已预留用于我们经修订和重述的 2024 年股权激励计划（「经修订和重述的 2024 年计划」）项下的发行，该计划系我们为本次发行而采纳；

- 4,318,640 shares of Class A common stock and 46,495 shares of Class B common stock withheld in connection with the vesting and settlement of restricted stock units under the Equity Plans after March 31, 2026, of which 3,245,695 shares of Class A common stock that were withheld remain available and are reserved for issuance under our Amended and Restated 2024 Equity Incentive Plan (the “A&R 2024 Plan”), which we adopted in connection with this offering;

- 3,171,855 股 A 类普通股，系 2026 年 3 月 31 日之后根据我们经修订和重述的 2017 年员工购股计划发行；

- 3,171,855 shares of Class A common stock issued after March 31, 2026 under our Amended and Restated 2017 Employee Stock Purchase Plan;

- 661,895 股 A 类普通股和 9,620,210 股 B 类普通股，上述各项均系公司于 2026 年 3 月 31 日之后从持有人处回购，加权平均价格分别为每股 A 类普通股 $105.32 和每股 B 类普通股 $1.10;

- 661,895 shares of Class A common stock and 9,620,210 shares of Class B common stock, in each case that were repurchased by the Company from holders after March 31, 2026 at a weighted-average price of $105.32 per share of Class A common stock and $1.10 per share of Class B common stock;

- 10,147,705 股 A 类普通股，系对应同等数量、于 2026 年 3 月 31 日之后在股权计划项下被没收的限制性股票单位，其中该等被没收限制性股票单位所对应的 816,740 股 A 类普通股仍可供发行，并已预留用于我们经修订和重述的 2024 年计划项下的发行；

- 10,147,705 shares of Class A common stock underlying an equivalent number of restricted stock units that were forfeited under the Equity Plans after March 31, 2026, of which 816,740 shares of Class A common stock underlying such restricted stock units that were forfeited remain available and are reserved for issuance under our A&R 2024 Plan;

- 4,092,300 股 A 类普通股和 4,933,600 股 B 类普通股，上述各项均系对应同等数量、于 2026 年 3 月 31 日之后在股权计划项下被没收的期权，其中该等被没收期权所对应的 416,325 股 A 类普通股仍可供发行，并已预留用于经修订和重述的 2024 年计划项下的发行。该等被没收期权的加权平均行权价格为每股 A 类普通股 $9.67 和每股 B 类普通股 $0.71；以及

- 4,092,300 shares of Class A common stock and 4,933,600 shares of Class B common stock, in each case, underlying an equivalent number of options that were forfeited under the Equity Plans after March 31, 2026, of which 416,325 shares of Class A common stock underlying such options that were forfeited remain available and are reserved for issuance under the A&R 2024 Plan. The weighted-average exercise price of such options forfeited was $9.67 per share of Class A common stock and $0.71 per share of Class B common stock; and

- 86,262,705 股 A 类普通股，系 2026 年 3 月 31 日之后由同等数量 B 类普通股转换而来。

- 86,262,705 shares of Class A common stock resulting from the conversion of an equivalent number of shares of Class B common stock after March 31, 2026.

除另有说明外，本招股说明书中本次发行后的流通普通股及基于此的其他信息亦未反映以下任何事项：

Unless otherwise noted, common stock outstanding after the offering and other information based thereon in this prospectus also does not reflect any of the following:

- 299,256,055 股 A 类普通股，已预留用于经修订和重述的 2024 年计划项下的发行，该数量不包括上文所述该计划项下尚未行使的奖励所对应的股份，并包括上文所述 2026 年 3 月 31 日之后因限制性股票单位归属和结算而代扣的股份以及该计划项下被没收奖励所对应的股份；

- 299,256,055 shares of Class A common stock reserved for issuance under the A&R 2024 Plan, which amount excludes shares subject to outstanding awards thereunder as described above and includes shares withheld upon vesting and settlement of restricted stock units and shares subject to awards forfeited thereunder after March 31, 2026 as described above;

- 24,026,920 股 A 类普通股，已预留用于经第二次修订和重述的 2017 年员工购股计划（「经修订和重述的 2017 年员工购股计划」）项下的发行；以及

- 24,026,920 shares of Class A common stock reserved for issuance under the Second Amended and Restated 2017 Employee Stock Purchase Plan (the “A&R 2017 ESPP”); and

- 预留用于全部流通 B 类普通股按一比一 basis 转换后未来发行的 A 类普通股。

- shares of Class A common stock reserved for future issuance upon the conversion of all outstanding shares of Class B common stock on a one-for-one basis.

上述关于 2026 年 3 月 31 日之后发生的交易或其他事件的信息，系截至 2026 年 5 月 11 日的情况。本招股说明书中“股权计划”一词指我们的 2015 年计划、我们的经修订及重述的 2017 年员工购股计划（ESPP）和我们的经修订及重述的 2024 年计划，以及(i) xAI 的 2023 年股权激励计划、2023 年激励计划和 2025 年股权激励计划（我们均在 xAI 合并中予以承接，简称“xAI 计划”）和(ii) Swarm Technologies, Inc.（“Swarm”）经修订的 2017 年股票计划（我们于 2021 年收购 Swarm 时予以承接）。就 2026 年 3 月 31 日之后限制性股票单位归属时出于税务目的进行的净额结算，我们支付了约 $460 million 的现金。

The information set forth above regarding transactions or other events occurring after March 31, 2026 is given as of May 11, 2026. The term “Equity Plans” in this prospectus refers to our 2015 Plan, our A&R 2017 ESPP and our A&R 2024 Plan as well as (i) xAI’s 2023 Equity Incentive Plan, 2023 Incentive Plan and 2025 Equity Incentive Plan, each of which we assumed in the xAI Merger (the “xAI Plans”) and (ii) the 2017 Stock Plan, as amended, of Swarm Technologies, Inc. (“Swarm”), which we assumed in our acquisition of Swarm in 2021. In connection with the net settlement of restricted stock units upon vesting after March 31, 2026 for tax purposes, we made a cash payment of approximately $460 million.

本招股说明书中的信息亦未反映：

The information in this prospectus also does not reflect:

- 根据 SpaceX、Spectrum Business Trust 2025-1 与 EchoStar 之间于 2025 年 9 月 7 日签订（并于 2025 年 11 月 5 日经修订及重述）的《许可证购买协议》，在我们与 EchoStar Corporation（“EchoStar”）达成的购买若干 AWS-3、AWS-4 和 H-Block 频谱许可证的协议交割时将支付的 261,792,453 股 A 类普通股及现金对价（该交易简称“频谱交易”），该交易已于 2026 年 5 月 12 日获 FCC 批准，且在完成前尚需满足其他交割条件；以及

- the payment of 261,792,453 shares of Class A common stock and cash consideration which would occur upon closing of our agreement with EchoStar Corporation (“EchoStar”) to purchase certain AWS-3, AWS-4, and H-Block spectrum licenses pursuant to the License Purchase Agreement, dated as of September 7, 2025 (as amended and restated on November 5, 2025), by and among SpaceX, Spectrum Business Trust 2025-1 and EchoStar (the “Spectrum Transaction”), which transaction was approved by the FCC on May 12, 2026 and is subject to other closing conditions prior to completion; and

- 若未来我们的董事会决定行使我们收购 Cursor 的选择权（该选择权在“业务——与 Cursor 的合作”中所述），则可能发行我们的 A 类普通股股份；举例而言，假设在该收购交割前紧接的连续七个交易日内我们普通股的成交量加权平均收盘价等于首次公开发行价格

- the issuance of shares of our Class A common stock if in the future our board determines to exercise our option to acquire Cursor as such option is described under “Business—Collaboration with Cursor,” which, as an example, assuming the volume-weighted average closing price of our common stock over the seven consecutive trading days immediately preceding the closing of such acquisition were equal to the initial public offering price

按每股 $135.00 计算，将约等于 · 444,444,444 股。实际可能发行的股份数量将 根据未来交易价格确定，并须按惯例就影响 Cursor 或公司流通股本的 重新分类、资本重组、股票拆分或任何其他类似事件进行调整。 Cursor 或本公司。 除非另有说明，本招股说明书所载全部信息均假设或反映以下事项： • 2026 年股票拆分；

of $135.00 per share, would equal approximately · 444,444,444 shares. The actual number of shares that may be issued will be determined based on a future trading price and is subject to customary adjustments for reclassifications, recapitalization, stock splits or any other similar event affecting the outstanding capital stock of Cursor or the Company. Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to: • the 2026 Stock Split;

- 在本发行完成之前，根据我们在本发行前作为私营公司有效的公司设立证书条款，将我们全部已发行的 C 类普通股股份重新分类为合计 494,050,675 股 A 类普通股（简称“C 类重新分类”），并将我们全部已发行的优先股股份转换为合计 3,448,110,450 股 A 类普通股和 3,274,452,900 股 B 类普通股（简称“优先股转换”）；

- prior to the completion of this offering, pursuant to the terms of our certificate of formation in effect as a private company prior to this offering, the reclassification of all of the outstanding shares of our Class C common stock into an aggregate of 494,050,675 shares of Class A common stock (the “Class C Reclassification”) and the conversion of the outstanding shares of all our preferred stock into an aggregate of 3,448,110,450 shares of our Class A common stock and 3,274,452,900 shares of our Class B common stock (the “Preferred Conversion”);

- 我们的公司章程和章程细则的生效，其将于本发行完成时生效；

- the effectiveness of our charter and bylaws, which will become effective upon the completion of this offering;

• A 类普通股每股的首次公开发行价格为 · $135.00; • 承销商未行使向我们购买额外 A 类普通股的选择权； 以及

• an initial public offering price of · $135.00 per share of Class A common stock; • that the underwriters do not exercise their option to purchase additional shares of Class A common stock from us; and

- 我们的董事、高级管理人员或现有股东均未在本发行中购买 A 类普通股股份。

- no purchase of shares of Class A common stock in this offering by our directors, officers or existing shareholders.

**汇总历史合并财务及经营数据**

**Summary Historical Consolidated Financial and Operating Data**

下表列示了所列期间及所列日期的汇总历史合并财务及经营数据。截至 2026 年 3 月 31 日以及截至 2026 年 3 月 31 日和 2025 年 3 月 31 日止三个月的汇总历史合并财务数据（归属于普通股股东的普通股每股基本和摊薄净亏损备考数据以及用于计算归属于普通股股东的普通股每股基本和摊薄净亏损备考数据的加权平均股数除外）取自本招股说明书其他部分所载我们未经审计的合并财务报表。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日以及截至 2025 年 12 月 31 日、2024 年 12 月 31 日和 2023 年 12 月 31 日止年度的汇总历史合并财务数据（归属于普通股股东的普通股每股基本和摊薄净亏损备考数据以及用于计算归属于普通股股东的普通股每股基本和摊薄净亏损备考数据的加权平均股数除外）取自本招股说明书其他部分所载我们经审计的合并财务报表。下文列示的汇总历史合并财务及经营数据并不预示任何未来期间的预期业绩，任何中期期间的业绩也不一定预示整个财年的预期业绩。

The following table sets forth the summary historical consolidated financial and operating data for the periods and as of the dates presented. The summary historical consolidated financial data as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 (except for pro forma basic and diluted net loss per share of common stock attributable to common shareholders and weighted average shares used in computing pro forma basic and diluted net loss per share of common stock attributable to common shareholders) has been derived from our unaudited consolidated financial statements included elsewhere in this prospectus. The summary historical consolidated financial data as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023 (except for pro forma basic and diluted net loss per share of common stock attributable to common shareholders and weighted average shares used in computing pro forma basic and diluted net loss per share of common stock attributable to common shareholders) has been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary historical consolidated financial and operating data presented below is not indicative of the results to be expected for any future period, and the results for any interim period are not necessarily indicative of the results to be expected for the full fiscal period.

SpaceX 的汇总历史合并财务及经营数据在编制时已反映各公司在所有所列期间的追溯合并，以纳入 xAI（由 SpaceX 于 2026 年 2 月 2 日生效收购）和 X Holdings（由 xAI 于 2025 年 3 月 28 日生效收购）的历史业绩，因为该等交易系同一控制下实体之间的交易。

The summary historical consolidated financial and operating data of SpaceX has been prepared to reflect the retrospective combination of the companiesfor all periods presented to include the historical results of xAI, which was acquired by SpaceX, effective February 2, 2026, and X Holdings, which was acquired by xAI, effective March 28, 2025, because these transactions were between entities under common control.

以下信息应与“管理层对财务状况和经营成果的讨论与分析”以及本招股说明书其他部分所载我们的合并财务报表及相关附注一并阅读。本节所载汇总历史合并财务数据并非旨在替代合并财务报表，其整体受本招股说明书其他部分所载我们的合并财务报表及相关附注的限制。

The following information should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes thereto included elsewhere in this prospectus. The summary historical consolidated financial data included in this section is not intended to replace the consolidated financial statements and is qualified in its entirety by our consolidated financial statements and related notes included elsewhere in this prospectus.

**经营状况表数据：**

**Statements of Operations Data:**

**截至 3 月 31 日止三个月，**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 （除每股数据外，单位为百万） · （未经审计） 收入 · $4,694 · $4,067 · $18,674 · $14,015 · $10,387 总成本及费用 · 6,637 · 4,040 · 21,263 · 13,549 · 13,892 经营利润（亏损） · (1,943) · 27 · (2,589) · 466 · (3,505) 净利润（亏损） · $(4,276) · $(528) · $(4,937) · $791 · $(4,628) 归属于普通股股东的普通股每股净利润（亏损）(1) 基本 · $(1.27) · $(0.18) · $(1.69) · $0.01 · $(1.68) 稀释 · $(1.27) · $(0.18) · $(1.69) · $0.00 · $(1.68) 用于计算普通股每股净利润（亏损）的加权平均股数(1) 基本 · 3,884 · 2,875 · 2,926 · 2,848 · 2,759 稀释 · 3,884 · 2,875 · 2,926 · 9,956 · 2,759

2026 · 2025 · 2025 · 2024 · 2023 (in millions, except per share data) · (unaudited) Revenue · $4,694 · $4,067 · $18,674 · $14,015 · $10,387 Total costs and expenses · 6,637 · 4,040 · 21,263 · 13,549 · 13,892 Income (loss) from operations · (1,943) · 27 · (2,589) · 466 · (3,505) Net income (loss) · $(4,276) · $(528) · $(4,937) · $791 · $(4,628) Net income (loss) per share of common stock attributable to common shareholders (1) Basic · $(1.27) · $(0.18) · $(1.69) · $0.01 · $(1.68) Diluted · $(1.27) · $(0.18) · $(1.69) · $0.00 · $(1.68) Weighted average shares used in computing net income (loss) per share of common stock (1) Basic · 3,884 · 2,875 · 2,926 · 2,848 · 2,759 Diluted · 3,884 · 2,875 · 2,926 · 9,956 · 2,759

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(1) 有关我们计算归属于普通股股东的普通股基本和稀释每股净利润（亏损）的说明，请参阅本招股说明书其他部分所载经审计合并财务报表附注 14“每股收益”。

(1) Please refer to Note 14, Earnings per Share to our audited consolidated financial statements appearing elsewhere in this prospectus for an explanation of our calculation of basic and diluted net income (loss) per share of common stock attributable to common shareholders.

下表列示了所列期间归属于普通股股东的未经审计备考普通股基本和稀释每股净亏损的计算：

The following table sets forth the computation of unaudited pro forma basic and diluted net loss per share of common stock attributable to common shareholders for the period presented:

**（单位为百万，除每股数据外）**

**(in million s, except per share data)**

**截至**

**Ended**

2026 年 3 月 31 日 2025 年 12 月 31 日

March 31, 2026 December 31, 2025

分子：

Numerator:

归属于普通股股东的净亏损，基本及稀释 · $(4,947) · $(4,937) 就 SpaceX 可赎回可转换优先股的视同股息进行冲回的备考调整 可转换优先股，基本及稀释 · 565 · — 归属于普通股股东的备考净亏损，基本及稀释 · $(4,382) · $(4,937) 分母： 用于计算普通股每股净亏损的加权平均股数，基本及稀释 · 3,884 · 2,926 假设优先股转换于 2025 年 1 月 1 日发生的备考调整，基本及稀释 · 6,723 · 6,723 用于计算普通股每股备考净亏损的加权平均股数，基本及稀释 · 10,607 · 9,649 归属于普通股股东的普通股每股备考净亏损，基本及稀释 (2) · $(0.41) · $(0.51)

Net loss attributable to common shareholders, basic and diluted · $(4,947) · $(4,937) Pro forma adjustment to reverse the deemed dividend on SpaceX Redeemable Convertible Preferred Stock, basic and diluted · 565 · — Pro Forma net loss attributable to common shareholders, basic and diluted · $(4,382) · $(4,937) Denominator: Weighted average shares used in computing net loss per share of common stock, basic and diluted · 3,884 · 2,926 Pro forma adjustment to reflect the Preferred Conversion as if the conversion occurred on January 1, 2025, basic and diluted · 6,723 · 6,723 Weighted average shares used in computing pro forma net loss per share of common stock, basic and diluted · 10,607 · 9,649 Pro forma net loss per share of common stock attributable to common shareholders, basic and diluted (2) · $(0.41) · $(0.51)

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(2) 归属于普通股股东的备考基本和稀释普通股每股净亏损以及用于计算每股金额的加权平均股数，已反映以下事项的影响：(i) 优先股转换，如同该转换已于 2025 年 1 月 1 日发生；(ii) C 类重新分类，如同该重新分类已于 2025 年 1 月 1 日发生；以及(iii) 本公司章程的生效，该章程将于本次发行完成后生效。

(2) Pro forma basic and diluted net loss per share of common stock attributable to common shareholders and weighted-average number of shares used in the computation of the per share amount gives effect to (i) the Preferred Conversion as if such conversion had occurred as of January 1, 2025, (ii) the Class C Reclassification as if such reclassification had occurred as of January 1, 2025, and (iii) the effectiveness of our charter, which will become effective upon the completion of this offering.

**现金流量表数据：**

**Statement of Cash Flows Data:**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 （单位：百万美元） · （未经审计） 经营活动提供的现金净额 · $1,047 · $727 · $6,785 · $5,776 · $4,520 投资活动使用的现金净额 · .. · $(16,724) · $(4,170) · $(19,575) · $(10,796) · $(4,867) 融资活动提供的现金净额 · $7,125 · $354 · $26,350 · $11,830 · $422

2026 · 2025 · 2025 · 2024 · 2023 (in millions) · (unaudited) Net cash provided by operating activities · $1,047 · $727 · $6,785 · $5,776 · $4,520 Net cash used in investing activities · .. · $(16,724) · $(4,170) · $(19,575) · $(10,796) · $(4,867) Net cash provided by financing activities · $7,125 · $354 · $26,350 · $11,830 · $422

**资本支出：**

**Capital Expenditures:**

下表列示了我们按分部划分的资本支出：

The following table presents our capital expenditures by segment:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 （单位：百万美元） · （未经审计） 太空 · $1,052 · $759 · $3,832 · $2,032 · $1,497 连接 · 1,332 · 814 · 4,178 · 3,498 · 2,455 AI · 7,723 · 2,567 · 12,727 · 5,633 · 463 资本支出总额 · $10,107 · $4,140 · $20,737 · $11,163 · $4,415

2026 · 2025 · 2025 · 2024 · 2023 (in millions) · (unaudited) Space · $1,052 · $759 · $3,832 · $2,032 · $1,497 Connectivity · 1,332 · 814 · 4,178 · 3,498 · 2,455 AI · 7,723 · 2,567 · 12,727 · 5,633 · 463 Total Capital Expenditures · $10,107 · $4,140 · $20,737 · $11,163 · $4,415

**资产负债表数据：**

**Balance Sheet Data:**

**3 月 31 日，**

**March 31,**

2026 · 2025 · 2024 （单位：百万美元） · （未经审计） 现金及现金等价物 · $15,852 · $24,747 · $11,385 流动资产总额 · 29,732 · 30,952 · 16,108 物业、厂房及设备净额 · 53,879 · 42,602 · 21,147 资产总额 · 102,094 · 92,079 · 57,062 债务及融资租赁，流动 · 1,538 · 928 · 372 流动负债总额 · 24,436 · 21,400 · 11,791 负债总额 · 60,512 · 50,754 · 31,258 可赎回可转换优先股 · 7,049 · 38,752 · 20,941 股东权益总额 · 34,533 · 2,573 · 4,863

2026 · 2025 · 2024 (in millions) · (unaudited) Cash and cash equivalents · $15,852 · $24,747 · $11,385 Total current assets · 29,732 · 30,952 · 16,108 Property, plant, and equipment, net · 53,879 · 42,602 · 21,147 Total assets · 102,094 · 92,079 · 57,062 Debt and finance leases, current · 1,538 · 928 · 372 Total current liabilities · 24,436 · 21,400 · 11,791 Total liabilities · 60,512 · 50,754 · 31,258 Redeemable convertible preferred stock · 7,049 · 38,752 · 20,941 Total shareholders’ equity · 34,533 · 2,573 · 4,863

分部经营与财务数据（未经审计） Segment Operating and Financial Data (unaudited)

**太空：**

**Space:**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 入轨质量（公吨）(1) · 556 · 450 · 2,213 · 1,699 · 1,210 发射次数（次）(1) · 40 · 38 · 170 · 138 · 98 分部经营利润（亏损）（百万美元） · $(662) · $(70) · $(657) · $21 · $(1) 分部调整后 EBITDA（百万美元）(2) · $(351) · $224 · $653 · $1,154 · $997

2026 · 2025 · 2025 · 2024 · 2023 Mass to Orbit (in metric tons) (1) · 556 · 450 · 2,213 · 1,699 · 1,210 Launches (number) (1) · 40 · 38 · 170 · 138 · 98 Segment income (loss) from operations (in millions) · $(662) · $(70) · $(657) · $21 · $(1) Segment Adjusted EBITDA (in millions) (2) · $(351) · $224 · $653 · $1,154 · $997

**连接：**

**Connectivity:**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 Starlink 用户数（百万）(1) · ... · 10.3 · 5.0 · 8.9 · 4.4 · 2.3 Starlink ARPU（美元/月）(1) · $66 · $86 · $81 · $91 · $99 分部经营利润（百万美元） · $1,188 · $1,033 · $4,423 · $2,006 · $469 分部调整后 EBITDA（百万美元）(2) · $2,087 · $1,618 · $7,168 · $3,849 · $1,602

2026 · 2025 · 2025 · 2024 · 2023 Starlink Subscribers (in millions) (1) · ... · 10.3 · 5.0 · 8.9 · 4.4 · 2.3 Starlink ARPU (dollars per month) (1) · $66 · $86 · $81 · $91 · $99 Segment income from operations (in millions) · $1,188 · $1,033 · $4,423 · $2,006 · $469 Segment Adjusted EBITDA (in millions) (2) · $2,087 · $1,618 · $7,168 · $3,849 · $1,602

**AI：**

**AI:**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 铭牌算力装机量（吉瓦）(1) · 1 · 0.3 · 0.8 · 0.3 · 0 分部经营亏损（百万美元） · $(2,469) · $(936) · $(6,355) · $(1,561) · $(3,973) 分部调整后 EBITDA（百万美元）(2) · $(609) · $(112) · $(1,237) · $347 · $1,222

2026 · 2025 · 2025 · 2024 · 2023 Nameplate compute draw (in gigawatts) (1) · 1 · 0.3 · 0.8 · 0.3 · 0 Segment loss from operations (in millions) · $(2,469) · $(936) · $(6,355) · $(1,561) · $(3,973) Segment Adjusted EBITDA (in millions) (2) · $(609) · $(112) · $(1,237) · $347 · $1,222

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(1) 有关我们关键业务指标的更多信息，请参阅“管理层对财务状况和经营成果的讨论与分析——关键业务指标”一节。

(1) Please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics” for additional information on our key business metrics.

(2) 分部调整后 EBITDA 是一项非 GAAP 指标。有关我们非 GAAP 财务指标的更多信息，包括分部调整后 EBITDA 与分部经营利润（亏损）（最直接可比的 GAAP 指标）的对账，请参阅“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”一节。

(2) Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.

风险因素 Risk Factors

投资我们的 A 类普通股涉及高度风险。在决定投资我们的 A 类普通股之前，您应审慎考虑下文所述的风险与不确定性，连同本招股说明书所载的所有其他信息，包括我们的合并财务报表及相关附注。本节披露内容反映了我们对未来可能对我们产生重大不利影响的因素的信念和意见。我们可能无法准确预测、控制或缓解这些风险。对过往事件的提及仅作示例之用，并非意在完整列举，亦不代表该等因素过去是否发生或未来发生的可能性。我们尚未知悉、或我们目前认为不重要的其他风险与不确定性，也可能成为对我们产生不利影响的重要因素。许多可能对我们或我们的前景产生重大不利影响的风险与不确定性超出我们的控制范围，或涉及我们业务战略中时间跨度较长或涉及前所未有的尝试的部分。这可能使对某些风险的评估更加困难，您应在评估对我们 A 类普通股的投资时将这些不确定性纳入考量。若下列任何风险与不确定性发生，我们的 A 类普通股价格可能下跌，您可能损失部分或全部投资。

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this prospectus, including our consolidated financial statements and the related notes thereto, before making a decision to invest in our Class A common stock. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. We may not be able to accurately predict, control, or mitigate these risks. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have or have not occurred in the past or their likelihood of occurring in the future. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect us. Many of the risks and uncertainties that could materially adversely affect us or our prospects are beyond our control or relate to portions of our business strategy that have a lengthy time horizon or involve unprecedented ventures. This can make assessment of certain risks more difficult and you should factor these uncertainties into your assessment of an investment in our Class A common stock. If any of the following risks and uncertainties occur, the price of our Class A common stock could decline, and you could lose part or all of your investment.

与我们的业务相关的风险 Risks Related to Our Business

**Starship 若未能实现规模化研发，或此后未能达到所需的发射频率、可重复使用性及能力，任何此类失败或延迟都将延迟或限制我们执行增长战略的能力，包括部署下一代卫星、全球卫星到移动终端连接以及轨道 AI 算力，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**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.**

如果我们无法按照预期时间表成功完成星舰（Starship）的规模化开发、测试和部署，或根本无法完成，或如果我们无法实现足够的发射频次、可复用性和能力，我们执行增长战略（例如部署下一代 V3 卫星、V2 卫星直连移动通信以及提供轨道 AI 算力基础设施）的能力将受到重大不利影响。星舰的商业化部署，尤其是规模化部署，面临开发和复杂新技术与新系统所固有的重大风险和不确定性。星舰项目过去曾出现延迟或挑战，未来也可能因多种因素而出现，包括不可预见的技术挑战、供应链中断、制造困难、发射与加注基础设施（如发射台、空气分离装置及其他推进剂生产系统）的开发、建设或调试延迟、此类发射与加注基础设施（包括发射台）在数量充足且可运行状态方面的不可用（包括因事故导致）、飞行器或其他部件丢失或损坏、监管障碍，或需要进行额外设计修改。如果我们被要求进行未预料到的重新设计、开展额外测试、替换丢失的飞行器或部件，或应对运营挫折，我们可能遭遇延迟并产生重大额外成本，或被迫从其他项目重新调配关键资源。如果我们的发射台因任何原因在较长时间内不可用，我们可能无法实现开发、测试和部署目标。此类延迟可能对我们实现及时达成未来目标所需规模的能力产生连锁影响。此外，我们增长战略的关键部分涉及提高发射频次、可复用性和能力，包括提高单次发射的有效载荷。这将要求（除其他事项外）成功开发和运营可复用运载火箭、大幅增加对钢材、燃料和推进剂等原材料和部件的获取、建设额外设施并确保额外发射场或从现有场地获得额外发射的权利，以及在我们寻求提高发射频次的过程中应对复杂且不断演变的监管要求以及环境和技术问题。我们的火箭项目历来需要大量时间和资源才能达到商业可行性所需的频次和成本门槛，星舰的开发可能面临类似或更大的挑战。在实现关键开发里程碑、获得必要监管批准或提高并维持我们的发射频次、可复用性和能力方面的任何重大延迟，都将阻碍我们服务产品的扩展、推迟预期收入流，并对我们在快速演变市场中的增长轨迹和竞争定位产生负面影响。

If we are unable to successfully complete the development, testing, and deployment of Starship at scale in accordance with our anticipated schedule, or at all, or if we are unable to achieve sufficient launch cadence, reusability, and capability, our ability to execute our growth strategy (such as the deployment of our next-generation V3 satellites, V2 satellite-to-mobile connectivity, and providing orbital AI compute infrastructure) would be materially and adversely affected. The commercial deployment of Starship, particularly at scale, is subject to substantial risks and uncertainties inherent in the development of new and complex technologies and systems. Delays or challenges in the Starship program have in the past occurred, and may occur in the future due to a variety of factors, including unforeseen technical challenges, supply chain disruptions, manufacturing difficulties, delays in the development, construction or commissioning of launch and fueling infrastructure (such as launch pads, air separation units and other propellant production systems), unavailability of such launch and fueling infrastructure (including launch pads) in sufficient number and in operable condition (including as a result of mishaps), loss or damage to the vehicle or other components, regulatory hurdles, or the need for additional design modifications. If we are required to undertake unanticipated redesigns, conduct additional testing, replace lost vehicles or components, or address operational setbacks, we may experience delays and incur significant additional costs, or be forced to reallocate critical resources from other projects. If our launch pads are not available for an extended period of time for any reason, we may not be able to achieve our development, testing and deployment goals. Such delays could have cascading effects on our ability to achieve the scale we need to timely achieve future objectives. In addition, a critical part of our growth strategy involves increasing our launch cadence, reusability and capability, including increasing our payload per launch. This will require, among other things, the successful development and operation of reusable launch vehicles, substantially increased access to raw materials and components like steel, fuel and propellant, the construction of additional facilities and securing of additional launch sites or rights to additional launches from existing sites, and navigating complex and evolving regulatory requirements and environmental and technological issues as we seek to increase our launch cadence. Our rocket programs have historically required substantial time and resources to reach the cadence and cost thresholds necessary for commercial viability, and the development of Starship may face similar or greater challenges. Any significant delay in achieving key development milestones, obtaining the necessary regulatory approvals or increasing and maintaining our launch cadence, reusability, and capability would impede the expansion of our service offerings, defer anticipated revenue streams, and negatively impact our growth trajectory and competitive positioning in rapidly evolving markets.

我们执行增长战略的能力高度依赖 Starship。若我们无法在预期时间框架内实现与 Starship 相关的商业开发、预期性能、发射频率或成本效率，则我们大规模部署下一代 V3 卫星、V2 Mobile 卫星及轨道 AI 算力基础设施、降低资本与运营成本（包括每 token 成本）、实现预期收入增长以及通过这些举措留住现有客户的能力可能受到重大不利影响。这包括我们对 Starship 完成飞行测试及开始向轨道运送有效载荷的预期。我们当前运营的火箭，包括 Falcon 9 和 Falcon Heavy，不具备部署 V3 卫星和 V2 Mobile 卫星的能力。

Our ability to execute our growth strategy is highly dependent on Starship. If we are unable to achieve the commercial development, anticipated performance, launch cadence, or cost efficiencies associated with Starship within expected timeframes, our ability to deploy next-generation V3 satellites, V2 Mobile satellites, and orbital AI compute infrastructure at scale, reduce capital and operating costs (including cost per token), realize projected revenue growth, and retain existing customers from these initiatives could be materially and adversely affected. This includes our expectations with respect to completion of flight testing of Starship and commencement of payload delivery to orbit. Our current operational rockets, including Falcon 9 and Falcon Heavy, are not capable of deploying V3 satellites and V2 Mobile satellites.

此外，我们推进新举措和把握新兴商业机会的能力——尤其是那些需要高发射频率、大有效载荷能力或先进在轨能力的机会，例如月球作业和行星际任务——取决于 Starship 的及时成功部署以及实现我们目标的发射频率。实现我们目标的发射频率将需要在若干关键里程碑上取得重大进展，并持续投入大量资本资源。这些包括：获取额外土地并在多个地点开发高频发射场及配套基础设施；扩大 Starship 飞行器和 Raptor 发动机的生产规模；建设推进剂生产设施，包括与发射场同址的空分装置和甲烷液化厂；确保充足的电力供应；以及获得必要的监管批准，尤其是来自 FAA 的批准，以支持高发射频率，同时兼顾公共安全和环境考量。在实现这些里程碑的过程中，我们面临诸多重大挑战和不确定性，例如实现全箭堆栈可靠的高频返场着陆作业、开发能够承受反复高速再入的耐用可重复使用隔热罩、确保发动机和其他飞行器部件的快速翻新和高频率可重复使用性、在向高频运营飞行过渡期间管理公众和监管机构对异常的容忍度、为制造和发射作业确保充足电力，以及及时获得 FAA 和其他机构的监管批准。轨道加注涉及微重力下低温推进剂转移、推进剂沉降和蒸发管理相关的技术复杂性，并且是月球和行星际目标所必需的。

In addition, our ability to pursue new initiatives and capture emerging business opportunities—particularly those requiring high launch cadence, large payload capacity, or advanced in-space capabilities, such as lunar operations and interplanetary missions—depends on the timely and successful deployment of Starship and achieving our targeted launch cadence. Achieving our targeted launch cadence will require significant progress on several key milestones and the continued investment of significant capital resources. These include: securing additional land and developing high-rate launch sites and supporting infrastructure across multiple locations; scaling production of Starship vehicles and Raptor engines; constructing propellant production facilities, including air separation units and methane liquefaction plants co-located with launch sites; securing sufficient power supply; and obtaining the necessary regulatory approvals, particularly from the FAA, to support a high launch cadence while addressing public safety and environmental considerations. We face a number of material challenges and uncertainties in achieving these milestones, such as achieving reliable high-cadence return-to-launch-site operations for the full vehicle stack, developing durable reusable heat shields capable of withstanding repeated high-velocity reentries, ensuring rapid refurbishment and high-rate reusability of engines and other vehicle components, managing public and regulatory tolerance for anomalies during the transition to frequent operational flights, securing sufficient power for both manufacturing and launch operations, and obtaining timely regulatory approvals from the FAA and other agencies. Orbital refueling involves technical complexities associated with cryogenic propellant transfer in microgravity, propellant settling, and boil-off management and is required for lunar and interplanetary objectives.

如果星舰未能实现完全可重复使用或快速周转，我们可能会面临更高的单次发射成本、大型星座（包括我们的轨道 AI 算力计划）部署时间表放缓、收入增长延迟以及整体资本需求增加，我们的品牌和声誉也可能受损。要实现具有经济吸引力的大规模 AI 算力卫星，需要星舰具备完全可重复使用能力。若不具备完全可重复使用能力和快速周转能力，星舰仍能够推动我们下一代 Starlink、卫星直连手机、初始月球目标以及早期 AI 算力卫星部署取得进展，但此类进展的速度将更慢、成本将更高。若我们无法按计划将星舰推向市场，可能会限制我们参与新的或不断扩大的可服务市场、削弱我们的竞争差异化，并阻碍我们吸引和留住客户的努力。我们无法保证能够在预期时间框架内实现有关星舰的目标（如有），也无法保证相关延迟或挫折不会对我们的战略计划产生重大影响。

If Starship does not achieve full reusability or rapid turnaround, we may experience higher per-launch costs, slower deployment timelines for our large-scale constellations (including our orbital AI compute program), delayed revenue growth, and increased overall capital requirements, and our brand and reputation may suffer. AI compute satellites at scale need full Starship reusability to be economically compelling. Without full reusability and rapid turnaround, Starship would still be capable of enabling progress on our next-generation Starlink, satellite-to-mobile, initial lunar objectives, and early AI compute satellite deployments, but such progress would be at a slower pace and higher cost. Any inability to deliver Starship to market as planned could constrain our participation in new or expanding addressable markets, limit our competitive differentiation, and hinder our efforts to attract and retain customers. There can be no assurance that we will be able to achieve our objectives with respect to Starship within the expected timeframes, if at all, or that delays or setbacks will not materially impact our strategic plans.

**若我们在获取、维持或续展太空相关活动所需的监管批准和许可证（包括 FAA 发射和再入许可证）方面出现任何延迟或困难，都将严重延迟或扰乱我们的运营、损害我们的业务，或限制我们执行商业战略的能力。**

**Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses required for our space-related activities, including FAA launch and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability to execute our business strategy.**

我们的发射服务在美国及国际上受到广泛监管。我们必须获得并维持众多政府批准，才能发射火箭并开展相关发射和再入活动。若未能获得所需许可证和许可，或出现重大延迟，或未能维持该等许可证和许可，可能会扰乱我们的运营、制约我们的增长，并对我们服务客户的能力产生不利影响。我们部署大规模轨道基础设施（包括轨道 AI 算力系统）的计划将需要运营超大型卫星星座，卫星数量可能多达一百万颗。该等计划将取决于能否获得广泛的国内和国际批准，包括频谱授权、轨道碎片减缓批准，以及与空间态势感知和国际监管制度相关的协调和授权要求，且我们无法保证能够以可接受的时间表、条款获得该等批准，或根本无法获得该等批准。

Our launch services are subject to extensive regulation in the United States and internationally. We must secure and maintain numerous governmental approvals to launch our rockets and conduct related launch and reentry activities. Any failure or significant delay in obtaining required licenses and permits or failure to maintain them could disrupt our operations, constrain our growth, and adversely affect our ability to serve our customers. Our plans to deploy large-scale orbital infrastructure, including orbital AI compute systems, will require the operation of very large satellite constellations, potentially numbering up to one million satellites. These plans will depend on obtaining a wide range of domestic and international approvals, including spectrum authorizations, orbital debris mitigation approvals, and coordination and authorization requirements relating to space situational awareness and international regulatory regimes, and there can be no assurance that such approvals will be obtained on acceptable timelines, terms, or at all.

我们依赖美国联邦航空管理局（FAA）的及时批准来开展发射运营。如果我们未能按预期时间表获得 FAA 发射许可证或相关批准，或者我们受到监管延迟的影响，我们可能被迫推迟或取消计划中的发射，这可能导致错过对客户的承诺、成本增加以及发射资源利用不足。获得发射许可证涉及严格的安全和环境审查，在满足这些要求或审查过程中施加的附加条件方面出现不可预见的问题，也可能影响我们的发射时间表。例如，现行 FAA 法规不允许 Starship 进行返回发射场着陆的再入，要求我们从 FAA 获得豁免，而该豁免并无保证，可能延迟或限制此类运营。在发生异常、事故或失败后，FAA 或其他主管机关可能要求进行调查、施加纠正措施，或限制或延迟我们开展发射运营的能力。例如，多次 Starship 飞行测试（包括第 12 次）已导致 FAA 作出事故认定并由 SpaceX 主导调查，Starship 的复飞以 FAA 认定与事故相关的任何系统、流程或程序不影响公共安全，以及批准并核实任何所需纠正措施的落实情况为条件。我们过去曾受到、未来也可能受到此类行动的影响，从而影响我们提高发射频次的能力。管辖商业发射的监管框架也可能随时间演变。FAA 或其他主管机关可能对发射许可引入新的或更严格的要求——例如更高的安全标准、环境缓解措施或其他运营限制——这可能要求我们投资新技术、调整我们的程序，或以其他方式承担额外的合规负担。此外，随着我们的发射频率和整个行业活动持续增长，FAA 的资源可能变得紧张，这可能导致申请处理时间延长以及获得 FAA 许可证方面的其他困难。在获得所需 FAA 许可证方面的任何重大延迟、施加繁重的新许可条件，或未能获得关键发射的批准，都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

We depend on timely approvals from the FAA to conduct our launch operations. If we do not receive FAA launch licenses or related approvals on the schedules we anticipate or if we are subject to regulatory delays, we could be forced to delay or cancel planned launches, which could cause missed customer commitments, increased costs, and underutilization of our launch resources. Obtaining a launch license involves rigorous safety and environmental reviews, and unforeseen issues in meeting these requirements or additional conditions imposed during the review process could also impact our launch timelines. For example, current FAA regulations do not permit return-to-launch-site reentries for Starship, requiring us to obtain a waiver from the FAA, which is not guaranteed and could delay or restrict such operations. Following an anomaly, mishap, or failure, the FAA or other authorities may require investigations, impose corrective actions, or restrict or delay our ability to conduct launch operations. For example, several Starship flight tests (including the 12th) have resulted in FAA mishap determinations and SpaceX-led investigations, with Starship’s return to flight conditioned on the FAA determining that any system, process, or procedure related to the mishap does not affect public safety, along with approving and verifying the implementation of any required corrective actions. We have in the past been, and may in the future become, subject to such actions, impacting our ability to increase launch cadence. The regulatory framework governing commercial launches may also evolve over time. The FAA or other authorities could introduce new or more stringent requirements for launch licensing – for instance, heightened safety standards, environmental mitigation measures, or other operational restrictions – that could require us to invest in new technologies, adjust our procedures, or otherwise incur additional compliance burdens. Moreover, as the frequency of our launches and industry activity overall continues to grow, the FAA’s resources may become strained, which could lead to longer application processing times and other difficulties obtaining FAA licenses. Any significant delay in receiving required FAA licenses, the imposition of onerous new licensing conditions, or failure to obtain an approval for a key launch, could materially adversely affect our business, financial condition, results of operations, and future prospects.

**在我们为卫星连接服务获取、维持或续展所需通信许可证和频谱授权（包括国际和 FCC 卫星频谱许可证）方面的任何延迟或困难，都可能重大延迟或扰乱我们的运营、损害我们的业务，或限制我们执行商业战略的能力。**

**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.**

我们的卫星连接服务在美国及国际上受到广泛监管。从美国及外国监管机构取得并维持通信牌照和批准，对我们的连接服务至关重要。我们的卫星连接服务，包括我们在 Starlink Mobile 下提供的全球卫星直连手机连接服务，依赖于无线电频谱的使用权限以及美国 FCC 和其他国家电信监管机构的授权。若无上述牌照和批准，我们通常无法在特定市场提供连接服务。取得必要授权可能是一个复杂且耗时的过程，往往涉及技术协调、公共利益或国家安全审查以及跨境考量，包括在某些司法管辖区，监管程序可能受到保护主义政策或偏好的影响。频谱使用权限本身有限且受到高度监管。2025 年 9 月，我们宣布与 EchoStar 达成最终协议，购买其 AWS-4 和 H-block 频谱牌照。该频谱交易已于 2026 年 5 月 12 日获得 FCC 批准，且在完成前还需满足其他交割条件。我们预计该频谱交易将于 2027 年 11 月交割。无法保证上述条件将及时得到满足或豁免，或根本无法满足或豁免。即使交易完成，也无法保证我们从 EchoStar 购买牌照足以满足我们日益增长的频谱牌照需求，且我们可能无法找到其他方以可接受的条款向我们提供额外频谱牌照，或根本无法找到。我们未来可能就频谱权利寻求额外收购、租赁或其他安排，以支持我们连接服务的扩张，且无法保证我们能够以可接受的条款达成或完成任何此类交易或安排，或根本无法达成或完成。任何此类未来交易或安排可能要求重大资本承诺、持续付款义务及监管批准。此外，我们必须就从 EchoStar 收购的频谱取得多个国际电信监管机构的全球使用权，以使我们的 V2 卫星直连手机服务可在全球范围内使用，且无法保证此类授权将以可接受的条款授予，或根本无法授予。此外，我们使用某些频率的权利通过国际电信联盟（“ITU”）进行协调，并受防止有害干扰的国际协议约束。我们必须遵守 ITU 规则和协调程序，国际频谱分配的变化或全球监管论坛的不利决定也可能减少我们可用的频率或附加降低我们网络性能的条件。此外，第三方过去曾、未来也可能为阻止市场进入而获取频谱权利。

Our satellite connectivity services are subject to extensive regulation in the United States and internationally. Obtaining and maintaining communications licenses and approvals from U.S. and foreign regulatory authorities is critical to our connectivity services. 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 FCC in the United States and telecommunications regulators in other countries. Without these licenses and approvals, we generally cannot offer connectivity services in a given market. Acquiring the necessary authorizations can be a complex and time-consuming process, often involving technical coordination, public-interest or national security reviews, and cross-border considerations, including in certain jurisdictions where regulatory processes may be influenced by protectionist policies or preferences. Spectrum access itself is limited and highly regulated. In September 2025, we announced a definitive agreement with EchoStar to purchase its AWS-4 and H-block spectrum licenses. The Spectrum Transaction was approved by the FCC on May 12, 2026 and is subject to other closing conditions prior to completion. We expect the Spectrum Transaction to close in November 2027. There can be no assurance that these conditions will be satisfied or waived in a timely manner, or at all. Even if the transaction is completed, there can be no assurance that our purchase of licenses from EchoStar will be sufficient to meet our growing need for spectrum licenses and we may be unable to find other parties to provide us with additional spectrum licenses on terms acceptable to us, or at all. We may in the future pursue additional acquisitions, leases, or other arrangements relating to spectrum rights in order to support the expansion of our connectivity services, and there can be no assurance that we will be able to enter into or complete any such transactions or arrangements on acceptable terms, or at all. Any such future transactions or arrangements could require significant capital commitments, ongoing payment obligations, and regulatory approvals. In addition, we must secure the global right to use the spectrum acquired from EchoStar from a number of international telecommunications regulators in order to make our V2 satellite-to-mobile services usable worldwide, and there can be no assurance that such authorizations will be granted on acceptable terms, or at all. Moreover, our rights to use certain frequencies are coordinated through the International Telecommunication Union (“ITU”) and are subject to international agreements to prevent harmful interference. We must comply with ITU rules and coordination procedures, and changes in international spectrum allocations or adverse decisions in global regulatory forums could also reduce the frequencies available to us or attach conditions that degrade our network’s performance. Additionally, third parties have in the past, and may in the future, obtain spectrum rights for the purpose of blocking market entry.

通信服务的监管制度在不同国家之间差异很大，并且不断演变。每个国家都可能对卫星互联网提供商施加各自的许可条件和运营要求——例如，强制要求与当地实体合作、在本国境内托管某些基础设施，或遵守与数据隐私和网络安全（包括数据本地化）相关的特定标准；在某些情况下，监管机构可能完全拒绝、延迟或不予批准我们在其管辖范围内运营或使用频谱。我们某些目标市场的制度还可能偏向现有或传统电信公司，这可能阻碍、延迟或阻止我们进入此类市场。遵守适用监管制度的不同要求可能具有挑战性且成本高昂，任何未能遵守当地法律法规的行为都可能导致处罚或丧失我们在该地区运营的授权。此外，通信监管授权通常需要定期续期，并持续遵守部署里程碑、费用支付和干扰缓解义务等条件。如果我们无法以可接受的条款在我们每个目标市场获得、保留和续期必要的频谱权利和服务许可证，或者如果监管机构大幅延迟我们的授权或施加繁重的要求，我们扩展和继续提供连接服务的能力将受到损害，这将对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Regulatory regimes for communications services vary widely across different countries and are continuously evolving. Each country may impose its own licensing conditions and operating requirements on satellite internet providers – for example, mandates to partner with a local entity, to host certain infrastructure within its borders, or to adhere to specific standards relating to data privacy and cybersecurity (including data localization) and, in some cases, regulators may deny, delay or decline to grant authorization for us to operate or use our spectrum in their jurisdiction at all. Regimes in certain of our target markets may also favor incumbent or legacy telecommunications companies, which may impede, delay, or prevent our ability to enter such markets. Compliance with the different requirements of applicable regulatory regimes can be challenging and costly, and any failure to comply with local laws and regulations could lead to penalties or the loss of our authorization to operate in that region. Furthermore, communications regulatory authorizations often require periodic renewal and ongoing compliance with conditions such as deployment milestones, fee payments, and interference mitigation obligations. If we are unable to obtain, retain, and renew the necessary spectrum rights and service licenses on acceptable terms in each of our target markets, or if regulatory bodies significantly delay our authorizations or impose burdensome requirements, our ability to expand and continue our connectivity services would be jeopardized, which would have a material adverse effect on our business, financial condition, results of operations, and future prospects.

**我们的 AI 产品和 X 平台受制于美国及外国在隐私、网络安全、数据使用、数据组合、数据保护、内容、AI、竞争、青少年保护、安全、消费者保护与通知、广告、电子商务、制裁、出口管制及其他事项方面复杂且不断演变的法律法规。其中许多法律法规可能发生变化且解释存在不确定性，我们可能被要求更改我们的产品和业务实践，并可能面临罚款、运营成本增加、用户增长或参与度下降、客户流失，或对我们的 AI 产品和 X 平台造成其他损害。**

**Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, cybersecurity, data use, data combination, data protection, content, AI, competition, youth protection, safety, consumer protection and notification, advertising, e-commerce, sanctions, export controls,and other matters. Many of these laws and regulations 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.**

我们的 AI 产品和 X 平台受美国和国外各种法律法规的约束，包括隐私、网络安全、数据使用、数据组合、数据保护和个人信息、向年轻用户提供服务、生物识别、加密、公开权及相关概念、内容、诚信、知识产权、广告、营销、分销、数据安全、数据保留与删除、数据本地化与存储、数据披露、AI 与机器学习、电子合同及其他通信、竞争、未成年人保护、消费者保护、制裁、出口管制和通知、公民权利、无障碍、产品责任、电子商务、税务和在线支付服务，以及应用商店、支付处理商和其他合作伙伴施加的合同要求。推出新产品或服务、在某些司法管辖区扩大我们的活动，或我们可能采取的其他行动，可能使我们受到额外的法律、法规或其他政府审查，并且在某些情况下，此类法律、法规或政府审查可能限制或延迟我们在某些司法管辖区推出新产品或服务或扩大活动的能力。特别是，我们在各个市场（尤其是在轨道发射服务领域）的领先地位，可能使我们根据竞争法受到更严格的监管审查。此外，这些美国和外国法律法规可能相互施加不同的义务。由于这些法律、法规和要求，我们面临重大罚款和处罚或其他不利后果的风险，例如我们的产品、服务或业务实践发生变化。

Our AI products and X platform are subject to a variety of laws and regulations in the United States and abroad, including privacy, cybersecurity, data use, data combination, data protection and personal information, the provision of our services to younger users, biometrics, encryption, rights of publicity and related concepts, content, integrity, intellectual property, advertising, marketing, distribution, data security, data retention and deletion, data localization and storage, data disclosure, AI and machine learning, electronic contracts and other communications, competition, protection of minors, consumer protection, sanctions, export controls, and notification, civil rights, accessibility, product liability, e-commerce, taxation and online payment services, as well as contractual requirements imposed by app stores, payment processors, and other partners. The introduction of new products or services, expansion of our activities in certain jurisdictions, or other actions that we may take may subject us to additional laws, regulations, or other government scrutiny and, in some cases, such laws, regulations, or government scrutiny may limit or delay our ability to introduce new products or services or expand our activities in certain jurisdictions. Particularly, our leadership position in various markets, especially in orbital launch services, could subject us to heightened regulatory scrutiny under competition laws. In addition, these U.S. and foreign laws and regulations may impose different obligations from each other. As a result of these laws, regulations, and requirements, we are exposed to the risk of significant fines and penalties or other adverse consequences, such as changes to our products, services, or business practices.

我们的社交媒体和 AI 相关活动使我们面临多种风险，涉及有害、误导性或非法内容、准确性、虚假信息与深度伪造、偏见、歧视、毒性、谄媚、AI 欺骗、消费者保护与通知、产品责任、知识产权侵权或盗用、诽谤、数据隐私、网络安全以及制裁与出口管制。社交媒体和 AI 正日益成为全球各司法管辖区政府与监管机构立法和监管活动的对象，这些机构正在或正在考虑将平台内容审核、知识产权、产品责任、数据隐私、年龄限制、数据披露、网络安全、出口管制、消费者保护或其他现行法律法规或新的一般性法律框架适用于 AI（例如欧盟《人工智能法案》、加利福尼亚州《前沿人工智能法案》和纽约州《负责任人工智能安全与教育法案》）。在美国，越来越多的 AI 相关立法和监管活动正在州一级展开。其他多个司法管辖区已颁布或正在考虑颁布针对 AI 的法规。此类法律或法规中的限制若得以实施，可能增加我们 AI 板块及其客户的成本和负担，延迟或阻碍使用我们 AI 板块产品的新系统部署，要求我们修改、限制或停止某些功能（包括限制较少的模式），并减少新进入者和客户数量，从而对我们的 AI 板块业务和财务业绩产生负面影响。如果我们未能充分应对与负责任使用 AI 相关的关切和法规，公众对 AI 的信心可能受到削弱，我们 AI 产品和服务的采用可能放缓，我们可能遭受声誉或财务损害。

Our social media and AI-related activities expose us to a variety of risks related to harmful, misleading or illegal content, accuracy, misinformation and deepfakes, bias, discrimination, toxicity, sycophancy, AI deception, consumer protection and notification, products liability, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity, and sanctions and export controls. Social media and AI are the subject of increasing legislative and regulatory activity by various governmental and regulatory agencies in jurisdictions around the world, which are applying, or are considering applying, platform moderation, intellectual property, product liability, data privacy, age restrictions, data disclosure, cybersecurity, export controls, consumer protection, or other existing laws and regulations or new general legal frameworks to AI (such as the EU’s AI Act, California’s Frontier Artificial Intelligence Act and New York’s Responsible AI Safety and Education Act). In the United States, an increasing amount of legislative and regulatory activity regarding AI is taking place at the state level. Various other jurisdictions have enacted or are considering enacting regulations focused on AI. Restrictions under such laws or regulations, if implemented, could increase the costs and burdens to our AI segment and its customers, delay or halt deployment of new systems using our AI segment’s products, require us to modify, restrict, or discontinue certain features (including less constrained modes), and reduce the number of new entrants and customers, negatively impacting our AI segment’s business and financial results. If we do not adequately address concerns and regulations relating to the responsible use of AI, public confidence in AI could be undermined, adoption of our AI products and services could slow, and we may suffer reputational or financial harm.

我们的某些 AI 产品（包括 Grok）提供旨在生成更直率、直接或较少保留、较少恭敬的输出内容的功能或模式，例如“Spicy”Imagine 模式和“Unhinged”语音模式。这些功能旨在为用户提供更大的灵活性和对其使用我们工具方式的控制权。由于这些模式可能比我们的标准产品更为不恭和尖锐，它们带来更高的风险，包括声誉损害、生成可能露骨的内容和虚假信息或欺骗性输出、潜在的非自愿或剥削性图像、知识产权侵权，或可能被视为剥削性、有害、骚扰、辱骂或歧视性的内容。此类功能的可用性还可能增加监管审查、执法行动、诉讼或损害索赔的风险，以及声誉损害、用户或广告主的抵制，或我们在某些司法管辖区或通过某些合作伙伴分销或变现我们产品的能力受到限制的风险。

Certain of our AI products, including Grok, offer features or modes designed to generate more candid, direct, or less reserved or irreverent outputs, such as “Spicy” Imagine Mode and “Unhinged” Voice Mode. These features are intended to provide users with greater flexibility and control in how they use our tools. Because these modes may be more irreverent and harsher than our standard offerings, they present heightened risks, including reputational harm, the generation of potentially explicit content and misinformation or deceptive outputs, potential nonconsensual or exploitative imagery, intellectual property infringement, or content that could be viewed as exploitative, harmful, harassing, abusive, or discriminatory. The availability of such features may also increase the risk of regulatory scrutiny, enforcement actions, litigation, or claims of harm, as well as reputational damage, user or advertiser backlash, or limitations on our ability to distribute or monetize our products in certain jurisdictions or through certain partners.

此外，全球各类监管机关和机构正积极就社交媒体或 AI 使用相关的多种事项开展调查和问询，包括与有害或非法内容、推荐、广告以及消费者保护和通知相关的调查和问询，这些调查和问询已经导致并可能在未来导致针对我们的额外或进一步调查和程序。某些能够实现更多由用户主导或限制更少的输出的功能，可能增加监管审查的风险。例如，我们正受到美国及国际监管机构和执法机关就有关指控开展的调查和问询，该等指控称我们的 AI 产品被用于制作未经同意的露骨图像或描绘儿童性化情境的内容，以及类似事项。我们正面临与此类指控相关的持续诉讼，包括推定集体诉讼，且我们未来可能就此类指控面临额外诉讼。这些监管问询，包括与我们的 AI 产品（如 Grok）被滥用相关的问询，以及与 X 平台相关的问询，可能使我们面临额外调查、程序及诉讼、监管制裁（包括失去进入某些市场的机会，过去曾发生此类情况）、责任及负面宣传，其中任何一项均会对我们的业务产生不利影响。

In addition, various regulatory authorities and agencies around the world are actively investigating and making inquiries relating to social media or the use of AI concerning a variety of matters, including investigations and inquiries relating to harmful or illegal content, recommendations, advertising, and consumer protection and notification, which have resulted in, and may in the future result in additional or further investigations and proceedings being brought against us. Certain features that enable more user-directed or less constrained outputs may increase the risk of regulatory scrutiny. For example, we are subject to investigations and inquiries from regulators and law enforcement authorities in the United States and internationally concerning allegations that our AI products were used to create nonconsensual explicit images or content representing children in sexualized contexts, and similar matters. We are subject to ongoing litigation, including putative class action lawsuits, relating to such allegations, and we may be subject to additional litigation in the future concerning these types of allegations. These regulatory inquiries, including those related to misuse of our AI products, such as Grok, and those related to the X platform, could expose us to additional investigations, proceedings, and litigation, regulatory sanctions (including loss of access to certain markets, which has occurred in the past), liability and adverse publicity, any of which would adversely affect our business.

例如，2026 年 2 月，我们的 AI 业务板块在欧洲的隐私监管机构爱尔兰数据保护委员会启动了一项大规模调查，以确定我们的 AI 业务板块是否遵守了欧盟《通用数据保护条例》（“GDPR”）项下的义务。该调查涉及使用 X 平台内与 Grok 模型相关的生成式 AI 功能处理欧盟数据主体（包括儿童）的个人数据。在美国，联邦贸易委员会已对我们的 AI 业务板块及其他大型科技公司的聊天机器人展开问询，以了解这些公司在聊天机器人作为儿童和青少年陪伴者时如何评估其安全性。适用于在线平台和内容审核以及 AI 系统的监管要求，可能要求我们实施成本高昂的合规措施、限制某些功能或司法辖区，或使我们面临重大罚款、责任、处罚或运营限制。我们还受制于第三方应用商店（如 Apple App Store 和 Google Play Store）施加的开发者协议和准则。未能遵守该等协议和准则（包括与内容相关的协议和准则），可能导致我们的移动应用程序被该等应用商店暂停或下架。任何此类暂停或下架均可能实质性限制我们分发移动应用程序的能力，并对我们的业务、经营业绩和财务状况产生不利影响。

For example, in February 2026, the Irish Data Protection Commission, our AI segment’s privacy regulator in Europe, launched a large-scale inquiry to determine whether our AI segment has complied with its obligations under the European Union’s General Data Protection Regulation (“GDPR”). This inquiry involves the processing of personal data of European Union data subjects, including children, using generative AI functionality associated with the Grok model within the X platform. In the United States, the Federal Trade Commission has undertaken an inquiry into the chatbots of our AI segment and other major technology companies to understand how these companies have evaluated the safety of their chatbots when acting as companions to children and teens. Regulatory requirements applicable to online platforms and content moderation, and to AI systems, could require us to implement costly compliance measures, restrict certain features or jurisdictions, or expose us to significant fines, liability, penalties, or operational constraints. We are also subject to developer agreements and guidelines imposed by third-party app stores, such as the Apple App Store and Google Play Store. Failure to comply with these agreements and guidelines, including those relating to content, could result in the suspension or removal of our mobile applications from such app stores. Any such suspension or removal could materially limit our ability to distribute our mobile applications, and adversely affect our business, results of operations, and financial condition.

世界各国主管机关已通过或正在考虑通过多项有关数据保护与隐私的立法和监管提案。此外，AI 技术的日益普及——此类技术往往依赖收集大量数据，并使用该等数据来训练、微调或以其他方式开发 AI 模型——已促使世界各地数据保护主管机关考虑并采纳对数据保护法不断演变的新解释，就个人数据处理施加特定义务，包括所需的告知、同意和退出机制。与此类数据隐私事项相关的不利司法裁决、立法或法规可能导致罚款和命令，要求我们改变做法，这可能对我们提供服务的方式产生不利影响，并可能损害我们的业务、财务状况、经营业绩和未来前景。该等合规义务还可能使我们承担重大成本，或以损害我们业务的方式损害我们产品和服务的质量与运营。此外，我们还受制于不断演变的法律法规，这些法律法规规定了我们能否、如何以及在何种情况下传输、接收或以其他方式处理个人数据。我们目前依赖的各种数据传输机制的有效性仍取决于全球范围内的法律、监管和政治动态，这可能要求我们调整现有安排。不断演变的数据保护法律法规（如 GDPR 和《电子隐私指令》）以及影响我们 AI 板块的监管行动，可能限制或不利影响 X 平台的广告服务、Grok 的开发与训练，或在某些司法管辖区提供某些产品和服务的能力。

Authorities around the world have adopted or are considering adopting a number of legislative and regulatory proposals concerning data protection and privacy. Additionally, the increasing adoption of AI technologies, which often rely on the collection of large amounts of data and use of such data to train, fine-tune or otherwise develop AI models, has led data protection authorities around the world to consider and adopt new and evolving interpretations of data protection laws, imposing specific obligations with respect to the processing of personal data, including required notices, consents and opt-outs. Adverse legal rulings, legislation or regulations related to such data privacy matters may result in fines and orders requiring that we change our practices, which could have an adverse effect on how we provide services, and could harm our business, financial condition, results of operations and future prospects. These compliance obligations could also cause us to incur substantial costs or harm the quality and operations of our products and services in ways that harm our business. Further, we are subject to evolving laws and regulations that dictate whether, how, and under what circumstances we can transfer, receive or otherwise process personal data. The validity of various data transfer mechanisms we currently rely upon remains subject to legal, regulatory and political developments globally, which may require us to adapt our existing arrangements. Evolving data protection laws and regulations such as the GDPR and ePrivacy Directive, and regulatory actions affecting our AI segment may restrict or adversely affect the X platform’s advertising services, Grok’s development and training, or the ability to offer certain products and services in certain jurisdictions.

我们还须遵守美国联邦、州和地方政府以及我们开展业务所在外国司法管辖区同类税务机关的税法、法规和政策。税法或其解释或执行的变化可能导致我们的实际税率波动、面临新的或额外的纳税义务，或对我们的税后盈利能力或财务状况产生不利影响。这些美国联邦和州、欧盟及其他国际法律和法规（在某些情况下除政府实体外还可由私人当事方执行）不断演变，并可能发生重大变化。因此，这些法律和法规的适用、解释和执行往往具有不确定性，尤其是在我们所处的新兴且快速演变的行业中，并且在不同司法管辖区之间以及与我们当前的政策和做法之间可能被不一致地解释和适用。例如，有关我们向用户展示内容、审核内容、向年轻用户提供服务或能够以各种方式（包括用于广告）使用数据的监管或立法行动或诉讼，过去已经并可能在未来对用户增长和参与度产生不利影响，影响我们提供服务的方式，或对我们的财务业绩产生不利影响，包括通过施加可能日益基于全球收入计算的巨额罚款。例如，英国《2023 年在线安全法》和澳大利亚《2024 年在线安全修正案（社交媒体最低年龄）法》对某些在线平台施加了风险缓解和年龄相关要求。这些法律和法规以及任何相关索赔、问询或调查或任何政府行动已经并可能在未来导致不利结果，包括合规成本增加、产品变更、收入损失、新产品开发延迟或受阻、负面宣传和声誉损害、运营成本增加、管理层时间和精力被分散，以及损害我们业务的救济措施，包括罚款、损害赔偿或要求我们修改或停止现有业务做法的命令。此外，我们的 AI 产品和 X 平台历来并可能继续面临与虚假信息和深度伪造、诽谤、知识产权侵权或盗用、数据隐私、网络安全、雇佣事宜、广告做法和用户损害相关的索赔和调查；为此类事项进行辩护可能成本高昂并分散管理层注意力。

We are also subject to tax laws, regulations, and policies of the U.S. federal, state, and local governments and of comparable taxing authorities in foreign jurisdictions where we conduct business. Changes in tax laws or in their interpretation or enforcement could result in fluctuations in our effective tax rate, exposure to new or additional tax liabilities, or adversely affect our after-tax profitability or financial position. These U.S. federal and state, EU, and other international laws and regulations, which in some cases can be enforced by private parties in addition to government entities, are constantly evolving and can be subject to significant change. As a result, the application, interpretation, and enforcement of these laws and regulations are often uncertain, particularly in the new and rapidly evolving industry in which we operate, and may be interpreted and applied inconsistently from jurisdiction to jurisdiction and inconsistently with our current policies and practices. For example, regulatory or legislative actions or litigation concerning the manner in which we display content to our users, moderate content, provide our services to younger users, or are able to use data in various ways, including for advertising, have in the past and could in the future adversely affect user growth and engagement, affect the manner in which we provide our services, or adversely affect our financial results, including by imposing significant fines that increasingly may be calculated based on global revenue. For example, the UK’s Online Safety Act 2023 and Australia’s Online Safety Amendment (Social Media Minimum Age) Act 2024 impose risk mitigation and age-related requirements on certain online platforms. These laws and regulations, as well as any associated claims, inquiries, or investigations or any government actions, have led to, and may in the future lead to, unfavorable outcomes including increased compliance costs, changes to our products, loss of revenue, delays or impediments in the development of new products, negative publicity and reputational harm, increased operating costs, diversion of management time and attention, and remedies that harm our business, including fines, damages, or orders that we modify or cease existing business practices. In addition, our AI products and the X platform have historically been, and may continue to be, subject to claims and investigations relating to misinformation and deepfakes, defamation, intellectual property infringement or misappropriation, data privacy, cybersecurity, employment matters, advertising practices, and user harms; defending such matters could be costly and divert management attention.

**我们的 Starlink 和其他卫星服务须遵守复杂且不断演变的美国及外国法律和法规，尤其是与数据隐私、网络安全和电信相关的法律和法规。**

**Our Starlink and other satellite services are subject to complex and evolving U.S. and foreign laws and regulations, particularly relating to data privacy, cybersecurity, and telecommunications.**

我们的 Starlink 及其他卫星服务须遵守美国及境外关于网络安全、隐私、数据使用、数据组合、数据保护、数据安全、数据保留与删除、数据本地化与存储以及向执法机构披露数据的各类法律法规。作为卫星互联网及通信服务提供商，我们在提供服务过程中收集并以其他方式处理各类数据，例如客户个人信息、账户注册信息、设备标识符、网络与连接数据以及政府信息。上述法律法规规范我们如何处理此类信息，并可能对我们施加与网络安全与隐私治理、数据安全措施、数据安全泄露通知、跨境数据传输及客户同意义务等相关的各项要求。

Our Starlink and other satellite services are subject to a variety of laws and regulations in the United States and abroad covering cybersecurity, privacy, data use, data combination, data protection, data security, data retention and deletion, data localization and storage, and data disclosure to law enforcement agencies. As a satellite internet and communications provider, we collect and otherwise process various kinds of data in connection with our services, such as customer personal information, account registration information, device identifiers, network and connectivity data, and government information. These laws and regulations govern how we handle such information, and they may, among others, impose requirements relating to cybersecurity and privacy governance, data security measures, data security breach notification, cross border data transfers, and customer consent obligations.

特别是，《加州消费者隐私法》（经修订）、GDPR（及其英国等效法规）以及其他数据隐私法律法规，对个人信息的处理施加了严格且繁重的合规要求，并对违规行为规定了重大处罚。此外，作为政府承包商，我们还须遵守美国战争部的网络安全成熟度模型认证要求，该要求规定与战争部开展业务的公司须根据所需审查级别达到或超过特定网络安全标准，方有资格获得新合同授予。上述法律法规中许多内容存在变动且解释不确定，其适用在不同司法管辖区可能差异显著。合规可能要求我们修改政策、程序和控制措施，并增加合规成本与运营复杂性。我们可能发布公开隐私政策及其他关于我们收集、存储、共享及以其他方式处理个人信息的声明，任何实际或被认为未能遵守该等隐私政策及其他声明以及上述数据隐私与网络安全法律法规的行为，均可能使我们面临执法行动、调查、诉讼、声誉损害或被要求修改或停止业务实践。

In particular, the California Consumer Privacy Act (as amended), the GDPR (and its equivalent in the United Kingdom) and other data privacy laws and regulations impose stringent and burdensome requirements in connection with the processing of personal information and include significant penalties for non-compliance. Additionally, as a government contractor, we are also subject to the Department of War’s Cybersecurity Maturity Model Certification requirements, which requires companies that do business with the Department of War to, depending on the level of scrutiny required, meet or exceed certain specified cybersecurity standards to be eligible for new contract awards. Many of these laws and regulations are subject to change and uncertain interpretation, and their application may vary significantly across jurisdictions. Compliance may require us to modify our policies, procedures, and controls, and increase our compliance costs and operational complexity. We may post public privacy policies and other statements regarding our collection, storage, sharing and other processing of personal information, and any actual or perceived failure to comply with such privacy policies and other statements, as well as the foregoing data privacy and cybersecurity laws and regulations, may subject us to enforcement actions, investigations, litigation, reputational harm or requirements to modify or cease our business practices.

**我们的业务战略取决于能否以前所未有的规模成功设计、开发并部署我们的产品与服务，以及相关平台、基础设施和其他战略举措，这带来重大的执行、成本与时间风险。**

**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.**

我们的商业计划，以及最终实现我们的使命，都建立在以史无前例的规模构建、商业化并运营产品和服务，以及相关基础设施和战略举措的基础之上。这一目标要求我们整合复杂技术、开发新流程和新基础设施，并在多个供应商、承包商、监管机构和利益相关方之间进行协调。由于我们试图以有限的先例可循的规模执行，我们在设计、工程、采购、施工、调试和运营表现方面面临更高的不确定性，而我们拟开发的产品和服务所依托技术的新颖性又进一步加剧了这种不确定性。

Our business plan, and ultimately, the achievement of our mission, is predicated on building, commercializing, and operating products and services, as well as related infrastructure and strategic initiatives at a scale that has not previously been achieved. This objective requires us to integrate complex technologies, develop new processes and infrastructure, and coordinate across multiple suppliers, contractors, regulators, and stakeholders. Because we are attempting to execute at a scale for which there is limited precedent, we face heightened uncertainty with respect to design, engineering, procurement, construction, commissioning, and operational performance, which is further heightened by the novel nature of the technologies underlying the products and services we intend to develop.

因此，开发和部署我们的产品和服务的时间线可能比我们目前预期的更长，我们可能因各种原因遭遇延迟，包括技术挑战（其中部分源于我们某些产品和服务尚处于早期阶段）、关键技术不可获得或不成熟、供应链限制、能源冲击（包括相关价格波动）、劳动力可获得性、许可和监管审批，或需要重新设计或重新工程化关键组件。此外，与大规模开发和部署我们的产品和服务及相关平台、基础设施和战略举措相关的成本可能超出我们目前的估计，原因包括通胀压力、能源价格、不可预见的工程复杂性、开发或授权尚未商业化的技术的成本、竞争动态、范围变更，或需要额外的资本支出、应急储备或营运资金。

As a result, timelines for developing and deploying our products and services may be longer than we currently anticipate, and we may encounter delays due to, among other things, technical challenges, including those resulting from the nascent state of certain of our products and services, the unavailability or immaturity of key technologies, supply chain constraints, energy shocks, including related price volatility, labor availability, permitting and regulatory approvals, or the need to redesign or reengineer key components. In addition, the costs associated with developing and deploying our products and services and related platforms, infrastructure and strategic initiatives at scale may exceed our current estimates, including due to inflationary pressures, energy prices, unforeseen engineering complexities, the cost of developing or licensing technologies that are not yet commercially available, competitive dynamics, changes in scope, or the need for additional capital expenditures, contingency reserves or working capital.

如果我们无法在预期时间线内或在我们预期的成本参数内成功执行我们的增长战略，我们的业务、财务状况和经营业绩可能受到重大不利影响。延迟或成本超支还可能影响我们实现预期回报、履行合同承诺、以可接受条款获得额外融资或维持投资者信心的能力。此外，即使我们成功部署我们的增长战略（包括 Starship、Terafab、轨道 AI 以及月球经济的创建），它们在大规模下也可能无法如预期般表现，这可能导致运营效率低下、成本增加、收入减少或我们的股价下跌。

If we are unable to successfully execute our growth strategy on the anticipated timeline or within our expected cost parameters, our business, financial condition and results of operations could be materially adversely affected. Delays or cost overruns could also impact our ability to achieve projected returns, meet contractual commitments, access additional financing on acceptable terms, or maintain investor confidence. Moreover, even if we successfully deploy our growth strategy, including Starship, Terafab, orbital AI, and the creation of the lunar economy, they may not perform as expected at scale, which could result in operational inefficiencies, increased costs, reduced revenues, or declines in our stock price.

**我们已经经历、并且很可能将继续经历发射延迟和失败，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**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.**

运载火箭性能不达标、推进异常、结构失效、软件错误或其他故障，可能导致发射延迟或任务部分或完全失败，包括卫星、发射台、运载火箭或有效载荷的损失。任务失败或其他重大运营中断的发生还可能使我们面临诉讼以及监管机构更严格的审查，导致额外合规要求的施加，并对我们的品牌和声誉以及我们获得未来许可证、许可或政府合同的能力产生不利影响。我们通常不为我们的卫星、有效载荷或运载火箭购买保险，因此我们承担任何此类损失的全部财务成本。反复出现的异常或高关注度的任务失败还可能对我们的品牌、声誉、赢得新业务的能力以及我们的客户以有竞争力的费率获得发射和在轨保险的能力（在我们决定购买该保险的范围内）产生负面影响。此类反复出现的异常或任务失败还可能导致监管机构推迟、附加条件或拒绝未来发射或再入所需的批准、豁免或许可，这可能降低我们的发射频率并延迟我们卫星和其他服务的部署。过去，我们的某些运载火箭曾经历部分或完全任务失败，包括导致发射台损毁、有效载荷损失和运载火箭损坏的异常情况。在某些情况下，任务失败可能导致我们的运载火箭碎片对地面人员或财产造成重大损害以及环境损害。无法保证未来发射不会发生类似或其他失败。此外，由于运载火箭性能问题、分离事件或制导、导航和控制错误，卫星可能被部署到错误或次优轨道。错误的轨道部署可能大幅缩短卫星的运行寿命、损害性能、增加燃料消耗或使卫星无法使用。

Launch vehicle underperformance, propulsion anomalies, structural failures, software errors, or other malfunctions could result in launch delays or partial or total mission failures, including the loss of satellites, launch pads, vehicles, or payloads. The occurrence of mission failures or other significant operational disruptions could also expose us to litigation as well as increased scrutiny from regulatory authorities, lead to the imposition of additional compliance requirements, and adversely affect our brand and reputation, and our ability to obtain future licenses, permits, or government contracts. We do not typically obtain insurance coverage for our satellites, payloads, or launch vehicles, and as a result we bear the full financial cost of any such losses. Repeated anomalies or high visibility mission failures could also negatively affect our brand, reputation, ability to win new business, and our customers’ ability to procure launch and in-orbit insurance at competitive rates (to the extent we decide to pursue it). Such repeated anomalies or mission failures could also result in, regulators delaying, conditioning or denying approvals, waivers or licenses required for future launches or reentries, which could reduce our launch cadence and delay the deployment of our satellites and other services. In the past, certain of our launch vehicles have experienced partial or total mission failures, including anomalies that resulted in launch pad destruction, the loss of payloads and damage to launch vehicles. In certain circumstances, mission failures could result in debris from our launch vehicles causing significant damage to persons or property on the ground as well as environmental damage. There can be no assurance that similar or other failures will not occur with future launches. In addition, satellites may be deployed into incorrect or suboptimal orbits due to vehicle performance issues, separation events, or guidance, navigation and control errors. Incorrect orbital placement can materially reduce a satellite’s operational life, impair performance, increase fuel consumption, or render the satellite unusable.

**我们的卫星、运载火箭和其他太空相关技术在有史以来最为严酷且不可预测的太空环境中运行，就轨道 AI 算力而言，未来也将在该环境中运行，这使它们面临广泛而独特的太空相关风险，可能导致其发生故障或失效，而任何此类故障或失效都可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。**

**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.**

在太空运行会使我们的卫星、运载火箭、航天器及相关系统面临极端且高度多变的条件，这些条件可能对性能产生不利影响、缩短使用寿命，或导致任务完全失败。太空环境本质上具有敌意。硬件必须承受：发射过程中显著的振动与声学载荷；大幅波动的热循环；来自太阳和宇宙源的辐射；微流星体与轨道碎片；以及其他环境危害，而上述每一项都无法通过测试完全复现。特别是，我们此前从未、也没有其他人曾运营或尝试运营轨道 AI 算力，此类 AI 基础设施在太空中的条件尚未经过测试。一旦部署，轨道 AI 算力基础设施将不易接近，因此也不易维修或升级，任何组件故障都可能导致永久性容量损失、加速折旧、退役或需要更换该基础设施。

Operating in space subjects our satellites, launch vehicles, spacecraft, and related systems to extreme and highly variable conditions that can adversely affect performance, reduce useful life, or result in total mission failure. Space is inherently hostile. Hardware must withstand: significant vibration and acoustic loads during launch; wide-ranging thermal cycles; radiation from solar and cosmic sources; micrometeoroids and orbital debris; and other environmental hazards, each of which testing cannot fully replicate. In particular, we have not, and no one else has, previously operated or attempted to operate orbital AI compute, and the conditions of space on such AI infrastructure have not been tested. Once deployed, orbital AI compute infrastructure will not be readily accessible, and as a result, will not be easily repaired or upgraded, such that any component failures could result in permanent capacity loss, accelerated depreciation, decommissioning or need for replacement of the infrastructure.

此外，空间天气事件（如地磁暴、太阳耀斑及其他形式的辐射活动）过去曾干扰、未来也可能干扰卫星推进、电力系统和通信设备，可能导致性能下降或永久性损坏。尽管我们在系统中采用了某些抗辐射组件、屏蔽和冗余设计，但这些措施可能不足以在所有情形下防止重大不利影响。由这些风险导致的故障或性能下降可能延迟部署、降低可用容量、增加运营成本、需要大量资本支出以更换受影响资产，或中断或降低向客户提供的服务。此外，我们卫星的使用寿命本质上短于其所承载的信息技术系统和基础设施。因此，随着现有卫星达到使用寿命终点并退役，我们必须定期发射替换卫星，这可能截短这些底层信息技术系统和基础设施的有效寿命。任何此类事件都可能对我们的声誉、对适用法律和法规的合规性、业务、财务状况、经营业绩和未来前景产生不利影响。

In addition, space weather events, such as geomagnetic storms, solar flares, and other forms of radiation activity, have in the past disrupted and could in the future disrupt satellite propulsion, power systems, and communications equipment, potentially leading to reduced performance or permanent damage. Although we incorporate certain radiation-hardened components, shielding, and redundancy into our systems, these measures may not be sufficient to prevent material adverse impacts in all scenarios. Failures or performance degradation resulting from these risks could delay deployments, reduce available capacity, increase operating costs, require significant capital expenditures to replace affected assets, or interrupt or degrade services provided to customers. Furthermore, the useful life of our satellites is inherently shorter than that of the information technology systems and infrastructure they host. As a result, we must periodically launch replacement satellites as existing satellites reach the end of their useful lives and are decommissioned, which may truncate the effective lifespan of those underlying information technology systems and infrastructure. Any such events could adversely affect our reputation, compliance with applicable laws and regulations, business, financial condition, results of operations, and future prospects.

**低地球轨道卫星星座的持续增多，以及与空间碎片或其他航天器发生碰撞的风险，可能限制或损害我们的发射灵活性和卫星部署，进而可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。**

**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.**

如果运营商未能遵守负责任的空间安全、碎片减缓或协调实践，近地轨道星座的持续增多可能增加与空间碎片或其他航天器碰撞的风险。我们的增长战略部分依赖于持续向近地轨道发射更多卫星。随着近地轨道中卫星及其他物体数量的持续增长，意外碰撞、解体事件或其他在轨事故的概率随之上升，这可能导致我们的卫星损失或性能下降、避碰机动成本增加，或需要加速更换或重新部署资产。并非所有卫星运营商或其他航天活动参与者都遵守与我们同样严格的空间安全、碎片减缓或协调实践，这可能增加我们无法控制的拥堵、交会或其他运营风险的可能性，在极端情况下，还可能促成解体事件或级联碎片效应，从而进一步增加近地轨道的碰撞风险。

The continued proliferation of Low-Earth Orbit constellations can increase the risk of collisions with space debris or other spacecraft if operators fail to adhere to responsible space safety, debris mitigation, or coordination practices. Our growth strategy depends, in part, on continuing to launch additional satellites into Low-Earth Orbit. As the number of satellites and other objects in Low-Earth Orbit continues to grow, the probability of accidental collisions, fragmentation events, or other in-orbit incidents increases, which could result in the loss or degradation of our satellites, increased costs for collision avoidance maneuvers, or the need to replace or reposition assets on an accelerated schedule. Not all satellite operators or other space actors adhere to the same rigorous space safety, debris mitigation, or coordination practices that we adhere to, which may increase the likelihood of congestion, conjunctions, or other operational risks outside of our control and, in extreme cases, could contribute to fragmentation events or cascading debris effects that further increase collision risks in Low-Earth Orbit.

此外，随着利用近地轨道开展卫星运营的兴趣日益增长，部分国内和国际监管机构已加强监管审查。若拥堵加剧，可能会出台碎片减缓法规。未能满足碎片相关要求可能导致罚款或丧失许可授权，这将对我们的卫星星座部署和扩展计划产生不利影响，且未来的监管行动可能施加更严格的运营、部署或碎片减缓要求，从而限制我们在近地轨道发射或运营卫星的能力。此外，各方正日益努力进一步监管近地轨道、中地球轨道（MEO）和地球同步轨道（GSO），并为运营商建立责任制度，包括类似于《综合环境响应、补偿与责任法》（Comprehensive Environmental Response, Compensation and Liability Act）下的制度——该法对环境污�染或修复成本规定了严格责任；同时，人们对火箭发射在地球上层大气中产生的排放及其他副产品可能造成的环境影响也日益关注。该领域的额外监管可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

In addition, some domestic and international authorities have applied heightened regulatory scrutiny as interest in utilizing Low-Earth Orbit for satellite operations has increased. Debris mitigation regulations may emerge if congestion increases. Failure to meet debris requirements could result in monetary penalties or loss of licensing authority, which would adversely affect our satellite constellation deployment and expansion plans, and future regulatory actions could impose more restrictive operational, deployment, or debris mitigation requirements that could limit our ability to launch or operate satellites in Low-Earth Orbit. In addition, there is a burgeoning effort to further regulate Low-Earth Orbit, MEO, and GSO and establish liability regimes for operators, including regimes similar to those under the Comprehensive Environmental Response, Compensation and Liability Act, which imposes strict liability for environmental contamination or remediation costs, as well as growing concern over the potential environmental effects of emissions and other byproducts from rocket launches in Earth’s upper atmosphere. Additional regulation in this area could adversely impact our business, financial condition, results of operations, and future prospects.

此外，因与空间碎片或其他航天器碰撞而对我们卫星造成的任何损害或对其功能的任何削弱，都可能重大不利地影响我们向客户提供可靠服务的能力、损害我们的声誉，并使我们需要承担潜在的合同责任或保险索赔。与空间碎片管理相关的日益严峻的挑战可能要求我们投资于额外技术或流程，以保护我们的资产并保持对不断演变的监管框架的合规，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Furthermore, any damage to our satellites or impairment of their functionality resulting from collisions with space debris or other spacecraft could materially and adversely affect our ability to deliver reliable services to our customers, harm our reputation, and expose us to potential contractual liabilities or insurance claims. The growing challenges associated with space debris management may require us to invest in additional technologies or processes to safeguard our assets and maintain compliance with evolving regulatory frameworks, which could have a material adverse effect on our business, financial condition, results of operations, and future prospects.

**关键卫星网络、地面站、发射、制造或航天器或数据中心基础设施的运行中断可能导致严重停机、运营延迟或服务中断，其中任何一项均可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**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.**

我们在太空、连接和 AI 业务板块提供可靠服务的能力，取决于我们关键基础设施的不间断运行，包括但不限于卫星与通信网络、地面站、发射设施和数据中心。影响该基础设施任何环节的中断或故障，无论是由于设备故障、停电、我们计算机系统受到干扰或未经授权的访问（例如软件或硬件故障，或网络攻击）、自然灾害（例如地震、洪水、火灾或恶劣天气事件）、恐怖主义、战争、破坏活动、大流行病、流行病或其他不可预见的情况，都可能导致严重停机、运营延迟或服务完全丧失。网络攻击或其他敌对行为可能摧毁或使大量卫星失效，并且视其规模，可能引发级联碰撞事件，使我们的许可轨道乃至其他轨道在较长时期内无法使用。同样，在冲突地区使用我们的卫星提供通信接入，可能使我们面临外国政府和非国家行为体的报复。此类事件可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。这些事件可能中断电力、损坏设施、尽管有应急计划仍导致服务中断，或损害我们按承诺向客户提供服务的能力，妨碍我们满足监管或合同要求，并侵蚀客户、合作伙伴、监管机构和利益相关方对我们的信任。特别是，影响我们关键基础设施的中断或故障可能导致 Starlink 订户服务中断。任何此类中断都可能削弱现有和潜在 Starlink 订户对我们服务的信任，从而导致现有或潜在订户流失。我们的部分发射和火箭制造设施位于地震活跃地区和低洼沿海地区，分别使其易受地震和飓风影响。此类事件可能损坏我们的发射基础设施、地面支持设备、制造设施或火箭，可能使发射运营停止或延迟，并导致我们承担重大成本。此外，我们的工程、制造、组装以及地面、太空运输和基础设施系统的复杂性和相互依存性意味着，一个组件的中断可能在整个运营中产生级联效应。例如，数据中心或地面站的中断可能影响指挥与控制功能、任务规划或实时遥测，而发射设施的中断可能导致预定发射推迟或取消。

Our ability to provide reliable services across our Space, Connectivity, and AI business segments depends on the uninterrupted operation of our critical infrastructure, including but not limited to satellite and communications networks, ground stations, launch facilities, and data centers. An interruption or failure affecting any aspect of this infrastructure, whether due to equipment malfunctions, power outages, disruptions in, or unauthorized access to, our computer systems (such as software or hardware failures, or cyberattacks), natural disasters (such as earthquakes, floods, fires, or severe weather events), terrorism, war, sabotage, pandemics, epidemics, or other unforeseen circumstances, could result in significant downtime, operational delays, or complete loss of service. A cyberattack or other hostile act could destroy or disable a significant number of our satellites and, depending on its scale, could trigger a cascading collision event that renders our licensed orbits, and potentially other orbits, unusable for an extended period. Similarly, the use of our satellites to enable communications access in conflict zones may expose us to retaliation from foreign governments and non-state actors. Such an event could have a material adverse effect on our business, financial condition, results of operations, and future prospects. These events may disrupt power, damage facilities, interrupt service despite contingency plans or compromise our ability to deliver services to customers as promised, hinder our ability to meet regulatory or contractual requirements, and erode trust among our customers, partners, regulators and stakeholders. In particular, an interruption or failure affecting our critical infrastructure could result in outages of service to our Starlink Subscribers. Any such outage could erode the trust of existing and potential Starlink Subscribers in our service, which could result in the loss of existing or potential subscribers. Certain of our launch and rocket manufacturing facilities are located in seismically active regions and in low-lying coastal areas, making them susceptible to earthquakes and hurricanes, respectively. Such events could damage our launch infrastructure, ground support equipment, manufacturing facilities, or rockets, potentially halting or delaying launch operations and causing us to incur substantial costs. In addition, the complexity and interdependence of our engineering, manufacturing, assembly and terrestrial, space transportation, and infrastructure systems mean that a disruption in one component can have cascading effects throughout our operations. For example, an outage at a data center or ground station could impact command and control functions, mission planning, or real-time telemetry, while interruptions at launch facilities could cause postponements or cancellations of scheduled launches.

**不利的全球宏观经济和地缘政治状况可能对我们的业务、财务状况、经营业绩和未来前景产生负面影响。**

**Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial condition, results of operations and future prospects.**

不利的全球或地区经济及地缘政治状况可能降低对我们某些产品和服务的需求，进而可能对我们的业务、财务状况、经营业绩和未来前景产生负面影响。经济下行、通货膨胀、利率上升、信贷条件收紧、消费者支出减少、企业或政府投资下降，或地缘政治事态发展，都可能对我们的产品需求产生负面影响。消费者或企业在我们的 Starlink 连接服务或我们的 AI 相关产品上的支出减少，将限制我们发展业务的能力，这可能减缓我们部署卫星和扩展星座的速度，或对我们发射能力的利用率产生不利影响。

Adverse global or regional economic and geopolitical conditions could reduce demand for certain of our products and services, which may negatively affect our business, financial condition, results of operations and future prospects. Economic downturns, inflation, higher interest rates, tighter credit conditions, reduced consumer spending, lower business or government investment, or geopolitical developments may negatively affect demand for our offerings. Reduced consumer or enterprise spending for each of our Starlink connectivity services or our AI-related offerings would limit our ability to grow our business, which may slow the pace at which we deploy satellites and expand our constellation or adversely affect the utilization of our launch capabilities.

**制造、测试和发射火箭、卫星及航天器，包括我们为重复使用火箭和航天器所做的努力，涉及固有风险，可能因事故或设备故障导致人员伤亡、财产损失和环境损害或其他不利的环境影响。任何此类事件都可能造成重大损失，包括声誉损害和法律责任，这可能对我们的业务产生重大不利影响。**

**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. Any such events could result in substantial losses, including reputational harm and legal liability, which could have a material adverse effect on our business.**

我们火箭、卫星及航天器的制造、测试、发射和回收是在充满挑战的条件下开展的复杂活动，涉及高度风险。我们的可重复使用运载器将重返地球大气层并在人口稠密陆地上空长时间飞行，一旦发生故障，例如结构解体、失控或碎片散落，将对民众构成固有风险。尽管我们实施了旨在保护人员和公众的广泛安全规程和运营保障措施，但这些规程和保障措施未必能在所有情况下防止我们的人员以及可能的公众成员暴露于爆炸、结构失效或碎片散落等危险之中。制造缺陷、测试异常、发射失败、回收事故或涉及人员受伤、任何人员死亡、财产损失、环境损害或其他不利环境影响的类似事件，都可能造成重大损失，包括声誉损害和法律责任，这可能对我们的业务产生重大不利影响。

The manufacturing, testing, launching, and recovery of our rockets, satellites, and spacecraft are complex activities that are conducted under challenging conditions and involve a high degree of risk. Our reusable vehicles will reenter Earth’s atmosphere and fly over populated land for extended periods, which carries inherent risks to populations in the event of failure, such as structural breakup, loss of control, or debris dispersal. Although we implement extensive safety protocols and operational safeguards designed to protect personnel and the public, these protocols and safeguards may not in all circumstances prevent exposure of our personnel and potentially members of the public to hazards such as explosions, structural failures or debris dispersal. A manufacturing defect, testing anomaly, launch failure, recovery incident, or similar event involving injury to humans, any human fatalities, property damage, or environmental damage or other adverse environmental impacts could result in substantial losses, including reputational harm and legal liability, which could have a material adverse effect on our business.

**尽管我们专注于业务的垂直整合，但我们依赖第三方制造和供应提供发射、连接和 AI 服务所必需的某些关键组件，任何供应短缺或中断或其履约失败都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**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 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.**

关键原材料或组件的供应链中断、供应商资质认证流程中的挑战，或投入品价格上涨，均可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。尽管我们的供应链在很大程度上实现了垂直整合，但我们依赖第三方制造商和供应商提供关键组件，这带来了与供应链连续性、质量保证和供应商履约相关的风险。我们依赖国内和国际供应商提供某些专业材料、组件和服务，这些对我们的运载火箭、航天器、卫星、用户终端（包括 Starlink 消费级终端）、AI 板块及相关基础设施的生产和运营至关重要。这些合作伙伴未能或延迟按所需数量、规格或时间表交付组件，过去曾对我们的生产计划、运营可靠性及履行合同义务的能力造成不利影响，未来也可能如此。此外，因短缺、质量问题、自然灾害、地缘政治事件、劳资纠纷、大流行病、流行病、关税或贸易限制、犯罪活动（包括恐怖主义、破坏或网络攻击）或其他我们无法控制的因素导致的供应链中断，可能造成重大延误、成本增加，或无法以及时且具成本效益的方式向客户交付产品和服务。认证新供应商或过渡至替代供应商的过程可能耗时较长且未必成功，这进一步增加了我们面临供应链中断的风险。此外，对于某些关键产品或服务，我们合格供应商数量有限，这使我们面临更大的定价压力和质量风险。特别是，我们太空、连接和 AI 板块的某些关键投入材料和产品仅可从有限数量的供应商处获得，包括独家或有限来源供应商，且我们的直接芯片供应商依赖于一组集中的先进半导体制造设施。有关我们 AI 处理器相关供应链风险的更多信息，请参见“我们扩大 AI 产品规模的能力依赖于我们的地面和在轨 AI 算力基础设施，而该基础设施依赖于电力、水、AI 处理器和其他关键组件以及电信服务的可用性，任何短缺或中断都将对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。”若这些供应商无法以及时的方式、按我们可接受的价格、质量水平和数量交付产品的必要组件，或这些供应商所依赖的材料或产品供应中断，可能对我们满足客户需求和合同义务、执行增长战略或按预期管理开支或时间表的能力产生不利影响，进而可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

Disruptions in the supply chain for essential raw materials or components, challenges in the supplier qualification process, or increases in the prices of inputs could materially and adversely affect our business, financial condition, results of operations, and future prospects. Despite our supply chain being largely vertically integrated, our reliance on third-party manufacturers and suppliers for key components introduces risks related to supply chain continuity, quality assurance, and vendor performance. We depend on both domestic and international suppliers for certain specialized materials, components, and services that are essential to the production and operation of our launch vehicles, spacecraft, satellites, user terminals (including Starlink consumer terminals), AI segment and related infrastructure. Any failure or delay by these partners to deliver components in the required quantities, within specifications, or on schedule has in the past and may in the future adversely affect our production schedules, operational reliability, and our ability to meet contractual obligations. In addition, disruptions in the supply chain due to shortages, quality issues, natural disasters, geopolitical events, labor disputes, pandemics, epidemics, tariffs or trade restrictions, criminal activity (including terrorism, sabotage or cyberattacks) or other factors outside our control could result in significant delays, increased costs, or an inability to deliver products and services to customers in a timely and cost-effective manner. The process of qualifying new suppliers or transitioning to alternative vendors can be time-consuming and may not be successful, further increasing our exposure to supply chain interruptions. Furthermore, our limited pool of qualified vendors for certain critical products or services exposes us to increased pricing pressures and quality risks. In particular, certain materials and products that are key inputs in our Space, Connectivity, and AI segments are available from a limited number of suppliers, including sole or limited-source suppliers, and our direct chip suppliers are dependent on a concentrated group of advanced semiconductor fabrication facilities. For additional information regarding supply chain risk relating to our AI processors, please see “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.” The inability of these suppliers to deliver necessary components of the products in a timely manner and at prices, quality levels, and volumes acceptable to us, or interruptions in supply of materials or products on which these suppliers rely, could have an adverse effect on our ability to meet customer demands and contractual obligations, execute on our growth strategy, or manage our expenses or timelines as expected, which could adversely impact our business, financial condition, results of operations, and future prospects.

**我们扩展 AI 产品的能力依赖于我们的地面和轨道 AI 算力基础设施，而这又取决于电力、水、AI 处理器及其他关键组件以及电信服务的可用性，上述任何短缺或中断都将对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**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.**

我们扩展数据中心基础设施（该基础设施支撑我们的 AI 业务板块）的能力，正日益受到以下因素的制约：以经济可行的价格获取电力和水资源、较长的交付周期、材料的可获得性以及不断变化的监管要求。例如，由于为 AI 算力供电的能源需求大幅增长而供应有限，全球能源供应受到制约；大规模数据中心运营的冷却可能需要大量水资源。为确保获得这一容量，可能需要签订复杂的、交付周期较长的安排，或采用替代发电来源；而水资源的可获得性已成为数据中心选址、开发和运营中的关键考量因素。我们目前严重依赖天然气和燃气轮机技术为数据中心运营供电。因此，我们扩展基础设施的能力部分取决于我们能否持续以经济可行的价格获得天然气供应、燃气轮机及相关设备的可获得性，以及能否维持允许并支持将天然气用于大规模发电的监管环境。此外，水资源短缺、干旱状况、对当地水资源的竞争或对用水量的监管限制，可能限制我们获取足够冷却用水的能力、制约数据中心冷却容量、增加我们的成本、延迟或限制我们数据中心基础设施的扩张，或要求我们采用可能成本更高或可获得性更低的替代冷却技术。我们的 AI 产品还依赖从第三方供应商采购的 GPU 及其他处理器、服务器、网络设备和其他关键组件，用于我们的数据中心。为我们的技术基础设施制造和供应服务器及网络设备（尤其是 GPU 和其他专用组件）仅限于少数合格供应商。我们与直接芯片供应商之间没有任何长期或其他重大合同安排，而是全部以采购订单方式采购 GPU。我们的直接芯片供应商依赖于一组集中的先进半导体制造设施（即“晶圆厂”）。我们上游供应链的任何中断，包括晶圆厂产能限制、制造问题、硅晶圆或稀土元素等原材料短缺、影响晶圆厂运营的地缘政治紧张局势，或影响关键制造地区的自然灾害，都可能限制我们的芯片供应商履行我们订单的能力，从而可能对我们的业务、财务状况和经营业绩产生重大不利影响。我们实现规模化轨道 AI 的能力取决于我们能否获得足够数量的 AI 芯片，其数量远超我们目前可获得的水平。尽管我们预期建设 Terafab 以应对此类供应制约，但 Terafab 可能无法成功，在此情况下，我们可能没有其他足够的 AI 芯片来源来满足我们的轨道 AI 算力需求。尽管 Terafab 旨在扩大我们的内部芯片制造能力并缓解 SpaceX 未来潜在的 AI 芯片短缺（尤其是在我们追求规模化轨道 AI 的过程中），我们预计仍将继续从第三方供应商采购相当大一部分算力硬件，且无法保证我们能够在预期时间框架内实现 Terafab 相关目标，或根本无法实现。尽管我们与 Tesla 签订了框架协议，但 Tesla 和 Intel 均无义务继续参与该项目，且我们可能不会签订任何此类最终协议。我们的 AI 业务板块还依赖第三方电信提供商（包括云连接）和互联网带宽供应商的服务，以通过其网络提供不间断且无差错的服务。我们可能无法以可接受的价格或数量、或及时地获得 AI 处理器或其他必要组件或电信服务。我们的供应商以及电信和互联网服务提供商也为其他客户（包括我们的某些竞争对手）提供服务，此类供应商或提供商可能优先为此类其他客户提供容量、在短时间内提价、要求苛刻的预付款，或减少或延迟向我们交付。我们的供应商和服务提供商未能满足我们的成本、质量、数量或交付要求，或我们的 AI 业务板块所需的芯片、电信服务或其他组件出现任何短缺或中断，或未能为数据中心运营获得足够的电力或水资源，均可能导致服务中断或停机、延迟关键数据中心或网络基础设施的升级或扩张、损害我们训练 AI 模型和满足客户对我们 AI 业务板块产品需求的能力，并对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Our ability to scale our data center infrastructure, which supports our AI segment, is increasingly constrained by the availability of power and water at economically feasible prices, long lead times, availability of materials, and changing regulatory requirements. For example, energy supply is constrained globally due to the significant increase in demand for, and limited availability of, energy to power AI compute, and significant water resources may be required for cooling large-scale data center operations. Securing this capacity can involve entering into complex, long-lead-time arrangements or proceeding with alternative sources of power generation, and water availability has become a critical consideration in data center site selection, development and operations. We currently rely significantly on natural gas and gas turbine technology to power our data center operations. As such, our ability to scale our infrastructure depends in part on our continued access to natural gas supply at economically feasible prices, the availability of gas turbines and related equipment, and the maintenance of a regulatory environment that permits and supports the use of natural gas for large-scale power generation. In addition, water scarcity, drought conditions, competition for local water resources, or regulatory restrictions on water use could limit our ability to obtain sufficient water for cooling, constrain data center cooling capacity, increase our costs, delay or limit expansion of our data center infrastructure, or require us to implement alternative cooling technologies that may be more costly or less available. Our AI products also rely on GPUs and other processors, servers, network equipment and other critical components sourced from third-party suppliers for use in our data centers. Manufacturing and supply of servers and network equipment for our technical infrastructure, particularly for GPUs and other specialized components, is limited to a small number of qualified suppliers. We do not have any long-term or other material contractual arrangements with our direct chip suppliers, instead procuring all of our GPUs on a purchase-order basis. Our direct chip suppliers are dependent on a concentrated group of advanced semiconductor fabrication facilities, or “fabs.” Any disruption to our upstream supply chain, including fab capacity constraints, manufacturing issues, shortages of raw materials such as silicon wafers or rare earth elements, geopolitical tensions affecting fab operations, or natural disasters impacting key fabrication regions, could limit our chip suppliers’ ability to fulfill our orders, which could have a material adverse effect on our business, financial condition, and results of operations. Our ability to achieve orbital AI at scale depends on our ability to access a sufficient number of AI chips, significantly more than are currently available to us. While we expect to construct Terafab to address such supply constraints, Terafab may not be successful, in which case we may not have other sources of sufficient AI chips to meet our orbital AI compute demands. While Terafab is intended to expand our internal chip manufacturing capabilities and alleviate potential future AI chip shortages at SpaceX, particularly as we pursue orbital AI at scale, we expect to continue sourcing a significant portion of our compute hardware from third-party suppliers, and there can be no assurance that we will be able to achieve our objectives with respect to Terafab within the expected timeframes, or at all. While we have a framework agreement with Tesla, neither Tesla nor Intel are obligated to remain a part of the project, and we may not enter into any such definitive agreements. Our AI segment also relies on services from third-party telecommunications providers, including connectivity to the cloud, and internet bandwidth suppliers to provide uninterrupted and error-free services through their networks. We may be unable to obtain AI processors or other necessary components or telecommunications services at prices or volumes that are acceptable to us or in a timely manner. Our suppliers and telecommunications and internet service providers also serve other customers, including certain of our competitors, and such suppliers or providers may prioritize capacity for such other customers, increase prices on short notice, require onerous prepayments, or reduce or delay deliveries to us. Any failure by our suppliers and service providers to meet our cost, quality, volume, or delivery requirements, or any shortage or disruption in the supply of chips, telecommunications services or other components required for our AI segment, or any inability to secure sufficient power or water resources for data center operations, could result in service disruption or outages, delay critical data center or network infrastructure upgrades or expansions, impair our ability to train our AI models and meet customer demand for our AI segment products and materially adversely affect our business, financial condition, results of operations and future prospects.

我们还依赖第三方云计算服务商提供我们 AI 板块所使用的部分算力，并可能不时依赖第三方数据中心服务商，这使我们面临若干超出我们直接控制范围的风险，包括易受服务中断、冷却能力受限、性能问题及网络攻击的影响。

We also rely on third-party cloud compute providers for a portion of the compute used for our AI segment and may from time to time rely on third-party data center providers, which exposes us to several risks that are beyond our direct control, including vulnerability to outages, cooling capacity constraints, performance issues, and cyberattacks.

我们对云计算服务商负有不可撤销的多年期容量承诺，无论是否使用均需付款。第三方云计算及数据中心服务商终止或中断服务，可能使我们面临服务中断、重大延误，以及为更换服务商而重新架构产品所产生的额外费用。此外，若我们或我们的服务商未能履约，或出现行业下行，我们可能产生负债、拥有难以轻易重新部署的过剩容量，且无法从交易对手或客户处收到付款。

We have non-cancellable, multi-year capacity commitments to cloud compute providers, requiring payment regardless of usage. A termination or lapse in service from third-party cloud compute and data center providers could expose us to service interruptions, significant delays, and additional expenses to re-architect products for a different provider. Additionally, in the event of nonperformance by us or our providers, or an industry downturn, we may incur liabilities, have excess capacity that we cannot easily redeploy, and fail to receive payments from our counterparties or customers.

**我们在所经营的市场中面临激烈竞争，尽管我们历来在太空和连接板块的表现优于某些竞争对手，但我们可能无法持续保持这一优势，这可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。**

**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.**

我们所经营的市场正在快速演变且竞争激烈，我们面临来自一系列成熟企业和新兴企业的竞争，包括资金雄厚的大型科技公司和航空航天企业，其中也包括外国竞争对手。部分竞争对手正投入大量资金开发和部署与我们的产品直接竞争的卫星星座及相关基础设施，而总部位于中国及其他司法辖区的企业可能受益于政府支持、有利的监管环境或国家战略优先安排。

The markets in which we operate are rapidly evolving and intensely competitive, and we face competition from a range of established and emerging companies, including large, well-capitalized technology companies and aerospace firms, including foreign competitors. Some competitors are investing significant capital to develop and deploy satellite constellations and related infrastructure that compete directly with our offerings, and companies based in China and other jurisdictions may benefit from government support, favorable regulatory environments, or strategic national prioritization.

我们部分现有和潜在竞争对手，尤其是在我们的 AI 板块，拥有比我们更雄厚的财务、技术、制造或其他资源，并可能将更多资源投入竞争性产品和服务的开发与商业化。竞争对手可能采取更激进的定价、争取更有利的供应商或分销安排、捆绑服务、组建战略联盟，或以其他方式采取行动增强其竞争地位，从而可能对我们的业务产生不利影响。在某些市场，监管或地缘政治因素可能导致对本土竞争对手的优待，或以其他方式限制我们有效竞争的能力。

Some of our current and potential competitors, particularly in our AI segment, have greater financial, technical, manufacturing, or other resources than we do, and may devote more resources to the development and commercialization of competing products and services. Competitors may adopt more aggressive pricing, secure more favorable supplier or distribution arrangements, bundle services, form strategic alliances or otherwise take actions that enhance their competitive position in ways that could adversely affect our business. In certain markets, regulatory or geopolitical factors may result in preferential treatment for domestic competitors or otherwise limit our ability to compete effectively.

随着新技术不断开发和新的进入者涌现，竞争持续加剧。尽管我们历来在业务的某些方面（例如我们的太空和连接板块）表现优于某些竞争对手，但无法保证我们将保持这一地位。

Competition continues to intensify as new technologies are developed and new entrants emerge. While we have historically outperformed certain competitors in aspects of our business, such as our Space and Connectivity segments, there can be no assurance that we will maintain this position.

**我们依赖于招募和留住具备先进工程和技术技能的员工的能力，而此类员工的激烈竞争可能增加成本并影响我们按期完成开发和生产的能力。**

**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.**

我们依赖于招募和留住具备先进工程和技术技能的员工的能力，并在某些情况下依赖于拥有必要国家安全许可的员工，以便根据我们的政府合同履约或赢得新业务。这些员工需求旺盛，并且在可预见的未来很可能仍是一种有限的资源。当前紧张的劳动力市场已对我们招募合格人员（包括工程师）的能力造成不利影响，尤其是在我们的 AI 业务板块方面。对外国劳动力进口或留用的限制增加，也可能推高对工程人员的需求，并对我们招聘和留住合格人员的能力造成不利影响。在我们试图扩大 AI 业务规模的过程中，持续的人员流失可能影响员工士气并带来其他挑战。此外，培训技术人员和其他人员需要投入大量时间和资源，我们过去曾失去、未来也可能失去新员工，他们流向我们的竞争对手或其他公司，而我们尚未从招聘和培训他们的投资中获益。我们招募和留住合格员工的能力取决于诸多因素，包括我们支付市场水平薪酬的能力、提供晋升机会的能力，以及为合格的国际候选人获得签证担保和工作许可的能力。如果我们无法招募和留住足够数量的此类员工，那么我们维持竞争力和发展业务的能力可能会受到负面影响。此外，由于我们的产品和服务具有高度技术性，失去任何大量现有工程人员都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。先进工程和技术岗位的人才库中有相当一部分是国际人才，我们经营所在司法辖区的移民法律或政策变化可能限制我们招聘和留住此类候选人的能力，并加剧人才竞争。

We depend on our ability to recruit and retain employees who have advanced engineering and technical skills and, in some cases, employees with the necessary national security clearances to perform under our government contracts or win new business. These employees are in great demand and are likely to remain a limited resource in the foreseeable future. The current tight labor market has adversely impacted our ability to recruit qualified personnel, including engineers, particularly with respect to our AI segment. Increased restrictions on the import or retention of foreign labor may also increase demand for engineering personnel and adversely impact our ability to hire and retain qualified personnel. Continued turnover may impact employee morale and create other challenges as we attempt to scale our AI business. In addition, significant amounts of time and resources are required to train technical and other personnel, and we have in the past lost and may in the future lose new employees to our competitors or other companies before we realize the benefit of our investment in recruiting and training them. Our ability to recruit and retain qualified employees depends on a number of things, including our ability to pay market compensation, provide opportunities for advancement, and secure visa sponsorships and work permits for qualified international candidates. If we are unable to recruit and retain a sufficient number of these employees, then our ability to maintain our competitiveness and grow our business could be negatively affected. In addition, because of the highly technical nature of our products and services, the loss of any significant number of our existing engineering personnel could have a material adverse effect on our business, financial condition, results of operations, and future prospects. A significant portion of the talent pool for advanced engineering and technical roles is international, and changes in immigration laws or policies in the jurisdictions in which we operate could limit our ability to hire and retain such candidates and intensify competition for talent.

**我们不时涉及诉讼、调查和其他监管程序，这些事项可能成本高昂、耗时，并分散管理层的注意力，对我们的业务产生重大不利影响。**

**From time to time, we are involved in litigation, investigations, and other regulatory proceedings which could be costly, time-consuming, and divert management attention, materially adversely affecting our business.**

我们不时已经并可能在未来卷入与各类事项相关的各种法律程序，包括知识产权、商业、监管、产品责任、雇佣、人身伤害、集体诉讼、员工或承包商健康与安全、环境、举报人、证券及其他诉讼与索赔，以及政府和其它监管调查与程序，包括税务检查。此外，我们的股价可能波动，且过去那些经历过股价波动的公司曾面临证券诉讼，包括集体诉讼。此类事项可能成本高昂、耗时，并分散管理层执行战略举措和经营业务的注意力。我们经营的行业历来面临大量诉讼和监管审查，加之我们的公众知名度、不断扩大的运营以及部分产品（包括我们的 AI 解决方案）的新颖性，我们可能面临此类诉讼风险增加。诉讼和监管程序本质上难以预测。任何不利判决、和解或监管处罚都可能造成重大财务成本、声誉损害和运营中断。我们的某些硬件产品是新的且相对未经检验。如果出现产品缺陷，尤其是导致产品责任索赔的缺陷，由此产生的保修和损害索赔，连同对我们声誉的任何相关损害，可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。即使我们在这些事项中胜诉，诉讼和监管程序的抗辩与解决也可能需要大量资源和管理层关注，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。此外，仅仅启动诉讼或政府调查，无论结果如何，都可能对投资者信心和我们股价产生负面影响。随着我们持续创新并寻求新的商业和政府合同、扩展产品供应并进入新市场，面临法律和监管挑战的可能性可能增加，使我们进一步暴露于这些风险。请参阅本招股说明书其他部分的“业务——法律程序”、我们经审计合并财务报表中的附注 17“承诺与或有事项”，以及我们未经审计合并财务报表中的附注 16“承诺与或有事项”。

From time to time, we have been and may in the future become involved in various legal proceedings relating to a variety of matters, including intellectual property, commercial, regulatory, product liability, employment, personal injury, class action, employee or contractor health and safety, environmental, whistleblower, securities and other litigation and claims, and governmental and other regulatory investigations and proceedings, including tax examinations. Additionally, our share price may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities litigation, including class action litigation. Such matters could be costly, time-consuming, and divert management’s attention from executing our strategic initiatives and operating our business. The industries in which we operate have historically experienced significant litigation and regulatory scrutiny, and with our public profile, expanding operations and the novel nature of some of our offerings, including our AI solutions, we may face an increased risk of such actions. Litigation and regulatory proceedings are inherently unpredictable. Any adverse judgments, settlements, or regulatory penalties could result in substantial financial costs, reputational harm, and operational disruptions. Certain of our hardware products are new and relatively unproven. If a product defect were to arise, especially one leading to product liability claims, the resulting warranty and damage claims, together with any associated harm to our reputation, could have a material adverse effect on our business, financial condition, results of operations, and future prospects. Even if we prevail in these matters, the defense and resolution of litigation and regulatory proceedings may require significant resources and management attention, which could materially and adversely affect our business, financial condition, results of operations, and future prospects. Additionally, the mere initiation of litigation or government inquiries, regardless of the outcome, could negatively impact investor confidence and our stock price. As we continue to innovate and pursue new commercial and government contracts, expand our product offerings, and enter new markets, the likelihood of facing legal and regulatory challenges may increase, further exposing us to these risks. Please refer to “Business—Legal Proceedings” and Note 17, Commitments and Contingencies, in our audited consolidated financial statements and Note 16, Commitments and Contingencies in our unaudited consolidated financial statements include elsewhere in this prospectus.

**我们的计算机和数据系统，或我们在运营中使用的第三方计算机和数据系统，若发生任何重大中断或未经授权的访问，可能导致服务丢失或降级、对我们的信任丧失以及对我们的业务造成损害。**

**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.**

我们运营中所使用的计算机和数据系统或第三方系统若发生运营中断或遭未经授权访问，可能危及敏感信息（包括机密信息或其他受政府管控的信息）、专有信息、保密信息或个人信息，妨碍运营，并导致财务损失、法律责任、声誉损害，以及削弱我们在发射服务、天基互联网和移动电话服务领域的竞争地位。我们的业务依赖于信息技术系统和基础设施的持续、安全运行，包括支持我们发射运营、制造设施、Starlink 服务、政府服务、员工数据库和关键任务通信的系统和基础设施。我们的系统和基础设施还可能遭受网络攻击，包括民族国家、国家支持的行为体、网络犯罪分子或其他恶意第三方实施的复杂黑客攻击，这可能导致我们的卫星系统、地面基础设施或数据网络遭到未经授权访问、中断或性能下降。此类中断或未经授权访问可能源于多种事件或活动，包括因流程、编码或人为错误导致的意外泄露、网络攻击、数据泄露、利用已知或未知的软件或硬件漏洞、恶意软件、勒索软件、凭据窃取、计算机病毒、社会工程（如网络钓鱼）、拒绝服务攻击、软件或硬件故障，或其他恶意或破坏性事件或活动——无论实施者是外部行为体（包括民族国家、国家支持的組織或网络犯罪团伙）、内部人员还是其他威胁行为体，其中任何一方的行动都可能因使用 AI 而得到增强——可能导致敏感信息（包括机密信息或其他受政府管控的信息）、专有信息、保密信息或个人信息（包括技术数据、客户或合作伙伴信息以及知识产权）被窃取、销毁或未经授权披露，尤其是因为我们的一些产品和服务涉及此类数据和信息的收集、存储和处理。我们对 AI 模型的开发和部署、内部和第三方 AI 工具以及其他 AI 应用，使我们面临更多且新型的风险和漏洞，包括提示注入、幻觉、错误以及与 AI 代理相关的其他问题，以及宝贵知识产权（包括源代码、模型权重和其他资产）遭到侵害的风险。某些内部和外部威胁行为体，如民族国家、国家支持的組織、有组织威胁网络和企业间谍行为体等，已经并将继续长期维持恶意活动，并投入大量资源试图——且在某些情况下成功——造成我们计算机系统或我们运营中所使用的第三方计算机系统的重大中断或未经授权访问。此类事件过去已经并可能在未来扰乱或削弱我们设计、生产、发射或管理产品和服务的能力，导致运营延迟、违反适用的数据隐私和网络安全法律法规、客户计算机系统中断或遭未经授权访问、成本增加、收入损失、信任丧失、诉讼或监管处罚。

An operational disruption in, or unauthorized access to, our computer and data systems or those of third parties that we utilize in our operations could compromise sensitive (including classified or otherwise government-controlled), proprietary, confidential, or personal information, impede operations, and result in financial losses, legal liabilities, reputational harm, and erosion of our competitive position in launch services, space-based internet, and mobile phone services. Our business depends on the continuous and secure operation of our information technology systems and infrastructure, including those that support our launch operations, manufacturing facilities, Starlink services, government services, employee databases, and mission-critical communications. Our systems and infrastructure may also be subject to cyberattacks, including sophisticated hacking attempts by nation-states, state-sponsored actors, cybercriminals, or other malicious third parties, which could result in unauthorized access to, disruption of, or degradation of our satellite systems, ground infrastructure, or data networks. Such disruptions or unauthorized access, which may result from a wide variety of incidents or activities, including inadvertent compromises arising from process, coding or human errors, cyberattacks, data breaches, exploitation of known or unknown software or hardware vulnerabilities, malware, ransomware, credential harvesting, computer viruses, social engineering (such as phishing), denial of service attacks, software or hardware failure, or other malicious or disruptive incidents or activities—whether perpetrated by external actors, including nation-states, state-sponsored organizations, or cybercriminal groups, insiders, or other threat actors, any of whom may see their efforts enhanced by the use of AI —could lead to the theft, destruction, or unauthorized disclosure of sensitive (including classified or otherwise government-controlled), proprietary, confidential or personal information, including technical data, customer or partner information, and intellectual property, particularly because some of our products and services involve the collection, storage, and processing of such data and information. Our development and deployment of AI models, internal and third-party AI tools, and other AI applications expose us to increased and novel risks and vulnerabilities, including prompt injection, hallucinations, errors, and other issues related to AI agents, as well as the risk of compromise of valuable intellectual property including source code, model weights, and other assets. Certain internal and external threat actors, such as nation-states, state-sponsored organizations, organized threat networks and corporate espionage actors, among others have and will continue to sustain malicious activities for extended periods and deploy significant resources to attempt, and in some cases succeed, at causing significant disruptions in, or unauthorized access to, our computer systems or those of third parties that we utilize in our operations. Such incidents have in the past and may in the future also disrupt or degrade our ability to design, produce, launch, or manage our products and services, resulting in operational delays, violations of applicable data privacy and cybersecurity laws and regulations, disruptions in, or unauthorized access to, our customers’ computer systems, increased costs, loss of revenue, loss of trust, litigation or regulatory penalties.

随着网络与数据隐私威胁的规模、频率、复杂程度或强度不断演变，以及我们对互联系统和第三方供应商的依赖日益加深，尽管我们努力实施安全措施、监控和事件响应协议，我们仍面临漏洞风险。无法保证我们的网络安全风险管理流程（包括我们的政策、程序和管控措施）能够及时或有效地检测、遏制或修复网络安全攻击。任何重大的安全与数据泄露或系统故障都可能对我们的业务、财务状况、经营成果和未来前景产生重大不利影响，并可能导致客户、监管机构、政府机构和合作伙伴对我们失去信任。此外，我们为调查、缓解、遏制和修复因我们的计算机和数据系统或我们在运营中所使用的第三方系统遭受重大中断或未经授权访问所造成的损害而付出的努力可能成本高昂且耗时，且可能不会成功，我们还可能犯错或未能采取必要行动。此类事件引发的修复工作、诉讼、监管调查和合规义务（包括通知相关监管机构和受影响方的义务）可能需耗费大量管理层精力和资源，且我们依赖自有资金来覆盖此类损失或负债。此外，美国和国际网络安全与隐私法律法规的快速变化扩大了监管制度和合规要求，监管机构继续在这些领域采取执法行动。我们预计监管环境将变得更加复杂，这可能增加我们以及我们供应商的运营和合规支出。此外，我们在运营中使用的一些第三方可能会接收或存储我们或我们的客户提供的信息。如果这些第三方未能采取或遵守适当的数据隐私和安全实践，或其系统或网络以上述方式遭到入侵，我们的数据或我们客户的数据可能会被不当访问、使用或披露给未经授权的接收方，这可能导致财务损失、法律责任、声誉损害和额外的合规义务。我们无法控制此类第三方所采取的隐私和网络安全措施，与此类第三方签订的任何合同保护（例如对我们进行赔偿的义务，如有）可能无效或不够充分。

As the scale, frequency, sophistication, or intensity of cyber and data privacy threats continue to evolve, and as our reliance on interconnected systems and third-party vendors grows, we remain exposed to vulnerabilities despite our efforts to implement security measures, monitoring, and incident response protocols. There can be no assurance that our cybersecurity risk management processes, including our policies, procedures, and controls, will be effective in promptly or effectively detecting, containing, or remediating cybersecurity attacks. Any significant security and data breach or system failure could materially and adversely affect our business, financial condition, results of operations, and future prospects, and could result in loss of trust among customers, regulators, government agencies, and partners. Furthermore, our efforts to investigate, mitigate, contain, and remediate the harm caused by a significant disruption in, or unauthorized access to, our computer and data systems or those of third parties that we utilize in our operations may be costly and time-consuming and may not be successful, and we may make errors or fail to take necessary actions. Remediation efforts, litigation, regulatory investigations, and compliance obligations (including obligations to notify appropriate regulators and affected parties) arising from such incidents could require substantial management attention and resources, and we rely on our own funds to cover such losses or liabilities. In addition, rapid changes to U.S. and international cybersecurity and privacy laws and regulations have expanded regulatory regimes and compliance requirements, and regulators continue to undertake enforcement actions in these areas. We expect the regulatory environment to grow more complicated, which may increase our operational and compliance expenditures, as well as those of our suppliers. Moreover, some third parties we utilize in our operations may receive or store information provided by us or by our customers. If these third parties fail to adopt or adhere to adequate data privacy and security practices, or their systems or networks are breached in the manner described above, our data or our customers’ data may be improperly accessed, used, or disclosed to unauthorized recipients, which could result in financial losses, legal liabilities, reputational harm, and additional compliance obligations. We do not control the privacy and cybersecurity measures put in place by such third parties, and any contractual protections with such third parties, such as obligations to indemnify us, if any, may be ineffective or otherwise inadequate.

**开发和维护支持我们当前和未来运营所需的技术和基础设施将需要大量资本支出，如果我们无法从运营中产生足够的现金流或以可接受的条款获得额外融资，我们的业务、财务状况、经营成果和未来前景可能会受到重大不利影响。**

**The development and maintenance of the technologies and infrastructure necessary to support our current and future operations 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.**

我们的业务需要大量资本支出，用于设计、开发、扩展和维护我们的技术与基础设施，以支持我们的运营。例如，我们已发生重大资本支出，并预计未来将大幅增加资本支出，用于设计和开发及部署我们的卫星星座、运载火箭、地面站、制造设施和项目，包括 Terafab、AI 算力基础设施、数据中心及其他配套基础设施。这些支出包括但不限于与研发、生产能力的建设与扩建、购置物业和设备以及为确保可靠性和竞争力而进行的持续维护和升级相关的成本。特别是，按照我们预期的时间表开发、测试和部署 Starship，以及我们推进轨道 AI、其他太空相关服务以及月球和行星际任务，都将需要投入大量额外资本资源。此外，我们已进行并打算继续进行大量资本支出，以支持我们 AI 产品的增长，包括与获取第三方 GPU、制造我们自己的 GPU，以及建设、租赁、维护、增强和扩展我们的数据中心相关的成本。我们可能随时选择增加或加快任何此类投资的步伐，这可能导致利润率下降或亏损增加的时期，因为我们将长期增长置于近期财务表现之上。许多对我们增长前景至关重要的产品和服务是新颖且未经检验的，因此我们对资本支出的估计可能被证明是不准确的。

Our business requires substantial capital expenditures to design, develop, expand, and maintain our technologies and infrastructure to support our operations. For example, we have incurred significant capital expenditures and expect to increase our capital expenditures substantially in the future in connection with the design, development, and deployment of our satellite constellations, launch vehicles, ground stations, manufacturing facilities, and programs, including Terafab, AI compute infrastructure, data centers, and other supporting infrastructure. These expenditures include, but are not limited to, costs associated with research and development, construction and expansion of production capabilities, acquisition of property and equipment, and ongoing maintenance and upgrades to ensure reliability and competitiveness. In particular, the development, testing, and deployment of Starship in accordance with our anticipated schedule, as well as our pursuit of orbital AI, other space-related services, and lunar and interplanetary missions, will require the investment of significant additional capital resources. In addition, we have made and intend to continue to make substantial capital expenditures to support the growth of our AI products, including costs related to obtaining third-party GPUs, manufacturing our own GPUs, and constructing, leasing, maintaining, enhancing, and expanding our data centers. We may choose to increase or accelerate the pace of any of these investments at any time, which could result in periods of reduced profitability or increased losses as we prioritize long-term growth over near-term financial performance. Many of the products and services that are important for our growth prospects are novel and untested, and therefore our estimates of capital expenditures may prove to be inaccurate.

如果我们通过进一步发行股权或可转换债务证券来筹集额外资本，我们的股东可能会遭受重大稀释，我们发行的任何新股权证券可能拥有优于我们 A 类普通股持有人的权利、优先权和特权。管辖我们债务的协议包含各种限制性契约，我们未来获得的任何额外债务融资可能涉及与我们的融资活动及其他财务和运营事项相关的限制性契约，这可能限制我们的运营灵活性，并使我们在获取额外资本和寻求商业机会方面更加困难。我们进入资本市场或获得其他融资来源的能力可能受到我们无法控制的因素的不利影响，包括市场状况波动、投资者情绪变化、利率上升或影响更广泛行业或经济的不利事件。

If we raise additional capital through further issuances of equity or convertible debt securities, our shareholders could suffer significant dilution and any new equity securities we issue could have rights, preferences, and privileges superior to those of holders of our Class A common stock. The agreements governing our indebtedness contain various restrictive covenants and any additional debt financing secured by us in the future could involve restrictive covenants relating to our capital-raising activities and other financial and operational matters, which could limit our operational flexibility and make it more difficult for us to obtain additional capital and to pursue business opportunities. Our ability to access the capital markets or secure other sources of financing may be adversely affected by factors beyond our control, including fluctuations in market conditions, changes in investor sentiment, increases in interest rates, or adverse events affecting the broader industry or economy.

**我们庞大的债务水平可能对我们的财务状况产生重大不利影响。**

**Our substantial level of indebtedness could materially adversely affect our financial condition.**

我们存在重大债务，可能通过以下方式对我们的业务产生重大不利影响：增加我们对总体不利经济和行业状况的脆弱性；要求我们将经营现金流的相当一部分用于偿还债务，从而减少可用于为运营、增长战略、产品开发和战略举措提供资金的现金流；限制我们规划或应对业务及所处行业变化的灵活性；以及由于我们的借款目前且未来可能采用浮动利率，使我们面临利率上升的风险。截至 2026 年 3 月 31 日，我们的未偿债务本金总额为 $29,132 million。我们的重大债务还可能对我们的信用评级或评级展望产生不利影响，这可能提高我们的资本成本、限制我们获得融资的渠道，并损害我们以可接受条件获得额外融资的能力，甚至完全无法获得。上述任何一项事件的发生，都可能对我们的业务、经营业绩和财务状况，以及我们履行债务协议项下义务的能力产生重大不利影响。如果我们未能遵守债务协议的条款，我们的贷款人可能宣布违约并加速我们的还款义务，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

We have significant indebtedness that could materially adversely affect our business by increasing our vulnerability to general adverse economic and industry conditions; requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund operations, our growth strategy, product development and strategic initiatives; limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and exposing us to the risk of increased interest rates as our borrowings are, and may in the future be, at variable interest rates. As of March 31, 2026, we had total principal indebtedness outstanding of $29,132 million. Our substantial indebtedness may also adversely affect our credit ratings or outlook, which may increase our cost of capital, limit our access to financing, and impair our ability to obtain additional financing on acceptable terms, or at all. The occurrence of any one of these events could have a material adverse effect on our business, results of operations, and financial condition, and ability to satisfy our obligations under the agreements governing our indebtedness. If we fail to comply with the terms of our debt agreements, our lenders could declare a default and accelerate our repayment obligations, which could materially and adversely affect our business, financial condition, results of operations, and future prospects.

**我们未来的收入和经营业绩取决于我们能否在高度竞争的市场中开发新技术并应对客户需求和行业标准的变化；如果我们无法做到这一点，我们的业务、财务状况、经营业绩和未来前景可能受到重大不利影响**

**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**

受影响的 · . 我们未来的收入增长和经营业绩高度依赖于我们设计、开发及 及时且经济高效地成功商业化新的创新技术、产品和服务 基础。我们经营所在市场的特点是快速且颠覆性的技术变革、不断演变的 行业标准、资金雄厚的新竞争对手的出现、频繁的新产品和服务 介绍、不断变化的客户需求以及监管变化。此外，我们可能拓展至新市场， 这可能导致我们无法预见的类似或额外挑战，并可能需要新颖的创新来 应对或克服。因此，我们可能不时迅速调整、修改或改变我们的战略 针对以下方面调整我们业务的优先事项、资本配置、产品或服务重点或运营举措： 这些其他变化或新市场。特别是，AI 行业尚处于早期阶段、竞争激烈、资本密集 并且变化迅速。如今有多家公司正在开发或可能开发产品与服务，这些产品与服务 与我们的 AI 业务板块竞争，且新的竞争对手可能随时间推移而出现。我们当前或潜在的部分 AI 市场的竞争对手是大型科技公司，它们拥有雄厚的财务、技术和营销实力 资源，在某些情况下还有更多的数据访问权限，而另一些则是规模较小的专业公司，拥有 具备专业专长，并且可能比我们拥有更大的灵活性。我们的客户数量也有限，涉及 与我们的某些竞争对手相比，我们的 AI 产品。现有和潜在竞争对手已经建立，或 未来可能彼此之间或与第三方建立合作关系，以增强能力 其 AI 技术以满足我们 AI 产品当前及潜在用户的需求。此外， 现有或潜在用户可能决定针对特定用例开发竞争产品，或建立 与我们的竞争对手在此类用例上的战略关系。当前和潜在的竞争对手以及恶意行为者， 还可能试图对我们的 AI 技术进行逆向工程或以其他方式复制，包括通过模型提取 或蒸馏技术。与我们 AI 产品竞争的加剧可能导致价格下降、收入

affected · . Our future revenue growth and operating results are highly dependent on our ability to design, develop and successfully commercialize new and innovative technologies, products, and services on a timely and cost-effective basis. The markets in which we operate are characterized by rapid and disruptive technological change, evolving industry standards, the emergence of new and well-funded competitors, frequent new product and service introductions, changing customer demands and regulatory changes. In addition, we may expand into new markets, which may lead to similar or additional challenges that we cannot foresee and may require novel innovations to navigate or overcome. As a result, we may from time to time rapidly adjust, modify or change our strategic priorities, capital allocation, product or service focus or operational initiatives across our business in response to these other changes or new markets. In particular, the AI industry is nascent, highly competitive, capital intensive and rapidly changing. There are a number of companies today that develop or may develop products or services that compete with our AI segment, and new competitors may emerge over time. Some of our current or potential competitors in the AI market are large technology companies that have significant financial, technical and marketing resources, and in some cases greater access to data, and others are smaller specialized companies that possess specialized expertise and may have greater flexibility than we do. We also have a limited number of customers for our AI products when compared to certain of our competitors. Current and potential competitors have established, or may in the future establish, cooperative relationships among themselves or with third parties to increase the ability of their AI technologies to address the needs of current and prospective users of our AI products. Furthermore, current or prospective users may decide to develop competing products for particular use cases or to establish strategic relationships with our competitors for such use cases. Current and potential competitors and bad actors, may also attempt to reverse engineer or otherwise replicate our AI technology, including through model extraction or distillation techniques. Increased competition with our AI products could result in price reductions, revenue

短缺、客户流失和市场份额流失，这可能损害我们的业务、财务状况、经营业绩和未来前景。

shortfalls, loss of customers and loss of market share, which may harm our business, financial condition results of operations and future prospects.

在我们的连接业务板块（包括 Starlink 宽带和 Starlink 移动）中，我们面临来自地面固定网络提供商、移动网络运营商以及其他卫星提供商的竞争，且我们的服务在部分市场可能竞争力较弱，包括地面光纤和无线网络可能提供更高容量、更低成本或更稳定性能的密集城区。此外，我们的 Starlink 移动产品所处市场竞争激烈且不断演变，可能受到技术发展速度、频谱可用性以及我们与移动运营商合作成效的影响。此外，X 平台在广告预算方面面临来自社交媒体、消息和媒体公司以及传统媒体渠道（如电视、广播和平面媒体）的激烈竞争。广告主通常对 X 平台没有长期承诺，并可能因我们无法控制的各种原因减少或停止其广告支出。我们正在投入资源以改进 X 平台并提升其对用户和广告主的吸引力。尽管我们已推出新的用户界面增强功能、算法更新及其他产品特性、对 X 平台的改进、在 X 平台上推出新产品和服务以及其他举措，但这些可能成本高昂且难以实施，我们无法确定它们是否会受到用户、内容创作者或广告主的正面评价，或为我们的投资带来正回报。用户流失至其他平台可能对我们的潜在订阅或广告收入产生负面影响。此外，如果用户不再继续贡献内容或以其他方式参与 X 平台，我们便无法为用户提供有价值且及时的内容；或者如果被认为有问题或冒犯性的内容出现在 X 平台上，X 平台的用户规模及其参与度可能下降，导致可变现使用量减少以及来自此类用户的潜在订阅收入损失，且 X 平台可能遭受品牌或声誉损害。X 平台用户数量或其内容数量或质量的下降，也可能影响我们 AI 产品的持续开发，该产品部分利用来自 X 平台的数据和用户生成内容。我们计划在 X 平台上公开发布 Money 产品（「Money 产品」）；然而，我们正与资源及市场影响力远超我们的大型成熟公司竞争。如果我们无法预见技术趋势、应对技术进步或不断变化的客户需求，或成功开发并商业化新的或增强的产品，我们可能无法建立或维持有意义的市场地位，且我们的业务、财务状况、经营业绩和未来前景可能受到重大不利影响。

In our Connectivity segment, including Starlink broadband and Starlink Mobile, we face competition from terrestrial fixed network providers, mobile network operators, and other satellite providers, and our services may be less competitive in certain markets, including dense urban areas where terrestrial fiber and wireless networks may offer higher capacity, lower cost, or more consistent performance. In addition, our Starlink Mobile offering operates in a highly competitive and evolving market, and may be affected by the pace of technological development, spectrum availability, and the success of our partnerships with mobile carriers. In addition, the X platform faces intense competition from social media, messaging and media companies and traditional media outlets, such as television, radio and print, for advertising budgets. Advertisers generally do not have long-term commitments to the X platform and may reduce or discontinue their advertising spending for a variety of reasons outside our control. We are expending resources to improve the X platform and improve its attractiveness to users and advertisers. While we have introduced new user interface enhancements, algorithm updates, and other product features, improvements to the X platform, introducing new products and services on the X platform and other initiatives may be costly and difficult to implement, and we cannot be sure that they will be positively received by users, content creators, or advertisers, or provide positive returns on our investment. Losing users who migrate to other platforms may negatively impact our potential subscription or advertising revenue. Additionally, if users do not continue to contribute content and otherwise engage with the X platform, we are unable to provide users with valuable and timely content, or if content that is considered to be problematic or offensive is made available on the X platform, the size of the X platform’s user base and their engagement may decline, leading to a decline in monetizable usage and the loss of potential subscription revenue from such users, and the X platform may experience brand or reputational harm. A decline in users on the X platform, or the volume or quality of their content on the X platform, could also impact the ongoing development of our AI product, which in part utilizes data and user-generated content from the X platform. We plan to publicly launch the Money product on the X platform (the “Money Product”); however, we are competing against large, established companies with significantly greater resources and market presence than us. If we are unable to anticipate technological trends, respond to technological advancements or changing customer demands, or successfully develop and commercialize new or enhanced offerings, we may be unable to establish or maintain a meaningful market position and our business, financial condition, results of operations, and future prospects could be materially and adversely affected.

**本招股说明书中包含的未来市场机会估计和市场增长预测，以及我们把握此类市场的能力，可能被证明是不准确的。**

**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.**

我们在本招股说明书其他部分所载的关于我们太空、连接和 AI 业务的总可寻址市场的估计，以及关于 AI 增长及其影响的估计，均基于若干内部及第三方估计。例如，我们对太空、连接和 AI 业务市场机会的估计部分依赖于第三方数据和若干内部假设。就我们的太空业务板块而言，这些估计部分依赖于 Novaspace 发布的关于太空赋能解决方案（包括航天器制造、发射服务及相关活动）全球市场规模的估计。我们的连接市场估计部分基于从第三方来源得出的全球家庭、企业、飞机和海事船舶数量的估计，以及基于第三方行业数据得出的关于 ARPU 和月度服务收入的假设，以及我们对不同地理区域和经济环境下定价、采用率和服务渗透率的内部预期。我们的 AI 市场估计部分基于第三方来源对全球数据中心算力需求的预测，包括 RAND Corporation 发布的估计，以及关于全球算力容量中可能用于 AI 工作负载的比例的内部假设，以及其他运营假设，如电力使用、利用率和定价。

Our estimates for the total addressable market for our Space, Connectivity and AI businesses, as well as estimates regarding the growth of AI and its impacts, contained elsewhere in this prospectus are based on a number of internal and third-party estimates. For example, our estimates of market opportunity for our Space, Connectivity and AI businesses rely in part on third-party data and a number of internal assumptions. With respect to our Space segment, these estimates rely in part on estimates published by Novaspace regarding the size of the global market for space-enabled solutions, including spacecraft manufacturing, launch services and related activities. Our connectivity market estimates are based in part on estimates of the number of households, businesses, aircraft and maritime vessels globally derived from third-party sources, together with assumptions regarding ARPU and monthly service revenue derived from third-party industry data and our internal expectations regarding pricing, adoption rates and service penetration across different geographic regions and economic environments. Our AI market estimates are based in part on projections of global data center compute demand from third-party sources, including estimates published by RAND Corporation, together with internal assumptions regarding the portion of global compute capacity that may be utilized for AI workloads and other operational assumptions such as power usage, utilization rates and pricing.

这些估计要求我们就本质上不确定且可能变化的因素作出大量假设和判断，包括技术发展速度、对发射、连接和 AI 服务的未来需求、卫星连接和 AI 技术的采用率、电力和计算硬件的可用性及成本、监管框架的演变以及更广泛的宏观经济状况。

These estimates require us to make numerous assumptions and judgments regarding factors that are inherently uncertain and subject to change, including the pace of technological development, future demand for launch, connectivity and AI services, the rate of adoption of satellite connectivity and AI technologies, the availability and cost of power and computing hardware, the evolution of regulatory frameworks, and broader macroeconomic conditions.

尽管我们认为我们的假设及估计所依据的数据是合理的，但这些假设和估计可能并不正确，支持我们假设或估计的条件也可能随时发生变化，从而降低这些基础因素的预测准确性。因此，我们对我们服务总可寻址市场的估计，以及对我们服务总可寻址市场预期增长率的估计，可能被证明是不准确的。

While we believe our assumptions and the data underlying our estimates are reasonable, these assumptions and estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. As a result, our estimates of the total addressable market for our services, as well as the expected growth rate for the total addressable market for our services, may prove to be inaccurate.

**我们的许多举措，包括大规模开发轨道 AI 算力、大规模制造 AI 芯片、建立月球经济、开发人类增强系统以及将人员和货物运送至月球和火星的举措，涉及重大的技术复杂性、未经证实的技术，或尚不存在或可能需要重大进展的技术，且此类举措可能无法实现商业可行性。**

**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.**

我们在大规模开发轨道 AI 算力、建立月球经济、开发人类增强系统以及将人员和货物运送至月球和火星方面的各项举措尚处于构想、设计和开发的早期阶段，尚未在商业规模上得到验证，甚至完全未经验证，最终可能无法成功。特别是，这些举措的时间表以及实现这些目标所需的发射频率可能难以或无法确定。这些工作需要我们在较长的时间跨度内持续投入大量财务、技术和人力资源，包括但不限于研发、测试、基础设施、监管审批和任务执行。上述各项举措所需的技术、系统和运营能力涉及重大的技术复杂性，并面临设计、工程和性能风险，其中许多风险可能只有在开发和测试推进过程中才会显现。上述许多技术、系统和运营能力均为新颖且未经检验，我们预计将在数年时间内产生大量资本支出，之后我们的 AI 产品和服务以及其他战略举措（包括 AI 算力基础设施以及在轨、月球和行星际工业化努力）才可能实现盈利，而盈利可能永远不会实现。此外，星舰的在轨加注对于我们在地球同步轨道以外的月球、火星、小行星采矿及其他深空雄心至关重要。在轨加注十分复杂，我们尚未演示或尝试过。我们可能无法在我们目前预期的时间表内开发、商业化、规模化或成功实施这些或其他战略举措，甚至完全无法实现。此外，轨道 AI 算力的可行性部分取决于太阳能相对于现有地面能源的成本优势。如果地面能源获取方面出现突破性进展（例如核能领域的进步）显著降低能源成本或缓解基础设施制约，我们轨道 AI 算力基础设施的可行性可能会被实质性削弱。即使我们的轨道 AI 算力基础设施被证明具有商业可行性，AI 应用及相关算力需求增长的大幅放缓也可能导致现有地面数据中心足以满足此类需求，从而降低对我们轨道 AI 算力基础设施的需求。因此，我们可能需要投入超出当前预期的财务、技术、人力或其他资源，且无法保证这些投资将产生足够的收入，这可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

Our initiatives to develop orbital AI compute at scale, establish a lunar economy, develop human augmentation systems, and transport humans and cargo to the Moon and Mars are in early stages of conception, design and development and have not yet been proven at commercial scale, or at all, and may ultimately be unsuccessful. In particular, the timeline for these initiatives, and the launch cadence required to achieve them may be difficult or impossible to determine. These efforts require substantial and ongoing investments of financial, technical, and human resources over extended time horizons, including, but not limited to, research and development, testing, infrastructure, regulatory approvals, and mission execution. The technologies, systems, and operational capabilities required for each of these initiatives involve significant technical complexity and are subject to design, engineering, and performance risks, many of which may only become apparent as development and testing progress. Many of these technologies, systems and operational capabilities are novel and untested, and we expect to incur significant capital expenditures over a period of years before our AI products and services and other strategic initiatives, including AI compute infrastructure and in-orbit, lunar, and interplanetary industrialization efforts, become profitable, which may never occur. In addition, in-orbit refueling of Starship is essential to our lunar, Mars, asteroid mining, and other deep space ambitions beyond geostationary Earth orbit. In-orbit refueling is complex, and we have not yet demonstrated or attempted it. We may not be able to develop, commercialize, scale, or successfully implement these or other strategic initiatives on the timelines we currently anticipate, or at all. Furthermore, the viability of orbital AI compute depends in part on the cost advantages of solar energy relative to existing terrestrial energy sources. To the extent that breakthrough developments in terrestrial energy access, such as advances in nuclear energy, significantly reduce energy costs or alleviate infrastructure constraints, the viability of our orbital AI compute infrastructure may be materially diminished. Even if our orbital AI compute infrastructure proves to be commercially viable, a material slowdown in the growth of AI applications and related compute demand could result in existing terrestrial data centers sufficiently meeting such demand, thereby reducing the need for our orbital AI compute infrastructure. As a result, we may be required to devote financial, technical, human or other resources in excess of our current expectations, and there can be no assurance that these investments will generate adequate revenue, which could adversely affect our business, financial condition, results of operations, and future prospects.

**我们预期的若干市场机会（包括某些 AI、轨道、月球和行星际运输及工业活动）仍处于新兴和演进阶段，或目前尚不存在，此类市场可能不会如我们预期般发展，甚至完全不会发展。**

**Several of our anticipated market opportunities, including certain AI, orbital, lunar, and interplanetary transportation and industrial activities, are still emerging and evolving or do not currently exist, and such markets may not develop as we expect, or at all.**

我们预期市场机会的一部分与“业务——未来市场”一节所述行业相关。其中某些行业，如太空旅游、人体增强以及向月球运输货物，仍处于新兴阶段。其他行业，包括在轨制造、月球客运、在月球建立人类存在或门户枢纽、火星客运与货运、月球或火星能源生产、月球或火星制造能力以及小行星采矿，目前尚不存在。我们对于预期市场机会的规模或时间所作的任何估计本质上都具有不确定性，且必然涉及对未来客户需求、采用情况、技术发展、监管条件以及目前尚不存在的更广泛商业市场兴起的重大假设。尽管我们相信这些行业将随时间发展，但其兴起方式，包括商业化时间、采用规模与速度，以及适用的技术、监管、地缘政治和经济框架，可能与我们的当前预期存在重大差异。如果这些行业未能发展、发展时间慢于预期、规模小于预期，或处于与我们预期不同的经济或监管条件下，这可能要求我们修改、推迟或放弃某些业务计划，或导致此类计划根本无法实现，从而可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

A portion of our anticipated market opportunities is associated with industries described in the section entitled “Business—Future Markets.” Certain of these industries, such as space tourism, human augmentation, and cargo transport to the Moon, are still emerging. Others, including in-orbit manufacturing, passenger transport to the Moon, an established human presence or gateway hub on the Moon, passenger and cargo transport to Mars, energy production on the Moon or Mars, manufacturing capabilities on the Moon or Mars, and asteroid mining do not exist today. Any estimate we make regarding the size or timing of our anticipated market opportunities is inherently uncertain and necessarily involves significant assumptions about future customer demand, adoption, technological development, regulatory conditions and the emergence of a broader commercial market that does not currently exist. 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 technical, regulatory, geopolitical and economic frameworks may differ materially from our current expectations. If these industries do not develop, develop on slower timelines, at smaller scales, or under different economic or regulatory conditions than we anticipate, this could require us to modify, delay, or abandon certain of our business plans, or cause such plans not to develop at all, which could materially and adversely affect our business, financial condition, results of operations, and future prospects.

**我们业务的全球性质带来了与不稳定、恶意或任意法律制度及主管机关相关的风险。**

**The global nature of our business poses risks with respect to unstable, malicious or arbitrary legal regimes and authorities.**

我们，尤其是通过 Starlink，维持着全球运营。因此，我们可能面临如下风险：我们的运营可能受制于不稳定、反复无常或恶意的法律制度和主管机关。太空军事化程度不断上升以及天基作战能力的潜在发展，可能使我们的资产和运营面临更高的地缘政治和安全风险，包括外国政府或其他行为体可能将我们的卫星或相关基础设施作为攻击目标的风险。某些外国政府已公开讨论对 Starlink 星座使用反卫星武器的可能性。外国政府的这些及其他行动，无论是通过军事、监管还是其他手段，都可能对我们的运营和资产造成不利影响。即使我们努力遵守已知的当地法律，我们的资产（包括有形、无形和金融资产）仍可能被扣押或其他征用。我们无法保证能够在任何司法管辖区维持运营，并且，如果我们的资产或财产被扣押或其他征用，也无法保证我们能够收回我们的资产或财产。任何此类法律或其他政府行动都可能对我们造成不利影响。例如，2024 年 8 月，Starlink 收到巴西最高法院的一项命令，该命令冻结了 Starlink 在巴西的金融资产，并阻止 Starlink 在巴西进行金融交易（下称“巴西资产扣押”）。巴西最高法院采取该行动，源于 X 涉嫌违反巴西法律，而 X 当时并非由我们拥有，仅与 Musk 先生存在关联。我们未来可能面临类似巴西资产扣押的行动（无论是在巴西还是在其他国家），并且，无论任何此类行动是否符合当地和国际法律，我们可能永远无法收回在任何类似行动中被扣押的资产。此外，我们为尽量减少巴西资产扣押等行动对客户的影响而采取的行动，例如继续免费提供服务或以其他方式调整支付流程和方式以使客户能够维持服务，可能对我们的财务业绩产生重大影响。正如巴西资产扣押所表明的，我们可能因与我们的运营无直接关系、而是与我们董事、高管或股东的行为或与其关联企业的运营相关的假设、事实或事件，而受到政府行为体的不利行动。

We, particularly through Starlink, maintain global operations. As a result, we may face risks that our operations will be subject to unstable, capricious, or malicious legal regimes and authorities. The increasing militarization of space and the potential development of space-based warfare capabilities may expose our assets and operations to heightened geopolitical and security risks, including the risk that foreign governments or other actors could target our satellites or related infrastructure. Certain foreign governments have publicly discussed the potential use of anti-satellite weapons against the Starlink constellation. These and other actions by foreign governments, whether through military, regulatory or other means, may adversely affect our operations and assets. Even if we attempt to comply with known local laws, our assets (both physical, intangible and financial) may be subject to seizure or other expropriation. There is no guarantee that we will be able to maintain operations in any jurisdiction, and, if our assets or properties are subject to seizure or other expropriation, there can be no assurances that we will be able to recover our assets or properties. Any such legal or other governmental action could have an adverse effect on us. For example, in August 2024, Starlink received an order from Brazil’s Supreme Court that froze Starlink’s Brazilian financial assets and prevented Starlink from conducting financial transactions in Brazil (the “Brazil Asset Seizure”). The action taken by the Brazilian Supreme Court arose out of purported violations of Brazilian law by X, which at the time was not owned by us and was only affiliated with Mr. Musk. It is possible that we may be subject to actions like the Brazil Asset Seizure in the future (whether in Brazil or another country) and, regardless of whether any such action is consistent with local and international law, we may never recover assets seized in any similar action. Additionally, actions that we take to minimize the impact of actions such as the Brazil Asset Seizure to our customers, for example, by continuing to provide service without charge or otherwise altering payment processes and methods to permit customers to maintain service, may have a material impact on our financial performance. As evidenced by the Brazil Asset Seizure, we may be subject to adverse actions from governmental actors on the basis of assumptions, facts or events that are not directly related to our operations and instead relate to the actions of our directors, officers, or shareholders or operations of businesses that are affiliated with them.

**我们的服务面临向美国政府提供服务的相关风险。**

**Our services are subject to risks related to supplying services to the U.S. government.**

向美国政府提供服务使我们面临特有风险，包括需遵守复杂法规、易受政府优先事项或资金水平变化的影响，以及面临合同纠纷或审计的风险。2025 年，我们约五分之一的收入来自美国联邦政府下属机构。作为多家美国政府机构的承包商，我们须遵守广泛的联邦采购法规，包括《联邦采购条例》（FAR）和《国防联邦采购条例补充规定》（DFARS），以及管辖成本会计、网络安全、道德和国家安全的其他规则。这些法规对我们的运营、商业实践和报告提出了严格要求，不合规可能导致民事或刑事处罚、被暂停或禁止参与政府合同，或失去现有或未来的业务。这些要求虽在美国政府合同中属常规要求，但增加了我们的履约和合规成本。这些成本未来可能进一步增加。基于上述原因，并为实现我们的轨道算力目标，我们可能优先安排自有发射载荷，而非额外的美国政府合同或第三方客户。这种对发射能力的优先安排可能限制我们太空板块的收入增长，影响我们与监管机构的关系，并可能招致客户或竞争对手的诉讼。此外，政府合同可能因政府方便而单方面终止、缩减范围或延迟，其原因可能包括预算优先事项变化、国防或太空政策调整，或将资金重新分配至其他项目。政府项目资金被终止或削减，可能导致该项目的预期未来收入损失。授标项下的收入可能永远不会实际收到，也可能因项目进度变化、项目取消或合同被缩减、修改或提前终止而发生变化。此外，在某些情况下，如果政府或其他客户认为我们的卫星连接或国防相关服务可能因地缘政治考量、冲突、制裁或其他政策决定而受到限制或暂停，他们可能不愿依赖这些服务，这可能不利于我们赢得或保留合同。此外，我们与美国国防和政府机构的重要业务关系可能使外界认为我们与美国政府或军方关系密切。这种看法可能使某些消费者、企业或外国政府不愿购买我们的产品和服务，从而可能不利于我们在美国及国际市场的销售。基于这种看法，我们及我们的设施也可能成为外国对手和非国家行为体的攻击目标。政府客户还可能对我们的合同进行严格审计和调查，从而引发有关合同履约、成本可允许性或遵守适用法律法规的争议。不利的审计结果或合同纠纷可能导致退款、经济处罚，或限制我们参与未来合同竞争的能力。

Supplying services to the U.S. government subjects us to unique risks, including compliance with complex regulations, vulnerability to changes in government priorities or funding levels, and exposure to contractual disputes or audits. In 2025, approximately one-fifth of our revenue was attributable to agencies within the U.S. federal government. As a contractor to various U.S. government agencies, we are subject to extensive federal procurement regulations, including the Federal Acquisition Regulation (FAR) and Defense Federal Acquisition Regulation Supplement (DFARS), as well as other rules governing cost accounting, cybersecurity, ethics, and national security. These regulations impose stringent requirements on our operations, business practices, and reporting, and noncompliance could result in civil or criminal penalties, suspension or debarment from government contracting, or loss of existing or future business. These requirements, although customary in U.S. government contracts, increase our performance and compliance costs. These costs might increase in the future. For those reasons and in order to achieve our orbital compute goals, we may prioritize our own launch payloads over additional U.S. government contracts or third-party customers. This prioritization of launch capacity may limit revenue growth in our Space segment, and impact our relationship with regulators, and could invite litigation from customers or competitors. In addition, government contracts are susceptible to unilateral termination, reduction in scope, or delays at the government’s convenience, which may occur due to shifting budgetary priorities, changes in defense or space policy, or the reallocation of funding to other programs. The termination or reduction of funding for a government program could result in a loss of anticipated future revenue attributable to that program. The actual receipt of revenue on awards may never occur or may change because a program schedule could change or the program could be canceled, or a contract could be reduced, modified, or terminated early. In addition, in certain circumstances, governments or other customers may be reluctant to rely on our satellite connectivity or defense-related services if they believe the availability of such services could be restricted or suspended based on geopolitical considerations, conflicts, sanctions, or other policy determinations, which could adversely affect our ability to win or retain contracts. In addition, our significant business relationships with U.S. defense and government agencies may cause us to be perceived as closely aligned with the U.S. government or military. This perception could discourage certain consumers, enterprises, or foreign governments from purchasing our products and services which could adversely affect our sales in the United States and internationally. We and our facilities could also be targeted by foreign adversaries and non-state actors due to such perception. Government customers may also subject our contracts to rigorous audits and investigations, which can result in disputes regarding contract performance, cost allowability, or compliance with applicable laws and regulations. Adverse audit findings or contractual disputes could lead to repayments, financial penalties, or restrictions on our ability to compete for future contracts.

我们的部分政府合同还要求我们维持设施安全许可，并要求我们的某些员工获得并维持人员安全许可。获得和维持这些许可涉及漫长且不确定的过程，并取决于我们无法控制的因素，我们可能在获得所需许可方面出现延迟，或无法聘用或留任足够数量的具备必要许可的员工以履行某些合同。如果我们无法获得或维持所需的设施或人员安全许可，我们可能无法投标、中标或履行某些涉密项目，现有合同可能被终止或不予续签，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Certain of our government contracts also require that we maintain facility security clearances and that certain of our employees obtain and maintain personnel security clearances. Obtaining and maintaining these clearances involves a lengthy and uncertain process and depends on factors outside of our control, and we may experience delays in receiving required clearances or be unable to hire or retain a sufficient number of employees with the necessary clearances to perform under certain contracts. If we are unable to obtain or maintain required facility or personnel security clearances, we may be unable to bid on, win, or perform certain classified programs, and existing contracts could be terminated or not renewed, which could materially and adversely affect our business, financial condition, results of operations, and future prospects.

此外，我们的业务还受经济制裁和贸易禁运法律、各类进口法规（包括关税）以及严格的美国进出口管制法律的约束。我们若未能遵守上述任何规定，可能导致我们被禁止参与政府合同、限制我们与美国政府签订合同的能力、民事或刑事处罚、罚款、调查、更繁重的合规要求，或丧失出口特权。

Further, our business is subject to economic sanctions and trade embargo laws, various import regulations, including tariffs, and stringent U.S. import and export control laws. Any failure by us to comply with any of the foregoing could result in our debarment from government contracts, limitations on our ability to enter into contracts with the U.S. government, civil or criminal penalties, fines, investigations, more onerous compliance requirements, or loss of export privileges.

**我们的重大收入来自美国政府合同，这些合同受竞争性招标、资金审批及其他政府预算流程的约束，这些因素可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。**

**We derive significant revenue from U.S. government contracts that are subject to competitive bidding, funding approvals and other government budgetary processes, which factors could adversely affect our business, financial condition, results of operations, and future prospects.**

我们的重大收入来自通过竞争性招标程序授予的美国政府合同。竞争性招标带来诸多风险，包括：需要在项目设计完成之前进行投标，这可能导致意外的技术困难和成本超支；为可能不会授予我们的合同准备投标和提案必须花费大量成本以及管理时间和精力；需要准确估算履行我们获授的任何合同所需的资源和成本结构；以及如果相关利益方或我们的竞争对手对我们依据竞争性招标获得的合同授予提出异议或质疑，可能产生的费用和延迟，以及任何此类异议或质疑可能导致我们合同履行延迟、管理层分心、按修改后的规格重新提交投标，或导致已授予合同被终止、缩减或修改的风险。

We derive significant revenue from U.S. government contracts that were awarded through a competitive bidding process. Competitive bidding presents a number of risks, including: the need to bid on programs in advance of the completion of their design, which may result in unforeseen technological difficulties and cost overruns; the substantial cost and managerial time and effort that must be spent to prepare bids and proposals for contracts that may not be awarded to us; the need to estimate accurately the resources and cost structure that will be required to service any contract we are awarded; and the expense and delay that may arise if interested parties or our competitors protest or challenge contract awards made to us pursuant to competitive bidding, and the risk that any such protest or challenge could result in the delay of our contract performance, the distraction of management, the resubmission of bids on modified specifications, or in termination, reduction or modification of the awarded contract.

我们与政府实体的业务受政策、优先事项、法规、指令和资金水平变化的影响，其中任何一项都可能对我们的运营和财务业绩产生重大影响。美国政府的项目资金按财年受国会拨款约束，即使合同履行可能需要超过一年。因此，在重大项目启动之初，合同通常采用增量拨款方式，通常只有在国会于未来财年完成拨款后才会向合同承诺追加资金。美国政府合同在开始履行时也可能尚未确定。在未确定合同行动下，美国政府有权单方面确定合同，且若对此类行动的上诉不成功，合同被单方面确定将使我们有义务按照美国政府强加的条款和条件履行。此类单方面强加的合同条款可能包括比在其他情况下谈判达成的条款更不利的定价或更繁重的条款和条件。美国政府合同通常涉及较长的设计和开发前置时间，并受合同进度安排重大变化的影响。

Our business with governmental entities is subject to changes in policies, priorities, regulations, mandates, and funding levels, any of which could materially impact our operations and financial results. U.S. government program funding is subject to Congressional appropriations on a fiscal year basis even though contract performance may take more than one year. As a result, at the outset of a major program, the contract is usually incrementally funded and additional funds are normally committed to the contract only as Congress makes appropriations in future fiscal years. U.S. government contracts may also be undefinitized at the time of the start of performance. Under undefinitized contract actions, the U.S. government has the ability to unilaterally definitize contracts and, absent a successful appeal of such action, the unilateral definitization of the contract would obligate us to perform under terms and conditions imposed by the U.S. government. Such unilaterally imposed contract terms could include less favorable pricing or terms and conditions more burdensome than those negotiated in other circumstances. U.S. government contracts typically involve long lead times for design and development and are subject to significant changes in contract scheduling.

此外，美国政府的预算赤字和国家债务，以及美国政府在任何政府财年无法完成其预算流程、从而不得不根据“持续决议”停摆或按相当于上一财年的资金水平运作，都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Additionally, the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year and consequently having to shut down or operate on funding levels equivalent to its prior fiscal year pursuant to a “continuing resolution,” could have a material and adverse impact on our business, financial condition, results of operations, and future prospects.

此外，如果我们未能建立并维持与美国政府机构的重要关系，我们成功维持和开发新业务的能力可能受到重大不利影响。美国当前的政治环境高度两极分化，美国国会构成的变化或总统政府的变化可能导致政府支出优先事项、监管立场以及跨行业和项目的合同与资源分配发生重大变化。我们与美国政府机构的关系以及我们所处监管和采购环境的有利程度，可能受到哪个政党控制总统职位或美国国会一院或两院的影响。因此，无法保证当前的政府关系、合同或资金水平将得以维持，任何重大不利发展都可能对我们的增长和竞争地位产生重大不利影响。

Moreover, if we fail to establish and maintain important relationships with U.S. government agencies, our ability to successfully maintain and develop new business could be materially and adversely affected. The current political environment in the United States is highly polarized, and shifts in the composition of the U.S. Congress or changes in the presidential administration can result in significant changes in government spending priorities, regulatory posture, and the allocation of contracts and resources across industries and programs. Our relationships with U.S. government agencies and the favorability of the regulatory and procurement environment in which we operate may be affected by which political party controls the presidency or one or both chambers of the U.S. Congress. As a result, there can be no assurance that current government relationships, contracts, or levels of funding will be maintained, and any significant adverse developments could have a material and adverse impact on our growth and competitive position.

此外，我们太空板块的收入主要来自固定价格合同，根据该等合同，我们同意以预定价格交付指定产品或服务，而不论实际发生的成本如何。因此，若我们在该等合同上出现成本超支（包括因我们无法控制的因素导致的超支），我们须自行承担超额成本，这可能降低盈利能力或导致亏损、使现金流承压，并影响我们投资未来增长的能力。劳动力、材料或其他直接或间接成本的任何意外增加——包括因通货膨胀、供应链中断、设计变更、监管要求或不可预见的技术挑战而产生的增加——均须由我们承担。当该等超支发生时，受影响合同的利润率可能大幅下降或被完全侵蚀，这可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。此外，承担超额成本可能限制我们将资源调配至其他战略举措的能力、延迟研发投资，或制约我们把握新业务机会的能力。此外，我们有时会收到超过我们确认收入金额的预付款和开票款，我们将其记为递延收入。因此，我们的现金流可能在不同期间出现波动，且该等波动可能与我们的基础经营表现无关。

In addition, our Space segment revenue is primarily derived from fixed-price contracts, under which we agree to deliver specified products or services at a predetermined price regardless of the actual costs incurred. As a result, if we experience cost overruns on these contracts, including from factors outside our control, we are required to absorb the excess costs, which may reduce profitability or result in losses, strain cash flows, and impact our ability to invest in future growth. Any unanticipated increases in labor, material, or other direct or indirect costs—including those arising from inflation, supply chain disruptions, design changes, regulatory requirements, or unforeseen technical challenges—must be borne by us. When these overruns occur, our margins on affected contracts may be significantly reduced or eliminated, which could adversely affect our business, financial condition, results of operations, and future prospects. Additionally, absorbing excess costs may limit our ability to allocate resources to other strategic initiatives, delay investment in research and development, or constrain our capacity to pursue new business opportunities. In addition, we sometimes receive advanced payments and billings in excess of the amount of revenue we recognize, which we record as deferred revenue. As a result, our cash flows may be subject to fluctuation across periods in a manner that may be unrelated to our underlying performance.

**我们扩大 Starlink 消费者和企业连接服务的能力取决于我们能否提高市场对通过 Starlink 提供连接服务的认知度和接受度，若未能做到，可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**Our ability to expand our Starlink consumer and enterprise connectivity services depends on our ability to increase market awareness and acceptance of connectivity through Starlink, and any failure to do so could materially and adversely affect our business, financial condition, results of operations and future prospects .**

我们扩大 Starlink 消费者和企业连接服务的能力取决于我们能否提高市场对通过 Starlink 提供连接服务的认知度和接受度。无法保证我们提升认知度的努力将会成功。特别是，若我们无法以具有竞争力的价格提供 Starlink 服务，该等努力可能不会成功。此外，用户终端分销方面的限制可能延迟服务开通、增加成本，或以其他方式限制我们按预期规模扩展该等服务的能力。消费者接受度还可能因成熟的地面宽带替代方案的存在，以及人们对卫星互联网相较于传统固定线路解决方案在服务可靠性、延迟和复杂性方面长期存在的看法而受到阻碍。

Our ability to expand our Starlink consumer and enterprise connectivity services depends on our ability to increase market awareness and acceptance of connectivity through Starlink. There can be no assurance that our efforts to increase awareness will be successful. In particular, such efforts may not be successful if we are unable to offer Starlink services at competitive prices. Additionally, constraints in the distribution of user terminals could delay service activations, increase costs, or otherwise limit our ability to scale such services as anticipated. Consumer acceptance may also be hindered by the presence of well-established terrestrial broadband alternatives, as well as lingering perceptions regarding service reliability, latency, and the complexity of satellite-based internet compared to traditional fixed-line solutions.

**我们卫星直连手机连接服务的扩展在很大程度上取决于我们能否获得并维持与移动网络运营商的合作关系，以及设备制造商能否采用必要的硬件和软件修改，若未能做到，可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**The expansion of our satellite-to-mobile connectivity services depends substantially on our ability to secure and maintain partnerships with mobile network operators and on the adoption of necessary hardware and software modifications by device manufacturers, and any failure to do so could materially and adversely affect our business, financial condition, results of operations and future prospects.**

我们全球卫星直连移动连接服务的扩展，在很大程度上取决于我们能否与全球电信运营商和频谱被许可方建立并维持成功的合作关系，以及能否获得特定国家授权，以便使用我们拥有国际协调权的卫星频段提供此类连接。在美国，我们预计能够通过使用 V2 Mobile 卫星的 Starlink Mobile Gen2 服务，向相当一部分现有未改装设备提供类 5G 连接，方式可以是使用移动网络运营商（MNO）合作伙伴租赁给我们的频谱运营，也可以是利用我们自有的国内频谱资产。然而，要实现完整的 5G NR-NTN 合规性和最佳性能，很可能需要手机制造商在未来设备中实施硬件和软件修改，主要是对射频前端进行修改。拟从 EchoStar 收购的 FCC 许可证中的频谱频率是地面 5G 移动宽带（3GPP 频段 n66 和 n70）的标准化频率。但对于这些相同频率的 5G NR-NTN 频段（如 n252 和 n256），目前任何商用移动设备的射频前端硬件均不支持提供类 5G 服务。我们与手机制造商没有直接合同安排；相反，我们预计作为移动设备主要购买方的 MNO 合作伙伴将鼓励或推动此类采用。无法保证这些修改会按我们期望的时间表被采用，或是否会被采用。

The expansion of our global satellite-to-mobile connectivity offerings depends substantially on our ability to enter into and maintain successful partnerships with telecommunications carriers and spectrum licensees globally, and to obtain country-specific authorizations to offer such connectivity using satellite spectrum bands for which we have international coordination rights. In the United States, we expect to be able to provide 5G-like connectivity to a meaningful portion of existing unmodified devices through our Starlink Mobile Gen2 service utilizing our V2 Mobile satellites, either by operating on spectrum leased to us by MNO partners or by utilizing our own domestic spectrum holdings. However, achieving full 5G NR-NTN compliance and optimal performance would likely require handset manufacturers to implement hardware and software modifications, primarily to the radio-frequency front end, in future devices. The spectrum frequencies in the FCC licenses to be acquired from EchoStar are standardized for terrestrial 5G mobile broadband (3GPP bands n66 and n70). But the 5G NR-NTN bands for these same frequencies, such as n252 and n256, are not currently supported by RF front-end hardware for the provision of 5G-like service in any commercially available mobile devices. We do not have direct contractual arrangements with handset manufacturers; instead, we expect MNO partners, as major purchasers of mobile devices, to encourage or drive such adoption. There can be no assurance that these modifications will be adopted on our preferred timeline, or at all.

在国际上，我们面临类似限制，直到手机制造商实施硬件和软件修改以支持拟从 EchoStar 获得的国际频谱授权。因此，我们的近期国际服务战略取决于我们能否逐市场建立 MNO 频谱合作伙伴关系，这不需要设备硬件修改，但取决于在每个司法管辖区成功谈判并签署商业协议。在设备制造商将对我们国际频段的支持纳入未来手机之前，我们将无法利用我们自有的国际频谱提供类 5G 的直连消费者服务。

Internationally, we face similar constraints until handset manufacturers implement hardware and software modifications to support the international spectrum authorizations to be obtained from EchoStar. As a result, our near-term international service strategy depends on our ability to establish MNO spectrum partnerships on a market-by-market basis, which does not require device hardware modifications but is subject to the successful negotiation and execution of commercial agreements in each jurisdiction. Until device manufacturers incorporate support for our international spectrum bands into future handsets, we will be unable to offer 5G-like direct-to-consumer service on our own international spectrum.

提供我们的卫星直连移动服务还需要获得 FCC 和外国监管机构的监管批准。我们的 Gen1 服务利用我们现有的 V1 Mobile 卫星星座，在美国已获得完整许可，但在国际上运营需要逐国获得额外批准。我们已就 Gen1 服务在约 30 个国家签署了 MNO 合作伙伴关系。这些合作伙伴关系代表与运营商的商业协议，但其本身并不提供提供服务所需的监管批准。除至少一个 MNO 合作伙伴关系外，我们已获得在美国、加拿大、英国、日本和澳大利亚以及另外几个国家提供商业 Gen1 服务所需的批准。

The provision of our satellite-to-mobile services also requires regulatory approvals from the FCC and foreign regulatory authorities. Our Gen1 service, utilizing our existing constellation of V1 Mobile satellites, is fully licensed in the United States but requires additional country-by-country approvals to operate internationally. We have signed MNO partnerships for our Gen1 service in approximately 30 countries. These partnerships represent commercial agreements with carriers but do not, by themselves, provide the regulatory approvals necessary to offer service. In addition to at least one MNO partnership, we have obtained required approvals to offer commercial Gen1 service in the United States, Canada, the United Kingdom, Japan, and Australia, as well as in several additional countries.

我们的第二代（Gen2）服务将使用 2 GHz S 频段频谱和新的卫星星座，需要在我们拟运营的每个国家取得许可证转让、星座许可和频谱使用批准。在美国，我们已获得 FCC 的相关许可证转让批准，并预计在 2026 年第二或第三季度获得其余必要的监管授权。尽管从美国监管角度看这些授权已经足够，但我们仍需要我们的 V2 Mobile 卫星入轨，并且必须完成从 EchoStar 收购相关频谱，才能在美国启动我们计划的 Gen2 商业服务。在国际上，我们已在我们拟运营 Gen2 服务的几乎所有国家提交了申请，但迄今为止仅在有限数量的司法辖区获得批准。每个司法辖区都有各自的监管流程和时间表，我们无法预测任何特定市场何时或是否会获得批准。在获得监管批准的前提下，我们正从 EchoStar 接收某些资产和授权，这些资产和授权为我们的 V2 Mobile 星座的国际频率协调提供了非常优先的 ITU 优先权。在获得此类批准之前，我们还与 EchoStar 签署了一项协调协议，以便在授权转让之前获得其优先 ITU 优先权的保护。然而，一些国家已通过公开征求意见或其他行动表示，它们正在考虑无视或削弱 ITU 优先权，以此作为决定哪些运营商获准在本国运营的机制。若干国家和地区已启动公开征询，邀请各方就是否应以 ITU 优先权以外的因素（例如运营商是否源自本国）来决定频谱许可证的发放提出意见，我们无法确定这些程序的结果。延迟或未能获得必要批准可能会实质性延迟我们 Gen2 服务的部署和商业化。未能达成或成功维持此类合作关系，或设备制造商未能采用必要的硬件修改，或未能获得所需的监管批准，都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Our Gen2 service, which will utilize 2 GHz S-band spectrum and a new satellite constellation, requires a license transfer, a constellation license, and spectrum usage approvals in each country in which we seek to operate. For the United States, we have received the relevant license transfer approval from the FCC, and we expect to receive the remaining necessary regulatory authorizations in the second or third quarter of 2026. While these authorizations would be sufficient from a United States regulatory perspective, we still require our V2 Mobile satellites to be in orbit and must complete the acquisition of the relevant spectrum from EchoStar before we can commence our planned commercial Gen2 service in the United States. Internationally, we have filed applications in nearly every country in which we intend to operate our Gen2 service, and approvals have been granted in a limited number of these jurisdictions to date. Each jurisdiction presents its own regulatory process and timeline, and we cannot predict when or whether approvals will be granted in any given market. Subject to regulatory approvals, we are receiving from EchoStar certain assets and authorizations that provide very senior ITU priority for international frequency coordination for our V2 Mobile constellation. Until such approvals are obtained, we also signed a coordination agreement with EchoStar to obtain the protection of its senior ITU priority rights until the authorizations transfer. However, some countries have signaled through public consultations or other actions that they are considering ignoring or diminishing ITU priority as a mechanism to decide which operators are licensed to operate in their country. Several countries and regions have open inquiries that invite input on whether factors other thanITU priority (such as whether the operator originates from the country) should govern the issuance of spectrum licenses, and we cannot be certain the outcome of these proceedings. Delays or failures to obtain necessary approvals could materially delay the deployment and commercialization of our Gen2 service. The failure to enter into or successfully maintain such partnerships, or the failure of device manufacturers to adopt the necessary hardware modifications, or the failure to obtain required regulatory approvals, could materially and adversely affect our business, financial condition, results of operations, and future prospects.

**如果我们的人工智能技术（包括 Grok）协助生成的建议、预测、内容、分析或其他输出存在或据称存在缺陷、不准确、有害、违法或被用于不当目的，我们可能继续面临索赔和调查，并可能承担法律责任以及品牌、声誉或竞争方面的损害。**

**If the recommendations, forecasts, content, analyses or other output that our AI technologies, including Grok, assist in producing are or are alleged to be deficient, inaccurate, harmful, illegal, or used for an improper purpose, we could continue to be subjected to claims and investigations, and we could be subjected to legal liability and brand, reputational, or competitive harm.**

AI 技术、其所依赖的模型、算法、提示词和数据集，以及此类 AI 技术协助生成的建议、预测、分析或其他输出，可能存在缺陷、不充分、质量低劣，依赖不正确、不准确、有害或非法的数据，反映不当形式的偏见，产生幻觉、虚假陈述、误导，或包含其他错误或不足，其中任何一项都可能难以被轻易察觉。尽管我们投入大量资源开发、测试和维护我们的 AI 技术，但我们可能无法在相关问题出现之前识别或解决所有与 AI 相关的问题、缺陷和故障。已知 AI 技术会产生错误描述的或“幻觉性”的推断或输出，且我们的某些 AI 产品（如 Grok）过去曾被指称易受“数据投毒”影响。我们可能无法洞察或控制可能使用我们 AI 技术的第三方的做法。因此，第三方过去曾、将来也可能将此类 AI 技术用于不当目的，包括传播非法、不准确、诽谤性或有害内容，侵犯或盗用知识产权，助长偏见或歧视，实施网络安全攻击（包括鱼叉式网络钓鱼和社会工程攻击），侵犯数据隐私，造成其他社会危害（包括在线或线下威胁人身安全、财务安全或心理健康的活动），或用于开发竞争性技术。数据科学家、工程师和 AI 技术（包括我们 AI 板块的系统）的终端用户不当或有争议的数据做法，可能损害 AI 技术（包括我们的 AI 产品）的整体接受度。如果我们的 AI 技术协助生成的建议、预测、内容或分析存在或据称存在缺陷、不准确、冒犯性、非法或其他有害情形，我们可能面临索赔和调查，并可能承担法律责任以及品牌、声誉或竞争方面的损害。我们过去曾、将来也可能因有关我们的建议、预测、内容或分析的此类索赔而受到监管调查和诉讼。另请参阅“——我们的 AI 产品、X 平台和 Starlink 服务受制于复杂且不断演变的美国及外国法律法规，涉及隐私、网络安全、数据使用、数据组合、数据保护、内容、AI、竞争、青少年保护、安全、消费者保护与通知、广告、电子商务、制裁、出口管制及其他事项。其中许多法律法规存在变化和解释不确定性，我们可能被要求更改我们的产品和业务做法，并可能面临罚款、运营成本增加、用户增长或参与度下降、客户流失，或对我们的 AI 产品、X 平台和 Starlink 服务的其他损害。”此外，如果我们对 AI 技术所依赖的模型、算法、提示词和数据集，或对我们的 AI 技术协助生成的建议、预测、内容、分析或其他输出不具备充分权利，我们还可能因违反适用法律法规、第三方知识产权、隐私或其他权利，或我们作为一方的合同而承担责任。此外，未能适当披露面向消费者的 AI 技术的使用，可能导致消费者保护或监管执法行动。使用 AI 技术（包括我们的 AI 产品）可能导致用户计算机系统中断或遭未经授权访问，这也可能导致敏感（包括机密）、专有、保密或个人信息遭未经授权披露，为第三方带来新的潜在网络攻击方法，或导致网络攻击的频率、复杂程度或强度上升。此外，如果 AI 技术被认为对社会具有重大颠覆性，可能导致政府或监管机构对其使用施加限制或禁止、引发社会担忧或动荡，或两者兼有，其中任何一项都可能对我们的 AI 技术开发、部署或商业化能力以及执行业务战略的能力产生重大不利影响。我们实施 AI 技术（包括通过我们 AI 板块的系统）可能导致法律责任、监管行动、运营中断、品牌、声誉或竞争损害，或其他不利影响。

AI technologies, the models, algorithms, prompts and datasets on which they rely, and the recommendations, forecasts, analyses or other output that such AI technologies assist in producing, may be flawed, insufficient, of poor quality, rely upon incorrect, inaccurate, harmful or illegal data, reflect unwanted forms of bias, hallucinate, misrepresent, mislead or contain other errors or inadequacies, any of which may not be easily detectable. Although we devote significant resources to develop, test, and maintain our AI technologies, we may not be able to identify or resolve all AI-related issues, deficiencies, and failures before they arise. AI technologies have been known to produce mischaracterized or “hallucinatory” inferences or outputs, and certain of our AI products, such as Grok, have been alleged to be susceptible to “data poisoning” in the past. We may not have insight into, or control over, the practices of third parties who may utilize our AI technologies. As such, third parties have in the past used, and may in the future use, such AI technologies for improper purposes, including through the dissemination of illegal, inaccurate, defamatory or harmful content, intellectual property infringement or misappropriation, furthering bias or discrimination, cybersecurity attacks, including spear phishing and social engineering attacks, data privacy violations, other societal harms, including activities that threaten people’s safety, financial security, or mental well-being on-or offline, or to develop competing technologies. Inappropriate or controversial data practices by data scientists, engineers, and end users of AI technologies, including our AI segment’s systems, could impair the acceptance of AI technologies generally, including our AI products. If the recommendations, forecasts, content, or analyses that our AI technologies assist in producing are or are alleged to be deficient, inaccurate, offensive, illegal, or otherwise harmful, we could be subjected to claims and investigations, and we could be subjected to legal liability and brand, reputational or competitive harm. We have in the past been, and may in the future be, subject to regulatory investigations and litigation related to such claims regarding our recommendations, forecasts, content or analyses. Also please refer to “—Our AI products, X platform, and Starlink services are subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, cybersecurity, data use, data combination, data protection, content, AI, competition, youth protection, safety, consumer protection and notification, advertising, e-commerce, sanctions, export controls,and other matters. Many of these laws and regulations 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, X platform, and Starlink services.” In addition, if we do not have sufficient rights to use the models, algorithms, prompts and datasets on which our AI technologies rely, or the recommendations, forecasts, content, analyses or other output that our AI technologies assist in producing, we could also incur liability through the violation of applicable laws and regulations, third-party intellectual property, privacy or other rights, or contracts to which we are a party. Furthermore, failure to properly disclose the use of consumer-facing AI technologies may result in consumer protection or regulatory enforcement activity. Use of AI technologies, including our AI products, may result in disruptions in, or unauthorized access to, users’ computer systems, which could also lead to the unauthorized disclosure of sensitive (including classified), proprietary, confidential or personal information, new potential cyberattack methods for third parties or an increase in the frequency, sophistication or intensity of cyberattacks. Moreover, if AI technologies are perceived to be significantly disruptive to society, it could lead to governmental or regulatory restrictions or prohibitions on their use, societal concerns or unrest, or both, any of which could materially and adversely affect our ability to develop, deploy, or commercialize AI technologies and execute our business strategy. Our implementation of AI technologies, including through our AI segment’s systems, could result in legal liability, regulatory action, operational disruption, brand, reputational or competitive harm, or other adverse impacts.

**环境法律、法规、诉讼、责任和程序可能对我们的运营产生不利影响，包括我们的发射运营、制造活动、燃料储存和处理运营、发射设施和地面基础设施，以及数据中心运营和扩建计划。**

**Environmental laws, regulations, litigation, liabilities and proceedings may adversely affect our operations, including our launch operations, manufacturing activities, fuel storage and handling operations, launch facilities and ground infrastructure, and data center operations and expansion plans.**

我们的运营，包括我们的发射运营、制造活动、燃料储存和处理运营、发射设施和地面基础设施，以及数据中心运营和扩建计划，受制于多种州和联邦环境法律和法规，这些法律法规管辖空气排放、废水排放以及危险物质和废物的排放、处理、储存、处置和修复等事项，包括《综合环境反应、赔偿和责任法》《资源保护和回收法》《清洁空气法》《清洁水法》以及联邦、州和地方环境主管部门的许可要求。这些法律下的责任对环境污染或修复费用规定了严格责任。与运营基础设施相关的许可和批准（包括能源发电资产（例如可再生能源、发电机或电网连接）、制造设施、发射设施、燃料储存和处理设施以及数据中心）的监管要求不断变化，可能导致延误、成本增加或申请被拒，未能遵守这些要求可能导致罚款、停业或竞争损害。此外，对数据中心整体生态足迹日益严格的审查可能导致社区反对、罚款或强制要求改变现有做法。我们目前或可能成为环境诉讼和程序的对象，且多方已威胁或提起诉讼，指控我们在密西西比州 Southaven 的设施中未经所需许可非法运营天然气燃气轮机。虽然我们已获得此类许可，但这些法律诉讼的结果尚不确定。禁令救济或撤销已发放的许可将使我们无法利用这些数据中心运营所需的发电来源，并将对我们的 AI 业务产生不利影响。我们无法确定地预测未来的立法或监管发展将如何影响我们的业务，但遵守新的或修改后的环境要求可能要求我们承担重大意外支出，这可能对我们的财务状况、经营业绩、部署速度和现金流产生不利影响。

Our operations, including our launch operations, manufacturing activities, fuel storage and handling operations, launch facilities and ground infrastructure, and data center operations and expansion plans are subject to a variety of state and federal environmental laws and regulations governing matters such as air emissions, wastewater discharges and the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes, including the Comprehensive Environmental Response, Compensation and Liability Act, the Resource Conservation and Recovery Act, the Clean Air Act, the Clean Water Act and permitting requirements of federal, state and local environmental authorities. Liability under these laws imposes strict liability for environmental contamination or remediation costs. Changing regulatory requirements for permits and approvals relating to operational infrastructure, including energy generation assets (e.g., renewables, generators or grid connections), manufacturing facilities, launch facilities, fuel storage and handling facilities, and data centers may cause delays, higher costs or denials, and a failure to comply with these requirements may result in fines, shutdowns or competitive harm. In addition, growing scrutiny of data centers’ overall ecological footprint could lead to community opposition, fines or mandates for changing existing practices. We are or may become subject to environmental lawsuits and proceedings, and various parties have threatened or brought lawsuits that allege we are unlawfully operating natural gas-fired turbines without required permits at facilities in Southaven, Mississippi. While we have obtained such permits, the outcome of these legal actions is uncertain. Injunctive relief or the rescission of issued permits would prevent our ability to utilize power generation sources that are required for the operation of these data centers and would adversely affect our AI business. We cannot predict with certainty how future legislative or regulatory developments will affect our business, but compliance with new or modified environmental requirements could require us to incur significant unanticipated expenditures that could adversely affect our financial condition, results of operations, speed of deployment and cash flows.

此外，我们的发射设施及相关运营须遵守环境许可、土地利用、湿地、海岸管理及其他环境审查要求，例如《国家环境政策法》或相关联邦及州法律，这些要求可能引发诉讼、监管执法行动或许可争议。环保团体、监管机构或其他利益相关方可能依据联邦、州或地方环境法律，对我们的发射活动、发射频次、设施的建设或扩建、燃料储存或处理做法或其他运营活动提出质疑。此类行动可能寻求禁令救济、民事处罚或额外的环境审查与缓解措施，其中任何一项都可能延迟发射、限制运营、增加合规成本，或以其他方式对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

In addition, our launch facilities and related operations are subject to environmental permitting, land use, wetlands, coastal management and other environmental review requirements, such as the National Environmental Policy Act or related federal and state laws, that may give rise to litigation, regulatory enforcement actions or permitting disputes. Environmental groups, regulatory authorities or other stakeholders may challenge our launch activities, launch cadence, construction or expansion of facilities, fuel storage or handling practices, or other operational activities under federal, state or local environmental laws. Such actions may seek injunctive relief, civil penalties or additional environmental review and mitigation measures, any of which could delay launches, restrict operations, increase compliance costs or otherwise adversely affect our business, financial condition, results of operations and future prospects.

**若我们侵犯第三方的知识产权或其他权利，我们可能面临重大潜在责任和运营中断；若我们未能充分保护、维持、捍卫或执行我们的知识产权及其他类似权利，我们可能丧失重要的竞争优势，上述任何一种情况均可能对我们的业务、财务状况、经营业绩、客户信任和未来前景产生重大不利影响。**

**We may face substantial potential liability and operational disruptions if we violate the intellectual property rights or other rights of third parties, and if we fail to adequately protect, maintain, defend or enforce our intellectual property and other similar rights, we could lose an important competitive advantage, in each case which could have a material adverse effect on our business, financial condition, results of operations, customer trust and future prospects.**

我们的成功和竞争能力还部分取决于我们能否在不侵犯、盗用或以其他方式违反第三方知识产权的情况下开展运营。AI 和技术行业的公司拥有大量专利、著作权、商标和商业秘密，并经常因涉嫌侵权、盗用或其他侵犯知识产权或其他权利的指控而提起诉讼，包括在与 AI 训练和 AI 输出相关等新兴领域。原告过去曾提起、未来也可能提起与我们 AI 模型训练或开发相关的侵权或其他诉讼、行政程序或对抗性程序。我们无法保证我们的业务运营现在不会、将来也不会侵犯或违反第三方的权利，并且我们可能并不知悉他人可能主张涵盖我们部分或全部产品或服务的知识产权。此外，我们可能无法不受他人专利或其他权利的阻碍自由开展运营。第三方可能拥有与我们技术相关的支配性、阻断性或其他专利或其他权利，而我们对此并不知悉。

Our success and ability to compete also depends in part on our ability to operate without infringing, misappropriating or otherwise violating the intellectual property rights of third parties. Companies in the AI and technology industries own large numbers of patents, copyrights, trademarks, and trade secrets, and frequently enter into litigation based on allegations of infringement, misappropriation, or other violations of intellectual property or other rights, including in novel areas such as those relating to AI training and AI outputs. Plaintiffs have in the past and may in the future file infringement or other litigation or administrative or adversarial actions relating to the training or development of our AI models. We cannot guarantee that the operation of our business does not and will not infringe or violate the rights of third parties, and we may be unaware of the intellectual property rights that others may claim cover some or all of our products or services. Moreover, we may not have the freedom to operate unimpeded by the patent or other rights of others. Third parties may have dominating, blocking or other patents or other rights relevant to our technology, of which we are not aware.

知识产权及相关法律处于持续演变之中，可能具有高度不确定性，并涉及复杂的事实与法律问题，其中一些重要原则至今仍未确定。例如，在美国及许多外国司法辖区，有关专利允许的权利要求范围以及内容保护范围的政策可能并不一致。我们无法预测未来专利、知识产权及其他相关法律的解释会发生何种变化，也无法预测美国及外国立法机构可能制定出台的专利、知识产权及其他相关法律会如何变化。

Intellectual property and related laws are constantly evolving, can be highly uncertain and involve complex legal and factual questions for which important principles remain unresolved. For example, in the United States and in many foreign jurisdictions, policies regarding the breadth of claims allowed in patents and scope of protections for content can be inconsistent. We cannot predict future changes in the interpretation of patent, intellectual property and other related laws or changes to patent, intellectual property and other related laws that might be enacted into law by U.S. and foreign legislative bodies.

我们依赖法定安全港条款来防范因各类活动（包括链接、缓存、排序、推荐和托管）而承担的责任，这些条款包括美国《数字千年版权法》和《通信规范法》第 230 条以及欧盟《数字服务法》中的相关规定。影响这些安全港的立法或法院裁决可能对我们造成损害，并可能带来重大的运营挑战。美国、欧盟及世界各地存在立法提案和待决诉讼，可能削弱或取消对网站和在线平台的安全港保护。

We rely on statutory safe harbors, including those set forth in the Digital Millennium Copyright Act and Section 230 of the Communications Decency Act in the United States and the Digital Services Act in the EU, to protect against liability for various activities, including linking, caching, ranking, recommending and hosting. Legislation or court rulings affecting these safe harbors may harm us and may impose significant operational challenges. There are legislative proposals and pending litigation in the United States, EU, and around the world that could diminish or eliminate safe harbor protection for websites and online platforms.

如果我们侵犯或被指控侵犯第三方的知识产权（包括专利、著作权、商标、商业秘密或其他知识产权及相关权利），我们可能面临成本高昂且旷日持久的诉讼、巨额经济处罚以及声誉损害，其中任何一项都可能对我们的运营、产品开发和战略举措造成重大干扰。随着我们持续开发新技术、新产品和新服务或更新现有技术、产品和服​​务，存在第三方可能指控我们的运营或产品侵犯其知识产权的风险。例如，我们目前是一起诉讼的被告，该诉讼指控我们涉嫌使用受著作权保护的作品训练我们的 AI 模型，构成著作权侵权。其他原告也可能就我们 AI 模型的训练或开发提起侵权或其他诉讼。此外，我们目前及未来可能面临来自各类“非执业实体”或其他拥有专利及其他知识产权的主体的索赔，此类主体往往试图通过威胁提起高成本诉讼来积极主张其权利，以从科技公司获取价值，或其自身运营极少、相关产品收入微薄，我们的专利对其可能几乎不构成或完全不构成威慑或保护。我们目前及未来可能面临额外的著作权诉讼或其他诉讼，包括指控我们以侵犯著作权的方式、或以其他违反第三方知识产权或其他权利的方式，使用受著作权保护的作品训练或开发我们的 AI 模型，或指控我们的模型生成输出内容的方式侵犯著作权或其他知识产权或其他权利。此外，AI 对知识产权归属和许可权利（包括著作权）的影响，尚未被美国或国际法院或其他联邦、州或国际法律或法规（或外国司法辖区的法院、法律或法规）充分解决，我们使用 AI 模型可能削弱我们保护自身知识产权的能力。此外，我们现任、前任或未来员工的 former employers 可能主张该等员工不当向我们披露了其前雇主的保密或专有信息。任何此类索赔或指控，无论是否具有依据，都可能导致高成本诉讼、巨额损害赔偿、禁止使用某些技术的禁令，或需要以不利条件获取许可。此外，我们与客户、供应商和合作伙伴的某些合同包含赔偿条款，可能要求我们针对侵权或其他索赔进行抗辩并支付损害赔偿或和解金，从而增加我们的财务风险敞口。知识产权诉讼的结果本质上具有不确定性，不利判决可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。如果我们无法获得必要的许可、非侵权替代技术，或以其他方式缓解这些风险，我们可能被迫停止某些产品或服务、延迟或缩减研发活动，或限制我们向新市场的扩张。

If we violate, or are alleged to have violated, the intellectual property rights of third parties, including patents, copyrights, trademarks, trade secrets, or other intellectual property rights and related rights, we may be subject to costly and time-consuming litigation, substantial financial penalties, and reputational harm, any of which could materially disrupt our operations, product development and strategic initiatives. As we continue to develop new or update existing technologies, products, and services, there is a risk that third parties may allege that our operations or offerings infringe upon their intellectual property rights. For example, we are currently a defendant in litigation alleging copyright infringement relating to the claimed use of copyrighted works to train our AI models. Other plaintiffs may file infringement or other litigation relating to the training or development of our AI models. In addition, we are currently subject to, and in the future may be subject to claims from various “non-practicing entities” or other companies that own patents and other intellectual property rights that often attempt to aggressively assert their rights in order to extract value from technology companies by threatening costly litigation or that have minimal operations or relevant product revenue and against whom our patents may provide little or no deterrence or protection. We are and may in the future be subject to additional copyright litigation or other litigation, including litigation relating to allegations that we have trained or developed our AI models on copyrighted works in a manner that infringes on copyrights, or in a manner that otherwise violates the intellectual property or other rights of third parties, or that our models produce outputs in a manner that infringes on copyrights or other intellectual property or other rights. Moreover, the impact of AI on intellectual property ownership and licensing rights, including copyrights, has not been fully addressed by U.S. or international courts or other federal, state or international laws or regulations (or by courts, laws or regulations in foreign jurisdictions), and our use of AI models may reduce our ability to protect our own intellectual property. In addition, former employers of our current, former, or future employees may assert claims that such employees have improperly disclosed to us confidential or proprietary information of these former employers. Any such claims or allegations, whether or not they have merit, could result in costly litigation, substantial damages, injunctions against the use of certain technologies, or the need to obtain licenses on unfavorable terms. In addition, certain of our contracts with customers, suppliers, and partners contain indemnification provisions that could require us to defend against infringement or other claims and pay damages or settlements, thereby increasing our financial exposure. The outcome of intellectual property litigation is inherently uncertain, and adverse judgments could materially and adversely affect our business, financial condition, results of operations, and future prospects. If we are unable to obtain necessary licenses, non-infringing substitute technologies, or otherwise mitigate these risks, we may be forced to discontinue certain products or services, delay or curtail research and development activities, or limit our expansion into new markets.

此外，若未能充分保护、维持、捍卫或执行我们的知识产权——包括专利、著作权、商标、商业秘密及专有技术——可能导致竞争优势丧失、市场地位削弱，并因未经授权的使用或侵权行为而遭受财务损失。我们依赖并预计将继续依赖专利、商标、商业秘密、著作权、保密程序、合同承诺及其他法律权利的组合来确立和保护我们的知识产权。然而，由于各种情况，我们为保护知识产权及其他权利所采取的措施可能并不充分。我们可能无法或选择不寻求或维持在美国或外国司法管辖区对我们的知识产权的某些类型的知识产权保护或注册，且我们所采取的措施可能无法阻止我们的竞争对手或其他第三方独立开发与我们的产品和服务相似或重复的产品、服务和技术。如果我们无法执行我们的权利，或未能发现对我们知识产权的未经授权使用，我们将无法保护我们的知识产权。此外，我们的专利或其他知识产权可能受到质疑、被宣告无效、被规避或变得不可执行，且待决和未来的商标及专利申请可能不会获得批准。尽管我们的政策是与我们的员工、承包商及其他第三方签订保密协议，以限制和控制对我们商业秘密、知识产权和机密信息的访问与披露，但我们可能未能与所有相关实体签订此类协议，且任何此类协议可能被违反，或者该等知识产权可能以其他方式被披露或为我们的竞争对手所知悉，包括通过黑客攻击、盗窃或其他不当挪用行为（包括由员工实施），这可能使我们丧失因这些商业秘密、知识产权和专有信息而产生的任何竞争优势。因此，我们无法保证我们为保护知识产权所采取的措施足以防止对我们权利的侵犯或对我们技术、商业秘密或专有技术的挪用。

Additionally, failure to adequately protect, maintain, defend, or enforce our intellectual property—including patents, copyrights, trademarks, trade secrets, and proprietary technologies—may lead to loss of competitive advantage, weakened market position, and financial harm from unauthorized use or infringement. We rely and expect to continue to rely upon a combination of patents, trademarks, trade secrets, copyrights, confidentiality procedures, contractual commitments and other legal rights to establish and protect our intellectual property. However, the steps we take to protect our intellectual property and other rights may be inadequate due to various circumstances. We may be unable or choose not to pursue or maintain certain types of intellectual property protection or registration for our intellectual property in the United States or foreign jurisdictions, and the measures we do take may not prevent our competitors or other third parties from independently developing products, services, and technology similar to or duplicative of our products and services. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property. In addition, our patents or other intellectual property rights may be challenged, invalidated, circumvented or rendered unenforceable, and pending and future trademark and patent applications may not be approved. While it is our policy to enter into confidentiality agreements with our employees, contractors and other third parties to limit and control access to and disclosure of our trade secrets, intellectual property and confidential information, we may fail to enter into such agreements with all relevant entities and any such agreements may be breached, or this intellectual property may otherwise be disclosed or become known to our competitors, including through hacking, theft, or other misappropriation, including by employees, which could cause us to lose any competitive advantage resulting from these trade secrets, intellectual property and proprietary information. Accordingly, we cannot guarantee that the steps we have taken to protect our intellectual property will be adequate to prevent infringement of our rights or misappropriation of our technology, trade secrets or know-how.

此外，为保护我们的知识产权，我们可能需要投入大量资源来监控、抗辩、执行和保护这些权利。监控对我们知识产权的未经授权使用既困难又成本高昂。我们可能无法发现对我们知识产权的未经授权使用，或采取适当措施执行我们的知识产权。未来可能有必要提起诉讼以执行我们的知识产权并保护我们的商业秘密，而任何此类诉讼可能成本高昂且耗时，导致我们管理团队的时间和注意力被分散，且可能不会成功，或可能导致我们部分知识产权受到损害或丧失。此外，我们执行知识产权的努力可能会遭遇抗辩、反诉和反请求，攻击我们知识产权的有效性和可执行性。尽管我们做出了努力，我们可能仍无法防止未经授权使用、复制、逆向工程、盗用我们的技术或知识产权以创造与我们竞争的技术，或独立开发类似技术。保护不足可能迫使我们陷入成本高昂且结果不确定的诉讼或执法行动，使竞争对手得以推出竞争产品，并侵蚀我们的收入和盈利能力。

Additionally, to protect our intellectual property rights, we may be required to spend significant resources to monitor, defend, enforce and protect these rights. Monitoring unauthorized uses of our intellectual property is difficult and costly. We may not be able to detect unauthorized use of, or take appropriate steps to enforce, our intellectual property rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets, and any such litigation may be costly and time consuming, result in the diversion of time and attention of our management team, and may not be successful or could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights. Despite our efforts, we may not be able to prevent unauthorized use, copy, reverse engineering, misappropriation of our technology or intellectual property rights to create technology that compete with ours, or independent development of similar technologies. Insufficient protection could force us into costly and uncertain litigation or enforcement actions, allowing competitors to launch rival products and eroding our revenue and profitability.

**我们所进行的收购、剥离或其他战略交易可能无法实现预期收益、协同效应或战略目标。**

**Acquisitions, divestitures, or other strategic transactions we pursue may not achieve the anticipated benefits, synergies or strategic objectives.**

我们可能无法及时或根本无法实现任何收购、剥离或其他战略交易的预期收益、协同效应或战略目标，包括我们预期从近期收购 xAI、就我们的 Starlink Mobile 计划从 EchoStar 收购频谱资产和许可证、我们与 Tesla、Intel 或任何未来合作伙伴在 Terafab 项目上的合作，以及我们近期与 Cursor 的合作及对 Cursor 的任何潜在收购（如完成）中获得的收益。收购、剥离或其他战略交易可能带来不可预见的责任或对我们的运营造成干扰，从而可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。我们可能承担意外义务或产生与所收购业务相关的成本，包括诉讼、监管合规、环境责任或合同纠纷，这可能导致重大损失或使管理层无法专注于持续经营。我们可能就未来交易发行大量股权。

We may not achieve the anticipated benefits, synergies, or strategic objectives of any acquisition, divestiture, or other strategic transaction in a timely manner, or at all, including those we expect from the recent acquisition of xAI, the acquisition of spectrum assets and licenses from EchoStar in connection with our Starlink Mobile initiatives, our collaboration on Terafab with Tesla, Intel or any future partners, project and our recent collaboration with Cursor and any potential acquisition of Cursor, if consummated. Acquisitions, divestitures, or other strategic transactions may present unforeseen liabilities or disruptions to our operations, which could adversely impact our business, financial condition, results of operations, and future prospects. We may assume unexpected obligations or incur costs associated with acquired businesses, including litigation, regulatory compliance, environmental liabilities, or contractual disputes, which could result in material losses or divert management focus from ongoing operations. We may issue a significant amount of equity in connection with future transactions.

整合被收购企业、合作伙伴关系或合资企业可能带来重大挑战，包括协调运营、系统与文化，这可能导致效率低下、成本增加或无法实现预期收益。整合过程往往复杂且耗时，我们可能在统一业务实践、整合技术与 IT 系统、留住关键人员或弥合企业文化与管理理念差异方面遇到无法预见的困难。此外，整合被收购实体或新合作伙伴会使我们的计算机系统和数据面临中断或未经授权访问的风险，或可能分散管理层对核心业务的注意力和资源，从而可能影响我们执行其他战略举措或维持现有客户关系的能力。我们还可能在预期时间框架内（或根本无法）实现预期协同效应、成本节约或战略目标方面面临挑战，这可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。如果我们无法成功整合收购、合作伙伴关系或合资企业，或者如果这些交易的预期收益未能如期实现，我们可能遭遇运营中断、关键人员或客户流失、成本增加以及竞争地位下降。任何未能有效整合被收购企业、合作伙伴关系或合资企业的情况，都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Integrating acquired businesses, partnerships, or joint ventures may present significant challenges, including aligning operations, systems, and cultures, which could result in inefficiencies, increased costs, or failure to realize anticipated benefits. The process of integration is often complex and time-consuming, and we may encounter unforeseen difficulties in harmonizing business practices, integrating technologies and IT systems, retaining key personnel, or reconciling differences in corporate cultures and management philosophies. In addition, the integration of acquired entities or new partners exposes us to disruptions in, or unauthorized access to, our computer systems and data or may divert management attention and resources from our core operations, potentially impacting our ability to execute on other strategic initiatives or maintain existing customer relationships. We may also face challenges in achieving expected synergies, cost savings, or strategic objectives within anticipated timeframes, or at all, which could adversely affect our business, financial condition, results of operations, and future prospects. If we are unable to successfully integrate acquisitions, partnerships, or joint ventures, or if the anticipated benefits of these transactions do not materialize as expected, we could experience operational disruptions, loss of key personnel or customers, increased costs, and diminished competitive position. Any failure to effectively integrate acquired businesses, partnerships, or joint ventures could materially and adversely affect our business, financial condition, results of operations, and future prospects.

同样，资产剥离可能导致收入损失、客户或合作伙伴关系中断，或在分离资产和人员方面面临挑战。无法保证我们能够以有利条件（或根本无法）识别、完成或整合未来的收购、资产剥离或其他战略交易，而任何此类活动都可能加剧我们面临的本行业特有的运营、财务和监管风险。

Similarly, divestitures could result in the loss of revenue, disruption of customer or partner relationships, or challenges in separating assets and personnel. There can be no assurance that we will be able to identify, consummate, or integrate future acquisitions, divestitures, or other strategic transactions on favorable terms, or at all, and any such activities may heighten our exposure to operational, financial, and regulatory risks unique to our industry.

**我们在发射前运营中已经经历并将可能继续经历开发与制造延迟以及损坏或毁损，其中任何一项都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。**

**We have experienced, and will likely continue to experience, development and manufacturing delays and damage or destruction during pre-launch operations, any of which could have a material adverse effect on our business, financial condition, results of operations, and future prospects.**

运载火箭和卫星的开发、制造和运营是复杂且资本密集型的活动，面临众多风险。我们的运载火箭、卫星及相关系统过去曾经历、未来也可能经历设计和制造过程中的延迟、损坏或毁损，包括制造、组装、检验、测试和部件鉴定方面的延迟。这些问题可能源于工程挑战、供应商履约问题、质量控制缺陷、意外的设计修改或制造设施中断。任何这些因素都可能延迟开发或生产进度、增加成本，或导致硬件必须返工或更换。

The development, manufacturing, and operation of launch vehicles and satellites are complex and capital-intensive activities that are subject to numerous risks. Our launch vehicles, satellites, and related systems have in the past experienced and may in the future experience delays, damage or destruction during design and manufacturing, including delays in fabrication, assembly, inspection, testing, and component qualification. These issues may arise from engineering challenges, supplier performance problems, quality control shortcomings, unexpected design modifications, or disruptions in our manufacturing facilities. Any of these factors may delay development or production schedules, increase costs, or result in hardware that must be reworked or replaced.

我们的运营在发射前准备阶段也涉及重大风险。运载火箭和卫星可能在运输、加注燃料、集成或地面测试过程中受损或被毁。此外，卫星或相关基础设施的提前退役或无法运行，可能要求我们加速计提折旧或确认减值费用，从而对我们的业务、财务状况、经营业绩和未来前景产生不利影响。即使轻微异常也可能需要大量排查或维修，导致发射延迟、任务成本增加或飞行硬件损失。由于发射运营需要多个系统协同——包括推进系统、航空电子设备、地面基础设施和第三方靶场服务商——任何单一环节的问题都可能导致推迟或任务取消。

Our operations also involve significant risks during pre-launch preparation. Launch vehicles and satellites can be damaged or destroyed during transport, fueling, integration, or ground testing. Furthermore, the early retirement or inoperability of satellites or related infrastructure may require us to accelerate depreciation or recognize impairment charges, thereby adversely affecting our business, financial condition, results of operations, and future prospects. Even minor anomalies may require extensive troubleshooting or repairs, resulting in launch delays, increased mission costs, or the loss of flight hardware. Because launch operations require coordination across multiple systems —including propulsion, avionics, ground infrastructure, and third-party range providers—issues in any one area can lead to postponements or mission cancellations.

**我们持续开展并扩大发射和卫星运营的能力，取决于我们能否获得新的美国出口管制和制裁授权并利用现有授权；地缘政治格局或美国政府许可监管方式的任何重大变化，都可能损害现有许可证或限制我们在或涉及地缘政治敏感国家开展商业交易的能力，从而对我们的国际业务运营产生重大不利影响。**

**Our ability to continue and expand launch and satellite operations depends upon our ability to obtain new and leverage existing U.S. export control and sanctions authorizations, and any significant changes to the geopolitical landscape or U.S. government regulatory approach to licensing could materially and adversely impact our international business operations by compromising existing licenses or limiting our ability to engage in commercial dealings in or involving geopolitically sensitive countries.**

发射和卫星运营受严格的出口管制以及经济和贸易制裁法律的约束，包括美国《国际武器贸易条例》（“ITAR”）、《出口管理条例》以及美国财政部外国资产控制办公室（“OFAC”）实施和执行的制裁。根据美国出口管制法律，我们须获得商务部或国务院的出口授权，方可向外国人（包括外籍员工）或向外国目的地出口或共享任何受管制的货物、技术或软件。此类授权的可获得性可能受到地缘政治格局重大变化的影响。美国政府可能修订出口管制法规、限制向新的或更多地点出口，或以其他方式改变其许可方式，这些变化虽不在我们控制范围内，却会对我们的国际供应链、现有出口许可证和业务运营产生重大影响。例如，根据 ITAR，我们须确定产品、软件和技术的适当许可管辖权和分类，并取得许可证或其他形式的美国政府授权，方可从事与我们的业务运营相关并支持业务运营的某些活动。授权要求包括：向外国员工和其他外国人披露受管制技术须获得许可。

The launch and satellite operations are subject to stringent export control and economic and trade sanctions laws, including the U.S. International Traffic in Arms Regulations (“ITAR”), the Export Administration Regulations, and sanctions administered and enforced by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”). Under U.S. export control laws, we are required to obtain export authorizations from the Departments of Commerce or State to export or share any controlled goods, technology, or software with foreign persons, including foreign person employees, or to foreign destinations. The availability of such authorizations may be impacted by significant changes to the geopolitical landscape. The U.S. government may revise export control regulations, restrict exports to new or additional locations, or otherwise change its approach to licensing in ways that, while outside of our control, materially impact our international supply chain, existing export licenses, and business operations. For example, under the ITAR, we are required to determine the proper licensing jurisdiction and classification of products, software and technology; and obtain licenses or other forms of U.S. government authorizations to engage in certain activities related to and that support our business operations. The authorization requirements include the need to get permission to release controlled technology to foreign person employees and other foreign persons.

此外，在某些情形下，我们需要获得 OFAC 授权，包括在可能受到经济制裁或贸易禁运的某些全球市场提供连接服务或开展其他业务运营。尽管我们过去曾成功获得此类授权，但无法保证未来仍能获得授权或许可。此外，地缘政治格局的重大变化，例如武装冲突的爆发，可能导致实施新的或扩大的经济或贸易制裁，从而可能影响或阻止我们在某些市场提供服务或以其他方式运营。我们未能遵守进口、出口管制或制裁法律法规，可能导致民事或刑事处罚、罚款、调查、更繁重的合规要求、丧失出口特权、被禁止参与政府合同，或限制我们与美国政府签订合同的能力。其他监管机构，例如欧盟或英国，也可能对我们在地缘政治敏感国家或地区的运营能力施加限制。

In addition, we are required to obtain OFAC authorization in certain situations, including to provide connectivity services or engage in other business operations in certain global markets that may be subject to economic sanctions or trade embargoes. While we have been successful in obtaining such authorizations in the past, there can be no assurances that authorizations or licenses will be available in the future. In addition, significant changes to the geopolitical landscape, such as the outbreak of armed conflict, could result in the imposition of new or expanded economic or trade sanctions that may impact or prevent our ability to provide services or otherwise operate in certain markets. Failures by us to comply with import, export control, or sanctions laws and regulations could result in civil or criminal penalties, fines, investigations, more onerous compliance requirements, loss of export privileges, debarment from government contracts, or limitations on our ability to enter into contracts with the U.S. government. Other regulators, such as the EU or UK, may also impose restrictions on our ability to operate in geopolitically sensitive countries or territories.

**我们对开源技术的使用可能会限制我们将天基互联网和移动电话服务、AI 产品及 X 平台商业化的能力，或以其他方式对我们的业务产生负面影响。**

**Our use of open source technology could impose limitations on our ability to commercialize our space-based internet and mobile phone services, AI products, and X platform, or otherwise negatively affect our business.**

我们在部分软件中使用了开源技术，包括我们的 Starlink 产品和服务，以及我们 AI 板块和 X 平台的软件和产品，并且我们预计未来将继续使用开源技术。开源技术由其作者或其他第三方依据开源许可证进行许可，在某些情况下，这可能使我们受到某些不利条件的约束。例如，某些开源许可证可能要求我们披露或许可我们的专有源代码，或以不利条款或免费提供开源代码的任何衍生作品或修改。尽管我们已针对开源技术的使用实施相关监控和政策，以避免我们的产品和服务受到我们无意承受的条件约束，但我们无法保证此类努力一定成功，且我们可能面临他人提出的主张，声称其拥有开源许可证的所有权或寻求强制执行开源许可证的条款，包括要求发布开源软件、衍生作品或修改，或我们使用此类技术开发的专有源代码，或要求免费或以其他不利条款获取我们的软件。此类主张还可能导致诉讼。此外，我们的 AI 产品是在可能包含开源软件的数据集上训练的，且我们 AI 产品的某些输出可能受到开源许可证限制或义务的约束。许多开源许可证的条款存在歧义，且尚未经美国或外国法院解释。存在此类许可证被解释为对我们 AI 板块产品的商业化能力施加意外条件或限制的风险。在此情况下，我们可能被要求向第三方寻求许可以继续商业提供我们 AI 板块的产品、以源代码形式普遍提供我们的专有代码、重新设计我们 AI 板块的产品，或在无法及时完成重新设计的情况下停止销售我们 AI 板块的产品或此类其他产品，任何一项均可能对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

We use open source technology in some of our software, including in our Starlink products and services, and in our AI segment’s and X platform’s software and products, and we expect to continue to use open source technology in the future. Open source technology is licensed by its authors or other third parties under open source licenses, which in some instances may subject us to certain unfavorable conditions. For example, certain open source licenses may give rise to requirements to disclose or license our proprietary source code or make available any derivative works or modifications of the open source code on unfavorable terms or at no cost. Although we monitor and have implemented policies relating to our use of open source technology to avoid subjecting our products and services to conditions we do not intend, we cannot guarantee such efforts will be successful and we may face allegations from others alleging ownership of, or seeking to enforce the terms of, an open source license, including by demanding release of the open source software, derivative works or modifications, or our proprietary source code that was developed using such technology, or demanding access to our software free of charge or on other unfavorable terms. These allegations could also result in litigation. Additionally, our AI products are trained on data sets that may include open source software, and it is possible that certain outputs of our AI products may be subject to open source license restrictions or obligations. The terms of many open source licenses are ambiguous and have not been interpreted by United States or foreign courts. There is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to commercialize our AI segment’s products. In such an event, we may be required to seek licenses from third parties to continue commercially offering our AI segment’s products, to make our proprietary code generally available in source code form, to re-engineer our AI segment’s products or to discontinue the sale of our AI segment’s products or such other products if re-engineering could not be accomplished on a timely basis, any of which could adversely affect our business, financial condition, results of operations, and future prospects.

此外，与使用第三方商业软件相比，使用开源技术可能带来更大的技术和法律风险，因为开源许可方通常不提供支持、保证、对软件来源的控制、赔偿或其他合同保护（涉及侵权索赔或代码质量，包括是否存在安全漏洞）。使用开源技术所涉及的许多风险，例如缺乏保证或所有权担保，无法消除，若未妥善处理，可能对我们的业务产生负面影响。若我们的技术及其他业务运营依赖于我们所使用开源技术成功且安全的运行，则此类开源软件中任何未被发现的错误或缺陷可能妨碍我们软件的部署或损害其功能、延迟新技术的推出、导致我们的技术失效，并损害我们的品牌和声誉。例如，开源软件中未被发现的错误或缺陷可能使其易受入侵或安全攻击，并使我们的 AI 板块产品更易遭受数据泄露或安全攻击。上述任何情形均可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

In addition, the use of open source technology may entail greater technical and legal risks than those associated with the use of third-party commercial software as open source licensors generally do not provide support, warranties, controls on origin of the software, indemnification or other contractual protections regarding infringement claims or the quality of the code, including the existence of security vulnerabilities. Many of the risks associated with usage of open source technology, such as the lack of warranties or assurance of title, cannot be eliminated and could, if not properly addressed, negatively affect our business. To the extent that our technologies and other business operations depend upon the successful and secure operation of the open source technology we use, any undetected errors or defects in this open source software could prevent the deployment or impair the functionality of our software, delay the introduction of new technological capabilities, result in a failure of our technologies, and injure our brand and reputation. For example, undetected errors or defects in open source software could render it vulnerable to breaches or security attacks and make our AI segment’s products more vulnerable to data breaches or security attacks. Any of the foregoing would have a material adverse effect on our business, financial condition, results of operations and future prospects.

**支付、银行及其他金融服务相关活动可能使我们承担额外的监管要求、监管行动及其他风险，这些风险可能成本高昂且难以合规，或可能损害我们的业务。**

**Payment, banking, and other financial service-related activities may subject us to additional regulatory requirements, regulatory actions, and other risks that could be costly and difficult to comply with or that could harm our business.**

我们计划公开发布 Money 产品，该产品将提供支付、银行及其他金融服务功能，包括使用户能够从商户处购买有形、虚拟和数字商品，以及向其他用户转账等活动。这些活动将使我们受到美国、欧洲及全球其他地区各类法律法规的约束，包括规范反洗钱和反恐怖主义融资、资金传输、储值、礼品卡及其他预付接入工具、电子资金转账、虚拟货币、消费者保护、慈善募捐、全球和本地经济制裁以及进出口限制的法律法规。此外，我们可能受到新制定或修订的消费者保护法律法规的约束，包括与支付、银行及其他金融服务活动相关的法律法规，以及与支付、银行及其他金融服务相关数据的共享、收集和使用相关的法律法规。视 Money 产品的发展情况，我们还可能受到其他法律法规的约束，包括规范赌博、加密货币、经纪、银行、信贷和借贷的法律法规。在某些司法管辖区，这些法律法规的适用或解释并不明确。我们已就预期的受监管支付相关产品和活动在美国及其他司法管辖区取得了若干支付牌照。这些牌照增强了我们支付业务发展方式的灵活性，有助于缓解监管不确定性，并且通常要求我们证明我们的持牌支付产品和活动符合诸多国内外法律。我们为遵守这些法律法规所做的努力仍可能无法保证合规。如果我们被发现违反任何此类法律或监管要求，我们可能受到罚款或其他处罚，例如停止令，或被要求进行产品变更，其中任何一项都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

We plan to publicly launch the Money Product, which will offer payment, banking and other financial services functionalities, including enabling our users to purchase tangible, virtual, and digital goods from merchants and send money to other users, among other activities. These activities will subject us to a variety of laws and regulations in the United States, Europe, and elsewhere globally, including those governing anti-money laundering and counter-terrorism financing, money transmission, stored value, gift cards and other prepaid access instruments, electronic funds transfer, virtual currency, consumer protection, charitable fundraising, global and local economic sanctions, and import and export restrictions. In addition, we could become subject to new consumer protection laws and regulations that may be adopted or amended, including those related to payment, banking, and other financial services activities as well as sharing, collection, and use of payment, banking, and other financial services-related data. Depending on how the Money Product evolves, we may also be subject to other laws and regulations including those governing gambling, cryptocurrencies, brokerage, banking, credit, and lending. In some jurisdictions, the application or interpretation of these laws and regulations is not clear. We have received certain payments licenses in the United States and other jurisdictions for our anticipated regulated payments-related products and activities. These licenses increase flexibility in how our use of payments may evolve, help mitigate regulatory uncertainty, and will generally require us to demonstrate compliance with many domestic and foreign laws in relation to our licensed payments products and activities. Our efforts to comply with these laws and regulations may still not guarantee compliance. In the event that we are found to be in violation of any such legal or regulatory requirements, we may be subject to monetary fines or other penalties such as a cease and desist order, or we may be required to make product changes, any of which could have a material and adverse effect on our business, financial condition, results of operations and future prospects.

此外，由于支付、银行及其他金融服务交易，我们将面临各种额外风险，包括：为解决交易错误或客户争议而增加的成本和其他资源；用户、开发者、员工或第三方潜在的欺诈或其他非法活动；对用于支付交易的消费者资金投资的限制；以及额外的披露和报告要求。我们计划公开发布 Money 产品，并可能在未来开展额外的支付、银行及其他金融服务举措，这可能使我们面临上述诸多风险以及额外的牌照要求。

In addition, we will be subject to a variety of additional risks as a result of payment, banking, and other financial services transactions, including: increased costs and other resources to address errors in transactions or customer disputes; potential fraudulent or otherwise illegal activity by users, developers, employees, or third parties; restrictions on the investment of consumer funds used to transact payments; and additional disclosure and reporting requirements. We plan to publicly launch the Money Product and may in the future undertake additional payment, banking, and other financial services initiatives, which may subject us to many of the foregoing risks and additional licensing requirements.

**我们为支持在月球和火星上建造永久性设施所做的努力，取决于下一代能力的成功开发和部署。**

**Our efforts to support the creation of permanent installations on the Moon and Mars depend on the successful development and deployment of next-generation capabilities.**

与月球和火星工业化及开发相关的活动，需要成功开发和部署下一代能力，例如包括 Starship 在内的完全可重复使用运载火箭、在轨加注与推进剂储存、太空通信系统，以及在地球轨道之外运行所需的其他能力。这些系统涉及重大的技术、工程和运营挑战，包括需要开发可居住的运输与地表环境，并执行复杂的在轨操作。解决这些挑战需要开发新颖或未经检验的解决方案，并将需要大量资本投入。如果这些努力耗时超出预期，或在这些努力过程中出现技术、运营或工程挑战，我们关于月球和火星的目标（包括政府合同）以及其他多行星计划可能会被延迟、修改或取消，并可能对我们的业务、财务状况和经营业绩产生重大不利影响。即使这些目标得以实现，它们也可能在较长时期内无法产生有意义的收入或实现盈利。

Activities related to the industrialization and development of the Moon and Mars require the successful development and deployment of next-generation capabilities such as fully reusable launch vehicles, including Starship, in-space refueling and propellant storage, in space communications systems, and other capabilities required for operations beyond Earth’s orbit. These systems involve significant technological, engineering, and operational challenges, including the need to develop habitable transportation and surface environments, and perform complex in-orbit operations. Solving these challenges will require developing solutions that are novel or untested and will require substantial capital investment. If these efforts take longer than anticipated, or if technical, operational, or engineering challenges arise in connection with these efforts, our goals with respect to the Moon and Mars, including government contracts, and other and multiplanetary initiatives could be delayed, modified, or cancelled and could materially and adversely affect our business, financial condition, and results of operations. Even if such goals are achieved, they may not generate meaningful revenue or achieve profitability for an extended period of time.

**我们的 AI 业务板块系近期组建，仍在全面整合与优化之中，所处行业快速演变，并面临重大的执行、竞争和运营风险。**

**Our AI segment is recently formed, is still being fully integrated and optimized, operates in a rapidly evolving industry and is subject to significant execution, competitive and operational risks.**

我们于 2026 年 2 月收购 xAI，将其作为我们 AI 业务板块的基础平台，并作为我们雄心勃勃的垂直整合战略的一部分，该战略旨在将人工智能能力与我们既有的太空和连接业务相结合。在被本公司收购之前，xAI 本身是一家早期阶段公司。因此，我们的 AI 业务板块在组织与运营成熟度上仍处于相对早期阶段，并面临整合、规模化和执行风险。

We acquired xAI in February 2026 as the foundational platform for our AI segment and as part of our ambitious vertical integration strategy intended to combine artificial intelligence capabilities with our established Space and Connectivity businesses. Prior to its acquisition by the Company, xAI itself was an early-stage company. As a result, our AI segment remains in a relatively early stage of organizational and operational maturity and is subject to integration, scaling and execution risks.

对被收购业务、技术、战略合作伙伴和员工的成功整合本质上复杂、昂贵且耗时，并可能导致运营效率低下、延迟、中断、成本增加、知识流失以及管理层注意力分散。正如大型收购中常见的情况，我们不得不采取重大举措，将 xAI 的运营整合到我们更广泛的公司架构中，作为我们 AI 业务板块的一部分，包括建立执行我们战略所要求的规模和速度所需的管理团队和组织结构，以及适合我们这样更大规模组织的控制措施和程序。其中许多举措尚未完成。

The successful integration of acquired businesses, technologies, strategic partners, and employees is inherently complex, costly and time-consuming, and may result in operational inefficiencies, delays, disruptions, increased costs, loss of knowledge and diversion of management attention. As is common in large acquisitions, we have had to take significant steps to integrate xAI’s operations into our broader corporate structure as part of our AI segment, including putting in place the management team and organizational structure needed to execute at the scale and pace our strategy demands, as well as controls and procedures appropriate for a larger organization like ours. Many of these steps are not yet complete.

我们已实施并将继续实施人员、战略合作伙伴关系、基础设施共享安排、组织重组、收购及其他整合举措方面的变革，旨在加速发展我们的人工智能能力、算力基础设施和商业产品。管理层认为，这些举措通过整合公司各业务板块的工程人才、算力基础设施、专有数据、软件能力和一体化运营平台等，可能创造长期战略优势。然而，成功整合被收购业务、管理团队、员工、战略合作伙伴、技术及不断演进的产品架构本身具有复杂性、高成本和耗时性，并可能导致运营效率低下、延迟、中断或无法实现预期协同效应或商业利益。

We have undertaken, and continue to undertake, changes in personnel, strategic partnerships, infrastructure-sharing arrangements, organizational restructurings, acquisitions and other integration initiatives intended to accelerate development of our AI capabilities, compute infrastructure and commercial offerings. Management believes these initiatives may create long-term strategic advantages through the combination of engineering talent, compute infrastructure, proprietary data, software capabilities and integrated operational platforms across the Company’s businesses, among others. However, the successful integration of acquired businesses, management teams, employees, strategic partners, technologies and evolving product architectures is inherently complex, costly and time-consuming and may result in operational inefficiencies, delays, disruptions or the failure to realize anticipated synergies or commercial benefits.

我们还推行了不断演进的商业和技术战略，包括编程和软件开发（例如通过与 Cursor 的合作）以及未使用算力容量的变现（例如通过与 Anthropic 的云计算服务协议），同时继续大力投资于扩展数据中心和算力容量，以支持我们自身的内部 AI 举措和产品。这些努力可能需要大量资本支出和管理层关注，并可能在基础设施分配、内部与外部算力使用的优先排序、第三方技术和合作伙伴关系的整合、网络安全、数据治理和商业化战略方面带来运营复杂性。我们可能选择将资本和资源分配给长期举措，即使存在具有更多短期上行空间的替代用途。无法保证这些举措将实现其预期的运营或财务目标。

We have also pursued evolving commercial and technical strategies, including coding and software development (such as through our partnership with Cursor) and monetization of unused compute capacity (such as through our cloud compute services agreements with Anthropic), while simultaneously continuing to invest heavily in expanding datacenter and compute capacity for our own internal AI initiatives and products. These efforts may require substantial capital expenditures and management attention and may create operational complexity relating to infrastructure allocation, prioritization of internal versus external compute usage, integration of third-party technologies and partnerships, cybersecurity, data governance and commercialization strategy. We may elect to allocate capital and resources to long-term initiatives even if alternative uses with more short-term upside are available. There can be no assurance that these initiatives will achieve their intended operational or financial objectives.

人工智能行业高度动态且快速演变。我们在技术发展、客户偏好变化、监管与法律框架演进、公众审视加剧，以及工程人才、算力容量、基础设施、客户和资本方面的激烈竞争等方面面临重大不确定性。部分算力服务客户可能尚未实现正现金流，并依赖外部资本为其对我们的合同义务提供资金。此外，消费级 AI 市场的特点是模型迭代迅速、新进入者频繁涌现以及用户注意力竞争激烈；因此，任何单一 AI 应用（包括 Grok）的下载量及其他使用指标都可能因竞争对手模型发布、产品更新周期以及用户行为的更广泛变化而出现大幅波动（包括 Grok 应用下载量和用户活跃度下降的时期）。受这些市场动态影响，我们可能需要根据技术变革、竞争压力、监管进展或商业采用趋势，调整我们的 AI 战略、组织结构、基础设施部署和资本配置决策。管理层认为在长期具有战略利益的举措，在转型或快速扩张时期仍可能经历短期运营中断、整合效率低下、产品延迟、技术挫折、领导层更替、员工流失、基础设施约束、成本上升或客户采用不均衡。

The artificial intelligence industry is highly dynamic and rapidly evolving. We face significant uncertainty relating to technological developments, changing customer preferences, evolving regulatory and legal frameworks, increasing public scrutiny, and intense competition for engineering talent, compute capacity, infrastructure, customers and capital. Some customers for compute services may not be cash flow positive and rely on external capital to fund their contractual obligations to us. In addition, the consumer AI market is characterized by rapid model iteration, frequent new entrants and intense competition for user attention; as a result, download and other usage metrics for any individual AI application, including Grok, can fluctuate significantly (including periods of decreased Grok app downloads and user activity) in response to competitor model releases, product update cycles, and broader shifts in user behavior. As a result of these market dynamics, we may need to modify our AI strategy, organizational structure, infrastructure deployment and capital allocation decisions in response to technological change, competitive pressures, regulatory developments or commercial adoption trends. Initiatives that management believes are strategically beneficial over the long term may nevertheless experience near-term operational disruptions, integration inefficiencies, product delays, technical setbacks, leadership turnover, employee attrition, infrastructure constraints, increased costs or uneven customer adoption during periods of transition or rapid scaling.

管理层认为，我们近期的组织重组工作、基础设施投资和战略合作使 AI 板块处于有利地位，有利于长期增长，并且符合快速扩张的 AI 平台走向成熟的过程以及被收购公司的优化进程。然而，无法保证我们将成功整合被收购的业务和技术、留住关键人员、在预期时间内执行我们的 AI 战略、实现有意义的商业采用、产生预期收入或投资回报，或在快速演变且日益激烈和整合的 AI 市场中有效竞争。如果我们无法成功执行我们的 AI 战略，我们的业务、财务状况、经营业绩和前景可能受到重大不利影响。

Management believes that our recent organizational restructuring efforts, infrastructure investments and strategic collaborations position the AI segment favorably for long-term growth and are consistent with the maturation process of rapidly scaling AI platforms and optimization of acquired companies. However, there can be no assurance that we will successfully integrate acquired businesses and technologies, retain key personnel, execute our AI strategy within anticipated timeframes, achieve meaningful commercial adoption, generate anticipated revenues or returns on investment, or compete effectively in a rapidly evolving and increasingly competitive and consolidated AI market. If we are unable to successfully execute our AI strategy, our business, financial condition, results of operations and prospects could be materially adversely affected.

**我们的 AI 板块属于资本密集型，已产生重大经营亏损，并且处于一个新兴且快速演变的市场中，AI 的潜力仍存在不确定性。**

**Our AI segment is capital intensive, has incurred significant operating losses, and operates in a nascent and rapidly evolving market in which the potential of AI remains uncertain.**

AI 是一项新兴且快速演进的技术，尽管我们相信 AI 对消费者和企业具有重大前景，但其长期影响将取决于 AI 产品和服务在现实应用中在多大程度上被证明具有广泛实用性。无法保证对 AI 解决方案的需求会发展到或维持在我们预期的水平，甚至根本无法保证需求会出现。尽管行业对 AI 的兴趣已大幅增长，但前沿 AI 模型的商业价值主张在很大程度上仍未得到验证，我们的 AI 产品和服务能否获得长期市场认可尚不确定。开发、训练前沿 AI 模型并为其提供推理服务需要大量且不断增长的资本支出，包括对专用计算硬件、数据中心基础设施、能源采购和技术人员的投资，我们预计这些成本在可预见的未来将继续增加。此外，我们计划投入大量资本建设我们的 AI 算力基础设施，我们预计需要多年的投资周期，这些部署才能转化为持续的 AI 分部调整后 EBITDA 正值。我们的 AI 分部自成立以来已产生重大经营亏损，我们可能无法实现该分部的盈利，或者即使实现盈利，也可能无法持续，且无法保证我们对 AI 投资的回报足以证明所投入资本的合理性。此外，AI 模型能力的持续提升在历史上部分依赖于规模定律，即模型性能随算力、数据和模型规模的增加而提升的经验性观察，但这些规模关系能持续多久存在不确定性。由于上述因素，我们的 AI 分部可能无法实现我们预期的增长或回报。

AI is a nascent and rapidly evolving technology, and although we believe AI holds significant promise for consumers and enterprises, its long-term impact will depend on the degree to which AI products and services prove to be broadly useful in real-world applications. There can be no assurance that demand for AI solutions will develop or be sustained at the levels we anticipate, or at all. While industry interest in AI has grown substantially, the commercial value proposition of frontier AI models remains largely unproven, and long-term market acceptance of our AI products and services is uncertain. Developing, training, and providing inference for frontier AI models requires substantial and growing capital expenditures, including investments in specialized computing hardware, data center infrastructure, energy procurement, and technical personnel, and we expect these costs to continue to increase for the foreseeable future. In addition, we plan to allocate substantial capital to build our AI compute infrastructure, and we expect a multi-year investment horizon before these deployments translate into sustained positive AI Segment Adjusted EBITDA. Our AI segment has incurred significant operating losses since inception, and we may not achieve profitability in this segment, or, if achieved, sustain it, and there can be no assurance that the returns on our AI investments will be adequate to justify the capital deployed. Furthermore, the continued improvement of AI model capabilities has historically depended in part on scaling laws, the empirical observation that model performance improves with increased compute, data, and model size, but there is uncertainty as to how long these scaling relationships will continue to hold. As a result of these factors, our AI segment may not achieve the growth or returns we expect.

**我们有着净亏损的历史，未来可能无法实现盈利。**

**We have a history of net losses and may not achieve profitability in the future.**

截至 2025 年 12 月 31 日和 2023 年 12 月 31 日止年度，我们分别产生净亏损 $(4,937) 百万和 $(4,628) 百万，截至 2026 年 3 月 31 日止三个月产生净亏损 $(4,276) 百万。我们未来可能无法实现盈利，或即使实现盈利也无法持续。截至 2026 年 3 月 31 日，我们的累计亏损为 $41,311 百万。尽管过去三年我们的收入实现了显著增长，但我们无法预测能否维持这一增长水平，也无法预测何时能再次实现盈利。我们还预计未来资本支出和运营费用将会增加，其中包括因作为上市公司运营相关成本增加而导致的一般及行政费用增加，以及我们持续为未来增长进行投资，包括为设计、开发、扩展和维护我们的技术和基础设施以支持运营而发生的重大资本支出。我们的收入可能因多种原因下降，包括我们无法执行增长战略，以及本招股说明书中描述的其他风险。此外，如果我们在投资业务时未能维持或增加收入以抵消运营费用的增加，或未能管理好成本，包括未能维持或改善运营效率，我们可能无法实现或维持盈利。我们若未能持续实现或维持盈利，可能对我们的业务、财务状况和经营成果产生重大不利影响，并导致我们的 A 类普通股市场价格下跌。

We incurred net losses of $(4,937) million and $(4,628) million for the years ended December 31, 2025 and 2023, respectively, and a net loss of $(4,276) million for the three months ended March 31, 2026. We may not achieve or, if achieved, sustain profitability in the future. As of March 31, 2026, we had an accumulated deficit of $41,311 million. While we have experienced significant growth in revenue over the last three years, we cannot predict whether we will maintain this level of growth or when we will achieve profitability again. We also expect our capital expenditures and operating expenses to increase in the future, including our general and administrative expenses as a result of increased costs associated with operating as a public company and as we continue to invest for our future growth, including substantial capital expenditures to design, develop, expand, and maintain our technologies and infrastructure to support our operations. Our revenue could decline for a number of reasons, including if we are unable to execute on our growth strategy and as a result of the other risks described in this prospectus. Furthermore, if we fail to maintain or increase our revenue to offset increases in our operating expenses or manage our costs as we invest in our business, including if we do not maintain or improve our operating efficiencies, we may not achieve or sustain profitability. Any failure by us to achieve or sustain profitability on a consistent basis could have a material adverse effect on our business, financial condition and results of operations and cause the market price of our Class A common stock to decline.

**我们的收入与成本确认时点可能因我们无法控制的因素而波动，这可能导致我们的期间经营成果波动，并使我们的业绩难以预测。**

**The timing of our revenue and cost recognition may fluctuate due to factors outside of our control, which could cause our periodic results of operations to fluctuate and make our results difficult to predict.**

在我们的财务业绩中，我们针对大多数客户有效载荷的收入和成本是在客户有效载荷发射或部署至其预定轨道时确认的。尽管我们会提前规划发射并安排有效载荷，但这些发射或部署的时点可能发生变化，并可能因我们无法控制的多种因素而延迟或受到其他影响，包括客户延迟交付其有效载荷以集成到运载火箭上、恶劣天气以及其他运营方面的考虑。因此，收入确认的时点可能在报告期之间发生转移。例如，如果某客户有效载荷的发射原预计在报告期末附近发生，但实际在稍后不久发生（例如，在 4 月 1 日而非 3 月 30 日），相关收入将在下一季度确认。此外，如果在短时间内发生大量发射或部署，这些事件的集中可能导致报告期之间收入确认时点的波动性加大。这些因素可能导致我们的季度或年度经营成果波动，并可能使我们的业绩难以预测。

In our financial results, we recognize revenue and costs for a majority of customer payloads at the launch or deployment of the customer’s payload to its intended orbit. While we plan launches and schedule payloads in advance, the timing of these launches or deployments may vary and can be delayed or otherwise affected by a number of factors outside of our control, including the customer’s delay in delivering their payload for integration onto the launch vehicle, adverse weather, and other operational considerations. As a result, the timing of revenue recognition may shift between reporting periods. For example, if the launch of a customer’s payload was expected to occur near the end of a reporting period but instead occurs shortly thereafter (e.g., on April 1 instead of March 30), the associated revenue would be recognized in the subsequent quarter. In addition, if a significant number of launches or deployments occur within a short period of time, the concentration of those events may result in greater variability in the timing of revenue recognition between reporting periods. These factors may cause our quarterly or annual results of operations to fluctuate and may make our results difficult to predict.

**未能遵守设计、实施和维护有效内部控制的要求，可能对我们的业务和股价产生重大不利影响。**

**Failure to comply with requirements to design, implement, and maintain effective internal controls could have a material adverse effect on our business and stock price.**

作为一家私营公司，我们此前无需按照《萨班斯-奥克斯利法案》第 404(a) 条（“第 404 条”）所要求的上市公司标准，对我们的财务报告内部控制进行评估。

As a privately held company, we were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act (“Section 404”).

作为一家上市公司，我们将面临加强财务报告和内部控制的重大要求。设计和实施有效内部控制的过程是一项持续的努力，要求我们预见并应对业务以及经济和监管环境的变化，并投入大量资源以维持足以满足我们作为上市公司报告义务的内部控制体系。如果我们无法建立或维持适当的内部财务报告控制与程序，可能导致我们无法及时履行报告义务，导致我们的合并财务报表出现重大错报，并损害我们的经营业绩。此外，根据第 404 条，我们将被要求在本招股说明书完成后的第二份年度报告中，由管理层就我们的财务报告内部控制有效性等事项提供报告。该评估将需要披露我们管理层在财务报告内部控制中识别出的任何重大缺陷。规范管理层评估财务报告内部控制所必须满足标准的规则十分复杂，需要大量文档记录、测试以及可能的整改。测试和维护内部控制可能会分散我们管理层对业务其他重要事项的注意力。此外，我们的独立注册公共会计师事务所将被要求自我们的第二份年度报告起，每年对我们的财务报告内部控制有效性进行鉴证。

As a public company, we will have significant requirements for enhanced financial reporting and internal controls. The process of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company. If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial statements, and harm our results of operations. In addition, we will be required, pursuant to Section 404, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting in the second annual report following the completion of this offering. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation, testing, and possible remediation. Testing and maintaining internal controls may divert our management’s attention from other matters that are important to our business. Additionally, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting on an annual basis, beginning with our second annual report.

我们目前正在更新我们的控制流程，并预计在成为上市公司之前实现部分程序和系统的自动化，但我们对财务报告的内部控制目前尚不符合第 404 条所设想的全部标准，而我们最终将被要求达到这些标准。由于我们目前尚未对内部控制形成全面的文档记录，且尚未按照第 404 条对我们的内部控制进行测试，因此我们无法按照第 404 条得出结论，认定我们的内部控制不存在重大缺陷，或不存在可能导致得出我们的内部控制存在重大缺陷结论的多项重大缺陷的组合。在更新我们的控制流程以及实施与财务报告内部控制相关的必要程序和实践的过程中，我们已经识别出缺陷，并且未来可能识别出我们可能无法及时补救以满足《萨班斯-奥克斯利法案》就遵守第 404 条要求所规定期限的缺陷。此外，在完成对我们独立注册公共会计师事务所就出具其鉴证报告所识别的任何缺陷的补救方面，我们可能遇到问题或延误。我们的测试，或我们独立注册公共会计师事务所后续的测试（如要求），可能揭示我们财务报告内部控制中存在被视为重大缺陷的缺陷。任何重大缺陷都可能导致我们的年度或季度合并财务报表或披露出现重大错报，而此类错报可能无法被防止或发现。

We are currently in the process of updating our control processes and automating certain of our procedures and systems in anticipation of becoming a public company, but our internal controls over financial reporting currently do not meet all of the standards contemplated by Section 404 that we will eventually be required to meet. Because we currently do not have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. In connection with updating our control processes and the implementation of the necessary procedures and practices related to internal control over financial reporting, we have identified deficiencies and may identify deficiencies in the future that we may not be able to remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In addition, we may encounter problems or delays in completing the remediation of any deficiencies identified by our independent registered public accounting firm in connection with the issuance of their attestation report. Our testing, or the subsequent testing (if required) by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses. Any material weaknesses could result in a material misstatement of our annual or quarterly consolidated financial statements or disclosures that may not be prevented or detected.

**我们的保险覆盖策略可能不足以保护我们免受所有业务风险的影响。**

**Our insurance coverage strategy may not be adequate to protect us from all business risks.**

在正常经营过程中，我们可能因事故、不可抗力以及其他针对我们的索赔而遭受损失，而我们可能没有相应的保险覆盖。一般而言，我们维持的保险覆盖范围不如许多其他公司那么大，在某些情况下，我们根本不维持任何保险，包括对我们的在轨卫星，我们目前未为其投保，且预计未来也不会投保。此外，我们现有的保单可能包含高额免赔额或自留额、保单限制和除外责任，且我们无法确定我们的保险覆盖是否足以覆盖未来针对我们的所有损失或索赔。未投保或超过保单限额的损失可能要求我们支付大额款项，这可能损害我们的财务状况和经营业绩。

We may be subject, in the ordinary course of business, to losses resulting from accidents, acts of God and other claims against us, for which we may have no insurance coverage. As a general matter, we do not maintain as much insurance coverage as many other companies do, and in some cases, we do not maintain any at all, including with respect to our in-orbit satellites, which we currently do not insure and do not expect to insure in the future. Additionally, the policies that we do have may include significant deductibles or self-insured retentions, policy limitations and exclusions, and we cannot be certain that our insurance coverage will be sufficient to cover all future losses or claims against us. A loss that is uninsured or which exceeds policy limits may require us to pay substantial amounts, which may harm our financial condition and operating results.

与我们的公司架构、A 类普通股所有权及本次发行相关的风险 Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock and This Offering

**未来，本公司与马斯克先生及其拥有或关联的实体之间可能产生利益冲突，涉及（除其他事项外）业务交易、潜在竞争活动或其他商业机会。**

**Conflicts of interest could arise in the future between us, on the one hand, and Mr. Musk and entities owned by or affiliated with him, on the other hand, concerning among other things, business transactions, potential competitive activities or other business opportunities.**

未来，本公司与马斯克先生及其拥有或关联的实体之间可能产生利益冲突，涉及（除其他事项外）业务交易、潜在竞争性业务活动或其他机会。在日常业务过程中，我们已与其中部分公司进行了各类交易。请参阅“特定关系及关联人士交易”。此外，我们此前已开展、目前正在开展，并预计未来将继续与 Tesla 开展多项战略合作，包括与 Macrohard 和 Terafab 相关的合作。其中部分项目（包括 Macrohard 和 Terafab）尚处于非常早期的阶段，因此本公司与 Tesla 尚未最终确定与我们合作相关的各项细节，包括但不限于财务条款、知识产权以及合作的最终期限。此外，马斯克先生及其拥有或关联的其他企业目前或未来可能直接或间接与我们竞争投资或商业机会。

Conflicts of interest could arise in the future between us, on the one hand, and Mr. Musk and entities owned by or affiliated with him, on the other hand, concerning among other things, business transactions, potential competitive business activities or other opportunities. In the normal course of business, we have engaged in a variety of transactions with some of these companies. Please refer to “Certain Relationships and Related Person Transactions.” In addition, we have previously engaged, are currently engaged, and expect to continue to engage in the future in a number of strategic collaborations with Tesla, including with respect to Macrohard and Terafab. Certain of these projects, including Macrohard and Terafab, are in the very early stages, as a result of which we and Tesla have not finalized a variety of details relating to our collaboration, including, but not limited to, financial terms, intellectual property rights, and the ultimate term of our collaboration. Furthermore, Mr. Musk and other businesses owned by or affiliated with him may now, or in the future, directly or indirectly, compete with us for investment or business opportunities.

马斯克先生或其关联方可能不时知悉某些商业机会（例如收购机会或技术开发），并可能将该等机会导向其已投资的其他企业，在此情况下，我们可能无法知悉该等机会或以其他方式有能力把握该等机会。此外，马斯克先生及其关联方未来可能处置其在其他公司或其他资产中的权益，且无任何义务向我们提供购买任何该等权益或资产的机会。

Mr. Musk or his affiliates may become aware, from time to time, of certain business opportunities (such as acquisition opportunities or technological developments) and may direct such opportunities to other businesses in which they have invested, in which case we may not become aware of or otherwise have the ability to pursue such opportunity. In addition, Mr. Musk and his affiliates may dispose of their interests in other companies or other assets in the future, without any obligation to offer us the opportunity to purchase any of those interests or assets.

根据我们的公司章程，马斯克先生及其关联方不受限制拥有资产或从事与我们直接或间接竞争的业务，且无任何义务避免直接或间接从事与我们相同或类似的业务活动或业务线，包括被视为与我们竞争的业务活动或业务线，或与我们的任何客户或供应商开展业务。此外，我们过去曾与马斯克先生关联的实体进行交易，未来也可能进行此类交易。我们可能进行此类交易，以替代追求其他股东可能更青睐或可能被证明比我们所选择追求的机会更具增值效应的其他机会。在任何此类事项中，马斯克先生及其拥有或关联的实体的利益可能与我们的其他股东的利益不同或存在冲突。与上述事项相关的任何实际或感知到的利益冲突可能对我们的 A 类普通股交易价格产生不利影响。

Under our charter, Mr. Musk and his affiliates are not restricted from owning assets or engaging in businesses that compete directly or indirectly with us and will not have any duty to refrain from engaging, directly or indirectly, in the same or similar business activities or lines of business as us, including those business activities or lines of business deemed to be competing with us, or doing business with any of our customers or vendors. Moreover, we have in the past entered into, and may in the future enter into, transactions with entities affiliated with Mr. Musk. We may enter into such transactions in lieu of pursuing other opportunities that some other shareholders may prefer or that may prove to be more accretive than the opportunities we elect to pursue. In any of these matters, the interests of Mr. Musk and entities owned by or affiliated with him may differ or conflict with the interests of our other shareholders. Any actual or perceived conflicts of interest with respect to the foregoing could have an adverse impact on the trading price of our Class A common stock.

**我们的部分董事和关键员工可能存在利益冲突，因为他们同时担任马斯克先生关联方或其他大股东关联方的员工或董事。此类利益冲突的解决方式可能不符合我们或您的最佳利益。**

**Certain of our directors and key employees may have conflicts of interest because they are also employees or directors of affiliates of Mr. Musk or other large shareholders. The resolution of these conflicts of interest may not be in our or your best interests.**

我们的部分董事和关键员工可能存在利益冲突，因为他们同时担任马斯克先生关联方或其他大股东关联方的员工或董事。此类董事可能在与我们业务相关或存在竞争关系的其他公司、合资企业或项目中拥有权益、担任董事会成员，或与之存在财务或其他关系，包括但不限于其他航天或 AI 公司、科技合资企业、卫星通信业务以及政府或商业航天合同。请参阅“管理层”。这些关系和权益可能产生实际或潜在的利益冲突，尤其是在时间、资源、商业机会或战略决策的分配方面。此外，我们的章程规定，在适用法律允许的最大范围内，我们放弃可能向马斯克先生及我们的部分董事及其各自关联方提供的某些公司机会，且该等人士可能无义务向我们提供该等机会。请参阅“股本说明——公司机会”。任何实际或潜在的利益冲突都可能损害我们的声誉、引发争议、分散管理层注意力，或导致不符合我们或我们股东最佳利益的决策，从而可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

Certain of our directors and key employees may have conflicts of interest because they are also employees or directors of affiliates of Mr. Musk or other large shareholders. Such directors may have interests in, serve on the boards of, or have financial or other relationships with other companies, ventures, or initiatives that are related to or competitive with our business, including but not limited to other space or AI companies, technology ventures, satellite communications businesses, and government or commercial space contracts. Please refer to “Management.” These relationships and interests could create actual or perceived conflicts of interest, particularly with respect to the allocation of time, resources, business opportunities, or strategic decisions. In addition, our charter provides that, to the fullest extent permitted by applicable law, we renounce certain corporate opportunities that may be presented to Mr. Musk and certain of our directors and their respective affiliates, and such persons may have no duty to present such opportunities to us. Please refer to “Description of Capital Stock—Corporate Opportunities.” Any actual or perceived conflicts of interest could harm our reputation, lead to disputes, divert management attention, or result in decisions that are not in the best interests of us or our shareholders, which could materially and adversely affect our business, financial condition, results of operations, and future prospects.

**我们高度依赖我们的首席执行官兼首席技术官马斯克先生及其他关键人员的持续服务，一名或多名该等人士的流失或参与度降低可能对我们执行业务战略的能力产生不利影响。**

**We are highly dependent on the continued services of Mr. Musk, our Chief Executive Officer and Chief Technical Officer, and other key personnel, and the loss or reduced involvement of one or more of these individuals could adversely affect our ability to execute our business strategy.**

我们高度依赖马斯克先生的持续服务和表现，其领导力、愿景和专业能力对我们的技术开发和业务战略执行至关重要。马斯克先生一直并将继续是我们增长、创新和运营成功的推动力量。马斯克先生的流失，无论是因身故、丧失行为能力还是其他原因，或如其无法或不愿继续担任现任职务，都可能严重扰乱我们的管理架构，对我们执行战略计划的能力造成不利影响，并对我们的声誉以及与客户、合作伙伴和其他利益相关方的关系产生负面影响。我们强烈、以使命为驱动、以工程为先的文化是我们增长和执行的关键驱动力，这一文化的任何削弱，包括因马斯克先生的流失或参与度降低所致，都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。我们未为马斯克先生投保关键人员人寿保险。此外，尽管马斯克先生为我们的业务投入大量时间并在我们的管理中高度活跃，但他并未将全部时间和精力投入我们的业务，而是将时间和精力投入到其他重要职务（且未来可能担任更多职务）。例如，马斯克先生目前担任 Tesla 的 Technoking 兼首席执行官，并参与其他新兴技术企业，包括 Neuralink 和 The Boring Company。马斯克先生此前还曾担任美国总统高级顾问。任何此类流失或对我们业务参与度的降低，都可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。寻找和招募具备马斯克先生所拥有的技能与经验组合、并能够维持市场信心的继任者的过程可能漫长且不确定，且无法保证我们能够及时或最终吸引或留住合适的替代人选。

We are highly dependent on the continued service and performance of Mr. Musk, whose leadership, vision, and expertise are critical to the development of our technologies and the execution of our business strategy. Mr. Musk has been, and continues to be, a driving force behind our growth, innovation, and operational success. The loss of Mr. Musk, whether due to death, disability, or otherwise, or his inability or unwillingness to continue in his current roles, could significantly disrupt our management structure, adversely affect our ability to execute our strategic plans, and negatively impact our reputation and relationships with customers, partners, and other stakeholders. Our intense, mission-driven, engineering-first culture has been a key driver of our growth and execution, and any erosion of this culture, including as a result of the loss or reduced involvement of Mr. Musk, could have a material adverse effect on our business, financial condition, results of operations, and future prospects. We do not maintain key-person life insurance on Mr. Musk. Further, although Mr. Musk devotes significant time to our businesses and is highly active in our management, he does not devote his full time and attention to our businesses and devotes time and attention to other significant roles (and may in the future serve in additional roles). For instance, Mr. Musk currently serves as Technoking and Chief Executive Officer of Tesla and is involved in other emerging technology ventures, including Neuralink and The Boring Company. Mr. Musk has also previously served as Senior Advisor to the President of the United States. Any such loss or reduced involvement in our business could result in a material adverse effect on our business, financial condition, results of operations, and future prospects. The process of identifying and recruiting a successor with the combination of skills and experience possessed by Mr. Musk, as well as the ability to maintain the confidence of the market, could be lengthy and uncertain, and there can be no assurance that we would be able to attract or retain a suitable replacement in a timely manner or at all.

我们、马斯克先生以及马斯克先生关联的其他公司经常受到大量媒体关注。马斯克先生及其关联企业的行为和言论，无论是否与我们直接相关，都可能吸引公众对我们的大量关注和审视，并可能对我们的业务、与客户和监管机构的关系或股价产生正面或负面影响。

We, Mr. Musk, and other companies Mr. Musk is affiliated with frequently receive an immense amount of media attention. The actions and statements of Mr. Musk and his affiliated ventures, whether or not directly relating to us, may draw significant public attention and scrutiny to us and could potentially have a positive or negative impact on our business, relationships with customers and regulators, or stock price.

除马斯克先生外，我们还拥有对我们的业务至关重要的关键人员。我们依赖他们的知识、专业能力和领导力来开发、制造、推出、销售和支持我们的产品与服务。我们的关键员工均未签订约定了具体期限的雇佣协议，我们可能无法成功吸引并留住持续发展业务所需的高级领导人才。我们的薪酬安排（例如股权奖励计划）未必总能成功吸引新员工并留住和激励现有核心人员。我们的成功取决于我们吸引和留住关键人员的能力，若未能做到，可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响。

In addition to Mr. Musk, we have key personnel who are invaluable to our businesses. We rely upon their knowledge, expertise, and leadership to develop, manufacture, launch, sell, and support our products and services. None of our key employees are bound by an employment agreement for any specific term and we may not be able to successfully attract and retain the senior leadership necessary to continue to grow our business. Our compensation arrangements, such as our equity award programs, may not always be successful in attracting new employees and retaining and motivating existing key personnel. Our success depends upon our ability to attract and retain key personnel and any failure to do so could have a material adverse effect on our business, financial condition, results of operations, and future prospects.

**马斯克先生或其他现有股东大幅减少其在我们公司的持股权益，可能对我们造成不利影响。**

**A significant reduction by Mr. Musk or other existing shareholders of their ownership interest in us could adversely affect us.**

我们认为，马斯克先生在我们公司持有的大量所有者权益为他提供了经济激励，促使其协助我们取得成功。在本次发行完成后，对我们证券转让或出售的锁定期限制届满或提前豁免后，马斯克先生将不再负有维持其在我们公司所有者权益的任何义务，并可在其后任何时间选择出售其在我们公司全部或大部分所有者权益或以其他方式减少其在我们公司的所有者权益。如果马斯克先生出售其在我们公司全部或大部分所有者权益，他协助我们取得成功的激励可能减少，这可能对我们的未来前景产生不利影响。此外，马斯克先生或其他现有股东未来转售我们的 A 类普通股，或市场认为可能发生此类出售，可能导致我们的 A 类普通股市场价格大幅下跌，无论我们的实际业务表现如何。特别是，在适用锁定期届满或豁免的前提下，“某些关系及相关人士交易——投资者权利协议”中所述的投资者权利协议各方将有权（受某些例外和条件约束）要求我们根据经修订的 1933 年证券法（“证券法”）登记约 9.2 billion 股 A 类普通股（包括 B 类普通股转换后可发行的 A 类普通股），且他们将有权参与我们未来某些证券登记。任何此类股份的登记将导致该等股份在登记声明生效后无需遵守第 144 条限制即可自由交易。此外，约 12.2 billion 股 A 类普通股（包括 B 类普通股转换后可发行的 A 类普通股）通常将在本次发行后 90 天起可根据第 144 条转售，但受本招股说明书其他部分所述锁定期限制的约束。参见“某些关系及相关人士交易——投资者权利协议”和“未来可出售股份——登记权”。

We believe that Mr. Musk’s substantial ownership interest in us provides him with an economic incentive to assist us to be successful. Upon the expiration or earlier waiver of the lock-up restrictions on transfers or sales of our securities following the completion of this offering, Mr. Musk will not be subject to any obligation to maintain his ownership interest in us and may elect at any time thereafter to sell all or a substantial portion of or otherwise reduce his ownership interest in us. If Mr. Musk sells all or a substantial portion of his ownership interest in us, he may have less incentive to assist in our success, which could adversely affect our future prospects. Additionally, future resales of our Class A common stock by Mr. Musk or other existing shareholders, or the perception that such sales may occur, could cause the market price of our Class A common stock to decline significantly, regardless of our actual business performance. In particular, subject to the expiration or waiver of any applicable lock-up period, parties to the Investors’ Rights Agreement described in “Certain Relationships and Related Person Transactions— Investors’ Rights Agreement” will have the right, subject to certain exceptions and conditions, to require us to register approximately 9.2 billion shares of Class A common stock (including shares of Class A common stock issuable upon conversion of Class B common stock) under the Securities Act of 1933, as amended (the “Securities Act”), and they will have the right to participate in certain future registrations of securities by us. Registration of any of such shares would result in such shares becoming freely tradable without compliance with Rule 144 limitations upon effectiveness of the registration statement. In addition, approximately 12.2 billion shares of Class A common stock (including shares of Class A common stock issuable upon conversion of Class B common stock) will generally be available for resale under Rule 144 starting 90 days after this offering, subject to lock-up restrictions described elsewhere in this prospectus. See “Certain Relationships and Related Person Transactions—Investors’ Rights Agreement” and “Shares Eligible for Future Sale—Registration Rights.”

**本次发行完成后，我们将成为纳斯达克和纳斯达克得克萨斯上市规则所指的“受控公司”，因此将有资格并依赖某些公司治理要求的豁免。**

**Following the consummation of this offering, we will be a “controlled company” within the meaning of the Nasdaq and Nasdaq Texas listing rules and, as a result, will qualify for and rely on exemptions from certain corporate governance requirements.**

由于马斯克先生将实益拥有 849.5 million 股 A 类普通股和 5,569.1 million 股 B 类普通股（包括 350.0 million 股 B 类普通股标的期权），占我们普通股在董事选举方面投票权的 50%以上，此外，我们的 B 类普通股持有人作为单独类别投票，将有权选举占我们董事会授权董事总数 51%的董事（向上取整至最接近的整数），本次发行完成后，我们将成为纳斯达克和纳斯达克得克萨斯上市规则下的受控公司。

Because Mr. Musk will beneficially own 849.5 million shares of Class A common stock and 5,569.1 million shares of Class B common stock (including 350.0 million shares of Class B common stock underlying options), which represents greater than 50% of the voting power of our common stock with respect to director elections and moreover, holders of our Class B common stock, voting separately as a class, will be entitled to elect 51% of the total number of authorized directors constituting our board (rounded up to the nearest whole number), following the completion of this offering, we will be a controlled company under the listing rules of Nasdaq and Nasdaq Texas.

根据纳斯达克和纳斯达克德克萨斯交易所的上市规则，若某公司董事选举投票权超过 50%由另一人或共同行动的一组人持有，该公司即为“受控公司”，并可以选择不遵守纳斯达克和纳斯达克德克萨斯交易所的某些公司治理要求，包括以下要求：

Under the listing rules of Nasdaq and Nasdaq Texas, a company of which more than 50% of the voting power with respect to director elections is held by another person or group of persons acting together is a “controlled company” and may elect not to comply with certain Nasdaq and Nasdaq Texas corporate governance requirements, including the requirements that:

- 该公司董事会多数成员应为纳斯达克和纳斯达克德克萨斯交易所上市规则所定义的独立董事；

- a majority of such company’s board of directors consist of independent directors as defined under the listing rules of Nasdaq and Nasdaq Texas;

- 董事候选人应由完全由独立董事组成的提名委员会遴选或推荐供董事会遴选，并须制定书面章程，按纳斯达克和纳斯达克德克萨斯交易所上市规则的要求载明提名程序；

- director nominees be selected or recommended for board of directors’ selection by a nominating committee composed entirely of independent directors, with a written charter addressing the nominations process as required under the listing rules of Nasdaq and Nasdaq Texas;

- 薪酬委员会应完全由独立董事组成，并须制定书面章程载明该委员会的目的和职责；以及

- the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

- 应对薪酬委员会和提名委员会进行年度绩效评估。

- annual performance evaluations of the compensation and nominating committees be conducted.

本次发行完成后，我们拟利用上述部分豁免。因此，我们预计不会设立完全由独立董事组成的薪酬与提名委员会，也不会制定涵盖纳斯达克和纳斯达克德克萨斯交易所对非受控公司适用的全部要求的委员会章程。此外，在我们仍为“受控公司”期间，我们未来可能会选择利用某些其他豁免。因此，我们的 A 类普通股股东将无法享有受纳斯达克和纳斯达克德克萨斯交易所全部公司治理要求约束的公司的股东所享有的同等保护。倘若我们不再属于“受控公司”且我们的股份继续在纳斯达克和纳斯达克德克萨斯交易所上市，我们将被要求在适用的过渡期内遵守所有适用的治理要求。请参阅“管理层”。

Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not expect to have a compensation and nominating committee that is composed entirely of independent directors or that has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance requirements within the applicable transition periods. Please refer to “Management.”

**我们向股东提供回报的能力将取决于我们股价的升值，因为我们不计划在可预见的未来派发股息。**

**Our ability to provide returns to shareholders will depend on appreciation in our share price, as we do not plan to pay dividends for the foreseeable future.**

投资者能否实现投资回报，将在很大程度上取决于我们 A 类普通股价格的升值，因为我们预计在可预见的未来不会派发股息。我们从未就普通股宣布或派发过任何现金股息，且我们目前拟保留所有可用资金及任何未来收益，以支持我们业务的增长和运营，包括对新技术和商业机会的投资。因此，寻求现金回报的投资者将不会获得任何股息收入，实现回报的唯一途径可能只有通过我们 A 类普通股市场价格的上涨，而这一上涨未必会发生。我们 A 类普通股的交易价格可能波动较大，并会因各种因素而出现大幅波动，这些因素包括我们的财务状况和经营业绩、我们业务或未来前景的变化、技术创新、我们或竞争对手的公告、监管环境的变化、我们的品牌和声誉受损、更广泛的市场或经济状况，以及本次发行中预计将有相当数量的 A 类普通股配售给散户投资者这一事实。此外，本次发行后，散户投资者对我们 A 类普通股的兴趣可能较高，这可能导致交易价格波动加剧。其中部分因素不在我们的控制范围内，我们 A 类普通股的交易价格可能无法反映我们的实际经营业绩。因此，投资者可能无法实现投资收益，并可能损失其在我们 A 类普通股中的全部或部分投资。

The ability of investors to realize a return on their investment will depend largely on the appreciation of the price of our Class A common stock, as we do not anticipate paying dividends in the foreseeable future. We have never declared or paid any cash dividends on our common stock, and we currently intend to retain all available funds and any future earnings to support the growth and operation of our business, including investment in new technologies and commercial opportunities. As a result, investors seeking cash returns from their investment will not receive any dividend income, and the only way to realize a return may be through an increase in the market price of our Class A common stock, which may not occur. The trading price of our Class A common stock may be volatile and subject to wide fluctuations in response to various factors, including our financial condition and operating results, changes in our business or future prospects, technological innovations, announcements by us or our competitors, changes in the regulatory environment, harm to our brand and reputation, broader market or economic conditions, and the fact that a number of shares of our Class A common stock are expected to be allocated to retail investors in this offering. Additionally, high retail investor interest in our Class A common stock may occur following this offering, which may lead to increased volatility of the trading price. Some of these factors are outside of our control, and the trading price of our Class A common stock may not reflect our actual operating performance. Accordingly, investors may not be able to realize a gain on their investment and could lose all or part of their investment in our Class A common stock.

**本次发行完成后，Musk 先生将担任我们的首席执行官、首席技术官及董事会主席，并控制我们董事的选举，且我们的双重股权结构将投票控制权集中于 Musk 先生及我们 B 类普通股的其他持有人。这将限制或妨碍您影响公司事务及选举我们董事的能力。**

**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 holders of our Class B common stock. This will limit or preclude your ability to influence corporate matters and the election of our directors.**

我们的 B 类普通股每股将拥有十票投票权；我们的 A 类普通股每股将拥有一票投票权；并且，除本招股说明书摘要所述情形外，我们的 A 类普通股将与我们的 B 类普通股就提交股东表决的任何事项共同投票。根据我们的公司章程，B 类普通股持有人作为单独类别单独投票，将有权选举占我们董事会授权董事总数 51%的董事（向上取整至最接近的整数），并且只要至少有一股 B 类普通股流通在外，即有权罢免该等董事。因此，B 类普通股持有人将控制我们董事会的构成，并对需要股东批准的事项的结果产生重大影响。有关需要作为单独类别单独投票的 B 类普通股流通股多数投票权批准的其他特定行动，请参见“股本说明”。这种投票权的集中将限制或排除我们的 A 类普通股持有人（包括本次发行中 A 类普通股的购买者）影响公司事务和我们董事选举的能力。

Our Class B common stock will have ten votes per share; our Class A common stock will have one vote per share; and, except as summarized here, our Class A common stock will vote together with our Class B common stock on any matter submitted to the shareholders for a vote. Under our charter, holders of our Class B common stock, voting separately as a class, will be entitled to elect 51% of the total number of authorized directors constituting our board (rounded up to the nearest whole number) and will have the ability to remove those directors for as long as there is at least one share of Class B common stock outstanding. As a result, holders of our Class B common stock will have control over the composition of our board and significant influence over the outcome of matters requiring shareholder approval. Please refer to “Description of Capital Stock” for certain other actions that will require approval of a majority of the voting power of the outstanding shares of Class B common stock voting separately as a class. This concentration of voting power will limit or preclude the ability of holders of our Class A common stock, including purchasers of Class A common stock in this offering, to influence corporate matters and the election of our directors.

本次发行完成后，Musk 先生将实益拥有我们 B 类普通股流通股的多数以及普通股（A 类普通股和 B 类普通股共同投票）投票权的多数，因此将能够选举我们董事会的全体成员。Musk 先生将根据我们的公司章程担任我们的首席执行官兼董事会主席，且根据我们的公司章程，只有经 B 类持有人投票方可将其从董事会或上述职位罢免，他将对我们的业务和事务产生重大影响。

Upon completion of this offering, Mr. Musk will beneficially own a majority of the outstanding shares of our Class B common stock and a majority of the voting power of the common stock (the Class A common stock and the Class B common stock voting together) and therefore will be able to elect all the members of our board. Mr. Musk, who will serve as our Chief Executive Officer and Chairman of our board under our charter and can only be removed from our board or these positions by the vote of Class B holders, as set forth in our charter, will exert significant influence over our business and affairs.

B 类普通股将继续每股拥有十票投票权，但除某些家族内部转让以及向符合“获准受让人”资格的某些实体转让的例外情形（如本招股说明书其他部分所述）外，B 类普通股持有人转让股份通常将导致该等股份转换为 A 类普通股。B 类普通股转换为 A 类普通股将随着时间的推移产生增加保留其股份的 B 类普通股持有人相对投票权的效果。如果 Musk 先生在较长时期内保留其持有的 B 类普通股的相当大部分，他可能继续控制我们董事会多数成员的选举和罢免。

Class B common stock will continue to have ten votes per share, except that, subject to exceptions for certain inter-family transfers and transfers to certain entities that qualify as “permitted transferees” (as described elsewhere in this prospectus), transfers by holders of our Class B common stock will generally result in those shares converting to Class A common stock. The conversion of Class B common stock to Class A common stock will have the effect, over time, of increasing the relative voting power of those holders of Class B common stock who retain their shares. If Mr. Musk retains a significant portion of his holdings of Class B common stock for an extended period of time, he could continue to control the election and removal of a majority of our board.

然而，其他人士也将持有 B 类普通股股份。如果马斯克先生出售、转让或以其他方式处置其足够数量的 B 类普通股股份，以致其不再持有 B 类普通股已发行股份的多数，则 B 类普通股的另一名持有人或持有人集团可能获得选举和罢免我们董事会多数成员的能力，从而有效控制公司。任何此类控制权变更可能导致我们的战略方向、管理层、业务计划或政策发生变化，而这些变化可能与我们的 A 类普通股持有人的利益不一致。

However, other persons will also hold shares of Class B common stock. If Mr. Musk were to sell, transfer or otherwise dispose of a sufficient number of his shares of Class B common stock such that he no longer holds a majority of the outstanding shares of Class B common stock, another holder or group of holders of Class B common stock could obtain the ability to elect and remove a majority of our board and thereby effectively control the Company. Any such change in control could result in changes to our strategic direction, management, business plans or policies that may not be aligned with the interests of holders of our Class A common stock.

此外，我们的章程将规定，除 B 类普通股的特定类别表决或未来授予其他类别的任何权利外，各类股票将无权享有《得克萨斯州商业组织法典》（“TBOC”）所规定的任何单独类别表决权，其中包括（i）增加或减少某一类别已发行股份的授权股份总数，（ii）某一类别全部或部分股份的交换、重新分类或注销，（iii）将某一类别股份（无论是否有面值）变更为同一类别或另一类别的相同或不同数量的股份（无论是否有面值），（iv）创设具有与某一类别股份同等、优先或更优权利和优先权的新类别股份，以及（v）注销或以其他方式实施某一类别或系列股份上已累积但尚未宣派的股息。

In addition, our charter will provide that other than for specified class votes by the Class B common stock or any rights granted to other classes in the future, classes of stock will not be entitled to any separate class votes provided for under the Texas Business Organizations Code (the “TBOC”), including among others (i) the increase or decrease of the aggregate number of authorized shares of a class outstanding, (ii) the exchange, reclassification, or cancellation of all or part of the shares of a class, (iii) a change of shares of a class, with or without par value, into the same or a different number of shares of the same or another class, with or without par value, (iv) the creation of a new class of shares with rights and preferences equal, prior, or superior to the shares of the class and (v) cancellation or other effectuation of the dividends on the shares of the class or series that have accrued but have not been declared.

**TBOC 和我们的章程包含的条款可能限制股东就我们的董事或高级管理人员以公司董事或高级管理人员身份作出的某些作为或不作为提起诉讼的能力，包括衍生诉讼的最低持股要求以及商业判断规则的推定。**

**The TBOC and our charter include provisions that may limit shareholders’ ability to bring a cause of action against our directors or officers for certain acts or omissions in their capacity as directors or officers of the Company, including minimum share ownership for derivative proceedings and the presumption of the business judgment rule.**

TBOC 及我们的治理文件包含某些条款，可能限制股东针对我们的高管和董事提起某些派生诉讼的能力。例如，TBOC 规定，若公司有一类股票在全国性证券交易所上市，治理文件可规定股东或股东集团提起或维持派生诉讼的最低持股门槛最高为公司已发行股份的 3%。我们的章程将规定，股东或股东集团以公司名义提起或维持派生诉讼所需的持股门槛为公司已发行股份的 3%。基于本招股说明书封面所载的首次公开发行价格，我们已发行股份的 3% 总美元价值约为 $53 billion。基于 2025 年 TBOC 该条款的类似持股门槛规定已在涉及另一家得克萨斯州公司的法院程序中受到质疑，尽管联邦地区法院在该案中认定该条款可执行，但其可执行性或包含该条款的治理文件可能面临进一步质疑或解释。TBOC 还允许公司在交易（包括关联方交易）开始或对派生主张进行调查时，请求法院裁定在审查该交易的特别委员会任职的董事，或在审查派生主张的小组任职的董事或其他个人的独立性和无利害关系性。此后对独立性或无利害关系性的质疑将需要新的事实。我们的章程将规定这些 TBOC 条款适用于我们。

The TBOC and our governing documents include certain provisions that may limit our shareholders’ ability to bring certain derivative claims against our officers and directors. For example, the TBOC provides that, if a corporation has a class of stock listed on a national securities exchange, the governing documents may provide that the minimum ownership threshold for a shareholder or group of shareholders to institute or maintain a derivative proceeding is up to 3% of the outstanding shares of the corporation. Our bylaws will specify that the required ownership threshold for a shareholder or group of shareholders to institute or maintain a derivative proceeding in the right of the Company will be 3% of the outstanding shares of the Company. Based on the initial public offering price set forth on the cover page of this prospectus, 3% of our outstanding shares has a total dollar value of approximately $53 billion . A similar ownership threshold provision based on this 2025 TBOC provision has already been challenged in court proceedings involving another Texas corporation and, although the federal district court found the provision enforceable in that case, its enforceability or governing documents containing its provisions could be subject to further challenges or interpretation. The TBOC also permits corporations to request a court, at the start of a transaction (including a related party transaction) or inquiry into a derivative claim, to determine the independence and disinterestedness of directors serving on a special committee reviewing the transaction or directors or other individuals on panels reviewing derivative claims. Subsequent challenges to independence or disinterestedness would require new facts. Our bylaws will provide that these TBOC provisions will apply to us.

此外，TBOC 第 21.419 条就董事和高管对公司义务（包括注意义务和忠实义务）的遵守情况设定了某些推定。具体而言，在就公司业务任何事项采取或不采取任何行动时，适用于我们的第 21.419 条规定，董事或高管被推定其行为 (i) 出于善意，(ii) 在知情基础上，(iii) 促进公司利益，且 (iv) 遵守法律和公司治理文件。这些条款被描述为将“商业判断规则”法典化。为使针对董事或高管的诉讼请求获得胜诉，公司或提起该诉讼的股东必须推翻上述一项或多项推定，并具体证明该董事或高管的行为或不作为构成对其作为董事或高管义务的违反，且该违反涉及欺诈、故意不当行为、越权行为或明知违法。

In addition, Section 21.419 of the TBOC sets forth certain presumptions concerning compliance by directors and officers with respect to their duties to a corporation, including the duty of care and duty of loyalty. Specifically, in taking or declining to take any action on any matters of a corporation’s business, Section 21.419, which applies to us, provides that a director or officer is presumed to have acted (i) in good faith, (ii) on an informed basis, (iii) in furtherance of the interests of the corporation and (iv) in obedience to the law and the corporation’s governing documents. These provisions are described as codifying the “business judgment rule.” In order to succeed in a cause of action against a director or officer, the Company or a shareholder pursuing such an action must rebut one or more of the foregoing presumptions and prove with particularity the director or officer’s act or omission constituted a breach of duty as a director or officer and that such breach involved fraud, intentional misconduct, an ultra vires act or a knowing violation of law.

**我们的章程将对寻求提交股东批准提案的股东施加最低持股和征集要求，这可能限制我们的股东将事项提交股东会议的能力。**

**Our bylaws will impose minimum stock ownership and solicitation requirements on shareholders seeking to submit proposals for shareholder approval, which could limit the ability of our shareholders to bring matters before a meeting of shareholders.**

本次发行完成后，我们将符合《得克萨斯州商业组织法典》（TBOC）第 21.373 条项下“全国性上市公司”的资格，且我们的章程将规定，该条所允许的股东提案要求将在我们符合“全国性上市公司”资格后立即适用。因此，除董事提名及与股东会议事程序相关的程序性决议外，股东或股东团体如拟向股东会议提交提案以供批准，须满足特定的持股数量、持股期限及征集要求。根据上述规定，提出提案的股东或股东团体必须持有相当于我们至少 3% 有表决权股份的股份数量（以提交提案之日确定），必须在会议日期前至少连续六个月持有该等数量的股份，并在会议整个期间持续持有，且必须征集代表至少 67% 有权在股东会议上对该提案投票的股份表决权的股份持有人。根据本招股说明书封面所载的首次公开发行价格，我们 3% 的有表决权股份的总美元价值约为 $53 billion。就本段而言，“有表决权股份”指赋予其持有人对该提案投票权的股份。该等要求比在无此章程条款的情况下本应适用的要求更为严格，可能使股东更难、或在某些情况下无法向股东会议提交提案以供审议。因此，我们的股东可能拥有更少的机会提出供股东批准的提案，即使涉及他们认为重要的事项，这可能限制股东对公司治理及其他事项的影响力。TBOC 第 21.373 条于 2025 年颁布，尽管其可执行性尚未在法院受到质疑，且我们对第 21.373 条或相关章程条款的可执行性不存在任何重大疑虑，但与许多新法律一样，我们预计 TBOC 第 21.373 条的可执行性最终将受到质疑。

Upon the completion of this offering, we will qualify as a “nationally listed corporation” under Section 21.373 of the TBOC, and our bylaws will provide that the shareholder proposal requirements permitted by that section will apply immediately upon qualifying as a “nationally listed corporation.” As a result, except with respect to director nominations and procedural resolutions ancillary to the conduct of a shareholders’ meeting, a shareholder or group of shareholders seeking to submit a proposal for approval at a meeting of shareholders will be required to satisfy specified ownership, holding-period and solicitation requirements. Under these provisions, the proposing shareholder or shareholder group must hold an amount of voting shares (determined as of the date of submission of the proposal) equal to at least 3% of our voting shares, must have held that amount continuously for at least six months before the date of the meeting and throughout the entire duration of the meeting, and must solicit holders of shares representing at least 67% of the voting power of shares entitled to vote on the proposal at the shareholder meeting. Based on the initial public offering price set forth on the cover page of this prospectus, 3% of our voting shares has a total dollar value of approximately $53 billion . For purposes of this paragraph, “voting shares” means shares that entitle the holder of the shares to vote on the proposal. These requirements are more restrictive than the requirements that would otherwise apply absent such a bylaw provision and may make it more difficult, or in some cases impracticable, for shareholders to submit proposals for consideration at a shareholders’ meeting. As a result, our shareholders may have fewer opportunities to present proposals for shareholder approval, even on matters they believe are important, which could limit shareholder influence over corporate governance and other matters. Section 21.373 of the TBOC was enacted in 2025 and, while its enforceability has not yet been challenged in court and we do not have any material concerns related to enforceability of Section 21.373 or the related bylaws provision, like many new laws, we expect the enforceability of TBOC Section 21.373 will eventually be challenged.

**我们的章程对股东提起的法律诉讼或程序的地点、管辖地和程序施加了限制，包括某些强制仲裁要求。该等条款可能限制我们的股东主张某些索赔的能力和/或增加其主张索赔的成本，也可能影响我们的股东在此类法律诉讼或程序中可获得的程序、权利和救济。**

**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. 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.**

我们的章程将包含一项条款（“管辖地选择章程条款”），规定除非公司书面同意选择替代管辖地，对于以下列各项相关事项引起的、(i) 一名或多名股东与 (ii) 公司或其董事、高级管理人员或控制人，或公司所发行证券的任何承销商（或其控制人）之间的所有争议的提起、裁决和审理，唯一且排他的管辖地为得克萨斯州商业法院第十一庭（“商业法院”）（就本摘要而言，每一项均称为“内部争议”）：(1) 任何派生诉讼，即代表公司权利提起的民事争议；(2) 任何基于公司治理、治理文件或内部事务的诉讼；(3) 任何基于州或联邦证券法或贸易监管法的诉讼；(4) 任何基于某人以其股东、控制人、董事、高级管理人员或其他管理官员身份作出的被指控的作为或不作为的诉讼；(5) 任何基于一名或多名股东、控制人、董事、高级管理人员或其他管理官员被指控违反其以该等身份对公司或其任何股东所负义务的诉讼；(6) 寻求要求公司股东、控制人、董事、高级管理人员或其他管理官员对公司义务承担责任的诉讼，但基于该被要求承担责任之人以非股东或管理官员身份签署的书面合同而产生的责任除外；以及 (7) 任何因《得克萨斯州商业组织法典》（TBOC）引起的诉讼。

Our bylaws will contain a section (the “Forum Selection Bylaw”) that will provide that, unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for the filing, adjudication, and trial of all disputes between (i) one or more shareholders and (ii) the Company or its directors, officers, or controlling persons, or any underwriter of securities issued by the Company (or controlling person thereof) relating to any of the following: (1) any derivative proceeding, meaning a civil dispute brought in the right of the Company; (2) any action based on the governance, governing documents, or internal affairs of the Company; (3) any action based on state or federal securities or trade regulation laws; (4) any action based on the alleged act(s) or omission(s) by a person in its capacity as a shareholder, controlling person, director, officer or other managerial official of the Company; (5) any action based on the alleged breach(es) by one or more shareholders, controlling persons, directors, officers, or other managerial officials of a duty owed, in his or her capacity as such, to the Company or to any shareholder thereof; (6) an action seeking to hold a shareholder, controlling person, director, officer, or other managerial official of the Company liable for an obligation of the Company, other than on account of a written contract signed by the person to be held liable in a capacity other than as a shareholder or managerial official; and (7) any action arising out of the TBOC, will be the Texas Business Court, Eleventh Division (the “Business Court”) (for purposes of this summary, each, an “Internal Dispute”).

选择商业法院作为内部争议的排他管辖地，可能会限制股东就其与公司或我们的董事、高级管理人员、其他管理官员或其他员工之间的争议向其认为有利的司法管辖地提起诉讼的能力，这可能会抑制针对公司及我们的董事、高级管理人员、其他管理官员和其他员工的诉讼。除非公司书面同意，或有管辖权的法院在终局且不可上诉的判决中认定某项内部争议不受商业法院或仲裁（如下文进一步所述）的唯一排他管辖地和管辖地或管辖权的约束，否则股东不得在联邦法院或除商业法院以外的任何州法院就内部争议进行诉讼，也无法利用该等其他管辖地的任何潜在优势或程序性保护（受下文讨论的经修订的《1934 年证券交易法》（“《交易法》”）第 27 条规定的约束）。任何购买或以其他方式取得我们股本股份任何权益的个人或实体，将被视为已注意到并同意这些条款。有关更多信息，请参阅“股本说明——排他管辖地与管辖地及仲裁、陪审团审判豁免”。

The selection of the Business Court as the exclusive forum for Internal Disputes may limit a shareholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, other managerial officials, or other employees, which may discourage lawsuits against us and our directors, officers, other managerial officials, and other employees. Except to the extent that the Company consents in writing, or a court of competent jurisdiction determines in a final and unappealable judgment, that an Internal Dispute is not subject to the sole and exclusive venue and forum or jurisdiction of the Business Court or arbitration (as described further below), a shareholder will not be permitted to litigate an Internal Dispute in federal court or in any state court other than the Business Court, and will not be able to avail itself of any potential advantages or procedural protections of such other forums (subject to the provisions of Section 27 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) discussed below). Any person or entity purchasing or otherwise acquiring any interest in our shares of capital stock will be deemed to have notice of and to have consented to these provisions. For more information, please refer to “Description of Capital Stock—Exclusive Forum and Venue and Arbitration, Jury Trial Waiver.”

《交易法》第 27 条赋予联邦法院对所有为执行《交易法》或其项下规则和条例所创设的任何义务或责任而提起的诉讼的专属管辖权，且根据《交易法》第 29 条，不得要求投资者放弃遵守联邦证券法及其项下规则和条例的实质性义务。尽管如此，我们认为，解释《交易法》的联邦判例法规定，第 27 条项下的联邦法院专属管辖权要求在某些情况下可以放弃。公司的立场是，商业法院可以对依据《交易法》提起的索赔行使管辖权，因为德克萨斯州法律通过成文法授权明确赋予商业法院对此类索赔的管辖权。因此，我们认为，根据我们的章程，依据《交易法》提起索赔的股东，无论是直接提起还是以派生方式提起，均必须在商业法院提起该等索赔（且无法诉诸联邦法院）。

Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder, and under Section 29 of the Exchange Act, investors cannot be required to waive compliance with the substantive obligations of the federal securities laws and the rules and regulations thereunder. Nonetheless, we believe federal case law interpreting the Exchange Act provides that the requirement under Section 27 of exclusive jurisdiction in federal court may be waived under certain circumstances. The Company’s position is that the Business Court can exercise jurisdiction over claims arising under the Exchange Act, because Texas law by statutory authority expressly gives the Business Court jurisdiction over such claims. Accordingly, we believe that under our Bylaws a shareholder bringing a claim under the Exchange Act, whether directly or on a derivative basis, must bring such a claim in the Business Court (and will not have available to them federal court).

公司关于在联邦证券法（包括《交易法》）项下某些诉讼存在明确联邦专属管辖权的情况下，同意选择州法院的适用法律立场尚未经过检验，且存在风险：如果依据《交易法》或其项下规则和条例在商业法院以外的法院提起内部争议，该法院可能驳回公司依据法院选择章程要求将诉讼移送至商业法院的动议。在此情况下，我们和/或原告可能因在不同法院审理案件而承担额外费用和不确定性，或者法院可能为仲裁（如下文进一步讨论）。

The company’s position regarding the law governing the ability to consent to the selection of a state tribunal where there is explicit exclusive federal jurisdiction for certain actions brought under the federal securities laws (including the Exchange Act) is untested, and there is risk that, if an Internal Dispute were filed under the Exchange Act or the rules and regulations thereunder in a court other than the Business Court, that court could deny a motion by the Company to transfer the action to the Business Court pursuant to the Forum Selection Bylaw. In such a case, we and/or plaintiffs may incur additional expense and uncertainty of trying a case in a different forum or the forum might be arbitration (as further discussed below).

因此，章程规定，若具有管辖权的法院（即同时具备属人管辖权和属事管辖权的法院）以终局且不可上诉的判决拒绝将内部争议移交商事法院（该等内部争议称为“其他争议”），则该等其他争议应依据《得克萨斯州仲裁法》，按照《国际商会仲裁规则》的快速程序条款并根据其第 30 条，通过仲裁排他且终局地解决。需明确的是，未经公司同意，股东不得在未首先取得拒绝将其内部争议移交商事法院的终局且不可上诉判决之前，依据争议解决条款提出仲裁请求。该等其他争议的准据法为美国联邦法律或得克萨斯州法律，视其他争议所涉问题而定，包括但不限于《私人证券诉讼改革法》关于诉答和证据开示的限制。若法院拒绝将内部争议移交商事法院，但该法院随后被认定对该内部争议不具有属人管辖权或属事管辖权，则仲裁条款将不会被触发，因为该诉讼应予驳回并随后向具有管辖权的法院提起。

Accordingly, the bylaws provide that to the extent that a court of competent jurisdiction (which is a court that possesses personal and subject matter jurisdiction) were to decline, in a final and unappealable judgment, to transfer an Internal Dispute to the Business Court (such Internal Dispute, an “Other Dispute”), such Other Dispute would be exclusively and finally settled by arbitration, pursuant to the Texas Arbitration Act, under the Expedited Procedure Provisions of the Rules of the International Chamber of Commerce, pursuant to Article 30 thereof. To be clear, absent Company consent, a shareholder would not be able to file an arbitration demand pursuant to the Dispute Resolution Clause without first obtaining a final and unappealable judgment declining to transfer that shareholder’s Internal Dispute to the Business Court. The governing law of such Other Dispute would be the federal law of the United States or the law of the State of Texas, as applicable to the issues raised in the Other Dispute, including without limitation the pleading and discovery limitations of the Private Securities Litigation Reform Act. If a court declines to transfer an Internal Dispute to the Business Court, but such court is later held not to have personal or subject matter jurisdiction with respect to such Internal Dispute, the arbitration provision would not be triggered because such action would be required to be dismissed and subsequently brought in a court of competent jurisdiction.

鉴于该领域法律尚不确定，存在一定风险：已依据法院选择章程驳回将内部争议移交商事法院动议的法院，也可能依据法院选择章程驳回强制将其他争议提交仲裁的动议。因此，法院选择章程进一步规定，若具有管辖权的法院以终局且不可上诉的判决认定该等其他争议不能依据法院选择章程强制提交仲裁，则该等其他争议的审理和审判的唯一排他性法院为美国得克萨斯州南区联邦地区法院休斯敦分院（“联邦法院”）。

Given the unsettled nature of the law in this area, there is some risk that a court that has denied a motion to transfer an Internal Dispute to the Business Court pursuant to the Forum Selection Bylaw would also deny a motion to compel arbitration of such Other Dispute pursuant to the Forum Selection Bylaw. Accordingly, the Forum Selection Bylaw further provides that to the extent that a court of competent jurisdiction determines in a final and unappealable judgment that such Other Dispute cannot be compelled to arbitration pursuant to the Forum Selection Bylaw, the sole and exclusive forum for the adjudication and trial of such Other Dispute will be the United States District Court for the Southern District of Texas, Houston Division (the “Federal Court”).

最后，法院选择章程规定，若具有管辖权的法院以终局且不可上诉的判决认定联邦法院对任何该等其他争议不具有管辖权，则该等其他争议的唯一排他性法院和审判地为得克萨斯州哈里斯县的州地区法院。

Finally, the Forum Selection Bylaw provides that to the extent that a court of competent jurisdiction determines in a final and unappealable judgment that the Federal Court lacks jurisdiction over any such Other Dispute, the sole and exclusive forum and venue for such Other Dispute will be the state district courts of Harris County, Texas.

无论为内部争议或其他争议选择何种论坛、管辖地或程序，我们的章程均应要求任何内部争议或其他争议仅以个人诉讼或派生诉讼的形式提起，并且在法律允许的最大范围内，应禁止股东以集体诉讼、大规模诉讼或其他形式的集体诉讼方式提起该等内部争议或其他争议，或禁止其全部或部分地被合并或并入，以符合仲裁规则。但是，公司可自行选择，按照仲裁规则寻求事项的合并或并入。

Regardless of the forum, venue, or procedures selected for an Internal Dispute or Other Dispute, our bylaws shall require that any Internal Dispute or Other Disputes be brought only as an individual action or derivative proceeding, and, to the fullest extent permitted by law, shall prohibit shareholders from bringing such an Internal Dispute or Other Dispute as a class action, mass action, or other form of collective action or from being consolidated or joined, in whole or in part, consistent with the Arbitration Rules. However, the Company, at its sole option, may elect to seek consolidation or joinder of matters as consistent with the Arbitration Rules.

此外，我们的章程将规定，任何购买或以其他方式取得或持有公司任何股份权益的个人或实体，应被视为已不可撤销且无条件地放弃其在任何内部争议中可能享有的由陪审团审理的任何权利。这将阻止股东请求由陪审团裁决有争议的事实问题，并可能抑制针对我们及我们的董事、高级职员、其他管理人员和其他员工的诉讼。

In addition, our bylaws will provide that any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived any right it may have to a trial by jury in any Internal Dispute. This will prevent a shareholder from requesting that a jury decide disputed issues of fact and may discourage lawsuits against us and our directors, officers, other managerial officials, and other employees.

我们的章程将就内部争议确立的这些争议解决规则，以及在适用范围内将适用的仲裁规则，不同于通常适用于州法院或联邦法院内部争议诉讼的程序规则。它们可能使股东无法利用在州法院或联邦法院诉讼中可获得的程序性保护，并可能使股东在该等程序中可获得的权利和救济变得可用或受到不利影响。特别是在仲裁的情况下，包括其禁止集体或代表人诉讼的规定，这些争议解决规则还可能导致股东在内部争议诉讼中承担更高的成本，并且在某些争议金额较低的案件中，可能对股东施加的内部争议诉讼额外成本可能超过该等诉讼的潜在追偿金额。

These dispute resolution rules that our bylaws will establish for Internal Disputes, as well as the Arbitration Rules to the extent they will apply, are different from the procedural rules that would normally apply to the litigation of Internal Disputes in state or federal court. They may prevent a shareholder from availing itself of procedural protections that would be available under litigation in state or federal court and may render available or affect adversely the rights and remedies available to shareholders in such proceedings. Particularly in the case of arbitration, including its prohibition on class or collective actions, these dispute resolution rules may also result in greater costs being imposed on shareholders to litigate Internal Disputes, and in some cases involving lower amounts in controversy, the additional costs that may be imposed on shareholders to litigate Internal Disputes could exceed the potential recovery from such litigation.

尽管我们坚持认为我们的章程，包括论坛选择章程（及其选择商事法院作为根据联邦证券法提起的所有诉讼的唯一和专属论坛）符合法律且可执行，但我们的章程中的一项或多项条款，包括有关内部争议专属论坛、其他争议强制仲裁或放弃以集体、大规模或代表人方式提起诉讼的权利的条款，有可能被法院认定为不适用或不可执行。此外，我们章程中的强制仲裁条款可能受到诉讼或监管审查，这可能导致该条款被禁止或导致额外成本或不确定性。在此情况下，我们可能因解决该等诉讼（包括在其他司法管辖区）而产生额外成本或延误，这可能对我们的业务、财务状况或经营业绩产生不利影响。

Although we maintain that our bylaws, including the Forum Selection Bylaw (and its selection of the Business Court as the sole and exclusive forum for all actions brought under federal securities laws) accord with the law and are enforceable, it is possible that one or more provisions of our bylaws, including those regarding the exclusive forum for Internal Disputes, mandatory arbitration for Other Disputes, or waiver of the right to proceed on a class, mass, or collective basis, may be found by a court to be inapplicable or unenforceable. In addition, the mandatory arbitration provision in our bylaws could be subject to litigation or regulatory scrutiny, which could result in the provision being enjoined or in additional costs or uncertainty. In such case, we may incur additional costs or delays associated with resolving such actions, including in other jurisdictions, which could adversely affect our business, financial condition, or results of operations.

关于前瞻性陈述的警示性说明 Cautionary Statement regarding Forward-looking Statements

本招股说明书包含前瞻性陈述。前瞻性陈述包括表达信念、预期或意图的陈述，以及非历史事实的陈述。本招股说明书中的前瞻性陈述包括有关我们未来经营业绩和财务状况、我们的业务战略和计划以及我们未来经营目标的信息。本招股说明书中的前瞻性陈述还包括但不限于关于以下事项的陈述：

This prospectus contains forward-looking statements. Forward-looking statements include those that express a belief, expectation, or intention, as well as those that are not statements of historical fact. Forward-looking statements contained in this prospectus include information regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations. Forward-looking statements contained in this prospectus also include, but are not limited to, statements about:

- 按照我们预期的时间表开发和部署 Starship（包括于 2026 年开始向轨道运送有效载荷）以及发射频率，以及我们实现预期性能、可重复使用性和成本效率的能力；

- the development and deployment of Starship in accordance with our anticipated schedule (including commencement of payload delivery to orbit in 2026) and launch cadence and our ability to achieve expected performance, reusability, and cost efficiencies;

- 我们各项现有和未来市场的规模和增长，包括商业发射服务市场、卫星连接服务市场、我们的 AI 平台、AI 算力基础设施（地面和轨道）、月球相关活动和行星际活动，包括此类市场的发展程度，尤其是新兴或未经证实的市场，这些市场可能无法按预期或按预期时间表实现；

- the size and growth of our various existing and future markets, including the markets for commercial launch services, satellite connectivity services, our AI platforms, AI compute infrastructure (terrestrial and orbital), lunar-related activities and interplanetary activities, including the extent to which such markets develop, particularly emerging or unproven markets that may not materialize as expected or on anticipated timelines;

- 对我们产品和服务的需求，包括我们的发射、连接和 AI 产品，以及我们扩大客户群和创造收入的能力；

- demand for our products and services, including our launch, connectivity, and AI offerings, and our ability to grow our customer base and generate revenue;

- 我们下一代 Starlink 卫星、卫星到移动连接和轨道 AI 算力基础设施的部署（包括最早于 2028 年可能部署我们的轨道 AI 算力卫星），包括我们成功开发、扩展和商业化此类技术的能力，这些技术面临重大的技术复杂性、资本需求、新创新和监管审批；

- the deployment of our next-generation Starlink satellites, satellite-to-mobile connectivity, and orbital AI compute infrastructure (including potential deployment of our orbital AI compute satellites as early as 2028), including our ability to successfully develop, scale, and commercialize such technologies, which are subject to significant technical complexity, capital requirements, new innovations and regulatory approvals;

- 我们目标发射频率以及为支持我们的战略而必要的制造和运营能力扩张，包括我们高效扩展生产、供应链、基础设施和劳动力的能力；

- our target launch cadence and expansion of our manufacturing and operational capacity necessary to support our strategies, including our ability to scale production, supply chain, infrastructure, and workforce efficiently;

- 我们执行增长战略和高效扩展运营的能力，包括管理成本、时间表和运营复杂性；

- our ability to execute our growth strategy and scale our operations efficiently, including managing costs, timelines, and operational complexity;

- 我们解决新问题以及驾驭和变现此前从未被触及或经济化的技术和环境的能力；

- our ability to solve novel issues and navigate and monetize technologies and environments that have never been accessed or economized before;

- 我们设计、开发和成功商业化新的创新技术、产品和服务的能力，包括我们的 AI 平台和 Terafab，以及我们实现和维持低每 token 成本的能力，在每种情况下均处于快速演变和竞争激烈的市场中；

- our ability to design, develop and successfully commercialize new and innovative technologies, products, and services, including our AI platforms and Terafab, and our ability to achieve and maintain a low cost per token, in each case in rapidly evolving and competitive markets;

- 我们扩展和变现我们的 AI 产品、服务和算力基础设施的能力，包括我们前沿模型及相关应用的开发、性能和采用，以及从相关收购和举措（例如我们与 Cursor 的安排）中实现收益的能力；

- our ability to scale and monetize our AI products, services and compute infrastructure, including the development, performance, and adoption of our frontier models and related applications, and to realize benefits from related acquisitions and initiatives, such as our arrangement with Cursor;

- 我们资本支出的金额、性质和时间安排以及此类资本支出对我们增长和业绩的影响，包括我们为此类支出提供资金、管理成本、战略性降低成本以及实现预期投资回报的能力；

- the amount, nature and timing of our capital expenditures and the impact of such capital expenditures on our growth and performance, including our ability to fund such expenditures, manage costs, strategically reduce costs and achieve expected returns on investment;

- 我们获取充足电力、GPU 及其他关键组件并管理供应链以支持我们运营和增长的能力；

- our ability to obtain sufficient power, GPUs, and other critical components and manage our supply chain to support our operations and growth;

- 我们在美国及国际上获得并维持所需监管批准、许可证和频谱授权的能力，以及此类批准的时间、范围和条件；

- our ability to obtain and maintain required regulatory approvals, licenses and spectrum authorizations in the United States and internationally, and the timing, scope, and conditions of such approvals;

- 我们所处行业的竞争格局以及我们有效竞争的能力；

- the competitive landscape in the industries in which we operate and our ability to compete effectively;

- 当前或未来法规的实施、解释和影响，包括与太空运营、通信、AI、数据隐私及其他领域相关的法律法规；

- the implementation, interpretation, and impact of current or future regulations including laws and regulations relating to space operations, communications, AI, data privacy, and other areas;

- 我们实现上市公司收益并管理相关风险的能力；以及

- our ability to realize benefits and manage risks of being a public company; and

- 总体经济状况。

- general economic conditions.

这些前瞻性陈述可能伴随诸如“预期”“相信”“估计”“预计”“打算”“可能”“展望”“计划”“潜在”“预测”“预计”“将”“应该”“可能”“会”“很可能”“未来”“预算”“目标”“承诺”“追求”“瞄准”“寻求”“目的”等词语，或这些词语的否定形式，或类似表达，用以预测或表明与历史事项无关的未来事件或趋势。我们提醒您，上述列表可能并未包含本招股说明书中作出的全部前瞻性陈述。

These forward-looking statements may be accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “should,” “could,” “would,” “likely,” “future,” “budget,” “goal,” “commit,” “pursue,” “target,” “seek,” “objective” or the negative of these words, or similar expressions that are predictions of or indicate future events or trends that do not relate to historical matters. We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

本招股说明书中的前瞻性陈述仅代表截至本招股说明书日期或本文件另行指定的其他日期的情况。除法律要求外，我们不承担更新这些陈述的任何义务，并提醒您不要过度依赖这些陈述。前瞻性陈述并非对未来业绩的保证，且涉及风险和不确定性。我们基于当前对未来事件的预期和假设作出这些前瞻性陈述。涵盖多年时间跨度或未知时间表的预测、目标、里程碑和预期，在可预测性方面本身就涉及更高的风险，实际结果可能与当前预期存在重大差异。尽管我们的管理层认为这些预期和假设是合理的，但它们本身受到重大的商业、经济、竞争、监管、技术、环境、政治及其他风险、或有事项和不确定性的影响，这些因素难以预测，且许多超出我们的控制范围。这些风险、或有事项和不确定性及其他重要因素在本招股说明书的“风险因素”和“管理层对财务状况和经营成果的讨论与分析”章节中有所描述。如果上述一项或多项风险或不确定性发生，或相关基础假设被证明不正确，我们的实际结果、业绩、成就或计划可能与任何前瞻性陈述中明示或暗示的内容存在重大差异。此外，由于我们经营所处的市场快速演变且某些市场竞争高度激烈，我们可能不时根据技术发展、竞争动态、监管变化或其他因素迅速调整、修改或改变我们的战略优先级、资本配置、产品或服务重点或运营举措，这可能导致实际结果与本文件所载前瞻性陈述中明示或暗示的内容存在重大差异。新的风险不时出现，某些风险本质上为我们所未知，我们的管理层无法预测所有此类风险。许多可能对我们或我们的前景产生重大不利影响的风险和不确定性超出我们的控制范围，或涉及我们业务战略中时间跨度较长或涉及前所未有的尝试的部分。这可能使对某些风险的评估更加困难，您应在评估对我们 A 类普通股的投资时将这些不确定性纳入考量。本招股说明书中的所有前瞻性陈述均受本节警示性声明的整体明确限定。

The forward-looking statements in this prospectus speak only as of the date of this prospectus, or such other date as specified herein. We undertake no obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Forward-looking statements are not assurances of future performance and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and assumptions about future events. Forecasts, goals, milestones, and expectations that cover multi-year time horizons, or unknown timelines, inherently involve increased risks with respect to predictability and actual results may differ materially from current expectations. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, technological, environmental, political, and other risks, contingencies and uncertainties, which are difficult to predict and many of which are beyond our control. These risks, contingencies, and uncertainties and other important factors are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of this prospectus. Should one or more of such risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking statements. In addition, because we operate in rapidly evolving and certain highly competitive markets, we may from time to time rapidly adjust, modify or change our strategic priorities, capital allocation, product or service focus or operational initiatives in response to technological developments, competitive dynamics, regulatory changes or other factors, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements contained herein. New risks emerge from time to time, some risks are inherently unknown to us, and it is not possible for our management to predict all such risks. Many of the risks and uncertainties that could materially adversely affect us or our prospects are beyond our control or relate to portions of our business strategy that have a lengthy time horizon or involve unprecedented ventures. This can make assessment of certain risks more difficult and you should factor these uncertainties into your assessment of an investment in our Class A common stock. All forward-looking statements in this prospectus are expressly qualified in their entirety by the cautionary statements in this section.

募集资金用途 Use of Proceeds

基于每股 $135.00 的首次公开发行价格，在扣除承销折扣和佣金以及我们应付的预计发行费用后，我们将从本次发行中获得约 $74.4 billion 的净收益（若承销商全额行使购买额外 A 类普通股的选择权，则为 $85.7 billion）。我们拟将本次发行的净收益用于为我们的增长战略提供资金，包括扩展我们的 AI 算力基础设施、增强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，以及将任何剩余金额用于一般公司用途。

We will receive approximately $74.4 billion of net proceeds from this offering (or $85.7 billion if the underwriters exercise their option to purchase additional shares of Class A common stock in full), based upon the initial public offering price of $135.00 per share 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, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes.

本次发行净收益的预期用途代表了我们基于当前计划和业务状况的意图。我们无法确定地预测本次发行净收益的所有具体用途，也无法确定我们实际将在上述各项用途上支出的金额。因此，我们的管理层在运用本次发行净收益方面将拥有较大的灵活性。我们实际支出的时间和金额将取决于诸多因素，包括现金流和我们业务的预期增长。

The expected use of net proceeds from this offering represents our intentions based upon our present plans and business conditions. We cannot predict with certainty all of the particular uses for the net proceeds from this offering or the amounts that we will actually spend on each of the uses set forth above. Accordingly, our management will have significant flexibility in applying the net proceeds from this offering. The timing and amount of our actual expenditures will be based on many factors, including cash flows and the anticipated growth of our business.

股息政策 Dividend Policy

我们预计在可预见的未来不会向我们普通股持有人宣布或支付任何现金股息。我们目前打算保留未来的收益（如有），用于为我们的业务增长提供资金。我们未来的股息政策由董事会酌情决定，并将取决于届时存在的条件，包括我们的经营业绩、财务状况、资本需求、投资机会、对我们支付股息能力的法定限制、我们现有及未来任何债务协议中的限制以及董事会可能认为相关的其他因素。我们信贷协议项下的契约亦限制我们支付股息的能力，且我们未来可能签订信贷协议或其他借款安排，从而限制我们未来宣布或支付现金股息或进行分配的能力。有关对我们支付股息能力的限制的说明，请参阅“管理层对财务状况和经营成果的讨论与分析——流动性与资本资源”。

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. Please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” for a description of the restrictions on our ability to pay dividends.

请参阅“风险因素——与我们的公司架构、A 类普通股所有权及本次发行相关的风险——我们向股东提供回报的能力将取决于我们股价的升值，因为我们不计划在可预见的未来支付股息。”

Please refer to “Risk Factors—Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock and This Offering—Our ability to provide returns to shareholders will depend on appreciation in our share price, as we do not plan to pay dividends for the foreseeable future.”

资本化 Capitalization

下表列示了我们截至 2026 年 3 月 31 日的现金及现金等价物和资本结构：

The following table sets forth our cash and cash equivalents and capitalization as of March 31, 2026:

- 按实际基础列示；

- on an actual basis;

- 按备考基础列示，已反映以下各项的影响：(i) 优先股转换，视同该转换已于 2026 年 3 月 31 日发生；(ii) C 类普通股重分类，视同该重分类已于 2026 年 3 月 31 日发生；(iii) 我们公司章程的生效，该章程将在本次发行完成后生效；以及 (iv) 2026 年 5 月 Spectrum 转让交割后由 Spectrum 信贷协议产生的义务；以及

- on a pro forma basis, giving effect to (i) the Preferred Conversion as if such conversion had occurred on March 31, 2026, (ii) the Class C Reclassification as if such reclassification had occurred on March 31, 2026, (iii) the effectiveness of our charter, which will become effective upon the completion of this offering, and (iv) the obligations arising from the Spectrum Credit Agreement following the Spectrum Transfer Closing in May 2026; and

- 按备考调整后基础列示，已反映以下各项的影响：(i) 上述备考调整；(ii) 本次发行中按每股 $135.00 的首次发行价格出售 555,555,555 股 A 类普通股；以及 (iii) 在扣除承销折扣和佣金以及我们应付的估计发行费用后，本次发行所得净收益的使用，如“所得收益用途”所述。

- on a pro forma as adjusted basis, giving effect to (i) the pro forma adjustments set forth above, (ii) the sale of 555,555,555 shares of our Class A common stock in this offering at the initial offering price of $135.00 per share, and (iii) the application of the net proceeds from this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, as described under “Use of Proceeds.”

下表应与“管理层对财务状况和经营成果的讨论与分析”、“股本说明”以及本招股说明书其他部分所载我们的合并财务报表及相关附注一并阅读，并应完全以其为准。

The table below should be read in conjunction with, and is qualified in its entirety by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Capital Stock” and our consolidated financial statements and related notes included elsewhere in this prospectus .

**截至 2026 年 3 月 31 日**

**As of March 31, 2026**

（金额单位：百万美元，面值除外）调整后 (7) · 实际 · 备考 (6) · 备考调整后 现金及现金等价物 (1) · $15,852 · $15,852 · $90,300

(Dollars in millions, except par values)Adjusted (7) · Actual · Pro Forma (6) · Pro Forma as Cash and cash equivalents (1) · $15,852 · $15,852 · $90,300

**长期债务：**

**Long-term debt:**

SpaceX 信贷融资 (2) · $— · $— · $— SpaceX 过桥贷款 (3) · 20,000 · 20,000 · 20,000 X 2027 年和 X 2030 年票据 · 27 · 27 · 27 其他融资 (4) · 9,105 · 9,105 · 9,105 未摊销递延融资成本 · (21) · (21) · (21) 长期债务总额 · $29,111 · $29,111 · $29,111

SpaceX Credit Facility (2) · $— · $— · $— SpaceX Bridge Loan (3) · 20,000 · 20,000 · 20,000 X 2027 and X 2030 Notes · 27 · 27 · 27 Other Financings (4) · 9,105 · 9,105 · 9,105 Unamortized deferred financing costs · (21) · (21) · (21) Total long-term debt · $29,111 · $29,111 · $29,111

**其他长期承诺：**

**Other long-term commitment:**

Spectrum 信贷协议 (5) · $— · $2,069 · $2,069

Spectrum Credit Agreement (5) · $— · $2,069 · $2,069

**可赎回可转换优先股：**

**Redeemable convertible preferred stock:**

可赎回可转换优先股，面值 · $0.001； 已发行 189,155,861 股，实际流通在外 · 134,451,267 股；备考及备考调整后，无授权、已发行或流通在外股份 · $7,049 · $— · $—

Redeemable convertible preferred stock, par value · $0.001; 189,155,861 shares issued and · 134,451,267 shares outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted · $7,049 · $— · $—

**股东权益：**

**Shareholders’ equity:**

A 类普通股，面值 · $0.001；2,964,501,353 已发行股份及 · 2,882,480,230 股流通在外，实际；36,132,150,000 股已授权， · 6,824,641,355 已发行和流通在外的股份，备考； · 36,132,150,000 授权股份， · 7,380,196,910 股已发行且流通在外，按备考调整后 · 3 · 6 · 7 B 类普通股，面值 · $0.001；2,421,215,365

Class A common stock, par value · $0.001; 2,964,501,353 shares issued and · 2,882,480,230 shares outstanding, actual; 36,132,150,000 shares authorized, · 6,824,641,355 shares issued and outstanding, pro forma; · 36,132,150,000 shares authorized, · 7,380,196,910 shares issued and outstanding, pro forma as adjusted · 3 · 6 · 7 Class B common stock, par value · $0.001; 2,421,215,365

股，实际已发行并流通在外；

shares issued and outstanding, actual;

6,125,000,000 股已授权， · 5,695,668,265 股已发行且流通在外，按备考及备考调整后计算 · 3 · 6 · 6 C 类普通股，面值 · $0.001；494,050,675 已发行和流通在外的股份，实际； · 10,000,000,000 已授权股份，未发行或流通在外的股份，备考及备考调整后 D 类普通股，面值 · $0.0001；实际未发行且未流通的股份为零；备考及备考调整后已授权、已发行或流通的股份均为零 · — · — · — 优先股，面值 · $0.001；未发行且未流通股数，实际； · 授权 2,400,000,000 股，未发行或未流通股数，备考及备考调整后 · — · — · — 额外实收资本 · 74,083 · 81,126 · 155,571 累计亏损 · (41,311) · (41,311) · (41,311) 累计其他综合收益 · 1,755 · 1,755 · 1,755 股东权益合计 · $34,533 · $41,582 · $116,028 总市值 · $70,693 · $72,762 · $147,208

6,125,000,000 shares authorized, · 5,695,668,265 shares issued and outstanding, pro forma and pro forma as adjusted · 3 · 6 · 6 Class C common stock, par value · $0.001; 494,050,675 shares issued and outstanding, actual; · 10,000,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted Class D common stock, par value · $0.0001; no shares issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted · — · — · — Preferred stock, par value · $0.001; no shares issued and outstanding, actual; · 2,400,000,000 shares authorized, no shares issued or outstanding, pro forma and pro forma as adjusted · — · — · — Additional paid-in capital · 74,083 · 81,126 · 155,571 Accumulated deficit · (41,311) · (41,311) · (41,311) Accumulated other comprehensive income · 1,755 · 1,755 · 1,755 Total shareholders’ equity · $34,533 · $41,582 · $116,028 Total capitalization · $70,693 · $72,762 · $147,208

_________________

_________________

(1) 备考调整后现金及现金等价物反映了本次发行所得净收益的运用，已扣除承销折扣及佣金以及我们应付的估计发行费用。

(1) Pro forma as adjusted cash and cash equivalents reflect the application of the net proceeds from this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

(2) 截至 2026 年 4 月 30 日，我们在 SpaceX 信贷安排项下无未偿还借款。2026 年 5 月，SpaceX 信贷安排经修订，借款额度提高至最高 $5,000 million（「经修订 SpaceX 信贷安排」）。除非各方按照经修订 SpaceX 信贷安排的条款同意展期，经修订 SpaceX 信贷安排于 2031 年 5 月 19 日终止，所有未偿还贷款届时到期应付。有关 SpaceX 信贷安排及经修订 SpaceX 信贷安排的更多信息，请参见「管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——债务协议」。

(2) As of April 30, 2026, we had no borrowings outstanding under the SpaceX Credit Facility. In May 2026, the SpaceX Credit Facility was amended to increase the borrowing capacity up to $5,000 million (“Amended SpaceX Credit Facility”). The Amended SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on May 19, 2031, unless the parties agree to an extension in accordance with the terms of the Amended SpaceX Credit Facility. For more information on the SpaceX Credit Facility and Amended SpaceX Credit Facility, please see “Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Debt Agreements.”

(3) 截至 2026 年 4 月 30 日，我们在 SpaceX 过桥贷款项下有 $20,000 million 的未偿还借款。SpaceX 过桥贷款于 2027 年 9 月 2 日到期，可按协议条款展期。有关 SpaceX 过桥贷款的更多信息，请参见「管理层对财务状况和经营成果的讨论与分析——流动性与资本资源——债务协议」。

(3) As of April 30, 2026, we had $20,000 million of borrowings outstanding under the SpaceX Bridge Loan. The SpaceX Bridge Loan matures on September 2, 2027, subject to extension in accordance with the terms of the agreement. For more information on the SpaceX Bridge Loan, please see “Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Debt Agreements.”

(4) 包括与某些被记录为失败售后回租交易的 AI 基础设施资产相关的义务。

(4) Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions.

(5) 假设 Spectrum 信贷协议项下于 2027 年 11 月 30 日发生 Spectrum 收购交割的总义务。有关 Spectrum 交易的更多信息，请参见“管理层对财务状况和经营成果的讨论与分析——流动性和资本资源——重大现金承诺”。

(5) Represents total obligations under the Spectrum Credit Agreement assuming the Spectrum Acquisition Closing occurs on November 30, 2027. For more information on the Spectrum Transaction, please see “Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Material Cash Commitments”.

(6) 反映以下各项的影响：(i) 截至 2026 年 3 月 31 日，我们所有已发行优先股转换为合计 3,448,110,450 股 A 类普通股和 3,274,452,900 股 B 类普通股；(ii) 截至 2026 年 3 月 31 日，我们所有已发行 C 类普通股重新分类为合计 494,050,675 股 A 类普通股；以及 (iii) 我们章程的生效，该章程将在本次发行完成后生效，并除其他事项外，取消我们的 D 类普通股，并将优先股的授权股数从 2,606,643,000 股减少至 2,400,000,000 股。

(6) Gives effect to (i) the conversion of the outstanding shares of all our preferred stock into an aggregate of 3,448,110,450 shares of our Class A common stock and 3,274,452,900 shares of our Class B common stock as of March 31, 2026, (ii) the reclassification of all of the outstanding shares of our Class C common stock into an aggregate of 494,050,675 shares of Class A common stock as of March 31, 2026, and (iii) the effectiveness of our charter, which will become effective upon the completion of this offering and, among other things, eliminates our Class D common stock and reduces the authorized number of shares of preferred stock from 2,606,643,000 to 2,400,000,000 .

(7) 如果承销商全额行使超额配售选择权，则现金及现金等价物、额外实收资本、股东权益总额和总资本化的备考调整后金额将分别增加 $11.25 billion，且我们将有 7,463,530,243 股 A 类普通股已发行在外（备考调整后）。

(7) If the underwriters’ over-allotment option is exercised in full, the pro forma as adjusted amount of each of cash and cash equivalents, additional paid-in capital, total stockholders’ equity, and total capitalization would increase by $11.25 billion, and we would have 7,463,530,243 shares of our Class A common stock issued and outstanding, pro forma as adjusted.

稀释 Dilution

本次发行中购买 A 类普通股的投资者将立即经历 A 类普通股每股净有形账面价值的重大稀释（按会计口径计算）。在假设 C 类重新分类和优先股转换已于 2026 年 3 月 31 日发生的情况下，截至 2026 年 3 月 31 日，我们的备考净有形账面价值约为$28,251 million，即每股普通股$2.25。每股备考净有形账面价值通过将我们的有形净值（有形资产减去总负债）除以本次发行完成前所有类别普通股的流通在外总股数确定。在计入本次发行中 A 类普通股的出售以及我们支付的承销折扣和佣金及估计发行费用后，截至 2026 年 3 月 31 日，我们的调整后备考净有形账面价值将约为$102,697 million，即每股普通股$7.85。这代表 Musk 先生及其他现有投资者的每股普通股净有形账面价值立即增加$5.60，而本次发行中购买 A 类普通股的新投资者将立即经历每股$127.15 的稀释（即发行价格与本次发行后立即的调整后备考净有形账面价值之间的差额）。下表说明了本次发行中购买 A 类普通股的新投资者所经历的每股稀释：

Purchasers of the Class A common stock in this offering will experience immediate and substantial dilution in the net tangible book value per share of the Class A common stock for accounting purposes. After giving effect to the Class C Reclassification and the Preferred Conversion as if such reclassification and conversion occurred on March 31, 2026, our pro forma net tangible book value as of March 31, 2026 was approximately $28,251 million, or $2.25per share of common stock. Pro forma net tangible book value per share is determined by dividing our tangible net worth (tangible assets less total liabilities) by the total number of outstanding shares of all classes of common stock outstanding immediately prior to the completion of this offering. After giving effect to the sale of shares of Class A common stock in this offering and the payment of underwriting discounts and commissions and estimated offering expenses by us, our adjusted pro forma net tangible book value as of March 31, 2026 would have been approximately $102,697 million, or $7.85 per share of common stock. This represents an immediate increase in the net tangible book value of $5.60 per share of common stock to Mr. Musk and other existing investors and an immediate dilution (i.e., the difference between the offering price and the adjusted pro forma net tangible book value immediately after this offering) to new investors purchasing shares of Class A common stock in this offering of $127.15 per share. The following table illustrates the per share dilution to new investors purchasing shares of Class A common stock in this offering:

每股首次公开发行价格 截至 2026 年 3 月 31 日的每股备考净有形账面价值 · $2.25 本次发行中新投资者应占的每股增加额 · $5.60 进一步计入本次发行后的调整后每股备考净有形账面价值 · $7.85 本次发行中新投资者所经历的每股备考净有形账面价值稀释 · $127.15

Initial public offering price per share Pro forma net tangible book value per share as of March 31, 2026 · $2.25 Increase per share attributable to new investors in this offering · $5.60 As adjusted pro forma net tangible book value per share after giving further effect to this offering · $7.85 Dilution in pro forma net tangible book value per share to new investors in this offering · $127.15

下表以截至 2026 年 3 月 31 日的调整后备考基础汇总了 Musk 先生及其他现有投资者拥有以及本次发行中新投资者将拥有的 A 类和 B 类普通股总股数、支付的总对价，以及 Musk 先生及其他现有投资者已支付和本次发行中新投资者将按$135.00 支付的平均每股价格，该计算未扣除承销折扣和佣金及估计发行费用。

The following table summarizes, on an adjusted pro forma basis as of March 31, 2026, the total number of shares of Class A and Class B common stock owned by Mr. Musk and other existing investors and to be owned by new investors in this offering, the total consideration paid, and the average price per share paid by Mr. Musk and other existing investors and to be paid by new investors in this offering at $135.00, calculated before deduction of underwriting discounts and commissions and estimated offering expenses.

**获得的股份(1)**

**Shares Acquired(1)**

**每股**

**Per Share**

股数 · 百分比 · 金额 · 百分比 Elon Musk 及其他现有投资者 · 12,520,309,620 · 95.8% · $81,137,520,310 · 52.0% · $6.48 本次发行中新投资者 · 555,555,555 · 4.2% · 74,999,999,925 · 48.0% · $135.00 合计 · 13,075,865,175 · 100.0% · $ 156,137,520,235 · 100.0% · $11.94

Number · Percent · Amount · Percent Elon Musk and other existing investors · 12,520,309,620 · 95.8% · $81,137,520,310 · 52.0% · $6.48 New investors in this offering · 555,555,555 · 4.2% · 74,999,999,925 · 48.0% · $135.00 Total · 13,075,865,175 · 100.0% · $ 156,137,520,235 · 100.0% · $11.94

______________

______________

(1) 如果承销商全额行使购买额外股份的选择权，Musk 先生及其他现有投资者将拥有本次发行后我们普通股流通在外总股数的约 95.1%，而本次发行中新投资者将拥有约 4.9%。

(1) If the underwriters exercise their option to purchase additional shares in full, Mr. Musk and other existing investors would own approximately 95.1% and our new investors in this offering would own approximately 4.9% of the total number of shares of our common stock outstanding after this offering.

(2) 如果承销商全额行使购买额外股份的选择权，我们的新投资者支付的总对价将约为

(2) If the underwriters exercise their option to purchase additional shares in full, the total consideration paid by our new investors would be

约 · $86,249,999,880（或 · 51.5%）。

approximately · $86,249,999,880 (or · 51.5%).

经营情况 Operations

以下关于我们财务状况和经营成果的讨论与分析，应与本招股说明书其他部分所载经审计合并财务报表及相关附注和其他财务信息一并阅读。除历史合并财务信息外，以下讨论还包含反映我们计划、估计和信念的前瞻性陈述。我们的实际结果可能与前瞻性陈述中讨论的结果存在重大差异。您应查阅标题为“关于前瞻性陈述的警示说明”的章节，以了解有关前瞻性陈述的讨论；并查阅“风险因素”章节，以了解可能导致实际结果与以下讨论与分析及本招股说明书其他部分所载前瞻性陈述中描述或暗示的结果存在重大差异的因素。由于对 xAI 和 X Holdings 的收购已按同一控制下实体之间的交易进行会计处理，我们的经审计合并财务报表及相关附注的编制已反映所有列报期间各公司的追溯合并。

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled “Cautionary Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements and “Risk Factors” for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this prospectus. Our audited consolidated financial statements and related notes have been prepared to reflect the retrospective combination of the companies for all periods presented as the acquisitions of xAI and X Holdings were accounted for as transactions between entities under common control.

我们的使命 Our Mission

我们的使命是构建必要的系统与技术，使生命得以在多行星生存，理解宇宙的真实本质，并将意识之光延伸至群星。为此，我们在地球上（以及地球之外）打造了最具雄心的垂直一体化创新引擎，具备无可匹敌的能力，能够快速制造并发射连接世界的天基通信系统，驾驭太阳能为追求真理、推动科学发现的人工智能提供动力，并最终在月球建立基地、在其他行星建立城市。

Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.

星舰飞行测试

Starship Flight Test

概览 Overview

SpaceX 成立于 2002 年，是唯一一家在太空、连接和 AI 领域构建未来软硬件一体化基础设施的公司。我们的核心是建设者。我们设计、制造、发射和运营基于前沿技术的产品与服务，包括全球最先进的火箭和航天器。我们安全可靠地运送宇航员、卫星及其他有效载荷，执行造福地球生命的任务。自 2023 年以来，我们每年以 Falcon 火箭为全球发射了超过 80% 的入轨质量，任务成功率超过 99%。我们还运营一个高速、低延迟的全球宽带数据与通信网络，由约 9,600 颗低地球轨道上的 Starlink 宽带和移动卫星提供支持，截至 2026 年 3 月 31 日，为 164 个国家、地区及其他市场的数百万消费者、企业和政府客户提供连接。利用我们专用的卫星直连移动星座，我们提供连接服务，补充地面网络，并大幅减少约 30 个国家的移动“盲区”。

Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers across 164 countries, territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer connectivity services, supplementing terrestrial networks and substantially reducing mobile “dead zones” across approximately 30 countries.

AI 具有改善太空探索和地球生命的潜力，加速了 SpaceX 的使命——让生命多行星化、理解宇宙的真正本质，并将意识之光延伸至星辰。xAI 成立于 2023 年，于 2026 年初被 SpaceX 收购，现已成为我们垂直整合公司不可或缺的支柱。我们正以行业领先的速度和成本效率快速构建 AI 算力基础设施——从地球起步，目标是延伸至太空。我们的基础设施支持 Grok 的训练和推理，Grok 已成为全球最先进的前沿模型之一。Grok 被设计为一个追求真相的 AI 模型，建立在我们的创始人 Elon Musk 的使命之上，即让人类理解宇宙。我们相信，实现这一使命需要对 AI 采取追求真相的方法。我们将追求真相定义为积极、不懈地追求关于现实的客观真实，并以证据、逻辑、经验数据和第一性原理思维为基础。我们的目标是，在现有知识允许的范围内，尽可能准确地理解和解释宇宙似乎正在做的事情。在其初始模型发布后的两年内，Grok 在科学推理方面达到了前沿水平，以 GPQA Diamond 分数衡量——这是一项行业基准，通过一组由专家编写和验证的标准化问题来评估 AI 模型——其时间线快于其他领先模型提供商所报告的。Grok 还得益于与 X 的整合，X 是我们的实时信息、娱乐和言论自由平台，作为我们 AI 生态系统的基础分发和数据引擎，并进一步增强 Grok 的追求真相目标。

With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX’s mission to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data, and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment, and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and further enhances Grok’s truth-seeking objective.

我们相信，太空代表着人类历史上最大的经济前沿，在轨道上和地球上释放出前所未有的机遇。地球有其极限，因此我们必须在太空中建设基础设施和产业，拓展人类的能力，以改善地球上的生活，并在地球之外建立生命。太空中的连接基础设施旨在帮助地球上的每个人都能获得教育、医疗、娱乐和通信，并使人们能够克服许多传统限制，例如物理边界和政治边界。我们相信，太空中的 AI 基础设施可以利用几乎无限的太阳能，从而使 AI 成为理解宇宙和改善全人类日常生活的变革性力量。我们相信，这些领域的融合将推动全球经济实现前所未有的扩张，引领一个富足时代。我们的创新和技术进步正在重新定义地球上的各个行业，同时我们的目标是在月球、火星及更远的地方创造新的行业。我们正在真正建设未来的基础设施。

We believe that space represents the largest economic frontier in human history, unlocking unprecedented opportunities in orbit and on Earth. Earth has limits, so we must build infrastructure and industries in space, expanding human capabilities to improve life on Earth and to establish life beyond. Connectivity infrastructure in space is designed to help everyone on Earth have access to education, healthcare, entertainment, and communications, and to enable people to overcome many traditional limits, such as physical and political borders. We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use of AI as a transformative force for understanding the universe and improving the daily lives of all humans. We believe the convergence of these areas will enable an unprecedented expansion in the global economy, leading to an age of abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim to create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future.

SpaceX 是唯一一家破解了规模化进入太空难题的公司，彻底改变了一个数十年来停滞不前、规避风险且成本结构在经济上不合理的行业。SpaceX 通过运用第一性原理思维颠覆了这一范式，这种思维拒绝行业假设，并基于物理学的基本定律构建解决方案。我们强烈的、以使命为驱动、工程优先的文化以及对极致垂直整合的专注，推动我们实现了许多人认为不可能的事情。我们已经展示了以速度、质量控制和精度实现突破性技术创新的能力。我们通过猎鹰系列火箭开创了高频率、可靠且可负担的太空进入方式，目标是推动火箭发射行业转型为类似航空公司的运营模式。2015 年，我们成功将首枚猎鹰 9 号助推器从太空回收着陆，领先其他任何人，从而确立了相对于行业至少 10 年的领先优势。我们持续大举投资以进一步扩大领先优势，追求规模化全面快速可重复使用，包括在我们的下一代火箭 Starship 上投资超过 $15 billion。

SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. SpaceX upended this paradigm through the application of first-principles thinking, which rejects industry assumptions and builds solutions based on the fundamental laws of physics. Our intense, mission-driven, engineering-first culture and focus on extreme vertical integration have propelled us to achieve what many deemed impossible. We have demonstrated the ability to achieve groundbreaking technological innovations with speed, quality control, and precision. We pioneered high-cadence, reliable, and affordable access to space with our Falcon family of rockets, with a goal to transform the rocket launch industry into airline-like operations. In 2015, we established at least a 10-year lead over the industry by successfully landing our first Falcon 9 booster back from space before anyone else. We have continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale, including investing over $15 billion in our next-generation rocket, Starship.

我们认为火箭发射和着陆应当像飞机起降一样常规和普遍。为实现这种节奏，我们的迭代方法强调快速设计、测试和流程优化，尽可能频繁地将飞行硬件置于飞行环境中。这使我们能够通过反复使用和改进系统来加速学习。由此，我们实现了显著更高的飞行频率，且成本远低于 SpaceX 之前存在的发射项目。例如，根据 NASA 的数据，2010 年第一版 Falcon 9 的发射成本约为每公斤$2,700，相比历史平均每公斤发射成本$18,500 降低了约 85%。2018 年第一版 Falcon Heavy 进一步将这一成本降至约每公斤$1,400，相比历史平均成本降低了约 92%。随着未来 Starship 的部署——其设计目标是成为世界上首个完全且快速可重复使用的航天器——我们的目标是将入轨成本相对于历史平均发射成本进一步降低 99%或更多。我们成本优势的核心在于关键硬件的可重复使用性——最显著的是助推器——我们将其回收、翻新并多次复飞，而不是单次使用后丢弃。通过最大限度地减少硬件更换费用并将固定生产成本分摊到多次使用中，这大幅降低了每次发射的成本。历史上每次发射耗资数十亿美元的太空飞行现在仅需数千万美元，从根本上降低了太空进入成本，为在太空中建立新企业提供了机会。

We believe rocket launches and landings should be as routine and commonplace as airplanes taking off and landing. To achieve this sort of cadence, our iterative approach emphasizes rapid designing, testing, and process optimization, putting flight hardware in the flight environment as often as possible. This allows us to accelerate our learning by repeatedly using and improving our systems. This has resulted in a significantly higher flight rate at costs that are much lower than launch programs that existed before SpaceX. For example, according to NASA, the first version of Falcon 9 in 2010 had a launch cost of approximately $2,700 per kilogram, which represented a reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500. The first version of Falcon Heavy in 2018 further reduced this cost to approximately $1,400 per kilogram, a reduction of approximately 92% compared to the historical average cost. With the future deployment of Starship, which is designed to be the world’s first fully and rapidly reusable spacecraft, we aim to further reduce the cost to reach orbit by 99% or more relative to the historical average launch cost. Central to our cost advantage is the reusability of key hardware—most notably boosters—which we recover, refurbish, and refly many times instead of discarding after single use. This dramatically lowers per-launch costs by minimizing hardware replacement expenses and spreading fixed production costs across repeated uses. Space flight that historically cost billion s per launch now costs in the tens of million s, fundamentally reducing the cost of space access, providing the opportunity to build new enterprises in space.

同样，xAI 已攻克了构建和扩展 AI 算力基础设施的复杂难题，成为首家部署连贯的吉瓦级 AI 训练集群的公司。我们相信，我们专有的 AI 基础设施能力、我们追求真相的前沿模型 Grok，以及我们对 X 上实时数据的访问权限，三者结合创造了强大的竞争优势，使我们能够在先进人工智能的开发中保持领先地位。这一优势源于我们完全的垂直整合以及我们的创始人 Elon Musk 所注入的共同愿景。在短短几年内，我们已经展示了以更低成本、大规模、快速构建连贯算力的能力。COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，另有额外电力容量可用于数据中心运营。我们相信速度是一种竞争优势。为了尽快让算力集群上线，我们采用垂直整合、灵活敏捷的建设方式。在 COLOSSUS，我们在短短 122 天内让首个约 100,000 块 H100 处理器、约 130 兆瓦算力的集群上线，并改造利用了现有工厂的外壳。在 COLOSSUS II，我们在更快的 91 天内让首个约 110,000 块 GB200 处理器、约 210 兆瓦算力的集群上线。作为说明性对比，让一个 100 兆瓦的新建数据中心上线的行业基准约为两年。此外，在 COLOSSUS II 的案例中，在首个集群之后，我们在 64 天内让第二个由 110,000 块 GB300 处理器和 220 兆瓦算力组成的集群上线，展示了我们一旦建成即可快速扩展设施的能力。我们预计，一旦全面投入运营，COLOSSUS II 的下一阶段扩建将新增至少 220,000 块 GB300 处理器和超过 400 兆瓦的算力。我们还展示了成本效率的显著提升，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。

Similarly, xAI has cracked the code in the complexities of building and scaling AI compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. We believe the combination of our proprietary AI infrastructure capability, our truth-seeking frontier model, Grok, and our access to real-time data on X creates a formidable competitive advantage, allowing us to maintain a leading position in the development of advanced artificial intelligence. This advantage stems from our complete vertical integration and the common vision infused by our founder, Elon Musk. In just a few years, we have demonstrated an ability to build coherent compute at scale and rapid speed with lower cost. COLOSSUS and COLOSSUS II collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. We believe speed is a competitive advantage. In order to bring compute clusters online as fast as possible, we employ a vertically integrated, nimble approach to construction. At COLOSSUS, we brought online the first cluster of approximately 100,000 H100 processors, approximately 130 megawatts of compute power, in just 122 days, repurposing the shell of an existing factory. At COLOSSUS II, we brought online the first cluster of approximately 110,000 GB200 processors, approximately 210 megawatts of compute power, even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. Furthermore, in the case of COLOSSUS II, following the initial cluster, we brought online the second cluster of 110,000 GB300 processors and 220 megawatts of compute power in 64 days, demonstrating our ability to rapidly scale our facilities once built. We expect that once fully operational, the next phase of expansion at COLOSSUS II will bring online at least 220,000 additional GB300 processors and over 400 additional megawatts of compute power. We also demonstrated asignificant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.

我们能够通过第一性原理思维、表后发电，以及我们认为的全球最大的可持续电池储能系统网络，再加上先进液冷、高密度机架布局和高效网络方面的创新，以显著快于其他 AI 公司的速度部署电力和算力。我们的设施还采用创新设计特征，限制对邻近地区区域电价的影响，并包含先进的水清洗、回收和再循环流程，以支持可持续运营。我们与公用事业公司和社区合作，随着时间推移接入并增强电网，同时承诺承担为服务我们的数据中心而进行的所有新电力输送基础设施升级的成本，包括充足的网络升级成本，以确保这些费用不会转嫁给普通家庭。我们能够以快速且具成本效益的方式采用最新处理器进行扩展，这使我们领先于采用传统且更昂贵方法的竞争对手。因此，我们认为 COLOSSUS II 成为全球首批大规模部署 GB200 和 GB300（当时可用的最先进 AI 处理器）的数据中心之一，目前正在为我们的下一代前沿模型（包括 Grok-5）的训练提供算力。此外，通过我们与 Tesla 共同建设的 Terafab 计划——建设一座能够每年生产 1 太瓦算力硬件的制造设施——我们打算进一步将垂直整合延伸至芯片设计和制造，以缓解 SpaceX 未来潜在的芯片短缺、优化算力性能，并有可能降低整体算力成本。Intel 具备大规模设计、制造和封装超高性能芯片的能力，也于 2026 年 4 月初加入了 Terafab 项目。我们从“铲子到代币”的方法使我们能够高速训练和迭代我们的前沿模型，加速开发周期，消除外部瓶颈，并推动模型性能快速、持续地提升。

We are able to deploy power and compute significantly faster than other AI companies through first-principles thinking, behind-the-meter power generation, coupled with what we believe is the world’s largest network of sustainable battery storage systems, and innovations in advanced liquid cooling, high-density rack layouts, and efficient networking. Our facilities also incorporate innovative design features that limit the effects on regional electricity pricing for neighbors and include advanced water cleaning, reclamation, and recycling processes to support sustainable operations. We partner with utilities and communities to connect to and enhance the grid over time, and do so while pledging to cover costs of all new power delivery infrastructure upgrades to service our data centers, including adequate network upgrade costs, to ensure that these expenses are not passed on to the ordinary household. Our ability to rapidly and cost-effectively scale with the latest processors keeps us ahead of competitors who deploy traditional and more expensive methods. As a result, we believe COLOSSUS II became one of the world’s first data centers to deploy GB200s and GB300s, the most advanced AI processors available at the time, at significant scale, and is currently powering training for our next frontier models, including Grok-5. Furthermore, through our Terafab initiative together with Tesla to build a manufacturing facility capable of producing 1 terawatt per year of compute hardware, we intend to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs. Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale, also joined the Terafab project in early April 2026. Our shovels-to-tokens approach allows us to train and iterate our frontier models at high velocity, accelerating development cycles, eliminating external bottlenecks, and driving rapid, continuous improvements in model performance.

我们是第一家开发并发射液体燃料火箭进入轨道的私营公司，于 2008 年成功发射 Falcon 1。2019 年，我们率先开始部署大规模 LEO 宽带卫星星座。2026 年 2 月，我们收购了 xAI，后者是首家建成吉瓦级 AI 训练集群和最大相干超级计算机的公司。下图展示了我们业务的关键里程碑。

We were the first private company to develop and launch a liquid-fuel rocket to reach orbit with the successful launch of Falcon 1 in 2008. In 2019, we were the first to begin deploying a large-scale LEO broadband satellite constellation. In February 2026, we acquired xAI, the first company to build a gigawatt-scale AI training cluster and largest coherent supercomputer. The graphic below illustrates key milestones for ourbusiness.

#### 我们可复制的商业模式

#### Our Repeatable Business Model

我们的商业模式建立在一个可复制、工程驱动的框架之上，该框架结合了我们无与伦比的发射能力、极致的垂直整合、快速迭代和严谨的资本投资，以创建持久、大规模的业务。我们通过以下核心原则执行这一框架：

Our business model is built on a repeatable, engineering-driven framework that combines our unparalleled launch capabilities, extreme vertical integration, rapid iteration, and disciplined capital investment to create durable, large-scale businesses. We execute this framework through the following core principles:

1. 发挥我们无与伦比的发射能力，实现大规模规模化。我们的火箭——凭借无可匹敌的发射频率、业界一流的可靠性以及大幅降低的入轨成本——是我们预期能够在太空创造经济机会并交付多元化服务组合的基础。我们的发射能力使原本在经济上不可行的大规模资产部署成为可能。

1. Leverage our unparalleled launch capabilities to enable massive scale. Our rockets—with unmatched launch cadence, best-in-class reliability, and dramatically reduced cost-to-orbit—are the foundation that we expect will enable us to create economic opportunities in space and deliver a diversified portfolio of services. Our launch capabilities enable large-scale deployment of assets that would not otherwise be economically viable.

2. 识别并创造新的万亿美元市场机会。我们专注于对人类有用且蕴含万亿美元机遇的市场机会，包括面向消费者、企业和政府的全球宽带与移动连接；以及 AI 应用和算力基础设施。我们优先关注那些因结构性低效或传统技术局限而供给受限的机会。

2. Identify and create new trillion-dollar market opportunities. We focus on market opportunities that are useful for humanity and that present trillion-dollar opportunities, including global broadband and mobile connectivity for consumers, enterprises, and governments; and AI applications and computational infrastructure. We prioritize opportunities where structural inefficiencies or legacy technological limitations have constrained supply.

3. 以世界级工程和第一性原理思维设计解决方案。我们运用基于物理学的工程方法和第一性原理思维，从零开始设计产品和系统——将事物归结为最基本的真理，并由此向上推理。这有助于我们在性能、可扩展性和成本方面实现巨大的阶跃式改进。

3. Design a solution with world-class engineering and first-principles thinking. We apply physics-based engineering and first-principles thinking to design products and systems from the ground up—boiling things down to the most fundamental truths and reasoning up from there. This helps us drive massive, step-function improvements in performance, scalability, and cost.

4. 应用“算法”（减少愚蠢、删除、优化、加速、自动化）。我们遵循一套核心执行原则，称之为“算法”，这是一个五步迭代流程，我们将其作为日常工作的指导原则。我们让需求变得不那么愚蠢，删除不必要的流程或部件（秉持“最好的部件就是没有部件”这一原则），然后才优化必要的流程或部件，接着加速周期时间（许多实体只发射过一次；除我们之外，没有任何实体曾实现每年发射超过 100 次），并且仅在前四步完成后才对经过验证的流程进行自动化。我们将该算法应用于组织的方方面面，形成了自 SpaceX 成立以来一直定义着我们的卓越文化与运营标准。

4. Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate). We operate under a set of core execution principles that we refer to as “The Algorithm,” a five-step iterative process that we use as our guiding principles day-to-day. We make the requirements less dumb, delete unnecessary processes or parts (embracing the principle that the best part is no part), only then optimize the necessary processes or parts, and then accelerate cycle time (many entities have launched once; no one other than us has ever launched over 100 times per year), and automate only proven processes after the first four steps are completed. We apply the Algorithm across every aspect of our organization, creating a cultural and operational standard of excellence that has defined SpaceX since inception.

5. 一路垂直整合至终端客户。我们在内部设计和制造相当大一部分组件，包括发动机、航空电子设备、结构和软件，甚至生产“制造工具的工具”，使我们能够快速测试、失败并迭代。随后，我们能够以速度和成本效率推出更新、更先进的硬件。

5. Vertically integrate all the way to the end customer. We design and manufacture a significant portion of our components in-house, including engines, avionics, structures, and software, even producing the “tools that make the tools,” enabling us to test, fail, and iterate rapidly. We can then release newer, more advanced hardware with speed and cost efficiency.

6. 持续降低成本、提升产能。通过火箭可重复使用、规模化制造、先进自动化和严格的运营纪律，我们持续降低单位成本，同时提高发射频率、卫星网络和 AI 托管容量。

6. Continuously drive cost down and throughput up. Through rocket reusability, manufacturing at scale, advanced automation, and rigorous operational discipline, we continuously reduce unit costs while increasing launch cadence, satellite network, and AI hosting capacity.

7. 产生可观现金流并再投资于未来。随着业务规模扩大，它们产生可观的现金流，我们将其再投资于新兴市场机会——推动持续创新的自我强化循环，并可能创造可观的额外价值。

7. Generate significant cash flow and reinvest in the future. As our businesses scale, they generate significant cash flow, which we reinvest into nascent market opportunities—driving a self-reinforcing cycle of constant innovation and potentially creating significant additional value.

#### 我们垂直整合创新引擎中的业务板块

#### Segments in Our Vertically-Integrated Innovation Engine

我们的垂直一体化创新引擎包含三个可报告分部：太空、连接和 AI。在太空分部，我们设计、制造并发射可重复使用火箭，以前所未有的规模提供高频次、可靠且经济实惠的太空进入能力。在连接分部，我们运营一个全球高速、低延迟宽带数据与通信网络，该网络由超过 9,600 颗位于低地球轨道的 Starlink 宽带和移动卫星提供支持，为遍布 164 个国家、地区及其他市场的数百万消费者、企业和政府客户提供连接服务。在 AI 分部，我们运营一个高度垂直一体化的 AI 平台，涵盖我们追求真相的前沿模型 Grok、面向消费者和企业客户的 AI 解决方案、X——我们的实时信息、娱乐和言论自由平台——以及 AI 算力基础设施。

We have three reportable segments in our vertically integrated innovation engine: Space, Connectivity, and AI. In our Space segment, we design, manufacture, and launch reusable rockets to provide high cadence, reliable, and affordable access to space at unprecedented scale. In our Connectivity segment, we operate a worldwide high-speed, low-latency broadband data and communications network powered by over 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers across 164 countries, territories, and other markets. In our AI segment, we operate a highly vertically integrated AI platform spanning our truth-seeking frontier model Grok, AI solutions for consumer and enterprise customers, X— our real-time information, entertainment, and free speech platform—and AI computational infrastructure.

我们的财务业绩反映了我们运营模式的实力，以及我们创建并规模化发展多项新业务的能力：

Our financial results reflect the strength of our operating model and our ability to create and scale multiple new businesses:

- 截至 2026 年 3 月 31 日止三个月，我们按合并口径实现收入 $4,694 million，经营亏损 $(1,943) million，调整后 EBITDA 为 $1,127 million。2025 年，我们按合并口径实现收入 $18,674 million，经营亏损 $(2,589) million，调整后 EBITDA 为 $6,584 million。截至 2026 年 3 月 31 日止三个月及截至 2025 年 12 月 31 日止年度，我们的太空和连接分部贡献了合并收入的绝大部分，体现了其规模以及我们垂直一体化业务模式中经营杠杆带来的效益；

- For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million, loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. In 2025, we generated revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted EBITDA of $6,584 million. Our Space and Connectivity segments contributed the substantial majority of our consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025, demonstrating the benefits of their scale and operating leverage in our vertically integrated business model;

- 截至 2026 年 3 月 31 日止三个月，我们的太空分部实现收入 $619 million，经营亏损 $(662) million，分部调整后 EBITDA 为 $(351) million。2025 年，我们的太空分部实现收入 $4,086 million，经营亏损 $(657) million，分部调整后 EBITDA 为 $653 million。此外，截至 2026 年 3 月 31 日止三个月及截至 2025 年 12 月 31 日止年度，我们的太空分部分别为我们的下一代 Starship 运载火箭项目投入了 $930 million 和 $3,004 million 的研发费用。Starship 旨在在可重复使用性、有效载荷能力和发射频次方面实现我们发射能力的阶跃式变革，并通过开启全新的任务类别，成为我们长期增长战略的关键推动因素；

- For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. In 2025, our Space segment generated revenue of $4,086 million, loss from operations of $(657) million, and Segment Adjusted EBITDA of $653 million . Additionally, our Space segment funded $930 million and $3,004 million in research and development expense during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key enabler of our long-term growth strategy by unlocking entirely new categories of missions;

- 截至 2026 年 3 月 31 日止三个月，我们的连接分部实现收入 $3,257 million，经营利润 $1,188 million，分部调整后 EBITDA 为 $2,087 million。我们的连接分部主要由 Starlink 驱动，实现收入 $11,387 million，经营利润 $4,423

- For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million, income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. Our Connectivity segment, primarily driven by Starlink, generated revenue of $11,387 million, income from operations of $4,423

百万美元，以及 2025 年分部调整后 EBITDA 为 $7,168 百万美元，代表同比增长 · 2025 年，代表同比增长 49.8%、120.4% 和 86.2%，得益于订阅用户增长、企业客户采用率提升以及 网络效率的持续改善； • 在新收购的 AI 分部，我们计划优先推动增长与投资，以把握 AI 应用和算力基础设施领域的重大 机遇。截至 2026 年 3 月 31 日止三个月，我们的 AI 分部实现收入 $818 百万美元，经营亏损 $(2,469) 百万美元，分部调整后 EBITDA 为 $(609) 百万美元。2025 年，我们的 AI 分部实现收入 $3,201 百万美元，经营亏损 $(6,355) 百万美元，分部调整后 EBITDA 为 $(1,237) 百万美元，反映其处于较早期 发展阶段，并持续投入以支持 AI 领域的长期增长机遇；以及 • 截至 2026 年 3 月 31 日止三个月，我们 Space 分部的资本支出为 $1,052 百万美元， Connectivity 分部为 $1,332 百万美元，AI 分部为 $7,723 百万美元。2025 年，资本 支出方面，Space 分部为 $3,832 百万美元，Connectivity 分部为 $4,178 百万美元， AI 分部为 $12,727 百万美元。 分部调整后 EBITDA 是一项非 GAAP 指标。有关我们非 GAAP 财务指标的更多信息，包括分部 调整后 EBITDA 与分部经营收入（亏损）（最直接可比的 GAAP 指标）的调节表，请参阅标题为“—非 GAAP 财务 指标”的章节。

million, and Segment Adjusted EBITDA of $7,168 million in · 2025, representing year-over-year growth of 49.8%, 120.4%, and 86.2%, respectively, benefiting from subscriber growth, increasing enterprise adoption, and continued improvement in network efficiency; • In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted EBITDA of $(609) million. In 2025, our AI segment generated revenue of $3,201 million, loss from operations of $(6,355) million, and Segment Adjusted EBITDA of $(1,237) million, reflecting its earlier stage of development and continued investments to support long-term growth opportunities in AI; and • For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and for our AI segment was $12,727 million. Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.

太空 Space

自 2002 年成立以来，SpaceX 已破解了规模化进入太空的密码，彻底改变了一个以数十年停滞、规避风险和经济上扭曲的成本结构为特征的行业。我们设计、制造、发射并翻新可重复使用运载火箭，为自身目的以及第三方商业和政府客户提供高性价比、可靠且高频次的太空进入服务。2025 年，我们从美国的四个主要发射台实施发射，并根据飞行器类型和任务剖面，在包括自主无人船和捕获塔在内的七个着陆设施成功回收助推器。我们广泛的垂直整合以及对从设计到发射再到运营的整个价值链的端到端控制，使我们能够实现前所未有的速度和成本效率。

Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design, manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence access to space for our own purposes as well as for third-party commercial and government customers. In 2025, we launched from four primary launch pads in the United States and successfully recovered boosters across seven landing facilities including autonomous drone ships and catch towers based on the vehicle type and mission profile. Our extensive vertical integration and end-to-end control over the entire value chain, from design to launch to operations, allows us to achieve unprecedented speed and cost efficiency.

猎鹰 9 号一级助推器着陆

Falcon 9 First Stage Booster Landing

截至 2026 年 3 月 31 日，SpaceX 已将总计约 7,400 公吨的质量送入轨道，猎鹰系列火箭的任务成功率超过 99%。我们已完成约 650 次轨道太空发射，其中超过 540 次发射由经过飞行验证的猎鹰火箭完成。仅在 2025 年，SpaceX 就完成了猎鹰和星舰飞行器的 170 次任务以及 159 次经过飞行验证的助推器发射，助推器回收尝试成功率超过 99%。2025 年我们发射了超过 2,200 公吨，占全球入轨质量的 80%以上。随着 2008 年猎鹰 1 号首次成功发射，我们成为首家成功将液体燃料火箭送入地球轨道的私营公司。仅仅两年后的 2010 年，猎鹰 9 号火箭的商业首秀通过提供前所未有的成本效率，彻底改变了太空进入方式。例如，根据 NASA 的数据，2010 年猎鹰 9 号第一版将发射成本降至约每公斤 2,700 美元，与每公斤 18,500 美元的历史平均发射成本相比降低了约 85%。2018 年猎鹰重型第一版进一步将该成本降至每公斤 1,400 美元，与历史平均水平相比降低了约 92%。我们还通过工程改进、制造效率提升和规模经济的结合——最显著的是通过推动火箭更频繁重复使用的能力——降低了内部发射成本。

As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over 99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches, and over 540 of those launches were completed by a flight-proven Falcon rocket . In 2025 alone, SpaceX completed 170 missions across Falcon and Starship vehicles and 159 flight-proven booster launches with an over 99% success rate on attempted booster recoveries. We launched over 2,200 metric tons, representing over 80% of mass to orbit for the world in 2025. With the first successful launch of Falcon 1 in 2008, we became the first private company to successfully launch a liquid-fueled rocket to Earth’s orbit. Just two years later, in 2010, the commercial debut of the Falcon 9 rocket revolutionized space access by delivering unprecedented cost efficiency. For example, according to NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per kilogram, which represented a reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500. The first version of Falcon Heavy in 2018 further reduced this cost to $1,400 per kilogram, a reduction of approximately 92% compared to the historical average. We have also reduced our internal cost of launch through a combination of engineering improvements, manufacturing efficiencies, and economies of scale—most notably, through our ability to drive more frequent reuse of rockets.

我们的太空收入主要来自向商业和政府客户提供的猎鹰 9 号、猎鹰重型和龙飞船的发射及任务服务。我们飞往低地球轨道（LEO）、中地球轨道（MEO）、地球同步轨道（GEO）、月球和行星际轨道，以及国际空间站。我们的太空板块收入来自与商业客户和政府机构太空计划开发和提供发射服务相关的固定价格合同，收入确认方式为“某一时点”或“随时间”。

We generate Space revenue primarily through launch and mission services of Falcon 9, Falcon Heavy, and Dragon provided to commercial and government customers. We fly to LEO, MEO, GEO, lunar, and interplanetary trajectories, as well as the International Space Station. Our Space segment revenue is derived from fixed-price contracts related to the development and provision of launch services for both commercial customers and governmental agency space programs, either at a “point in time” or “over time.”

我们管理太空业务板块，以支持我们自身及客户的业务。我们提前规划发射并分配有效载荷，尽管客户有效载荷到达时间的安排可能难以管理。当计划发射的预期客户有效载荷无法就位时，我们转而将发射能力用于我们的卫星。因此，我们会频繁调整预期发射有效载荷，这影响了各期间财务数据的可比性。对于大多数客户有效载荷，收入和成本主要在客户航天器发射或部署至其预定轨道时确认，部分收入和成本则随时间确认。对于专用于部署我们 Starlink 卫星的发射，我们将相关成本资本化计入我们的互联业务板块，并随时间计提折旧，且我们不会在太空业务板块中为这些发射确认收入。我们将大量发射能力分配给互联业务板块，并预计未来将向我们的 AI 业务板块分配大量发射能力。我们的太空业务板块收入仅反映客户发射及其他客户活动。因此，尽管发射频次不断增加，我们的太空业务板块与其他业务板块相比，收入规模和收入增长相对较低，不过其财务业绩并未反映其为支持我们互联和 AI 业务板块增长所提供的基础性战略价值。

We manage our Space segment to support our businesses and those of our customers. We plan launches and allocate payloads in advance, although it can be difficult to manage the timing of customer payload arrivals. When an expected customer payload for a planned launch is not available, we instead use launch capacity for our satellites. As a result, we adjust expected launch payloads frequently, impacting period-to-period financial comparison. For a majority of customer payloads, revenue and costs are primarily recognized at the launch or deployment of the customer’s spacecraft to its intended orbit, with some revenues and costs being recognized over time. For launches dedicated to deploying our Starlink satellites, we capitalize the associated costs within our Connectivity segment and depreciate them over time, and we do not recognize revenue for those launches in our Space segment. We allocate a significant amount of launch capacity to our Connectivity segment, and expect to allocate a significant amount to our AI segment in the future. Our Space segment revenue only reflects customer launches and other customer activities. As a result, notwithstanding an increasing launch cadence, our Space segment has relatively lower revenue scale and revenue growth compared to our other segments, though its financial results do not reflect the foundational strategic value that it provides to us in bolstering the growth of our Connectivity and AI segments.

互联业务。Starlink 提供全球高速互联网接入，包括面向全球服务不足的农村和偏远社区。截至 2026 年 3 月 31 日，我们在低地球轨道拥有约 9,600 颗 Starlink 宽带和移动卫星，为遍布 164 个国家、地区及其他市场的约 10.3 百万 Starlink 用户提供宽带连接。我们还向约 30 个国家约 7.4 百万月度独立设备提供卫星到移动短信和 OTT 语音服务。

Connectivity . Starlink provides global access to high-speed internet, including underserved rural and remote communities worldwide. As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, providing broadband connectivity to approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets. We also provide satellite-to-mobile texting and over-the-top voice services to approximately 7.4 million monthly unique devices across approximately 30 countries.

Starlink Mini

Starlink Mini

- Starlink 消费级宽带。我们运营着全球规模最大、最先进的星基互联网宽带服务，截至 2026 年 3 月 31 日，中位时延约为 25 毫秒。截至 2026 年 3 月 31 日，我们为住宅用户提供类光纤下载速度——高峰时段中位下载速度为 225 Mbps——并具备在地球任何地点（包括两极）提供服务的技术能力。这一服务质量得益于我们由约 9,600 颗 Starlink 宽带及移动卫星组成的庞大低地球轨道网络，截至 2026 年 3 月 31 日，该网络约占在轨所有活跃可机动卫星的 75%。我们预计将于 2026 年下半年使用 Starship 开始部署下一代 V3 卫星，该卫星设计为每颗提供 1 Tbps 的下行容量。我们预计单次 Starship 发射将能够向 LEO 部署最多 60 颗 V3 卫星，这意味着相对于 Falcon 9 发射，Starlink 部署的下行容量可能提升二十倍。截至 2026 年 3 月 31 日，我们拥有约 10.3 百万 Starlink 用户，较一年前的 5.0 百万用户增长约 105%。我们向 Starlink 用户收取月度订阅费，该费用根据地理市场和下载速度而有所不同，此外通常还收取一次性终端设备费用。

- Starlink Consumer Broadband. We operate the world’s largest and most advanced space-based internet broadband service with median latency at approximately 25 milliseconds as of March 31, 2026. We provide fiber-like download speeds—at a median of 225 Mbps during peak hours for residential users as of March 31, 2026—and the technological capability to provide service everywhere on Earth, including the poles. This service quality is enabled by our vast network of approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, which accounted for approximately 75% of all active maneuverable satellites in orbit as of March 31, 2026. We expect to commence deploying our next-generation V3 satellites, designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of 2026. We expect that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a potential twenty-fold increase in Starlink downlink capacity deployed relative to a Falcon 9 launch. As of March 31, 2026, we had approximately 10.3 million Starlink Subscribers, up approximately 105% from 5.0 million subscribers a year prior. We charge our Starlink Subscribers a monthly subscription fee, which varies based on geographic market and download speed, plus typically a one-time upfront terminal cost.

- 企业解决方案。SpaceX 是众多企业的重要合作伙伴。我们为建筑、农业、零售、电信、酒店、航空、海事和陆地交通等各行业的企业客户提供 Starlink 高速、低时延、可靠的互联网服务。Starlink 的独特能力非常适合部署于现场办公室、偏远工地、研究站、钻井平台、乡村医院、飞机、邮轮、列车和酒店。我们的企业客户包括 United Airlines、Carnival、Maersk 和 John Deere 等公司。我们还服务于零售和金融服务等行业的广泛固定站点客户群体，这些客户需要关键业务的高可用性，以及偏远或难以覆盖地点的可靠连接。随着企业持续投资于安全且有韧性的网络和备份系统，以保持关键基础设施（如销售点和支付处理系统）在线，我们往往最初作为备份解决方案，随后转变为主要解决方案。我们的企业合同基于订阅、数据用量、容量或其他定价模式的组合，具体取决于各客户的特定需求。自 2023 年以来，年收入贡献超过 $750,000 的 Starlink 企业客户中，没有任何一家主动终止服务，这体现了我们产品的强劲表现和价值，尽管我们的客户可以随时取消服务。

- Enterprise Solutions. SpaceX is a critical partner to a wide array of enterprises. We offer Starlink’s high-speed, low-latency, reliable internet services to enterprise customers across industries including construction, agriculture, retail, telecom, hospitality, aviation, maritime, and land mobility. Starlink’s unique capabilities are well‑suited for deployments across field offices, remote worksites, research stations, drilling rigs, rural hospitals, aircraft, cruise ships, trains, and hotels. Our enterprise customers include companies such as United Airlines, Carnival, Maersk, and John Deere, among others. We also serve a broad fixed‑site customer base across industries such as retail and financial services that require high availability for critical operations as well as reliable connectivity in remote or hard-to-serve locations. As companies continue to invest in secure and resilient networks and backup systems to keep critical infrastructure online—such as point‑of‑sale and payment processing systems—we often start as a backup solution and then transition to being the primary solution. Our enterprise contracts are based on a combination of subscriptions, data consumption, capacity, or other pricing models depending on each customer’s particular needs. Since 2023, no Starlink Enterprise customer having contributed more than $750,000 of annual revenue has voluntarily discontinued their service, demonstrating the strong performance and value of our offering. This is despite the ability of our customers to cancel the service at any time.

- 政府解决方案。针对政府客户，我们即使在最偏远、最具挑战性的环境中，也能为公共服务、社会影响、人道主义行动和灾害响应提供高速、高韧性的连接。示例包括：支持 FEMA 在飓风和野火过后协调灾后恢复，支持 NOAA 进行海上测试和环境监测，支持菲律宾政府连接偏远岛屿、学校和公共机构，支持牙买加政府改善偏远地区和海域的数字接入，以及支持厄瓜多尔政府为孤立社区提供教育和医疗连接。此外，通过 Starshield，我们利用商业 LEO 卫星星座的工程经验和运营经验，开发了一个安全、专用的卫星网络，专为美国政府客户和国家安全应用而设计。

- Government Solutions. For our government customers, we provide high-speed, resilient connectivity for public services, social impact, humanitarian efforts, and disaster response in even the most remote and challenging environments. Examples include support for the FEMA in coordinating disaster recovery after hurricanes and wildfires, the NOAA for at-sea testing and environmental monitoring, the Government of the Philippines for linking remote islands, schools, and public institutions, the Government of Jamaica for improving digital access in remote and maritime areas, and the Government of Ecuador for supporting education and healthcare connectivity in isolated communities. Separately with Starshield, we have leveraged our commercial LEO satellite constellation engineering learnings and operational experiences to develop a secure, dedicated satellite network designed specifically for United States Government customers and national security applications.

- Starlink Mobile。我们提供卫星到移动终端的连接服务，作为地面网络的补充，大幅减少约 30 个国家/地区的移动“盲区”。我们与移动网络运营商（MNO）合作，包括美国 T-Mobile 等主要无线运营商，以及 One NZ、Optus、Telstra、Rogers、KDDI、Salt、Entel、Kyivstar 和 VMO2 等其他国际运营商。通过这些合作，我们使消费者、企业和公共部门客户能够在更多地点使用其现有手机，在灾害和停电期间支持关键连接，并为低带宽移动设备和物联网设备开辟新的应用。我们目前在“V1”星座（由约 650 颗在轨 V1 Mobile 卫星组成）下的能力包括轻量数据、短信（SMS）和 over-the-top 语音服务（如 WhatsApp 和 FaceTime）。我们正在开发更全面的卫星到移动终端服务，包括宽带数据和物联网连接，预计将在全球范围内提供具有韧性、不依赖基础设施的连接，并实现 5G 连接。我们与六大洲约 30 家 MNO 建立了合作关系，覆盖区域居住着约 19 亿人口。我们向 MNO 收取固定费用或按每移动用户计费的费用，该费用通常由运营商作为“附加”功能转嫁给客户。

- Starlink Mobile. We provide satellite-to-mobile connectivity, supplementing terrestrial networks and substantially reducing mobile “dead zones” across approximately 30 countries. We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices. Our current capabilities under our “V1” constellation (consisting of approximately 650 V1 Mobile satellites in orbit) include light data, text messaging (SMS), and over-the-top voice services (e.g., WhatsApp and FaceTime). We are developing more comprehensive satellite-to-mobile services, including broadband data and IoT connectivity, which are expected to deliver resilient, infrastructure-independent connectivity worldwide and enable 5G connectivity. We have partnerships with approximately 30 MNOs on six continents, covering an area that is home to approximately 1.9 billion people. We charge MNOs either a fixed fee or a per-mobile user fee-based amount, which is typically passed through to the customer via the carrier as an “add-on” feature.

我们在连接业务分部的收入主要来自消费者订阅用户的订阅费。我们通过基于地理市场和下载速度的月度订阅费来驱动消费者收入，在服务期内按比例确认收入，此外通常还包括一次性销售套件。此外，我们通过以订阅、数据使用量和容量相结合的方式构建的合同，或根据每个客户的特定需求按完工百分比法，从企业客户获得收入。我们通过为 Starshield 签订的长期合同获得政府收入，Starshield 是专为政府客户和国家安全应用设计的安全卫星网络。我们还通过与移动网络运营商（MNO）合作伙伴的收入分成安排，基于其套餐中包含的连接服务，获得 Starlink Mobile 收入。

We generate revenue in our Connectivity segment primarily through subscription fees from consumer subscribers. We drive consumer revenue through monthly subscription fees based on geographic market and download speed, recognizing revenue ratably over the service period, plus typically a one-time sale of a kit. In addition, we generate revenue from enterprises through contracts structured as a combination of subscriptions, data consumption, and capacity, or on a percentage-of-completion basis, depending on each customer’s particular needs. We generate government revenue via long term contracts for Starshield, a secure satellite network designed specifically for government customers and national security applications. We also earn Starlink Mobile revenue through revenue-sharing arrangements with MNO partners, based on connectivity services included in their plans.

2025 年，来自消费者订阅用户的收入占连接业务分部收入的 60% 以上。我们预计，来自消费者订阅用户以及企业和政府客户的收入将成为连接业务分部增长的主要驱动力，并且 Starlink Mobile 将成为连接业务分部收入的重要新贡献来源。

In 2025, revenue from consumer subscribers represented over 60% of Connectivity segment revenue. We expect revenue from consumer subscribers, as well as enterprise and government customers, to be the primary driver of Connectivity segment growth, and that Starlink Mobile will become a significant new contributor of Connectivity segment revenue.

AI。我们运营一个高度垂直整合的 AI 平台，涵盖吉瓦级 AI 算力基础设施、我们追求真相的前沿 AI 模型 Grok、面向消费者和企业客户的 AI 解决方案，以及 X——我们的实时信息、娱乐和言论自由平台。我们相信，AI 正迅速向 AGI 演进，在 AGI 中，人类的认知能力可以以机器速度被复制和扩展，从而极大地增强人类生产力。一旦 AGI 系统存在，其真正价值源于能够创造无限复制的人类般智能，这需要庞大的计算资源和具有成本效益的部署才能实现有意义的规模。没有大规模、高能效的基础设施，AGI 就无法广泛或经济地部署——这使得此类基础设施成为关键的战略差异化因素。

AI. We operate a highly vertically integrated AI platform spanning gigawatt-scale AI compute infrastructure, our truth-seeking frontier AI model, Grok, AI solutions for consumer and enterprise customers, and X, our real-time information, entertainment, and free speech platform. We believe AI is rapidly converging toward AGI, where human cognitive capabilities can be replicated and scaled at machine speeds, profoundly augmenting human productivity. Once an AGI system exists, its true value derives from the ability to create limitless duplicates of human-like intelligence, necessitating vast computational resources and cost-efficient deployment to achieve meaningful scale. Without large-scale, power-efficient infrastructure, AGI cannot be deployed broadly or economically—making such infrastructure a critical strategic differentiator.

位于田纳西州孟菲斯的 COLOSSUS II 设施

COLOSSUS II Facility in Memphis, Tennessee

- AI 算力基础设施。xAI 在构建和扩展地面 AI 算力基础设施方面已确立领先地位，成为首家部署连贯的吉瓦级 AI 训练集群的公司。我们的 AI 算力设施 COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，另有额外电力容量可用于数据中心运营。我们的第一性原理思维使我们能够以低于行业内大多数其他公司的成本，大规模、快速地构建连贯算力。我们在 122 天内使 COLOSSUS 的第一个集群上线，利用了现有工厂的外壳，而 COLOSSUS II 的第一个集群上线更快，仅用 91 天。作为说明性对比，使一个 100 兆瓦的绿地数据中心上线，行业基准约为两年。我们还在成本效率方面展示了显著改善，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。这种速度与成本的双重优势源于我们完全的垂直整合，以及我们的创始人马斯克先生在我们的太空、连接和 AI 各业务板块中注入的共同文化。Terafab 的加入——这是一项与 Tesla 共同建设的计划，旨在建设一座每年可生产 1 太瓦算力硬件的制造设施——旨在进一步将我们的垂直整合延伸至芯片设计与制造，以缓解 SpaceX 未来可能出现的芯片短缺、优化算力性能，并有可能降低整体算力成本。Intel 也加入了 Terafab 项目，该公司具备大规模设计、制造和封装超高性能芯片的能力。我们认为，AI 持续增长的关键制约因素是物理层面的——芯片制造、数据中心基础设施和发电；AI 的未来将由对物理技术栈的控制所决定。

- AI Compute Infrastructure. xAI has established a leading position in building and scaling terrestrial AI compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. Our first-principles thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. This dual speed and cost advantage stems from our complete vertical integration and the shared culture infused by our founder, Mr. Musk, across our Space, Connectivity, and AI segments. The addition of Terafab, an initiative together with Tesla to build a manufacturing facility capable of producing 1 terawatt per year of compute hardware, aims to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs. Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale, has also joined the Terafab project. We believe that the key constraints in the continued growth of AI are physical—chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the control of the physical stack.

- 求真型前沿模型。xAI 借助 Grok 开发出了全球最先进的求真型前沿模型之一。自 2023 年 11 月推出 Grok-1 以来，我们已发布四个主要版本及其重要变体，实现了业界最快的迭代周期之一，最终推出 Grok-4.3（2026 年 4 月）。基于这一发展轨迹，我们预计将通过后续各代产品持续扩展 Grok。下一代模型的持续训练预计将扩展至数万亿参数规模，这可能代表推理深度和整体智能水平的阶跃式变化。在此语境下，参数数量指模型规模，其中参数是模型内部的数值（如“权重”），在训练过程中被调整，以使模型能够识别数据中的模式和关系。参数数量越大，通常使模型能够捕捉更复杂的关系、存储更多知识，并达到更高水平的推理能力。在首次模型发布后的两年内，Grok 在科学推理方面达到了前沿水平（以 GPQA Diamond 得分衡量），该得分是一项行业基准，通过一组由专家编写和验证的标准化问题来评估 AI 模型，且我们达成这一水平的时间线快于其他领先模型提供商所报告的时间线。这种加速的创新速度源于我们高度垂直整合的技术栈：完全拥有训练基础设施、可使用全球最强大的算力集群，以及对求真和现实世界实用性的不懈专注。一个关键的竞争差异化优势是 Grok 与 X 的深度整合，使其能够专有地访问每日约 350 million 条帖子的实时信息流，从而提升 Grok 的时效性、相关性和上下文感知能力。这种对 X 上信息和人类话语的直接、实时访问，通过将输出建立在最新知识和多元观点之上，增强了 Grok 的求真能力。我们相信，算力基础设施规模与通过 X 可获得的海量数据集（受某些内容的若干限制）相结合，使我们能够实现行业领先的性能，并提供分析全球事件实时信息的模型输出。我们预计，我们的算力基础设施以及通过 X 对实时数据的直接访问，将构成 Grok 的重大性能优势，从而带来日益快速和显著的迭代周期。

- Truth-Seeking Frontier Model. xAI has developed one of the world’s most advanced, truth-seeking frontier models with Grok. Since launching Grok-1 in November 2023, we have released four major versions and notable variations thereof, achieving one of the fastest iteration cycles in the industry, culminating in Grok-4.3 (April 2026). Building on this trajectory, we expect to continue scaling Grok through subsequent generations. Ongoing training of next‑generation models is expected to scale toward multiple trillions of parameters, which could represent a step change in reasoning in depth and overall intelligence. In this context, the number of parameters refers to the scale of the model, where parameters are the internal numerical values, such as “weights,” that are adjusted during training to enable the model to recognize patterns and relationships in data. A larger number of parameters generally allows the model to capture more complex relationships, store greater amounts of knowledge, and achieve higher levels of reasoning capability. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. This accelerated rate of innovation stems from our highly vertically integrated stack: full ownership of training infrastructure, access to the world’s most powerful compute clusters, and relentless focus on truth seeking and real-world utility. A key competitive differentiator is Grok’s deep integration with X, enabling proprietary access to a real-time information stream of approximately 350 million daily posts, which enhances freshness, relevance, and contextual awareness for Grok. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. We believe that this combination of compute infrastructure scale and the massive dataset available to us through X, subject to some limitations for certain content, has allowed us to achieve industry-leading performance and provide model outputs that analyze real-time information on global events. We expect that our compute infrastructure and direct access to real-time data via X constitute substantial performance advantages for Grok that will result in increasingly rapid and dramatic iteration cycles.

- 消费者与企业应用。我们利用领先的前沿模型和算力基础设施，提供消费者与企业应用。在不到六个月的时间里，我们开发了 Grok Voice，这是一款实时语音引擎，包括多语言性能。我们的图像和视频生成系统 Imagine，在截至 2026 年 3 月 31 日的季度内，平均每月生成约 100 亿张图像和超过 20 亿个视频。我们还与 Tesla 共同开发 Macrohard，这是一个代理式 AI 平台，旨在能够完全模拟数字工作流程并增强人类对计算机的操作——从编码和产品开发到管理和整个业务流程——使用复杂的自主代理。我们相信 Macrohard 有潜力从根本上改变公司的结构和运营方式，从而大幅提高人类生产力。此外，我们相信，随着政府成为 AI 应用的重要消费者，我们现有的政府关系和作为大型政府承包商的历史记录是一种结构性优势。

- Consumer and Enterprise Applications. We leverage our leading frontier models and compute infrastructure to deliver consumer and enterprise applications. In under six months, we developed Grok Voice, a real-time speech engine, including in multilingual performance. Our image and video generation system, Imagine, produced approximately 10 billion images and over 2 billion videos per month, on average, for the quarter ending March 31, 2026. Together with Tesla, we are also developing Macrohard, an agentic AI platform designed to be capable of fully emulating digital workflows and augmenting human operation of computers— from coding and product development to management and entire business processes—using sophisticated autonomous agents. We believe Macrohard will have the potential to fundamentally transform how companies are structured and operate, thereby allowing dramatic increases in human productivity. In addition, we believe our existing government relationships and track record as large government contractors are a structural advantage as governments become significant consumers of AI applications.

我们横跨 Grok 与 X 的集成 AI 平台，在截至 2026 年 3 月 31 日的过去十二个月及截至 2025 年 12 月 31 日的过去十二个月中，分别拥有约 13 亿个活跃的受支持账户，其中包括截至 2026 年 3 月 31 日和 2025 年 12 月 31 日分别约 5.5 亿和 5.2 亿的月活跃用户（MAU）。在我们的 MAU 中，截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，分别约有 1.17 亿和 8900 万 MAU 使用了 Grok 的 AI 功能。

Our integrated AI platforms across Grok and X had approximately 1.3 billion supported accounts active in the last twelve months ended March 31, 2026 and December 31, 2025, including approximately 550 million and 520 million MAUs as of March 31, 2026 and December 31, 2025, respectively. Of our MAUs, we had approximately 117 million and 89 million MAUs that used Grok’s AI features as of March 31, 2026 and December 31, 2025, respectively.

尽管 MAU 提供了对我们用户群规模和参与度的估算衡量，但我们专注于收入和经营利润率，并以推动可持续收入增长和盈利能力为目标来管理我们的业务，而非以增长或维持 MAU 水平为主要目标。

While MAUs provide an estimated measure of the size and engagement of our user base, we are focused on revenue and operating margin, and manage our business with the objective of driving sustainable revenue growth and profitability rather than with the primary objective of growing or maintaining MAU levels.

我们还通过 X 上的高影响力广告库存将用户活动变现。我们相信，X 的规模、实时参与度以及与 Grok 的整合，为构建跨通信、内容发现、商业和金融服务等的统一用户体验提供了差异化的基础。对于在 X 上投放广告的企业，我们提供大规模用户参与、实时内容和先进的 AI 驱动效果营销工具。对于企业，我们通过 Grok Business 和 Grok Enterprise 提供针对特定工作流程和安全需求定制的 Grok 部署，采用基于许可、基于用量或基于成果的定价模式销售。

We also monetize user activity through high-impact advertising inventory on X. We believe X’s scale, real-time engagement, and integration with Grok provide a differentiated foundation for building a unified user experience across communication, content discovery, commerce, and financial services, among others. For enterprises that advertise on X, we offer large-scale user engagement, real-time content, and advanced AI-driven performance marketing tools. For enterprises, we offer tailored deployments of Grok customized to specific workflows and security needs through Grok Business and Grok Enterprise, sold on license-, consumption-, or outcome-based pricing models.

我们的资本配置与融资战略 Our Capital Allocation and Funding Strategy

自成立以来，我们历经了多轮投资周期。我们最初募集资金以支持如今的空间业务板块，该板块从商业和政府客户获得收入，同时作为我们连接业务板块的支柱。随着空间业务板块产生分部调整后 EBITDA，加之我们在外部募集的额外股权资本，我们对连接业务板块进行了投资，打造出一个从消费者、企业和政府客户获得可预测且经常性收入的分部。我们继续对空间和连接两个业务板块进行重大投资，通过我们的下一代星舰发射平台以及扩展后的 Starlink 宽带和移动网络，构建未来的基础设施。

Since our beginning, we have managed through multiple investment cycles. We initially raised capital to fund what is now our Space segment, which generates revenue from commercial and government customers while serving as the backbone for our Connectivity segment. We invested in our Connectivity segment as we generated Segment Adjusted EBITDA from our Space segment, along with additional equity capital that we raised externally, creating a segment that generates predictable and recurring revenue from consumer, enterprise, and government customers. We continue to invest meaningfully in both our Space and Connectivity segments to build out the infrastructure of the future through our next-generation Starship launch platform and our expanded Starlink broadband and mobility networks.

我们在空间和连接领域的资本配置与价值创造方面拥有出色的过往记录。自 SpaceX 于 2002 年成立以来，我们已募集超过$9 billion 的股权资本，用于资助这两个业务板块的开发和增长。空间业务板块自 2018 年起持续实现分部调整后 EBITDA 为正，连接业务板块自 2023 年起整体持续实现分部调整后 EBITDA 为正。2025 年，我们的空间业务板块产生经营亏损$(657) million，分部调整后 EBITDA 为$653 million，其中包括为我们的下一代星舰运载火箭项目投入$3,004 million 研发费用的影响。2025 年，我们的连接业务板块产生经营利润$4,423 million，分部调整后 EBITDA 为$7,168 million。

We have a stellar track record of capital allocation and value creation in Space and Connectivity. Since SpaceX’s founding in 2002, we have raised over $9 billion of equity capital to fund the development and growth of these two business segments. The Space segment became Segment Adjusted EBITDA positive on a sustained basis beginning in 2018 and the Connectivity segment became in aggregate Segment Adjusted EBITDA positive on a sustained basis beginning in 2023. In 2025, our Space segment generated a loss from operations of $(657) million and Segment Adjusted EBITDA of $653 million, including the impact of funding $3,004 million in research and development expense for our next-generation Starship launch vehicle program. In 2025, our Connectivity segment generated income from operations of $4,423 million and Segment Adjusted EBITDA of $7,168 million .

我们于 2026 年 2 月收购了 xAI，这构成了我们 AI 业务板块的基础。我们预计将配置大量资本以扩展我们的算力基础设施，并且我们预计在这些部署转化为持续为正的 AI 分部调整后 EBITDA 之前，将经历多年的投资期。在该投资期内，我们的资本支出将随着我们能够部署电力和算力的速度而扩大，以把握 AI 领域$26.5 trillion 的潜在市场机会。我们计划利用作为上市公司可获得的多种债务和股权融资方案，为未来的增长投资提供资金并保持强劲的流动性。我们力求维持投资级信用评级。

We acquired xAI in February 2026, which forms the basis of our AI segment. We expect to allocate substantial capital to expand our compute infrastructure, and we expect a multi-year investment horizon before these deployments translate into sustained positive AI Segment Adjusted EBITDA. During this investment period, our capital expenditures will scale as quickly as we are able to deploy power and compute to address the $26.5 trillion potential market opportunity for AI. We plan to access a range of debt and equity financing solutions available to us as a public company to fund future investments in growth and to maintain strong liquidity. We aim to maintain an investment grade credit rating.

分部调整后 EBITDA 是一项非 GAAP 指标。有关我们非 GAAP 财务指标的更多信息，包括分部调整后 EBITDA 与分部经营利润（亏损）（最直接可比的 GAAP 指标）的对账，请参阅标题为“—非 GAAP 财务指标”的章节。

Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.

关键业务指标 Key Business Metrics

我们使用以下关键业务指标来评估我们的业务、衡量我们的业绩、识别趋势、制定业务计划并做出战略决策。

We use the following key business metrics to evaluate our business, measure our performance, identify trends, formulate business plans, and make strategic decisions.

#### 太空

#### Space

在我们的太空板块中，我们使用入轨质量和发射次数作为关键业务指标，以衡量我们的规模和吞吐量。入轨质量和发射次数的增长速度高于太空板块收入，因为这些指标包含我们的内部星座部署，而我们并不从中确认分部间收入。

In our Space segment, we use mass to orbit and launches as key business metrics to measure our scale and throughput. Mass to orbit and launches grow more rapidly than Space segment revenue because these metrics include our internal constellation deployments from which we do not recognize inter-segment revenue.

入轨质量：入轨质量是指在给定期间内我们部署至轨道的有效载荷总千克数，是 SpaceX 运载能力和可扩展性的关键指标，支撑太空收入并推动我们互联板块和 AI 板块的扩张。我们通过汇总所有成功入轨和飞行测试中经核实的质量（包括 Starlink 卫星、客户有效载荷和开发货物）来计算该指标。该指标不包括失败或取消的尝试。我们的入轨质量从 2023 年的 1,210 公吨增至 2024 年的 1,699 公吨，并增至 2025 年的 2,213 公吨；从截至 2025 年 3 月 31 日止三个月的 450 公吨增至截至 2026 年 3 月 31 日止三个月的 556 公吨。2023 年、2024 年和 2025 年，入轨质量中分别有 205、282 和 312 公吨来自客户有效载荷，分别有 1,005、1,418 和 1,901 公吨来自内部有效载荷（由于四舍五入，所列金额相加可能不等于相应合计数）。在我们向 Starship 过渡期间，Falcon 9 发射持续以自 2023 年以来每次任务平均 13 公吨的运力向各类轨道运送载荷。作为有史以来研发的最强大发射系统，我们预计 Starship V3 将能够运载 100 公吨的有效载荷，未来几代 Starship 的设计目标是将该有效载荷翻倍。

Mass to Orbit: Mass to orbit is the total kilograms of payload that we deploy to orbit in a given period, and is a key indicator of SpaceX’s capacity and scalability that supports Space revenue and drives expansion across our Connectivity and AI segments. We calculate this metric by summing verified mass, including Starlink satellites, customer payloads, and development cargo, from all successful orbital and flight tests. This measure excludes failed or scrubbed attempts. We increased mass to orbit from 1,210 metric tons in 2023 to 1,699 metric tons in 2024 to 2,213 metric tons in 2025, and from 450 metric tons in the three months ended March 31, 2025 to 556 metric tons in the three months ended March 31, 2026. In 2023, 2024, and 2025, mass to orbit included 205, 282, and 312 metric tons attributable to customer payloads, respectively, and 1,005, 1,418, and 1,901 metric tons attributable to internal payloads, respectively (the amounts presented may not add up to the corresponding totals due to rounding). Falcon 9 launches contribute steadily at an average capacity of 13 metric tons per mission since 2023 to various orbits while we transition to Starship. As the most powerful launch system ever developed, we expect that Starship V3 will be able to carry a payload of 100 metric tons, with future generations of Starship being designed to double this payload.

发射次数：发射次数是衡量我们运营规模的关键指标，而运营规模反过来支撑我们的收入增长以及拓展人类在太空存在的使命。某一期间的发射次数代表我们各型火箭所有成功的轨道发射与飞行测试之和，包括内部 Starlink 部署、开发测试以及为第三方客户执行的发射，并排除该期间发生的任何取消或中止。Falcon 9 是当今发射最活跃的轨道运载火箭，截至 2026 年 3 月 31 日已完成约 620 次轨道太空发射，任务成功率超过 99%。在截至 2026 年 3 月 31 日的三个月内，我们发射了 40 枚 Falcon 火箭，其中 39 次为经飞行验证的助推器发射；2025 年，我们发射了 165 枚 Falcon 9 火箭，其中 157 次为经飞行验证的助推器发射。尽管近年来我们稳步提高了 Falcon 9 的发射频次，但我们预计 Falcon 9 的发射次数将随时间推移而减少。虽然 Falcon 9 目前贡献了我们的大部分发射活动，但我们预计 Starship——其设计目标是成为全球首款完全、快速可重复使用的运载火箭——在投入运营服务后将成为我们发射量的更大贡献者。迄今为止，我们已执行 12 次 Starship 飞行测试，以推进我们实现快速、完全可重复使用轨道能力的目标，我们相信这一突破将改变我们的发射经济性，并惠及我们的业务以及依赖我们发射服务的客户。我们于 2026 年 5 月进行的第 12 次飞行测试首次推出了下一代 Starship 飞行器与 Super Heavy 助推器，其搭载新一代 Raptor 发动机，并从 Starbase 新设计的发射台发射。我们将大量发射能力分配给我们的互联业务板块，并预计未来将向我们的 AI 业务板块分配大量发射能力。我们的太空业务板块收入仅反映我们的客户发射和客户活动。

Launches: Launches are a key measure of our operational scale, which in turn supports our revenue growth and mission to expand humanity’s presence in space. Launches in a period represent the sum of all successful orbital and flight tests across our rockets, including internal Starlink deployments, development tests, and launches for our third-party customers, and excluding any cancellations or scrubs that occurred in that period. Falcon 9 is the most active orbital launch vehicle today, with approximately 620 orbital space launches as of March 31, 2026, and an over 99% mission success rate. During the three months ended March 31, 2026, we launched 40 Falcon rockets, of which 39 were flight-proven booster launches, and in 2025, we launched 165 Falcon 9 rockets, of which 157 were flight-proven booster launches. While we have steadily increased our Falcon 9 launch cadence over recent years, we expect Falcon 9 launches to decrease over time. While Falcon 9 currently drives the majority of our launch activity, we expect Starship, which is designed to be the world’s first fully, rapidly, reusable launch vehicle, to become a larger contributor to our launch volume as it enters operational service. To date, we have executed 12 Starship flight tests to advance our goal of rapidly and fully reusable orbital capability, a breakthrough we believe will transform our launch economics and benefit both our business and customers who rely on our launch services. Our 12th flight test in May 2026 debuted the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We allocate a significant amount of launch capacity to our Connectivity segment, and expect to allocate a significant amount to our AI segment in the future. Our Space segment revenue only reflects our customer launches and customer activities.

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(1) 就 Falcon 发射而言，截至 2023 年、2024 年和 2025 年 12 月 31 日止年度的发射次数分别为 96 次、134 次和 165 次，

(1) With respect to Falcon launches, the number of launches for the years ended December 31, 2023, 2024, and 2025 totaled 96, 134, and 165,

其中客户发射分别为 · 33 次、45 次和 43 次，内部发射分别为 · 63 次、89 次和 122 次。

respectively, of which customer launches totaled · 33, 45, and 43, respectively, and internal launches totaled · 63, 89, and 122, respectively.

截至 2025 年和 2026 年 3 月 31 日止三个月的 Falcon 发射次数分别为 36 次和 40 次，其中客户

The number of Falcon launches for the three months ended March 31, 2025 and 2026 totaled 36 and 40, respectively, of which customer

发射分别为 12 次和 7 次，内部发射分别为 24 次和 33 次。若外部客户的有效载荷构成主有效载荷（即主要目标为运送客户有效载荷），且任务参数（例如发射窗口、轨道参数、任务剖面）围绕主有效载荷的需求设计，我们将该次发射指定为“客户发射”。迄今为止，所有 Starship 发射均被归类为内部发射。

launches totaled 12 and 7, respectively, and internal launches totaled 24 and 33, respectively. We designate a launch as a “customer launch” if an external customer payload constitutes the primary payload (i.e., where the principal objective is to deliver the customer payload) and the mission parameters (e.g., launch window, orbital parameters, mission profile) are designed around the primary payload’s requirements. To date, all Starship launches have been classified as internal.

#### 互联业务

#### Connectivity

在我们的互联业务板块中，我们将 Starlink 订阅用户数和 Starlink 订阅用户 ARPU 视为评估我们增长与变现能力的关键业务指标。

In our Connectivity segment, we view Starlink Subscribers and Starlink Subscriber ARPU as key business metrics to evaluate our growth and monetization.

Starlink 订阅用户：我们将 Starlink 订阅用户定义为直接分配给 Starlink.com 账户的唯一服务线路，该账户注册于未与 Starlink 销售团队签订直接协商协议的个人或实体。服务线路是订阅计划下开通的 Starlink 宽带互联网服务的单个实例，通常与特定的 Starlink 终端或终端组相关联，并按照 Starlink 的服务计划和服务条款计费。服务线路数量不同于唯一设备数、账户持有人数、最终用户数或自然人数。个人、家庭或企业可在多个最终用户之间共享单一服务线路。同样，个人、家庭或企业也可保有多个服务线路（例如，同时拥有一个住宅服务线路和一个单独的漫游服务线路，这将定义为两个独立的服务线路，因此为两个 Starlink 订阅用户）。

Starlink Subscribers: We define a Starlink Subscriber as a unique Service Line that is directly assigned to a Starlink.com account registered to a person or entity that does not have a direct, negotiated agreement with the Starlink sales team. A Service Line is an individual instance of Starlink broadband internet service provisioned under a subscription plan, generally associated with a specific Starlink terminal or group of terminals, and billed according to Starlink’s service plans and terms of service. The number of Service Lines is distinct from the number of unique devices, account holders, end users or physical persons. An individual, household, or business may share a single Service Line among multiple end-users. Likewise, an individual, household, or business may maintain multiple service lines (e.g., both a Residential Service Line and a separate Roam Service Line, which would be defined as two separate Service Lines and therefore two Starlink Subscribers).

我们使用该指标来评估 Starlink 在我们于各地域和各业务板块扩张过程中的采用情况。Starlink 订阅用户包括个人（例如住宅和漫游）和商业（例如本地优先和全球优先）订阅计划，但不包括在航空、海事、陆地移动、固定站点和政府实体等领域签订合同的管理型企业客户和政府客户。我们按期末唯一服务线路数量计算某一期间的 Starlink 订阅用户。截至 2026 年 3 月 31 日和 2025 年 3 月 31 日的季度，Starlink 订阅用户分别约为 10.3 million 和 5.0 million，同比增长 105% 和 91%。

We use this measure to assess the adoption of Starlink as we expand within and across geographies and business segments. Starlink Subscribers includes both Personal (e.g., Residential and Roam) and Business (e.g., Local Priority and Global Priority) subscription plans, but does not include managed enterprise and government customers with contracts in domains including aviation, maritime, land mobility, fixed sites and government entities. We calculate Starlink Subscribers for a period as the number of unique Service Lines at the end of the period. Starlink Subscribers totaled approximately 10.3 million and 5.0 million, up 105% and 91% on a year-over-year basis, in the quarters ended March 31, 2026 and March 31, 2025, respectively.

Starlink 订阅用户 ARPU：我们将 ARPU 计算为该期间 Starlink 订阅用户产生的服务收入除以 (i) 该期间 Starlink 订阅用户的平均数，并除以 (ii) 该期间的月数。我们的战略侧重于通过运营效率和技术进步推动可持续的收入增长并扩大利润率，而非优先提高 ARPU。这一方针与我们扩大全球连接和市场准入的长期愿景相一致。我们预计，随着北美以外地区订阅用户群占比持续增长、我们新增较低价位的服务计划，以及我们调整宽带产品的月度服务计划费用，Starlink 订阅用户 ARPU 在未来几年总体上将继续下降。然而，我们预计这些动态将被我们发射、卫星和用户终端运营中规模扩大和技术进步所抵消，最终支撑整体收入增长和成本降低。我们的 Starlink 订阅用户月度 ARPU 从截至 2025 年 3 月 31 日止三个月的每月 $86 下降至截至 2026 年 3 月 31 日止三个月的每月 $66，并从 2024 年的每月 $91 下降至 2025 年的每月 $81。这些下降主要由国际扩张和新增较低价位的服务计划所驱动。

Starlink Subscriber ARPU: We calculate ARPU as service revenue generated from Starlink Subscribers during the period divided by (i) the average number of Starlink Subscribers during the period and by (ii) the number of months in the period. Our strategy is focused on driving sustainable revenue growth and expanding our margins through operational efficiencies and technological advancements, rather than prioritizing increases in ARPU. This approach aligns with our long-term vision of expanding global connectivity and market access. We generally expect Starlink Subscriber ARPU to continue to decline over the next few years as the portion of our subscriber base outside North America continues to grow, as we add lower priced service plans, and as we adjust the monthly service plan fees we charge for broadband offerings. However, we expect these dynamics to be offset by increased scale and technological advancement in our launch, satellite, and user terminal operations, ultimately supporting overall revenue growth and cost reduction. Our Starlink Subscriber monthly ARPU decreased from $86 per month for the three months ended March 31, 2025 to $66 per month for the three months ended March 31, 2026 and from $91 per month in 2024 to $81 per month in 2025. These decreases were driven primarily by international expansion and the addition of lower priced service plans.

#### AI

#### AI

名义算力功耗：我们将某一期间的名义算力功耗计算为该期间末我们数据中心内已安装的 GPU 数量乘以其各自的全部功耗。名义算力功耗反映的是已安装容量，并不代表实际电力消耗或利用率。它不包括我们为配套基础设施（如冷却系统、配电损耗、照明、安防系统或设施级管理费用）安装和使用的电力。随着我们将 COLOSSUS 和 COLOSSUS II 投入运行，截至 2026 年 3 月 31 日，我们的名义算力功耗增至 1.0 吉瓦。我们使用该指标来评估我们部署和扩展算力容量的能力。

Nameplate Compute Draw : We calculate Nameplate Compute Draw for a period as the number of GPUs installed in our data centers at the end of the period multiplied by their respective all-in power draw. Nameplate Compute Draw reflects installed capacity and does not represent actual power consumption or utilization. It does not include power we install and use for our supporting infrastructure such as cooling systems, power distribution losses, lighting, security systems, or facility-level overhead. Our Nameplate Compute Draw increased to 1.0 gigawatt as of March 31, 2026 as we brought COLOSSUS and COLOSSUS II online. We use this metric to assess our ability to deploy and scale compute capacity.

#### 分部经营利润（亏损）

#### Segment Income (Loss) from Operations

太空业务经营利润（亏损）

Space Income (Loss) from Operations

截至 2026 年 3 月 31 日止三个月的太空业务经营亏损较截至 2025 年 3 月 31 日止三个月的 $(70) million 增加 $592 million，至 $(662) million，主要由于加速投资于 Starship 飞行器及发射设施的开发以支持未来的 Starship 发射，以及客户发射收入减少，部分被收入成本、销售、一般及行政费用和减值减少所抵消。

Space loss from operations for the three months ended March 31, 2026 increased by $592 million to $(662) million compared to $(70) million for the three months ended March 31, 2025, primarily driven by an accelerated investment in development of the Starship vehicle as well as launch facilities to support future Starship launches, and a decrease in revenue from customer launches, partially offset by a decrease in cost of revenue, selling, general, and administrative expenses and impairment.

截至 2025 年 12 月 31 日止年度，太空业务经营收入（亏损）较截至 2024 年 12 月 31 日止年度的$21 million 减少$678 million 至$(657) million；而截至 2024 年 12 月 31 日止年度的太空业务经营收入（亏损）较截至 2023 年 12 月 31 日止年度的$(1) million 增加$22 million 至$21 million。2025 年的同比减少主要由于对 Starship 飞行器开发以及支持未来 Starship 发射的发射设施的投资加速，部分被收入增加和收入成本下降所抵消。

Space income (loss) from operations for the year ended December 31, 2025 decreased by $678 million to $(657) million compared to $21 million for the year ended December 31, 2024, while Space income (loss) from operations for the year ended December 31, 2024 increased by $22 million to $21 million for the year ended December 31, 2024 compared to $(1) million for the year ended December 31, 2023. The year-over-year decrease in 2025 was primarily driven by an accelerated investment in development of the Starship vehicle as well as launch facilities to support future Starship launches, partially offset by an increase in revenue and decrease in cost of revenue.

连接业务经营利润（亏损）

Connectivity Income (Loss) from Operations

截至 2026 年 3 月 31 日止三个月的连接业务经营利润较截至 2025 年 3 月 31 日止三个月的 $1,033 million 增加 $155 million，至 $1,188 million，主要由于我们的消费者用户（由 Starlink 用户数增长 104.7% 构成，部分被 Starlink 用户 ARPU 下降 22.9% 所抵消，后者主要由于国际扩张及新增低价服务套餐）和企业业务收入增加，部分被因 Starlink 飞行次数增加导致的资本化发射及卫星成本折旧增加，以及包括地面运营成本和支持并推动用户增长的国际扩张成本在内的运营费用增加所抵消。

Connectivity income from operations for the three months ended March 31, 2026 increased by $155 million to $1,188 million compared to $1,033 million for the three months ended March 31, 2025, primarily driven by increased revenue from our consumer subscribers (composed of 104.7% growth in Starlink Subscribers, offset by a 22.9% decline in Starlink Subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans) and enterprise business, partially offset by higher depreciation of capitalized launch and satellite costs due to the increase in Starlink flights, as well as higher operating expenses including ground operating costs and international expansion costs to support and drive subscriber growth.

2025 年连接业务经营利润较截至 2024 年 12 月 31 日止年度的 $2,006 增加 $2,417 至 $4,423，而截至 2024 年 12 月 31 日止年度的连接业务经营利润较截至 2023 年 12 月 31 日止年度的 $469 增加 $1,537 至 $2,006。2025 年的同比增长主要得益于我们消费类和企业类客户增长带来的收入分别增加 $2,378 和 $1,410，部分被因 Starlink 发射次数增加导致的资本化发射及卫星成本折旧增加，以及为推动订户增长而增加的营销和国际扩张成本所抵消。

Connectivity income from operations for 2025 increased by $2,417 million to $4,423 million compared to $2,006 million for the year ended December 31, 2024 while Connectivity income from operations for the year ended December 31, 2024 increased by $1,537 million to $2,006 million compared to $469 million for the year ended December 31, 2023. The year-over-year increase in 2025 was primarily driven by increased revenue from growth of our consumer and enterprise customers by $2,378 million and $1,410 million, respectively, partially offset by higher depreciation of capitalized launch and satellite costs due to the increase in Starlink flights, as well as higher marketing and international expansion costs to drive subscriber growth.

AI 经营利润（亏损）

AI Income (Loss) from Operations

截至 2026 年 3 月 31 日止三个月的 AI 经营亏损较截至 2025 年 3 月 31 日止三个月的 $(936) 增加 $1,533 至 $(2,469)，主要受云计算和 GPU 折旧成本、数据中心基础设施及员工费用增加推动，部分被收入增加所抵消。

AI loss from operations for the three months ended March 31, 2026 increased by $1,533 million to $(2,469) million compared to $(936) million for the three months ended March 31, 2025, primarily driven by higher cloud computing and GPU depreciation costs, data center infrastructure and employee expenses, partially offset by higher revenue.

2025 年 AI 经营亏损较截至 2024 年 12 月 31 日止年度的 $(1,561) 增加 $4,794 至 $(6,355)，而截至 2024 年 12 月 31 日止年度的 AI 经营亏损较截至 2023 年 12 月 31 日止年度的 $(3,973) 减少 $2,412 至 $(1,561)。2025 年的增加主要受云计算成本、设施相关成本及员工费用增加推动，部分被收入增加所抵消。

AI loss from operations for 2025 increased by $4,794 million to $(6,355) million compared to $(1,561) million for the year ended December 31, 2024, while AI loss from operations for the year ended December 31, 2024 decreased by $2,412 million to $(1,561) million compared to $(3,973) million for the year ended December 31, 2023. The increase in 2025 was primarily driven by higher cloud computing costs, facilities-related costs and employee expenses, partially offset by higher revenue.

#### 分部调整后 EBITDA

#### Segment Adjusted EBITDA

分部调整后 EBITDA 定义为分部经营利润（亏损）剔除(i)折旧及摊销、(ii)股份支付费用、(iii)重组费用及(iv)减值。

Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges and (iv) impairment.

太空分部调整后 EBITDA

Space Segment Adjusted EBITDA

截至 2026 年 3 月 31 日止三个月的太空分部调整后 EBITDA 较截至 2025 年 3 月 31 日止三个月的 $224 减少 $575 至 $(351)，主要受加速投资开发 Starship 运载工具及支持未来 Starship 发射的发射设施，以及客户发射收入减少推动，部分被收入成本、销售、一般及管理费用减少所抵消。

Space Segment Adjusted EBITDA for the three months ended March 31, 2026 decreased by $575 million to $(351) million compared to $224 million for the three months ended March 31, 2025, primarily driven by an accelerated investment in development of the Starship vehicle as well as launch facilities to support future Starship launches, and a decrease in revenue from customer launches, partially offset by a decrease in cost of revenue, selling, general, and administrative expenses.

2025 年太空板块调整后 EBITDA 减少 $501 million 至 $653 million，而 2024 年为 $1,154 million；2024 年太空板块调整后 EBITDA 较 2023 年的 $997 million 增加 $157 million 至 $1,154 million。2025 年的同比减少主要由于对 Starship 飞行器开发以及支持未来 Starship 发射的发射设施的投资加速，部分被 NASA 货物补给服务（CRS）因向国际空间站执行更多任务而增加的收入以及来自美国战争部合同收入的增加所抵消。我们的太空板块调整后 EBITDA 还受益于火箭的可重复使用性和效率，这提升了发射频次和可靠性，并支撑了多元化的商业和政府客户基础。这些努力为我们的太空板块调整后 EBITDA 奠定了坚实基础，我们相信这使我们能够在不断扩大的太空经济中释放更多高价值机会。

Space Segment Adjusted EBITDA for 2025 decreased by $501 million to $653 million compared to $1,154 million in 2024, while Space Segment Adjusted EBITDA for 2024 increased by $157 million to $1,154 million compared to $997 million in 2023. The year-over-year decrease in 2025 was primarily driven by an accelerated investment in development of the Starship vehicle, as well as launch facilities to support future Starship launches, partially offset by an increase in NASA Cargo Resupply Services (CRS) for additional missions to the International Space Station, along with increased revenue from a U.S. Department of War contract. Our Space Segment Adjusted EBITDA is also driven by the reusability and efficiency of our rockets, which boosts cadence and reliability and supports a diversified base of commercial and government customers. These efforts have created a strong foundation for our Space Segment Adjusted EBITDA, and we believe position us to unlock further high-value opportunities in the expanding space economy.

连接板块调整后 EBITDA

Connectivity Segment Adjusted EBITDA

截至 2026 年 3 月 31 日止三个月的连接板块调整后 EBITDA 增加 $469 million 至 $2,087 million，而截至 2025 年 3 月 31 日止三个月为 $1,618 million，主要由于消费者和企业收入增长带来的收入增加。消费者收入由 Starlink 订户增长 104.7% 构成，但被 Starlink 订户 ARPU 下降 22.9% 所抵消，主要由于国际扩张以及新增低价服务套餐。企业和政府收入增长主要由于我们的航空、海事、移动及其他企业业务的增长，部分被政府业务下降所抵消。上述收入增长被国际扩张带来的更高运营费用以及更高的研发成本所抵消。

Connectivity Segment Adjusted EBITDA for the three months ended March 31, 2026 increased by $469 million to $2,087 million compared to $1,618 million for the three months ended March 31, 2025, primarily driven by higher revenue from growth in consumer and enterprise revenue. Consumer revenue was composed of 104.7% growth in Starlink Subscribers, offset by a 22.9%decline in Starlink Subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans. Enterprise and government revenue had an increase primarily driven by the growth in our aviation, maritime, mobility, and other enterprise business, partially offset by a decrease in our government business. These increases in revenue were offset by higher operating expenses for international expansion, and higher research and development costs.

2025 年连接板块调整后 EBITDA 增加 $3,319 million 至 $7,168 million，而 2024 年为 $3,849 million；2024 年连接板块调整后 EBITDA 较 2023 年的 $1,602 million 增加 $2,247 million 至 $3,849 million。2025 年的同比增加主要由于消费者和企业客户增长带来的收入增加，部分被为增长订户而增加的营销和国际扩张成本以及下一代产品开发带来的更高研发成本所抵消。我们通过扩大 LEO 卫星星座的规模和效率以及高度垂直整合的供应链，推动了连接板块调整后 EBITDA 的强劲环比增长，这大幅降低了用户终端生产成本。

Connectivity Segment Adjusted EBITDA for 2025 increased by $3,319 million to $7,168 million compared to $3,849 million in 2024 while Connectivity Segment Adjusted EBITDA for 2024 increased by $2,247 million to $3,849 million compared to $1,602 million in 2023. The year-over-year increase in 2025 was primarily driven by higher revenue from growth in our consumer and enterprise customers, partially offset by higher marketing and international expansion costs to grow our subscribers, as well as higher research and development costs for our next-generation product development. We have driven our strong sequential Connectivity Segment Adjusted EBITDA growth by expanding the scale and efficiency of our LEO satellite constellations and our highly verticalized supply chain, which has delivered major cost reductions in user terminal production.

AI 板块调整后 EBITDA

AI Segment Adjusted EBITDA

截至 2026 年 3 月 31 日止三个月的 AI 板块调整后 EBITDA 减少 $497 million 至 $(609) million，而截至 2025 年 3 月 31 日止三个月为 $(112) million，主要由于云算力和数据中心基础设施及运营成本以及员工薪酬费用增加，部分被收入增加所抵消。

AI Segment Adjusted EBITDA for the three months ended March 31, 2026 decreased by $497 million to $(609) million compared to $(112) million for the three months ended March 31, 2025, primarily driven by higher cloud compute and data center infrastructure and operating costs, and employee compensation expenses, partially offset by higher revenue.

2025 年 AI 分部调整后 EBITDA 减少 $1,584 百万至 $(1,237) 百万，而 2024 年为 $347 百万；2024 年 AI 分部调整后 EBITDA 减少 $875 百万至 $347 百万，而 2023 年为 $1,222 百万。2025 年的减少主要由于云计算成本、设施相关成本及员工费用上升，部分被收入增长所抵消。AI 分部调整后 EBITDA 主要受我们快速且具成本效益地扩展算力基础设施的战略所驱动。我们预计将继续扩建地面数据中心，并推出轨道数据中心，且预计在这些部署转化为 AI 分部持续正的分部调整后 EBITDA 之前，将经历多年的投资期。

AI Segment Adjusted EBITDA for 2025 decreased by $1,584 million to $(1,237) million compared to $347 million in 2024 while AI Segment Adjusted EBITDA for 2024 decreased by $875 million to $347 million, compared to $1,222 million in 2023. The decrease in 2025 was primarily driven by higher cloud computing costs, facilities-related costs and employee expenses, partially offset by higher revenue. AI Segment Adjusted EBITDA is primarily driven by our strategy to rapidly and cost-effectively scale compute infrastructure. We expect to continue to expand our terrestrial data centers, and to launch orbital data centers, and we expect a multi-year investment horizon before these deployments translate into sustained positive Segment Adjusted EBITDA for our AI segment.

分部调整后 EBITDA 是一项非 GAAP 指标。有关我们非 GAAP 财务指标的更多信息，包括分部调整后 EBITDA 与经营分部收入（亏损）（最直接可比的 GAAP 指标）的对账，请参阅标题为“—非 GAAP 财务指标”的章节。

Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.

#### 资本支出

#### Capital Expenditures

下表列示了我们按分部划分的资本支出：

The following table presents our capital expenditures by segment:

**截至 3 月 31 日的三个月，**

**Three Months Ended March 31,**

（单位：百万） · 2026 · 2025 · 2025 · 2024 · 2023 太空 · $1,052 · $759 · $3,832 · $2,032 · $1,497 连接 · 1,332 · 814 · 4,178 · 3,498 · 2,455 AI · 7,723 · 2,567 · 12,727 · 5,633 · 463 资本支出总额 · $10,107 · $4,140 · $20,737 · $11,163 · $4,415

(in millions) · 2026 · 2025 · 2025 · 2024 · 2023 Space · $1,052 · $759 · $3,832 · $2,032 · $1,497 Connectivity · 1,332 · 814 · 4,178 · 3,498 · 2,455 AI · 7,723 · 2,567 · 12,727 · 5,633 · 463 Total Capital Expenditures · $10,107 · $4,140 · $20,737 · $11,163 · $4,415

太空资本支出

Space Capital Expenditures

截至 2026 年 3 月 31 日止三个月的太空资本支出增加 $293 百万至 $1,052 百万，而截至 2025 年 3 月 31 日止三个月为 $759 百万。该增加主要由于我们对 Starship 发射场基础设施的投资增加。

Space capital expenditures for the three months ended March 31, 2026 increased $293 million to $1,052 million compared to $759 million for the three months ended March 31, 2025. The increase was primarily driven by increased investment in our launch site infrastructure for Starship.

2025 年太空资本支出增加 $1,800 百万至 $3,832 百万，而 2024 年为 $2,032 百万；2024 年太空资本支出增加 $535 百万至 $2,032 百万，而 2023 年为 $1,497 百万。各同比期间的增加主要由于我们对 Starship 发射场基础设施的投资增加。

Space capital expenditures for 2025 increased $1,800 million to $3,832 million compared to $2,032 million in 2024, while Space capital expenditures for 2024 increased $535 million to $2,032 million compared to $1,497 million in 2023. The increase in each year-over-year period was primarily driven by increased investment in our launch site infrastructure for Starship.

连接资本支出

Connectivity Capital Expenditures

截至 2026 年 3 月 31 日止三个月的连接资本支出增加 $518 百万至 $1,332 百万，而截至 2025 年 3 月 31 日止三个月为 $814 百万。该增加主要由于卫星及地面设备成本上升，原因是我们继续增加卫星数量并扩大卫星网络。

Connectivity capital expenditures for the three months ended March 31, 2026 increased $518 million to $1,332 million compared to $814 million for the three months ended March 31, 2025. The increase was primarily driven by higher satellite and ground equipment costs as we continue to increase our number of satellites and grow our satellite network.

2025 年连接资本支出增加 $680 百万至 $4,178 百万，而 2024 年为 $3,498 百万；2024 年连接资本支出增加 $1,043 百万至 $3,498 百万，而 2023 年为 $2,455 百万。各同比期间的增加主要由于卫星及地面设备成本上升，原因是我们继续增加卫星数量并扩大卫星网络。

Connectivity capital expenditures for 2025 increased $680 million to $4,178 million compared to $3,498 million in 2024, while Connectivity capital expenditures for 2024 increased $1,043 million to $3,498 million compared to $2,455 million in 2023. The increase in each year-over-year period was primarily driven by higher satellite and ground equipment costs as we continue to increase our number of satellites and grow our satellite network.

AI 资本支出

AI Capital Expenditures

截至 2026 年 3 月 31 日止三个月的 AI 资本支出增加 $5,156 百万至 $7,723 百万，而截至 2025 年 3 月 31 日止三个月为 $2,567 百万。该增加主要由于对我们地面数据中心快速扩张的投资，包括新设施及配套基础设施的开发、建设和设备配置。

AI capital expenditures for the three months ended March 31, 2026 increased $5,156 million to $7,723 million compared to $2,567 million for the three months ended March 31, 2025. The increase was primarily driven by investments in the rapid expansion of our terrestrial data centers, including the development, construction, and equipping of new facilities and supporting infrastructure.

2025 年的 AI 资本支出增加 $7,094 百万至 $12,727 百万，而 2024 年为 $5,633 百万；2024 年的 AI 资本支出增加 $5,170 百万至 $5,633 百万，而 2023 年为 $463 百万。该增加主要由于对我们地面数据中心快速扩张的重大投资，包括新设施及配套基础设施的开发、建设和设备配置。

AI capital expenditures for 2025 increased $7,094 million to $12,727 million compared to $5,633 million in 2024, while AI capital expenditures for 2024 increased $5,170 million to $5,633 million compared to $463 million in 2023. This increase was primarily driven by significant investments in the rapid expansion of our terrestrial data centers, including the development, construction, and equipping of new facilities and supporting infrastructure.

我们的业绩驱动因素 Drivers of Our Performance

研发星舰。星舰是我们的下一代运载工具，我们预计它将通过完全且快速的重复使用能力，结合前所未有的入轨质量能力，大幅扩展我们的发射能力。作为有史以来研发的最强大发射系统，我们预计星舰 V3 将能够运载 100 公吨的有效载荷，而未来版本可能达到 200 公吨，最早可能在星舰 V4 实现。星舰对于我们通过独特的垂直一体化商业模式实现增长的目标至关重要。星舰预计将成为唯一拥有完全可重复使用一级和二级的运载工具，这对于降低发射成本和提高发射频次至关重要。我们相信，根据 NASA 的数据，星舰最终能够将入轨成本相对于每公斤 18,500 美元的历史平均发射成本降低 99% 或更多，从而开辟一条可扩展的路径，以构建未来的基础设施，例如轨道 AI 算力。

Developing Starship. Starship is our next-generation vehicle that we expect will dramatically expand our launch capability through full and rapid reusability combined with unprecedented mass to orbit capability. As the most powerful launch system ever developed, we expect that Starship V3 will be able to carry a payload of 100 metric tons, and that future generations could reach 200 metric tons, potentially as soon as Starship V4. Starship is central to our goal of unlocking growth through our unique vertically integrated business model. Starship is expected to be the only vehicle with fully reusable first and second stages, which is critical to reducing launch costs and increasing launch cadence. We believe that Starship can eventually reduce the cost to reach orbit by 99% or more relative to the historical average launch cost per kilogram according to NASA of $18,500, establishing a scalable path to creating the infrastructure of the future, such as orbital AI compute.

我们已经通过创新的“筷子”方法捕获助推器，展示了捕获并重复使用星舰一级助推器的能力。迄今为止，我们已执行 12 次星舰飞行测试，其中 2026 年 5 月的第 12 次飞行测试首次亮相了下一代星舰运载工具和超重型助推器。这一下一代星舰引入了重大变更，以实现更好的轨道性能和可重复使用性。我们计划展示捕获上面级和展示在轨推进剂转移能力的关键研发里程碑。这些里程碑将是实现快速可重复使用火箭的关键突破，我们预计该火箭将把数十万吨质量送入轨道，以推动我们互联和 AI 板块的增长，并使我们能够发展月球经济，最终抵达火星。我们预计星舰将在额外的飞行测试之后，于 2026 年下半年开始向轨道运送有效载荷。有关此风险的更多信息，请参阅本招股说明书中的“风险因素——与我们业务相关的风险——星舰规模化研发的任何失败或延迟，或此后未能实现所需的发射频次、可重复使用性和能力，都将延迟或限制我们执行增长战略的能力，包括部署下一代卫星、全球卫星到移动连接和轨道 AI 算力，这可能对我们的业务、财务状况、经营业绩和未来前景产生重大不利影响”。

We have already demonstrated catching and reusing the first stage booster for Starship through our innovative “chopsticks” method to catch the booster. To date, we have executed 12 Starship flight tests, with our 12th flight test in May 2026 debuting the next generation Starship vehicle and Super Heavy booster. This next-generation Starship introduces major changes for better orbital performance and reusability. We plan to demonstrate key development milestones of catching the upper stage and demonstrating in-orbit propellant transfer capabilities. These milestones will be the key unlocks for a rapidly reusable rocket that we expect will take hundreds of thousand s of tons of mass to orbit to drive growth in our Connectivity and AI segments, and allow us to develop the lunar economy and eventually to reach Mars. We expect Starship to commence payload delivery to orbit in the second half of 2026 following additional flight tests. For additional information about this risk, please refer to “Risk Factors—Risks Related to Our Business—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” in this prospectus.

发射成本与频次。我们的发射成本和频次构成了基础性竞争优势，支撑着我们每个板块的业绩表现。我们运载工具的可重复使用性通过消除或减少为每次任务制造新运载工具的需求，显著降低了每公斤入轨成本。

Launch Costs and Cadence. Our launch costs and cadence underpin the foundational competitive advantage that enables the performance of each of our segments. The reusability of our launch vehicles meaningfully reduces the cost per kilogram to orbit by eliminating or limiting the need to manufacture new vehicles for every mission.

可重复使用性还通过缩短飞行之间的时间间隔实现了更高的发射频率，因为飞行器在返回后可以快速再次飞行。这些因素通过支持更快、更具成本效益地部署我们的卫星星座，使我们互联业务板块的性能得以实现。我们预计它们将支持我们的 AI 业务板块，因为我们旨在部署大规模轨道 AI 算力集群。我们预计，包括 Starship 在内的发射基础设施和运载火箭的持续改进将推动成本下降、吞吐量提升，从而将这些益处延伸至我们的各项业务，以及依赖我们发射能力的第三方客户。随着我们持续降低发射成本并提高发射频率，我们预计将把火箭发射行业转变为类似航空公司的运营模式，实现持续且可负担的太空准入。发射成本和发射频率的期间对比会受到我们无法控制的因素影响，包括客户有效载荷交付时间（这会影响客户与内部有效载荷的组合及相关财务报告），或可能将发射从一个期间推迟到另一个期间的天气因素。

Reusability also enables higher launch cadence by shortening the time between flights, as vehicles can be rapidly reflown after their return. These factors enable performance in our Connectivity segment by supporting faster and more cost‑effective deployment of our satellite constellations. We expect they will support our AI segment as we aim to deploy a large fleet of orbital AI compute. We expect continued enhancements to our launch infrastructure and launch vehicles, including Starship, to drive cost down and throughput up, extending these benefits to our businesses, as well as to our third‑party customers who rely on our launch capabilities. As we continue to reduce launch costs and increase launch cadence, we expect to transform the rocket launch industry into airline-like operations, enabling continuous and affordable access to space. Period-to-period comparisons of launch costs and cadence are impacted by factors out of our control, including timing of delivery of customer payloads which impacts the mix of customer and internal payloads and related financial reporting, or weather which can delay a launch from one period to another.

提升卫星容量。我们低地球轨道（LEO）宽带和移动卫星星座的规模、可靠性和容量驱动着我们互联业务板块的增长和经营表现。2025 年，发射和运营更高吞吐量的卫星通过增加可用网络容量并改善高峰使用期间的服务一致性，支持了 Starlink 的服务质量和客户覆盖。截至 2026 年 3 月 31 日，我们在低地球轨道运营着超过 9,600 颗 Starlink 宽带和移动卫星，其中大部分为我们的第二代 V2 Mini 卫星。我们预计将于 2026 年下半年开始使用 Starship 部署我们的下一代 V3 卫星，该卫星设计为每颗提供 1 Tbps 的下行容量，并预计单次 Starship 发射将能够向 LEO 部署最多 60 颗 V3 卫星，相当于相对于 Falcon 9 发射所部署的 Starlink 下行容量增加二十倍。

Increasing Satellite Capacity. The scale, reliability, and capacity of our LEO broadband and mobile satellite constellations drive our Connectivity segment’s growth and operating performance. In 2025, launching and operating higher-throughput satellites supported Starlink’s service quality and customer reach by increasing available network capacity and improving service consistency during peak usage periods. As of March 31, 2026, we operated over 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, with the majority composed of our second-generation, V2 Mini satellites. We expect to commence deploying our next-generation V3 satellites, designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of 2026 and expect that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a twenty-fold increase in Starlink downlink capacity deployed relative to a Falcon 9 launch.

我们还提供卫星到移动设备的连接服务，作为地面网络的补充，并在约 30 个国家大幅减少移动网络“盲区”。自 2025 年 1 月以来，我们的星座已从约 360 颗 V1 Mobile 卫星增长至约 650 颗 V1 Mobile 卫星。通过该星座，并与 30 多家移动网络运营商合作，我们为约 30 个国家约 740 万台月度唯一设备提供了数据、OTT 语音和消息服务。2025 年期间，我们还签订了协议，以 196 亿美元的股权和现金对价收购美国 65 MHz 频谱以及 EchoStar 的某些全球移动卫星服务频谱许可证，详见下文“——流动性与资本资源——重大现金承诺”。我们预计该频谱收购将于 2027 年 11 月完成，但须获得所需的监管批准及其他交割条件。我们预计，此次频谱购买所支持的更宽带宽运营，连同我们部署 7,500 颗卫星（包括使用 2GHz 频段）的授权，将为当前业绩和潜在未来服务（包括宽带数据和 IoT 连接）提供更强支持，并预计将实现 5G 连接。

We also provide satellite-to-mobile connectivity, supplementing terrestrial networks and substantially reducing mobile “dead zones” in approximately 30 countries. Since January 2025, we have grown our constellation from approximately 360 V1 Mobile satellites to approximately 650 V1 Mobile satellites. Through this constellation and in partnership with more than 30 mobile network operators, we provided data, over-the-top voice, and messaging services to approximately 7.4 million monthly unique devices across approximately 30 countries. During 2025, we also entered into agreements to acquire 65 MHz of spectrum in the United States as well as certain global Mobile Satellite Service spectrum licenses from EchoStar for $19.6 billion of equity and cash consideration, as described below under “—Liquidity and Capital Resources—Material Cash Commitments.” We expect the spectrum acquisition to close in November 2027, subject to required regulatory approvals and other closing conditions. We expect the wider bandwidth operations enabled by this spectrum purchase, together with our authorization to deploy 7,500 satellites including with the 2GHz spectrum band, will provide stronger support for current performance and potential future services, including broadband data and IoT connectivity, and is expected to enable 5G connectivity.

这些对卫星规模、单星容量和扩展能力的投资，对我们连接业务的增长和经营业绩至关重要，使我们能够吸纳新用户，同时提升服务质量。

These investments in satellite scale, per-satellite capacity, and expanded capabilities are instrumental to the growth and operating performance of our Connectivity segment, enabling us to onboard new users while improving service quality.

提升 Starlink 品牌知名度并获取新用户。我们的增长部分得益于全球对 Starlink 能力的认知提升，以及我们将这种认知转化为客户采用的能力。信任、可见度和经证实的可靠性是客户获取的核心，尤其是对于偏远和基础设施有限地区的客户。在农村、偏远和受灾地区经过验证的表现，加上强大的品牌知名度，巩固了 Starlink 作为关键基础设施的声誉，从而推动新市场的更高采用率。

Increasing Starlink Brand Awareness and Acquiring New Subscribers. Our growth is driven in part by increased global awareness of Starlink’s capabilities and our ability to convert that awareness into customer adoption. Trust, visibility, and demonstrated reliability are central to customer acquisition, particularly for those in remote and infrastructure-limited regions. Proven performance in rural, remote, and disaster-affected areas, along with strong brand awareness, reinforces Starlink’s reputation as essential infrastructure, leading to higher adoption in new markets.

截至 2026 年 3 月 31 日，我们在低地球轨道拥有超过 9,600 颗 Starlink 宽带和移动卫星，运营着全球最先进的宽带星座，为遍布 164 个国家、地区及其他市场的约 10.3 百万 Starlink 用户提供互联网连接，这些市场合计居住着超过 3.3 十亿人口。我们专注于通过在全球数千家授权零售门店扩展消费者分销网络，并执行针对特定区域的营销活动以提升品牌知名度，从而增加 Starlink 用户数量。通过清晰展示 Starlink 卓越的速度、低延迟和易于安装的特点，我们预计将推动用户数量实现显著增长。

As of March 31, 2026, we had over 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the world’s most advanced broadband constellation providing internet connectivity to approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets, collectively home to more than 3.3 billion people. We are focused on growing the number of Starlink Subscribers by expanding our consumer distribution network across thousand s of authorized retail stores globally, and executing region-specific marketing campaigns to increase brand awareness. By clearly demonstrating Starlink’s superior speed, low-latency, and ease of installation, we expect to drive meaningful subscriber growth.

企业客户采用率不断提升。随着我们持续扩大 Starlink 星座和带宽规模，我们看到通过提供此前无法获得的解决方案来拓展企业连接市场存在巨大机遇。我们的网络覆盖全球，可为移动中的应用提供主用连接，也可为依赖地面连接的企业提供具备韧性的备用选项。我们计划通过针对特定垂直行业的直销策略，深化对企业及政府客户的渗透。近年来，我们已组建专门的销售与工程团队，以推广并支持航空和海事领域的整支机队/船队改造，以及面向陆地移动的定制化部署；我们预计，随着体验过 Starlink 的消费者开始期望在出行时获得高性能连接，这一业务将继续增长。我们预计将在商业卡车车队等现有用例以及由更多联网设备催生的新应用中，实现更多面向陆地移动的定制化部署。我们还在通过 Starshield 持续为安全政府应用开发专用网络。凭借在关键任务环境中经过验证的性能，并通过特定地区的渠道合作伙伴进行拓展，我们预计将推动高价值企业及政府客户的采用率提升。

Increasing Enterprise Customer Adoption . As we continue to grow our Starlink constellation and bandwidth, we see a large opportunity to grow the enterprise connectivity market by providing solutions that had not previously been available. Our network is global and can provide primary connectivity for on-the-move applications as well as a resilient backup option for enterprises serviced by land-based connectivity. We plan to deepen our penetration with enterprise and government customers through direct, vertical-specific acquisition strategies. In recent years, we have assembled dedicated sales and engineering teams to market and support fleet-wide conversions in aviation and maritime, customized deployments for land mobility, which we expect to continue to grow as consumers who experience Starlink begin to expect high-performance connectivity when traveling. We expect to enable more customized deployments for land mobility across existing use cases such as commercial trucking fleets, and new applications enabled by more connected devices. We also continue to develop specialized networks for secure government applications via Starshield. By leveraging proven performance in mission-critical environments and expanding through channel partners in select geographies, we expect to drive increased adoption among high-value enterprise and government accounts.

加速对增长与创新的投资。我们正在同步开发和规模化推进一系列复杂且资本密集的项目，包括 Starship 以及地面和轨道 AI 算力。我们认为速度是一种竞争优势，并会定期决定增加和加快我们的投资。例如，2025 年我们加快了 Starship 的开发时间表，将太空板块的研发费用增加至 $3,004 million,

Accelerating Investment in Growth and Innovation. We are simultaneously developing and scaling a wide range of complex, capital‑intensive projects, including Starship and terrestrial and orbital AI compute. We believe speed is a competitive advantage, and periodically we decide to increase and accelerate our investments. For example, in 2025 we accelerated our timeline for Starship development, increasing R&D in our Space segment to $3,004 million,

compared to $1,835 million in · 2024. In our AI segment, in · 2025 we successfully accelerated deployment of compute 用于 Grok 的开发，将我们 AI 板块的研发投入增加至 $5,064 million，而此前为 $1,176 million， 2024 年。我们相信，并行推进多个雄心勃勃的项目，使我们能够在我们的各项优势上实现复利式积累 垂直整合的创新引擎，并随着时间推移解锁新的大型可寻址市场。我们的 投资并非固定不变，并可能根据技术进展、市场机会或资源而加速 可用性。因此，我们的经营业绩、利润率和盈利能力可能因期间不同而波动，因为我们 继续将执行速度、产能扩张和技术领先置于近期利润率之上 优化。我们相信，这种方法通过使我们能够比 竞争对手、在新兴市场更早地扩大规模，并强化我们预期将 长期来看将为我们的业务带来益处。 用户终端的供应链与制造效率。我们连接业务的经营表现 该业务分部在一定程度上取决于规模化用户终端的成本与可用性。我们在以下环节实现垂直整合 终端设计、生产与支持，包括芯片、硬件、软件、制造、履约以及 运营，这使我们能够控制我们的生产资料，并快速迭代以持续改进 我们用户终端的性能并优化产品成本。自我们首次推出用户终端以来，我们 已优化我们的相控阵天线设计，即我们负责连接用户的自对准天线 用于我们 LEO 卫星网络的设备，以提升可制造性和大规模量产能力。在过去五年中，我们 已大幅降低生产成本，并将终端产量扩大至约 200,000 台终端 周。我们计划继续大幅扩大生产规模，并取得提升利润率、降低 客户壁垒，并拓宽可服务市场。 快速且高效地扩展我们的 AI 算力。我们快速且低成本地扩展 AI 算力的能力是一项 是我们竞争力的重要驱动因素。我们以简单的视角看待算力规模的扩张：电力 可用性与已通电外壳共同决定我们部署算力的速度，以及我们的模型和 在该供电外壳中，服务栈决定了我们将该算力转化为有用 token 的效率。为了

compared to $1,835 million in · 2024. In our AI segment, in · 2025 we successfully accelerated deployment of compute for the development of Grok, increasing R&D in our AI segment to $5,064 million, compared to $1,176 million in 2024. We believe pursuing multiple ambitious programs in parallel enables us to compound advantages across our vertically integrated innovation engine and unlock new large addressable markets over time. The timing of our investments is not fixed and may accelerate based on technical progress, market opportunity, or resource availability. As a result, our operating results, margins and profitability may fluctuate from period to period as we continue to prioritize execution speed, capacity expansion, and technological leadership over near‑term margin optimization. We believe that this approach maximizes long‑term value creation by allowing us to move faster than competitors, scale earlier in emerging markets, and reinforce durable competitive advantages that we expect to benefit our business over time. Supply Chain and Manufacturing Efficiency for User Terminals. The operating performance of our Connectivity segment depends in part on the cost and availability of user terminals at scale. We are vertically integrated across terminal design, production, and support, including silicon, hardware, software, manufacturing, fulfillment, and operations, which enables us to control our means of production as well as rapidly iterate to continuously improve the performance of our user terminals and optimize product cost. Since our initial launch of our user terminal, we have optimized the design of our phased-array antennas, our self-aligning antenna responsible for connecting user equipment to our LEO satellite network, for manufacturability and high-volume scale. Over the past five years, we have significantly lowered production costs and have scaled terminal output to approximately 200,000 terminals per week. We plan to continue to further scale production significantly and make gains that improve margins, lower customer barriers, and broaden addressable markets. Scaling our AI Compute Rapidly and Efficiently . Our ability to rapidly and cost-effectively scale AI compute is a significant driver of our competitiveness. We view scaling of compute capacity through a simple lens: power availability and the powered shell together determine how quickly we can deploy compute, and our model and serving stack in that powered shell determines how efficiently we convert that compute into useful tokens. In order

快速高效地扩展我们的 AI 板块，我们的战略是极致的垂直整合，“从铲子到 token”。

to scale our AI segment rapidly and efficiently, our strategy is extreme vertical integration, “from shovels to tokens.”

电力可用性与带电机房外壳。我们已展现出行业领先的能力，能够以前所未有的速度和成本效率快速部署大规模数据中心基础设施。我们的 COLOSSUS 和 COLOSSUS II 数据中心合计提供约 1.0 吉瓦的算力，另有额外电力容量可用于数据中心运营。我们在 122 天内使 COLOSSUS 的第一个集群上线，利用了现有工厂的机房外壳，而 COLOSSUS II 的第一个集群上线更快，仅用 91 天。作为说明性对比，使一个 100 兆瓦的新建数据中心上线的行业基准约为两年。我们还在成本效率方面展现出显著改善，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。

Power Availability and Powered Shells. We have demonstrated an industry-leading ability to rapidly deploy large-scale data center infrastructure at unprecedented speed and cost efficiency. Our COLOSSUS and COLOSSUS II data centers collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.

COLOSSUS 和 COLOSSUS II 几乎完全通过我们自行设计、建造和部署的现场发电能力实现上线。我们认为，我们在此规模和速度下建设电力基础设施的经证实能力是一项重大竞争优势。我们与当地公用事业公司紧密合作，为电网基础设施扩建提供资金并获取富余容量，同时在需要时主动削减我们的电网使用量，以优先满足社区需求。Megapack——公用事业规模的电池储能系统——提供关键冗余，并有助于在用电高峰期间稳定运营。展望未来，COLOSSUS II 预计将主要由一座专用天然气发电厂供电，并随着时间推移由我们通过当地公用事业合作伙伴直接出资的额外电网容量予以补充。我们在整个基础设施栈——从电力采购和现场发电到配电和先进冷却系统——的全面专业能力，使我们能够以卓越效率将可用电力转化为可用算力。随着我们继续扩大规模和优化，我们预计将推动电力使用效率的进一步改善。我们预计这些收益将加速从建设到变现的路径。

COLOSSUS and COLOSSUS II were brought online almost entirely through on-site power generation capabilities that we designed, built, and deployed ourselves. We view our proven ability to construct power infrastructure at this scale and speed as a significant competitive advantage. We partner closely with local utilities to fund grid infrastructure expansions and access excess capacity, while proactively curtailing our grid usage whenever required to prioritize community needs. Megapacks—utility-scale battery storage systems— deliver critical redundancy and help stabilize operations during peak demand. Going forward, COLOSSUS II is expected to be primarily powered by a dedicated natural gas power plant, supplemented over time by additional grid capacity that we are directly funding through our local utility partners. Our comprehensive expertise across the full infrastructure stack—from power procurement and on-site generation to distribution and advanced cooling systems—enables us to translate available power into usable compute capacity with exceptional efficiency. As we continue to scale and optimize, we expect to drive further improvements in Power Usage Effectiveness. We expect these gains to accelerate the path from buildout to monetization.

AI Token 生成效率。我们高度垂直整合。我们设计、拥有或租赁并安装所有带电力供应的机房外壳及专用处理器算力。这种全栈自有模式使我们能够高效地将电力容量转化为可用算力，精确控制集群配置，并运营一套从基础设施到模型部署的真正端到端系统。我们的经营表现取决于算力容量上线后我们对已部署算力的利用效率——具体而言，即我们将原始基础设施大规模转化为可靠、高吞吐量 token 生成的能力。实现这一目标需要在模型训练与推理工作流、硬件配置以及数据中心运营之间紧密协同，以便在我们扩张过程中高效提升利用率和吞吐量。我们相信，通过将模型层与算力层直接紧密整合，我们拥有显著的效率优势。与施加多层抽象层的第三方环境不同，我们的服务栈运行在贴近处理器的位置，并将服务、网络和集群配置作为单一统一系统进行优化。这种“模型到算力”的整合降低了开销，提高了硬件利用率，并提升了可用算力中转化为实际交付输出 token 的比例。输出 token 代表最终交付给用户的生成响应，而当一次请求触发额外的推理时推理步骤时，总处理量可能大幅更高。由于我们控制工作负载调度和服务逻辑，我们能够优先追求高 token 效率——智能地平衡分配给推理的算力与强劲的最终输出，以维持或提升响应质量。这种端到端控制，结合我们与领先算力供应商的采购关系，赋予我们每瓦性能优势，并使我们能够通过可复制的重新配置与重新投用操作手册，更快速、大规模地采用新一代处理器。

AI Token Generation Efficiency. We are highly vertically integrated. We design, own or lease, and install all of our powered shells and dedicated processor capacity. This full-stack ownership enables us to efficiently convert power capacity into usable compute, precisely control cluster configuration, and operate a true end-to-end system spanning infrastructure through to model deployment. Our operating performance depends on how effectively we utilize deployed compute once capacity comes online—specifically, our ability to convert raw infrastructure into reliable, high-throughput token generation at scale. Achieving this requires tight coordination across model training and inference workflows, hardware configuration, and data center operations so that utilization and throughput ramp efficiently as we expand. We believe we hold a meaningful efficiency advantage by tightly integrating the model layer directly with the compute layer. Unlike third-party environments that impose multiple abstraction layers, we run our serving stack close to the processors and optimize serving, networking, and cluster configuration as a single unified system. This “model-to-compute” integration reduces overhead, improves hardware utilization, and increases the proportion of available compute that is converted into delivered output tokens. Output tokens represent the final generated response delivered to the user, while total processing can be substantially higher when a request triggers additional inference-time reasoning steps. Because we control workload scheduling and serving logic, we can prioritize high token efficiency—intelligently balancing compute allocated to reasoning with strong final output to maintain or improve response quality. This end-to-end control, combined with our sourcing relationships with leading compute providers, gives us a performance-per-watt advantage and enables us to adopt new processor generations at scale more rapidly through a repeatable playbook for reconfiguration and recommissioning.

**轨道 AI 算力有可能大幅提升我们扩展 AI 算力的能力，**

**Orbital AI Compute Has the Potential to Massively Increase Our Ability to Scale Our AI Compute,**

加快我们的步伐，并相对于地面方案更具成本效益。我们相信，我们是唯一一家拥有在规模化建设轨道 AI 算力方面具备商业可行路径的公司。这得益于我们独特的能力：通过可重复使用火箭以低成本将大量载荷送入轨道，并以低成本、高产量制造安全、可靠且高性能的卫星。我们计划开发轨道数据中心，使我们和我们的客户能够在不受地面电力基础设施制约的情况下扩展算力容量。太空有潜力提供几乎无限的电力以及支持持续高密度算力的运行环境，包括随着容量增长在发电、冷却和不间断运行方面的结构性优势。我们计划采用围绕可扩展卫星星座构建的模块化外壳方案，使算力容量能够随着容量需求的增长而高效部署和扩展。该架构还支持在 token 层面实现更短的更新周期，因为随着 successive 芯片世代的到来，我们可以升级算力，从而提高单位已装机容量对应的 token 产出。我们的长期目标是每年向太空发射 100 吉瓦的算力。据美国能源信息管理局（EIA）数据，若持续运行，用于支持 100 吉瓦算力的发电资源可产生约相当于美国年发电量的五分之一，美国 2025 年发电量为 4.4 千太瓦时。我们预计天基算力将大幅提升 AI 算力规模，同时改善 token 经济性。

Accelerate Our Pace, and to Be More Cost Effective Relative to Terrestrial Options. We believe we are the only company with a commercially viable path to building orbital AI compute at scale. This is underpinned by our unique ability to launch substantial mass into orbit cost efficiently through reusable rockets and manufacture secure, reliable, and high performance satellites at low cost and high volume. We plan to develop orbital data centers to enable scaling of compute capacity for us and our customers that is independent of terrestrial power infrastructure constraints. Space offers the potential to access virtually limitless power and an operating environment that supports sustained high‑density compute, including structural advantages for power generation, cooling, and uninterrupted operations as capacity grows. We plan to employ a modular shell approach built around our scalable satellite constellation, which enables compute capacity to be deployed and expanded efficiently as capacity requirements grow. The architecture also supports shorter refresh cycles at the token layer, as we can upgrade compute as successive chip generations arrive, increasing token output per unit of installed capacity. Our goal over time is to launch 100 gigawatts of compute to space each year. If operated continuously, the generation resources used to support 100 gigawatts of compute could generate approximately one-fifth of the annual power production in the United States, which was 4.4 thousand terawatt hours in 2025, according to the U.S. Energy Information Administration (EIA). We expect space‑based compute to massively increase AI compute scale, while also improving token economics.

提升来自我们消费用户群的收入的能力。我们的业绩部分取决于我们能否通过多个互补的变现渠道，有效提升来自截至 2026 年 3 月的过去十二个月内活跃的超过 13 亿个账户的收入，其中包括 Grok 和 X 上约 5.5 亿月活跃 AI 用户：

Ability to Increase Revenue from our Consumer User Base. Our performance depends in part on our ability to effectively increase revenue from our over 1.3 billion accounts active in the last twelve months ended March 2026, including approximately 550 million monthly active AI users across Grok and X through multiple complementary monetization channels:

发展我们的广告平台。广告仍是我们 AI 板块的核心变现渠道，收入取决于我们投放高度相关广告的能力。我们旨在通过强化效果广告、扩展 AI 驱动的定向和衡量，以及引入更丰富的广告形式和创意工具，提升每用户广告收入。我们的一个核心重点是让广告感觉像内容——在语境上相关、与用户兴趣一致，并融入实时对话。Grok 日益支持这一战略，帮助广告主进行广告活动创建、创意优化，以及与热门话题和用户意图保持一致。尽管这些因素有助于我们推动广告收入，但我们广告产品的定价也受到其他因素的影响，包括全球经济和我们所处行业的高度竞争性。我们相信，持续投资于 AI 驱动的广告将进一步提升广告主 ROI，同时进一步改善用户体验。

Growing our Advertising Platform. Advertising remains a core monetization channel for our AI segment, with revenue driven by our ability to deliver highly relevant ads. We aim to grow advertising revenue per user by strengthening performance advertising, expanding AI‑driven targeting and measurement, and introducing richer ad formats and creative tools. A central focus of ours is making ads feel like content—contextually relevant, aligned with user interests, and integrated into real‑time conversations. Grok increasingly supports this strategy by helping advertisers with campaign creation, creative optimization, and alignment with trending topics and user intent. While these factors help us drive advertising revenue, the pricing of our advertising products is also affected by other factors, including the global economy and the highly competitive nature of our industry. We believe continued investment in AI‑powered advertising will further improve advertiser ROI while further enhancing user experience.

用户转化为付费订阅用户。与此同时，我们专注于通过我们的 X 订阅（Premium 和 Premium+）以及 Grok 订阅产品，将更大比例的用户群体转化为付费订阅用户。订阅用户可受益于增强的功能、专属特性以及对我们最新 AI 模型的访问权限。截至 2025 年 12 月 31 日，我们的活跃付费订阅用户达到约 4.9 百万，其中包括约 4.1 百万 X Premium Basic、X Premium 和 Premium+ 付费订阅用户，以及约 0.9 百万 SuperGrok 和 SuperGrok Heavy 付费订阅用户。截至 2026 年 3 月 31 日，我们的活跃付费订阅用户达到约 6.3 百万，其中包括约 4.4 百万 X Premium Basic、X Premium 和 Premium+ 付费订阅用户，以及约 1.9 百万 SuperGrok、SuperGrok Heavy 和 SuperGrok Lite 付费订阅用户。我们计划继续增加新特性和功能，同时发布能力日益增强的 Grok 模型，以提高我们订阅用户群的渗透率。我们的 AI 板块展现了卓越的模型迭代速度：自推出 Grok 以来，我们以远快于其他方的创新速度开发出了领先的前沿模型。我们相信，这一创新步伐增强了我们订阅产品的价值主张，并支撑长期订阅用户增长。

Conversion of Users to Paid Subscribers. In parallel, we are focused on converting a greater portion of our user base into paying subscribers through our X subscription (Premium and Premium+) and Grok subscription offerings. Subscribers benefit from enhanced functionality, exclusive features, and access to our latest AI models. As of December 31, 2025, we reached approximately 4.9 million active paid subscribers, which was comprised of approximately 4.1 million X Premium Basic, X Premium and Premium+ paid subscribers and approximately 0.9 million SuperGrok and SuperGrok Heavy paid subscribers. As of March 31, 2026, we reached approximately 6.3 million active paid subscribers, which was comprised of approximately 4.4 million X Premium Basic, X Premium and Premium+ paid subscribers and approximately 1.9 million SuperGrok, SuperGrok Heavy and SuperGrok Lite paid subscribers. We plan to continue adding new features and functionality while releasing increasingly capable Grok models to increase the penetration rate of our subscriber base. Our AI segment has demonstrated exceptional model velocity: since launching Grok, we have developed leading frontier models at a far faster rate of innovation than others. We believe this pace of innovation strengthens the value proposition of our subscription offerings and supports long‑term subscriber growth.

迈向万能应用及新变现渠道的进展。我们旨在将 X 演进为一款“万能应用”，将实时信息、通信、媒体、支付、银行、商务等整合于一体化的消费者体验之中。这可以提升 X 的实用性，从而提升 X 的使用量和变现潜力。我们拥有快速的产品发布速度，自 2023 年以来以频繁的节奏推出了新特性和产品，包括长视频、改进的群组互动以及创作者工具等特性。我们计划通过诸如 Money 等产品进一步拓宽 X 的价值主张，该产品于 2025 年 11 月推出测试版，旨在通过支持支付及其他金融服务来扩展平台效用。我们于 2025 年 11 月发布了 X Chat，其具备端到端加密功能，且与其他服务不同，与广告没有任何关联。我们打算进一步将 Grok 嵌入整个平台，以增强发现、帖子分析、用户支持和个性化，使核心工作流程更加有用，并降低用户采用付费功能的阻力。

Progress Toward the Everything App and New Monetization Channels. We aim to evolve X into an “Everything App,” integrating real-time information, communications, media, payments, banking, commerce and more within one consumer experience. This can increase the usefulness of X, and therefore increase the usage and monetization potential of X. We have rapid product launch velocity, with a frequent cadence of new features and products launched since 2023, including features such as long‑form video, improved group interactions, and creator tools. We plan to further broaden the value proposition of X through offerings like Money, a product we launched in beta in November 2025, which aims to expand platform utility by enabling payments and other financial services. We released X Chat in November 2025, which features end-to-end encryption and has no connection to advertising, unlike other services. We intend to further embed Grok throughout the platform to enhance discovery, analysis of posts, user support, and personalization, making core workflows more useful and reducing friction for users to adopt paid features.

企业及政府客户对我们 AI 产品的采用持续增长。我们未来的增长和财务表现部分取决于我们能否提高企业及政府客户对我们 AI 产品的采用率和使用量。我们已推出 Grok Business、Grok Enterprise、Grok API 和 xAI Gov，我们认为这些产品将对企业及政府客户具有吸引力，并预计将迎来获取新客户的重大机遇。我们还正与 Cursor 合作推进 Grok，并可能共同创建编码与知识工作 AI 模型，基于我们的算力基础设施进行训练。随着时间推移，我们还认为，随着企业及政府客户在其组织内更广泛地部署我们的模型、采用新能力，以及使用我们的 API 构建和运营解决方案，它们将带来显著的收入扩张机遇。我们还打算继续向第三方客户提供我们的算力基础设施。我们能否实现这些扩张机遇，取决于持续创新、可靠性能，以及满足不断演变的技术、安全和合规要求。

Growing Enterprise and Government Adoption of Our AI Offerings. Our future growth and financial performance depend in part on our ability to increase adoption and usage of our AI offerings among enterprise and government customers. We have launched Grok Business, Grok Enterprise, Grok API, and xAI Gov, products that we believe will be attractive to enterprises and governments, and we expect substantial opportunities to acquire new customers. We are also partnering with Cursor to advance Grok and potentially to create jointly-owned coding and knowledge work AI models, trained on our compute infrastructure. Over time, we also believe enterprises and governments will present significant opportunities for revenue expansion as they deploy our models more broadly across their organizations, adopt new capabilities, and build and operate solutions using our API. We also intend to continue to offer our compute infrastructure to third-party customers. Our ability to realize these expansion opportunities depends on continued innovation, reliable performance, and meeting evolving technical, security, and compliance requirements.

经营成果构成 Components of Results of Operations

#### 我们的业务分部说明

#### Description of Our Segments

太空 Space

收入 - 太空

Revenue - Space

太空板块主要通过以下方式产生收入：(i) 发射服务，即利用 Falcon 9 和 Falcon Heavy 为商业和政府客户将有效载荷部署至其预定轨道；(ii) 发射与开发，即利用 Falcon 9、Falcon Heavy、Starship 和 Dragon 为政府机构太空项目开发航天器并提供发射及任务服务。发射服务收入来自期限为一至五年的固定价格合同。发射与开发收入来自期限可为一至十四年的固定价格合同。

Space segment generates revenue primarily through (i) Launch Services for the deployment of payloads to their intended orbits for both commercial and government customers utilizing Falcon 9 and Falcon Heavy, and (ii) Launch and Development for the development of spacecraft and provision of launch and mission services for government agency space programs utilizing Falcon 9, Falcon Heavy, Starship, and Dragon. Launch Services revenue is derived from fixed-price contracts that range from one to five years. Launch and Development revenue is derived from fixed-price contracts that can range from one to fourteen years.

由于飞行硬件可互换且独特工程成本极低，公司在某一时点确认发射服务收入。收入和成本予以递延，直至客户有效载荷发射或部署至其预定轨道时才予以确认。

The Company recognizes Launch Services revenue at a point in time, due to the interchangeability of flight hardware and minimal unique engineering costs. Revenue and costs are deferred and not recognized until upon the launch or deployment of the customer’s payload to their intended orbit.

由于公司在合同上的履约行为创造了无替代用途的资产，且公司对迄今已履约部分享有可强制执行的收款权利，公司在一段时间内确认发射与开发收入。公司采用成本比成本投入法计量这些合同的履约进度，公司认为该方法最能反映其履约义务的履行情况。

The Company recognizes Launch and Development revenue over time as the Company’s performance on the contract creates an asset with no alternative use and the Company has an enforceable right to payment for performance to date. The Company measures progress on these contracts using the cost-to-cost input method, which the Company believes represents the most appropriate measure towards satisfaction of its performance obligation.

对于我们的 Starlink 卫星发射，公司不确认任何分部间收入，相关发射成本资本化计入物业、厂房及设备净额中的卫星。我们将大量发射能力分配给我们的互联板块，并预计未来将大量分配给我们的 AI 板块。我们的太空板块收入仅反映我们的客户发射和客户活动。

For launches of our Starlink satellites, the Company does not recognize any inter-segment revenue, rather those launch costs are capitalized in satellites in Property, plant, and equipment, net. We allocate a significant amount of launch capacity to our Connectivity segment, and expect to allocate a significant amount to our AI segment in the future. Our Space segment revenue only reflects our customer launches and customer activities.

按某一时点确认的发射服务收入与在一段时间内确认的发射与开发收入占太空板块总收入的比例列示如下：

Revenue from Launch Services recognized at point in time and revenue from Launch and Development recognized over time as a percentage of total Space segment revenue are as follows:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 · 2025 · 2024 · 2023 发射服务 · 53.3 % · 65.4 % · 63.0 % · 68.2 % · 55.2 % 发射与开发 · 46.7 % · 34.6 % · 37.0 % · 31.8 % · 44.8 % 太空 · 100.0 % · 100.0 % · 100.0 % · 100.0 % · 100.0 %

2026 · 2025 · 2025 · 2024 · 2023 Launch Services · 53.3 % · 65.4 % · 63.0 % · 68.2 % · 55.2 % Launch & Development · 46.7 % · 34.6 % · 37.0 % · 31.8 % · 44.8 % Space · 100.0 % · 100.0 % · 100.0 % · 100.0 % · 100.0 %

我们预计太空收入的增长将继续低于公司总收入增长，因为我们的内部业务继续吸收我们发射能力的大部分增长。此外，随着我们继续履行政府客户的长期合同，我们预计发射与开发将占我们太空收入的更大比例。在不同期间，太空收入将因用于客户和我们自身业务的发射组合而有所变化。

We expect Space revenue growth to continue to be lower than total company revenue growth as our internal business continues to absorb most of the growth in our launch capacity. In addition, we expect Launch and Development to represent a larger portion of our Space revenue as we continue to serve our long-term contracts for our government customers. From period to period, Space revenue will vary based on the mix of launches used for customers and our own businesses.

费用 - 太空

Expenses - Space

收入成本

Cost of Revenue

公司的 Falcon 9 和 Falcon Heavy 由助推器（亦称一级）、二级、Merlin 发动机和整流罩组成。助推器、整流罩和 Merlin 发动机可重复使用，归类为不动产、厂房及设备，并折旧计入收入成本。二级不可重复使用，在用于发射服务收入交易而发射时，或用于发射与开发收入交易而分配时，计入收入成本。Dragon 由一个完全可重复使用的太空舱组成，归类为不动产、厂房及设备净额，并折旧计入收入成本。Starship 由助推器、飞船和 Raptor 发动机组成，目前处于开发阶段。Starship 的大部分成本目前在实际发生时计入研发费用。Raptor 发动机在用于试飞时计入费用。

The Company’s Falcon 9 and Falcon Heavy are composed of boosters (also known as first stages), second stages, Merlin engines, and fairings. Boosters, fairings, and Merlin engines are reusable and are classified as property, plant, and equipment and are depreciated to cost of revenue. The second stages are not reusable and are recorded to cost of revenue when they are launched for Launch Services revenue transactions or assigned for Launch and Development revenue transactions. Dragon is comprised of a fully reusable capsule that is classified asProperty, plant, and equipment, net and is depreciated to cost of revenue. Starship is comprised of a booster, ship, and Raptor engines and is currently in the development stage. A majority of Starship costs are currently expensed to Research and development as incurred. Raptor engines are expensed when used in test flights.

太空板块的收入成本包括与公司 Falcon 9 和 Falcon Heavy 发射相关的已飞行二级、发射运营及间接费用、折旧（包括助推器、Merlin 发动机和整流罩折旧）、运营团队员工薪酬成本（包括工资、福利和股权激励费用）、发射测试及间接费用、工程成本、存货超额及陈旧、发射硬件生产过程中发生的共享成本，以及持续的产品支持。

Space segment’s cost of revenue includes second stages flown related to the Company’s Falcon 9 and Falcon Heavy launches, launch operations and overhead, depreciation (inclusive of booster, Merlin engine, and fairing depreciation), employee compensation costs (including salaries, benefits, and share-based compensation) for our operations teams, launch testing and overhead, engineering costs, inventory excess and obsolescence, shared costs incurred in the production of launch hardware, and ongoing product support.

我们预计，基于我们对发射服务与发射和开发的预期组合，太空板块收入成本在绝对美元金额和占收入百分比两方面均将增加。逐期而言，太空板块收入成本将因客户发射与内部发射的组合而变动。

We expect Space cost of revenue to increase both in absolute dollars and as a percentage of revenue based on our expected mix of Launch Services and Launch and Development. From period to period, Space segment cost of revenue will vary based on the mix of customer and internal launches.

研发

Research and Development

太空板块的研发（“R&D”）费用主要与 Starship 的开发、建造和测试相关。Starship 成本包括试飞硬件、Raptor 发动机、员工薪酬成本（包括工资、福利和股权激励费用）、工装及设备费用、研发设备折旧以及分摊的间接费用。研发还包括与通过工程服务为公司 Falcon 运载工具开发的功能和模块相关的某些费用，公司保留相关知识产权。

Space segment’s research and development (“R&D”) expenses mainly relate to the development, build, and testing of Starship. Starship costs consist of test flight hardware, Raptor engines, employee compensation costs (including salaries, benefits, and share-based compensation), tooling and equipment expenses, depreciation for R&D equipment, and allocated overhead. R&D also includes certain expenses related to the development of features and modules created through engineering services for the Company’s Falcon vehicles, where the Company retains the associated intellectual property.

我们预计，随着我们投资于 Starship 的开发和商业化，2026 年太空板块研发在绝对美元金额和占收入百分比两方面均将增加；一旦 Starship 通过向轨道运送有效载荷实现商业化，其在绝对美元金额和占收入百分比两方面均将趋于平缓。商业化后，Starship 成本一般将予以资本化，随后在与所运送有效载荷相关的板块收入成本中折旧。

We expect Space research and development to increase both in absolute dollars and as a percentage of revenue in 2026, as we invest in the development and commercialization of Starship, and to moderate both in absolute dollars and as a percentage of revenue once Starship is commercialized by delivering payload to orbit. At commercialization, Starship costs generally will be capitalized and then depreciated in cost of revenue of the segment associated with the payload delivered.

销售、一般及行政

Selling, General, and Administrative

太空板块的销售、一般及行政（“SG&A”）费用包括分摊的销售、设施、法务、财务、信息技术、人力资源及其他行政员工的员工薪酬成本（包括工资、福利和股权激励费用）、折旧以及公司飞机成本。

Space segment’s selling, general, and administrative (“SG&A”) expenses include allocated employee compensation costs (including salaries, benefits, and share-based compensation) for our sales, facilities, legal, finance, information technology, human resources, and other administrative employees, depreciation, and corporate aircraft costs.

我们预计太空业务板块的销售、一般及行政费用（SG&A）绝对金额将增加，以支持我们业务的增长；同时，随着我们持续努力降低运营成本占收入的百分比，该费用占收入的百分比将下降。

We expect Space segment's SG&A to increase in absolute dollars to support growth of our business, and to decrease as a percentage of revenue as we continue to work to reduce operating costs as a percentage of revenue.

减值

Impairment

太空业务减值包括因公司飞行器和发射场出现异常而导致的固定资产减值损失，该等异常发生在我们的正常业务运营之外。

Space impairment includes impairment losses on fixed assets due to anomalies on the Company’s flight vehicles and launch sites, which occur outside our normal business operations.

连接 Connectivity

收入 - 连接业务

Revenue - Connectivity

连接业务分部的收入来自(i)通过 Starlink 提供的宽带和移动连接服务，以及(ii)Starlink Kit（含终端）的销售。公司向消费者或企业与政府客户提供连接服务和 Starlink Kit。

Connectivity segment generates revenue from (i) the broadband and mobile connectivity services provided through Starlink and (ii) the sale of the Starlink Kit (inclusive of the terminal). The Company provides connectivity services and Starlink Kits to consumers or enterprise and government customers.

公司在客户同时获得并消耗所提供服务带来的利益的过程中，随时间确认宽带和移动连接服务的收入。公司的服务收入来自(i)要求客户预付或按月定期付款的固定价格服务，或(ii)基于实际数据使用量的可变价格服务。公司就宽带和移动连接服务向客户收取的预付款，在订阅期内按比例确认，或基于实际数据使用量确认。公司的宽带合同通常为按月合同，针对此类经常性消费者客户确认的收入等于该月开票金额。公司的移动连接协议通常为一年至五年的多年期合同义务，但客户通常可随时终止。

The Company recognizes revenue from broadband and mobile connectivity services over time as the customer simultaneously receives and consumes the benefits provided. The Company generates service revenue from (i) fixed-price services that require advance or recurring monthly payments by the customer or (ii) variable-priced services based on actual data consumption. The amounts received from customers for advanced payments for broadband and mobile connectivity services are recognized either ratably over the subscription term or based on actual data consumption. The Company’s broadband contracts are generally month-to-month and the revenue recognized for these recurring consumer customers is equal to the amount billed in that month. The Company’s mobile connectivity agreements are generally multi-year contractual obligations that range from one to five years, although the customer can generally terminate at any time.

对于与 Starshield 业务相关的某些多年期合同，公司随时间确认收入。对于随时间确认的收入，公司采用成本比成本投入法。公司根据迄今发生的成本（如材料和人工工时）相对于完工时估计总成本的比例确认收入。

The Company recognizes revenue over time for certain contracts related to our Starshield business that are multi-year in nature. For revenue that is recognized over time, we use the cost-to-cost input method. The Company records revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at completion.

公司在 Starlink Kit 交付给客户时确认收入，对于某些企业客户，则在安装完成时确认。Starlink Kit 收入按扣除销售退货、折让和拒付后的净额列报。

The Company records revenue for the Starlink Kit upon delivery to the customer, or in the instance of certain enterprise customers, when it is installed. Starlink Kit revenue is reported net of sales returns, credits, and chargebacks.

费用 - 连接业务

Expenses - Connectivity

收入成本

Cost of Revenue

连接业务分部的收入成本包括折旧（含发射、卫星和地面基础设施成本）、Starlink Kit 成本、运输及装卸成本、地面运营费用、工程与运营团队员工薪酬成本（包括工资、福利和股份支付薪酬）、支付处理费、保修费用、存货超额及陈旧、以及关税和税费。

Connectivity segment’s cost of revenue includes depreciation (inclusive of launch, satellite, and ground infrastructure costs), Starlink Kit costs, shipping and handling costs, ground operating expenses, employee compensation costs (including salaries, benefits, and share-based compensation) for our engineering and operations teams, payment processor fees, warranty expense, inventory excess and obsolescence, and customs and duties.

我们预计，随着收入增长，连接业务收入成本将以绝对美元计增加；随着我们持续提升下一代卫星、Starlink Kit 和地面基础设施的效率，其占收入的百分比将下降。

We expect Connectivity cost of revenue to increase in absolute dollars as we grow our revenue, and to decrease as a percentage of revenue as we continue to drive efficiencies in our next-generation satellites, Starlink Kits, and ground infrastructure.

研发

Research and Development

连接业务分部的研发费用主要与下一代卫星、Starlink Kit 和地面基础设施的开发、建造和测试相关。这些成本包括员工薪酬成本（包括工资、福利和股份支付薪酬）、承包商薪酬费用、设备租赁费用、研发设备折旧以及分摊的管理费用。

Connectivity segment’s R&D expenses mainly relate to the development, build, and testing of our next-generation satellites, Starlink Kits, and ground infrastructure. These costs include employee compensation costs (including salaries, benefits, and share-based compensation), contractor compensation expenses, equipment lease expenses, depreciation for R&D equipment, and allocated overhead.

我们预计，随着收入增长，连接业务研发费用将以绝对美元计增加；随着业务规模扩大，其占收入的百分比将下降。

We expect Connectivity research and development to increase in absolute dollars as we grow our revenue, and to decrease as a percentage of revenue as we scale our business.

销售、一般及行政费用

Selling, General, and Administrative

Connectivity 分部的销售、一般及行政费用包括分摊的销售、设施、法务、财务、信息技术、人力资源及其他行政员工的员工薪酬成本（包括工资、福利和股份支付费用）、许可及监管费用、营销费用、折旧以及坏账费用。

Connectivity segment’s SG&A expenses include allocated employee compensation costs (including salaries, benefits, and share-based compensation) for our sales, facilities, legal, finance, information technology, human resources, and other administrative employees, licensing and regulatory fees, marketing expenses, depreciation, and bad debt expense.

我们预计，随着我们为支持业务增长而投入营销支出，Connectivity 的销售、一般及行政费用在 2026 年按绝对美元金额及占收入的百分比均将增加；而随着我们持续努力降低运营成本占收入的百分比，该费用占收入的百分比将随时间推移而下降。

We expect Connectivity SG&A to increase in absolute dollars and as a percentage of revenue in 2026 as we introduce marketing spend to support growth of our business, and to decrease as a percentage of revenue over time as we continue to work to reduce operating costs as a percentage of revenue .

减值

Impairment

Connectivity 减值包括与停止 Starlink Kits 某产品线相关的成本，该成本为非经常性。

Connectivity impairment includes costs related to discontinuation of a product line for Starlink Kits that is non-recurring.

AI AI

收入 - AI

Revenue - AI

AI 分部通过以下方式产生收入：(i) 在其 X 平台上销售所展示的广告产品，以及 (ii) 提供 AI 解决方案和基础设施，包括订阅相关产品、数据授权安排以及对 Grok 模型的 API 访问。这两类服务均面向消费者和企业客户提供。

AI segment generates revenue from (i) the sale of ad products displayed on its X platform, and (ii) providing AI solutions and infrastructure, which includes subscription-related offerings, data licensing arrangements, and API access to Grok models. Both services are offered to consumer and enterprise customers.

广告服务收入在广告投放期间确认，其依据是个人以符合广告主所选互动类型的方式与公司平台上的广告进行互动。公司广告服务的合同条款通常为可取消的短期安排。我们的广告收入存在季节性。整体广告支出通常在每年第四季度最高，这在很大程度上是由于广告主的年末支出，而在每年第一季度最低。

Revenue for advertising services is recognized in the period when advertising is delivered as evidenced by a person engaging with an ad on the Company’s platforms in a manner satisfying the types of engagement selected by the advertisers. The Company’s contract terms for advertising services are typically cancellable short-term arrangements. We experience seasonality in our advertising revenues. Overall advertising spend tends to be highest in the fourth quarter of each year due in large part to end-of-year advertiser spending and lowest in the first quarter of each year.

AI 解决方案和基础设施收入包括：(i) X 和 Grok 上的高级订阅，在订阅期内（从按月到一年不等）按比例确认；(ii) 数据授权收入，通常在公司提供数据、客户使用并受益于所授权数据期间（从按月到两年不等）按比例确认；以及 (iii) 提供对 Grok 模型 API 访问的收入，对于随时可用访问，在合同期内（通常为按月或最长一年）按比例确认，对于基于用量的安排，则在服务被使用时确认。

Revenue for AI solutions and infrastructure includes: (i) premium subscriptions on X and Grok which is recognized ratably over the period of the subscription term (ranging from month-to-month to one year), (ii) data licensing revenue which is generally recognized ratably over the period (from month-to-month to two years) in which the Company provides data as the customer consumes and benefits from the use of the licensed data, and (iii) revenue from providing API access to Grok models recognized ratably over the contract term (typically month-to-month or up to one year) for stand-ready access or as services are consumed for usage based arrangements.

费用 - AI

Expenses - AI

收入成本

Cost of Revenue

AI 分部的收入成本包括基础设施成本、收入分成费用、支付处理商费用、向创作者支付的款项、所收购无形资产的摊销，以及分摊的劳动力和间接费用。基础设施成本主要包括与数据中心设施相关的成本，包括租赁和托管成本、相关支持、维护、能源和带宽成本、服务器和网络设备的折旧、公有云托管成本，以及我们运营团队的人员薪酬成本（包括工资、福利和股份支付薪酬）。

AI segment’s cost of revenue includes infrastructure costs, revenue share expenses, payment processor fees, payments to creators, amortization of acquired intangible assets, and allocated labor and overhead costs. Infrastructure costs consist primarily of costs related to data center facilities, including lease and hosting costs, related support, maintenance, energy, and bandwidth costs, depreciation of servers and networking equipment, public cloud hosting costs, and employee compensation costs (including salaries, benefits, and share-based compensation) for our operations teams.

我们预计，随着收入增长，AI 收入成本以绝对美元计将增加，而随着我们将产品变现以及扩展 AI 解决方案的服务产品，其占收入的百分比将下降。

We expect AI cost of revenue to increase in absolute dollars as we grow our revenue, and to decrease as a percentage of revenue as we monetize our products and as we expand our service offerings for AI solutions .

研究与开发

Research and Development

AI 分部的研发费用主要与训练我们的领先前沿模型 Grok、我们下一代 AI 赋能产品的开发、构建和测试，以及训练 AI 赋能产品的数据中心成本相关。这些成本包括云计算费用、人员薪酬费用（包括工资、福利和股份支付薪酬）、发电成本，以及数据中心资产的折旧，包括处理器、设备租赁费用和网络设备。

AI segment’s R&D expenses mainly relate to the training of Grok, our leading frontier model, development, build, and testing of our next-generation AI-enabled products and data center costs to train AI-enabled products. These costs include cloud computing expenses, employee compensation expenses (including salaries, benefits, and share-based compensation), power generation costs, and depreciation of data center assets, including processors, equipment lease expenses, and networking equipment.

我们预计，随着我们投资于 Grok 的算力基础设施，AI 研发费用以绝对美元计以及占收入的百分比都将增加。此外，AI 研发费用可能因算力协议而增加

We expect AI R&D expenses to increase, both in absolute dollars and as a percentage of revenue, as we invest in compute infrastructure for Grok. Additionally, AI R&D expenses may increase as a result of the compute agreement

与 Cursor 合作 · . 销售、一般及行政 AI 分部的销售、一般及管理费用主要由员工薪酬费用构成(包括工资、福利、 以及股份支付费用）用于我们的销售、销售支持、市场营销、财务、法务、信息技术、 人力资源及其他行政员工。此外，销售、一般及行政费用还包括以下各项的费用和成本： 专业服务，包括咨询、内容审核、第三方法律和会计服务以及 未分配至其他部门的设施成本及其他配套管理费用。 我们预计，为支持业务增长，AI 销售、一般及管理费用（SG&A）的绝对金额将有所增加，并随着……而下降 占收入的百分比，同时我们继续努力降低运营成本占收入的百分比。此外，AI 由于与 Cursor 签订的算力协议，销售、一般及行政费用（SG&A）可能增加。 重组费用 AI 重组费用源于 X Holdings 于 2022 年 10 月收购 Twitter。该等费用 包括针对前 Twitter 员工的劳动力重组，以及减值与提前终止罚金 系因整合 Twitter 各处办公场所租赁所致。 减值 AI 减值包括 2023 年 7 月 Twitter 更名为 X 时对 Twitter 品牌计提的一次性减值。 其他公司费用 利息费用 利息费用包括与我们借款相关的利息费用、相关债务发行成本的摊销， 未提取费用和融资租赁。利息费用以扣除资本化利息后的净额列示。

with Cursor · . Selling, General, and Administrative AI segment’s SG&A expenses consist primarily of employee compensation expenses (including salaries, benefits, and share-based compensation) for our sales, sales support, marketing, finance, legal, information technology, human resources and other administrative employees. In addition, SG&A expenses include fees and costs for professional services, including consulting, content moderation, third-party legal and accounting services and facilities costs and other supporting overhead costs that are not allocated to other departments . We expect AI SG&A to increase in absolute dollars to support growth of our business, and to decrease as a percentage of revenue as we continue to work to reduce operating costs as a percentage of revenue. Additionally, AI SG&A may increase as a result of the compute agreement with Cursor. Restructuring Charges AI restructuring charges are the result of the acquisition of Twitter in October 2022 by X Holdings. The charges include workforce restructuring for former Twitter employees, as well as impairment and early termination penalties as a result of consolidation of Twitter’s various office leases. Impairment AI impairment includes a one-time impairment of the Twitter brand when Twitter was rebranded to X in July 2023. Other Corporate Expenses Interest Expense Interest expense includes interest expense related to our borrowings, amortization of associated debt issuance costs, undrawn fees, and finance leases. Interest expense is reflected net of capitalized interest.

利息收入

Interest Income

利息收入包括现金及现金等价物和有价证券所赚取的利息收入，以及我们共同基金投资产生的股息收入。

Interest income includes interest income earned on cash and cash equivalents and marketable securities, and dividend income from our investments in mutual funds.

其他收入（费用）净额

Other Income (Expense), Net

其他收入（费用）净额包括数字资产的收益或损失、外币交易的收益或损失，以及债务清偿损失。

Other income (expense), net consists of gain or loss on digital assets, gain or loss on foreign currency transactions, and loss on extinguishment of debt.

所得税费用（收益）

Provision for (Benefit from) Income Taxes

所得税费用（收益）主要包括我们在开展业务的某些联邦、州、地方及外国司法管辖区缴纳的所得税。外国司法管辖区的法定税率通常与美国不同。因此，我们的实际税率可能因估值备抵的影响、外国收入与国内收入的相对比例、税收抵免的产生、递延所得税资产和负债估值的变化以及税法的变化而有所不同。

The provision for (benefit from) income taxes consists primarily of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the valuation allowance as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.

#### 2026 年与 2025 年截至 3 月 31 日止三个月的比较

#### Comparison of the three months ended March 31, 2026 and 2025

合并经营业绩

Consolidated Results of Operations

下表列示了所示期间我们的合并财务报表数据：

The following table sets forth our consolidated financial statements data for the periods indicated:

**截至 3 月 31 日止三个月，**

**Three Months Ended March 31,**

（单位：百万） · 2026 · 2025 · 变动金额 · 变动百分比 收入 · $4,694 · $4,067 · $627 · 15.4 % 成本与费用 收入成本 · 2,388 · 1,962 · 426 · 21.7 % 研发 · 3,514 · 1,557 · 1,957 · 125.7 % 销售、一般及行政 · 746 · 493 · 253 · 51.3 % 重组费用（收益） · (11) · 4 · (15) · NM 减值 · — · 24 · (24) · NM 成本与费用合计 · 6,637 · 4,040 · 2,597 · 64.3 % 经营利润（亏损） · (1,943) · 27 · (1,970) · NM 利息费用 · (664) · (447) · (217) · 48.5 % 利息收入 · 213 · 117 · 96 · 82.1 % 其他费用净额 · (1,876) · (211) · (1,665) · 789.1 % 所得税前亏损 · (4,270) · (514) · (3,756) · 730.7 % 所得税费用 · 6 · 14 · (8) · (57.1)% 净亏损 · $(4,276) · $(528) · $(3,748) · 709.8 %

(in millions) · 2026 · 2025 · $ Change · % Change Revenue · $4,694 · $4,067 · $627 · 15.4 % Costs and expenses Cost of revenue · 2,388 · 1,962 · 426 · 21.7 % Research and development · 3,514 · 1,557 · 1,957 · 125.7 % Selling, general, and administrative · 746 · 493 · 253 · 51.3 % Restructuring charges (credits) · (11) · 4 · (15) · NM Impairment · — · 24 · (24) · NM Total costs and expenses · 6,637 · 4,040 · 2,597 · 64.3 % Income (loss) from operations · (1,943) · 27 · (1,970) · NM Interest expense · (664) · (447) · (217) · 48.5 % Interest income · 213 · 117 · 96 · 82.1 % Other expense, net · (1,876) · (211) · (1,665) · 789.1 % Loss before income taxes · (4,270) · (514) · (3,756) · 730.7 % Provision for income taxes · 6 · 14 · (8) · (57.1)% Net loss · $(4,276) · $(528) · $(3,748) · 709.8 %

_________________

_________________

NM —由正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2026 年 3 月 31 日止三个月的收入较截至 2025 年 3 月 31 日止三个月增加 $627 百万，增幅 15.4%。该增加主要由于随着我们的 Starlink 用户基础持续增长，我们的连接业务分部收入增加 $782 百万，以及由于 X 和 Grok 订阅增加，我们的 AI 业务分部收入增加 $91 百万，部分被我们的太空业务分部收入减少 $246 百万所抵消，后者是由于发射服务任务减少及政府合同工作的时间安排所致。

Revenue for the three months endedMarch 31, 2026 increased by $627 million, or 15.4%, compared to thethree months endedMarch 31, 2025. This increase was primarily due to an increase in revenue from our Connectivity segment of $782 million as our Starlink Subscriber base continued to grow as well as an increase in revenue from our AI segment of $91 million from higher X and Grok subscriptions, partially offset by a decrease in revenue from our Space segment of $246 million due to lower Launch Services missions and timing of work for government contracts.

收入成本

Cost of Revenue

截至 2026 年 3 月 31 日止三个月的收入成本较上一期间截至 2025 年 3 月 31 日止三个月增加 $426 百万，增幅 21.7%。该增加主要由于我们的连接业务分部成本增加 $437 百万，系因入轨卫星数量相关的折旧增加所致，以及我们的 AI 业务分部运营成本增加 $5 百万，部分被我们的太空业务分部收入成本减少 $16 百万所抵消，后者系因客户发射减少所致。

Cost of revenue for the three months endedMarch 31, 2026 increased by $426 million, or 21.7%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to an increase in costs in our Connectivity segment of $437 million driven by an increase in depreciation related to the number of satellites placed into orbit and higher operating costs of $5 million in our AI segment, partially offset by a decrease in cost of revenue from our Space segment of $16 million due to less customer launches.

研发

Research and Development

截至 2026 年 3 月 31 日止三个月的研发费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $1,957 百万，增幅 125.7%。该增加主要由于我们的 AI 业务分部成本增加 $1,471 百万，系因 GPU 硬件折旧以及因 AI 数据中心扩建而产生的云计算和数据中心基础设施费用所致，以及我们的太空业务分部成本增加 $404 百万，系因对 Starship 运载工具及相关设施的加速投资所致。

Research and development expense for the three months endedMarch 31, 2026 increased by $1,957 million, or 125.7%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to higher costs in our AI segment of $1,471 million driven by depreciation of GPU hardware, and the cost of cloud computing and data center infrastructure expenses as a result of our AI data center expansions and higher costs from our Space segment of $404 million driven by accelerated investment in our Starship vehicle and related facilities.

销售、一般及行政

Selling, General, and Administrative

截至 2026 年 3 月 31 日止三个月的销售、一般及行政费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $253 百万，增幅 51.3%。该增加主要由于随着我们的 AI 业务快速增长，我们的 AI 业务分部员工相关成本和专业费用增加 $163 百万，以及我们的连接业务分部营销成本和国际扩张成本分别增加 $79 百万和 $23 百万。上述增加部分被我们的太空业务分部费用减少 $18 百万所抵消。

Selling, general, and administrative expense for the three months endedMarch 31, 2026 increased by $253 million, or 51.3%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to higher employee-related costs and professional fees for our AI segment of $163 million as our AI business grew rapidly, higher marketing and international expansion costs of $79 million and $23 million, respectively, for our Connectivity segment. These increases were partially offset by lower expenses of $18 million in our Space segment.

重组费用（收益）

Restructuring Charges (Credits)

截至 2026 年 3 月 31 日止三个月的重组费用（收益）较上一期间截至 2025 年 3 月 31 日止三个月减少 $15 million。该减少主要由于 2022 年实施的人力削减计划中前 Twitter 员工预计结算金额的变动。

Restructuring charges (credits) for the three months endedMarch 31, 2026 decreased by $15 million compared to the prior three months endedMarch 31, 2025. This decrease was primarily due to change in estimated settlement amounts for former Twitter employees as part of the workforce reduction program implemented in 2022.

减值

Impairment

截至 2026 年 3 月 31 日止三个月的减值较上一期间截至 2025 年 3 月 31 日止三个月减少 $24 million。截至 2025 年 3 月 31 日止三个月的减值与本公司 Space 板块的着陆后异常有关。截至 2026 年 3 月 31 日止三个月无减值。

Impairment for the three months endedMarch 31, 2026 decreased by $24 million compared to the prior three months endedMarch 31, 2025. The impairment in the three months endedMarch 31, 2025 was related to a post-landing anomaly in our Space segment. There was no impairment for the three months ended March 31, 2026.

经营利润（亏损）

Income (Loss) from Operations

截至 2026 年 3 月 31 日止三个月的经营利润（亏损）较上一期间截至 2025 年 3 月 31 日止三个月减少 $1,970 million，主要受上述因素驱动。

Income (loss) from operations for the three months endedMarch 31, 2026 decreased by $1,970 million compared to the prior three months endedMarch 31, 2025 driven by the factors described above.

利息费用

Interest Expense

截至 2026 年 3 月 31 日止三个月的利息费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $217 million，增幅 48.5%。该增加主要由于本公司新增借款以及本公司 AI 板块于该期间订立的其他融资安排。

Interest expense for the three months endedMarch 31, 2026 increased by $217 million, or 48.5%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to additional debt raised by the Company and other financing arrangements entered into during the period by our AI segment.

利息收入

Interest Income

截至 2026 年 3 月 31 日止三个月的利息收入较上一期间截至 2025 年 3 月 31 日止三个月增加 $96 million，增幅 82.1%。该增加主要由于现金等价物及有价证券所赚取的利息收入增加。

Interest income for the three months endedMarch 31, 2026 increased by $96 million, or 82.1%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to an increase in interest income earned from cash equivalents and marketable securities.

其他收入（费用），净额

Other Income (Expense), Net

截至 2026 年 3 月 31 日止三个月的其他费用净额较上一期间截至 2025 年 3 月 31 日止三个月增加 $1,665 million。该增加主要由于债务清偿损失及数字资产未实现损失。

Other expense, net for the three months endedMarch 31, 2026 increased by $1,665 million, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to the loss on extinguishment of debt and unrealized loss on digital assets.

所得税费用（收益）

Provision for (Benefit from) Income Taxes

截至 2026 年 3 月 31 日止三个月的所得税费用较上一期间截至 2025 年 3 月 31 日止三个月减少 $8 million。该减少主要由于我们须适用不同税率的各税收管辖区收益构成发生变化。

Provision for income taxes for the three months endedMarch 31, 2026 decreased by $8 million compared to the prior three months endedMarch 31, 2025. This decrease was primarily due to the change in the mix of our jurisdictional earnings subject to different tax rates.

净利润（亏损）

Net Income (Loss)

截至 2026 年 3 月 31 日止三个月的净亏损较上一期间截至 2025 年 3 月 31 日止三个月增加 $3,748 million，系上述因素所致。

Net loss for the three months endedMarch 31, 2026 increased by $3,748 million compared to the prior three months endedMarch 31, 2025 driven by the factors described above.

#### 分部业绩

#### Segment Results

Space

Space

截至 3 月 31 日止三个月

Three Months Ended March 31,

（单位：百万） · 2026 · 2025 · $ 变动 · % 变动 收入 · $619 · $865 · $(246) · (28.4)% 成本及费用 收入成本 · 281 · 297 · (16) · (5.4)% 研发 · 930 · 526 · 404 · 76.8 % 销售、一般及行政 · 70 · 88 · (18) · (20.5)% 减值 · — · 24 · (24) · NM 成本及费用合计 · $1,281 · $935 · $346 · 37.0 % 经营亏损 · $(662) · $(70) · $(592) · 845.7 %

(in millions) · 2026 · 2025 · $ Change · % Change Revenue · $619 · $865 · $(246) · (28.4)% Costs and expenses Cost of revenue · 281 · 297 · (16) · (5.4)% Research and development · 930 · 526 · 404 · 76.8 % Selling, general, and administrative · 70 · 88 · (18) · (20.5)% Impairment · — · 24 · (24) · NM Total costs and expenses · $1,281 · $935 · $346 · 37.0 % Loss from operations · $(662) · $(70) · $(592) · 845.7 %

_________________

_________________

NM —由正值变为负值或变为零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2026 年 3 月 31 日止三个月的收入较上一期间截至 2025 年 3 月 31 日止三个月减少 $246 million，降幅 28.4%。该减少主要由于发射服务收入减少 $236 million 以及发射与开发收入减少 $10 million 所致。发射服务收入的减少系因客户发射次数较上一期间减少所致。尽管 Falcon 发射总数增加了 4

Revenue for the three months endedMarch 31, 2026 decreased$246 million, or 28.4%, compared to the prior three months endedMarch 31, 2025. This decrease was primarily driven by a decrease in Launch Services revenue of $236 million and a decrease of $10 million in Launch and Development revenue. The decrease in Launch Services revenue is due to a decrease in customer launches period over period. While total Falcon launches increased by 4

从截至 2025 年 3 月 31 日止三个月的 36 增至 · 截至 2026 年 3 月 31 日止三个月的 40，Launch 同期服务任务减少了 4 项。发射与开发收入因时间安排而下降 政府合同所执行工作的。 收入成本 截至 2026 年 3 月 31 日止三个月的收入成本较之减少了$16 million，降幅为 5.4%，相比之下 此前截至 2025 年 3 月 31 日的三个月。该减少主要由于客户上线数量减少以及 政府合同相关工作的时间安排为 $26 million，部分被 $10 million 的库存增加所抵消 超额及陈旧库存准备金，以及因猎鹰整流罩受损而产生的 400 万美元发射硬件处置费用。 研究与开发 截至 2026 年 3 月 31 日止三个月的研发费用增加了 $404 million，增幅为 76.8%， 相比截至 2025 年 3 月 31 日的上一个三个月期间。这一增长主要由产量提高所驱动 成本为 $194 million、工程成本增加 $95 million，以及测试与发射成本增加 $62 million，原因在于 以加速对星舰飞行器开发的投入，并持续推进生产和 发射设施，以支持未来的星舰发射。

from 36 for the three months ended March 31, 2025 to · 40 for the three months ended March 31, 2026, Launch Services missions decreased by 4 over the same period. Launch and Development revenue decreased due to timing of work performed on government contracts. Cost of Revenue Cost of revenue for the three months endedMarch 31, 2026decreased by $16 million, or 5.4%, compared to the prior three months endedMarch 31, 2025. This decrease was primarily due to the decrease in customer launches and timing of work on government contracts of $26 million, partially offset by an increase of $10 million in inventory excess and obsolescence reserves and $4 million in launch hardware disposals for damaged Falcon fairings. Research and Development Research and development for the three months endedMarch 31, 2026increased by $404 million, or 76.8%, compared to the prior three months endedMarch 31, 2025. This increase was primarily driven by higher production costs of $194 million, higher engineering costs of $95 million, and higher test and launch costs of $62 million, due to the accelerated investment in development of the Starship vehicle and continued development of production and launch facilities to support future Starship launches.

销售、一般及行政

Selling, General, and Administrative

截至 2026 年 3 月 31 日止三个月的销售、一般及行政较上一期间截至 2025 年 3 月 31 日止三个月减少 $18 million，降幅 20.5%。该减少主要由于分摊的一般及行政间接费用减少 $13 million。

Selling, general, and administrative for the three months endedMarch 31, 2026 decreased by $18 million, or 20.5%, compared to the prior three months endedMarch 31, 2025. This decrease was primarily due to lower allocated general and administrative overhead of $13 million.

减值

Impairment

截至 2026 年 3 月 31 日止三个月的减值较上一期间截至 2025 年 3 月 31 日止三个月减少 $24 million。该减少主要由于截至 2025 年 3 月 31 日止三个月内因着陆后异常导致的一枚 Falcon 9 助推器发生非经常性减值损失。截至 2026 年 3 月 31 日止三个月内无减值。

Impairment for the three months endedMarch 31, 2026 decreased by $24 million compared to the prior three months endedMarch 31, 2025. This decrease was primarily due to a non-recurring impairment loss on a Falcon 9 booster due to a post-landing anomaly during the three months endedMarch 31, 2025. There was no impairment for the three months ended March 31, 2026.

经营亏损

Loss from Operations

截至 2026 年 3 月 31 日止三个月的 Space 经营亏损较上一期间截至 2025 年 3 月 31 日止三个月增加 $592 million，原因如上文所述。

Space loss from operations for the three months endedMarch 31, 2026 increased by $592 million compared to the prior three months endedMarch 31, 2025 driven by the factors described above.

连接业务

Connectivity

截至 3 月 31 日止三个月

Three Months Ended March 31,

（单位：百万） · 2026 · 2025 · $ 变动 · % 变动 收入 · $3,257 · $2,475 · $782 · 31.6 % 成本及费用 收入成本 · $1,651 · $1,214 · $437 · 36.0 % 研究与开发 · 205 · 123 · 82 · 66.7 % 销售、一般及行政 · 213 · 105 · 108 · 102.9 % 成本及费用合计 · $2,069 · $1,442 · $627 · 43.5 % 经营利润 · $1,188 · $1,033 · $155 · 15.0 %

(in millions) · 2026 · 2025 · $ Change · % Change Revenue · $3,257 · $2,475 · $782 · 31.6 % Costs and expenses Cost of revenue · $1,651 · $1,214 · $437 · 36.0 % Research and development · 205 · 123 · 82 · 66.7 % Selling, general, and administrative · 213 · 105 · 108 · 102.9 % Total costs and expenses · $2,069 · $1,442 · $627 · 43.5 % Income from operations · $1,188 · $1,033 · $155 · 15.0 %

收入

Revenue

截至 2026 年 3 月 31 日止三个月的收入较上一期间截至 2025 年 3 月 31 日止三个月增加 $782 百万，增幅 31.6%。该增长主要得益于我们消费者订阅用户收入增加 $656 百万，其中 Starlink 订阅用户增长 104.7%，但被 Starlink 订阅用户 ARPU 下降 22.9% 所部分抵消，ARPU 下降主要由于国际扩张以及新增低价服务套餐。此外，企业和政府收入增加 $126 百万，主要得益于我们的航空、海事及其他企业业务增长 $209 百万、移动连接业务增长 $85 百万，但被政府连接业务减少 $175 百万所部分抵消。

Revenue for the three months endedMarch 31, 2026 increased by $782 million, or 31.6%, compared to the prior three months endedMarch 31, 2025. This increase was primarily driven by an increase of $656 million in revenue from our consumer subscribers, composed of 104.7% growth in Starlink Subscribers, offset by an 22.9%decline in Starlink Subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans. In addition, enterprise and government revenue had an increase of $126 million primarily driven by the growth in our aviation, maritime, and other enterprise business of $209 million, our mobile connectivity business of $85 million, partially offset by a decrease of $175 million in our government connectivity business.

收入成本

Cost of Revenue

截至 2026 年 3 月 31 日止三个月的收入成本较上一期间截至 2025 年 3 月 31 日止三个月增加 $437 百万，增幅 36.0%。该增长主要由于资本化发射及卫星成本带来的折旧增加 $276 百万，运营费用增加 $140 百万，主要由地面运营成本 $50 百万、客户支持与安装成本 $42 百万、支付处理商费用 $19 百万、运费 $15 百万及保修成本 $12 百万所驱动。

Cost of revenue for the three months endedMarch 31, 2026 increased by $437 million, or 36.0%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to higher depreciation of $276 million from capitalized launch and satellite costs, higher operating expenses of $140 million mainly driven by ground operating costs of $50 million, customer support and installation costs of $42 million, payment processor fees of $19 million, freight costs of $15 million, and warranty costs of $12 million.

研发

Research and Development

截至 2026 年 3 月 31 日止三个月的研发费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $82 百万，增幅 66.7%。该增长主要由于下一代卫星生产开发成本增加 $62 百万、Starlink 套件成本增加 $8 百万及地面设备成本增加 $14 百万。

Research and development for the three months endedMarch 31, 2026 increased by $82 million, or 66.7%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to higher costs for the next-generation production development of satellites of $62 million, Starlink Kits of $8 million, and ground equipment of $14 million.

销售、一般及行政

Selling, General, and Administrative

截至 2026 年 3 月 31 日止三个月的销售、一般及行政费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $108 百万，增幅 102.9%。该增长主要由于营销成本增加 $79 百万及国际扩张成本增加 $23 百万，但被坏账费用减少 $9 百万所部分抵消。

Selling, general, and administrative for the three months endedMarch 31, 2026 increased by $108 million, or 102.9%, compared to the prior three months endedMarch 31, 2025. This increase was primarily driven by higher marketing costs of $79 million and higher international expansion costs of $23 million, partially offset by lower bad debt expense of $9 million.

经营利润

Income from Operations

截至 2026 年 3 月 31 日止三个月的连接业务经营利润较上一期间截至 2025 年 3 月 31 日止三个月增加 $155 百万，增幅 15.0%，受上述因素驱动。

Connectivity income from operations for the three months endedMarch 31, 2026 increased by $155 million, or 15.0%, compared to the prior three months endedMarch 31, 2025 driven by the factors described above.

AI

AI

截至 3 月 31 日止三个月

Three Months Ended March 31,

（单位：百万） · 2026 · 2025 · $ 变动 · % 变动 收入 · $818 · $727 · $91 · 12.5 % 成本及费用 收入成本 · 456 · 451 · 5 · 1.1% 研发 · 2,379 · 908 · 1,471 · 162.0 % 销售、一般及行政 · 463 · 300 · 163 · 54.3 % 重组费用 · (11) · 4 · (15) · NM 成本及费用合计 · $3,287 · $1,663 · $1,624 · 97.7 % 经营亏损 · $(2,469) · $(936) · $(1,533) · 163.8 %

(in millions) · 2026 · 2025 · $ Change · % Change Revenue · $818 · $727 · $91 · 12.5 % Costs and expenses Cost of revenue · 456 · 451 · 5 · 1.1% Research and development · 2,379 · 908 · 1,471 · 162.0 % Selling, general, and administrative · 463 · 300 · 163 · 54.3 % Restructuring charges · (11) · 4 · (15) · NM Total costs and expenses · $3,287 · $1,663 · $1,624 · 97.7 % Loss from operations · $(2,469) · $(936) · $(1,533) · 163.8 %

_________________

_________________

NM —从正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2026 年 3 月 31 日止三个月的收入较上一期间截至 2025 年 3 月 31 日止三个月增加 $91 million，增幅 12.5%，原因是 AI 解决方案与基础设施收入增加 $191 million，部分被广告收入减少 $100 million 所抵消。AI 解决方案与基础设施收入的增加主要归因于 Grok 和 X 订阅收入增加 $177 million 以及数据许可安排增加 $12 million。广告收入减少是由于公司对广告平台进行了全面改造，在重建期间对广告销售造成了短期影响。

Revenue for the three months endedMarch 31, 2026 increased by $91 million, or 12.5%, compared to the prior three months endedMarch 31, 2025 due to the increase in AI solutions and infrastructure revenue of $191 million, offset by decrease in advertising revenue of $100 million. The increase in AI solutions and infrastructure was primarily due to an increase in Grok and X subscription revenue of $177 million and an increase in data licensing arrangements of $12 million. The decrease in advertising revenue is due to an overhaul of the Company’s advertising platform which impacted ad sales for a short period of time during the rebuild.

收入成本

Cost of Revenue

截至 2026 年 3 月 31 日止三个月的收入成本较上一期间截至 2025 年 3 月 31 日止三个月增加 $5 million，增幅 1.1%。该增加主要归因于收入分成和内容创作者费用增加 $71 million，以及支付处理费增加 $18 million，部分被已于 2025 年全部摊销完毕的技术无形资产摊销费用减少 $89 million 所抵消。

Cost of revenue for the three months endedMarch 31, 2026 increased by $5 million, or 1.1%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to an increase in revenue share and content creator expenses of $71 million, and higher payment processing fees of $18 million, partially offset by a decrease in amortization expenses of technology intangibles of $89 million that were fully amortized during 2025.

研发

Research and Development

截至 2026 年 3 月 31 日止三个月的研发费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $1,471 million，增幅 162.0%。该增加主要归因于 GPU 折旧费用增加 $908 million，以及与持续建设算力基础设施相关的云计算和数据中心基础设施费用增加 $301 million，此外还有员工薪酬费用（包括工资、福利和股份支付薪酬）增加 $262 million。

Research and development for the three months endedMarch 31, 2026 increased by $1,471 million, or 162.0%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to higher GPU depreciation expense of $908 million, and higher cloud computing anddata center infrastructure expenses of $301 million associated with the continued build out of our compute infrastructure, as well as higher employee compensation expenses (including salaries, benefits, and share-based compensation) of $262 million .

销售、一般及行政

Selling, General, and Administrative

截至 2026 年 3 月 31 日止三个月的销售、一般及行政费用较上一期间截至 2025 年 3 月 31 日止三个月增加 $163 million，增幅 54.3%。该增加主要归因于我们持续扩展 AI 业务导致员工薪酬费用（包括工资、福利和股份支付薪酬）增加 $148 million，以及法律费用增加 $33 million，部分被设施及一般和行政成本减少 $18 million 所抵消。

Selling, general, and administrative for the three months endedMarch 31, 2026 increased by $163 million, or 54.3%, compared to the prior three months endedMarch 31, 2025. This increase was primarily due to higher employee compensation expenses (including salaries, benefits, and share-based compensation) of $148 million as we continue to expand our AI business and higher legal expenses of $33 million, partially offset by a decrease in facilities and general and administrative costs of $18 million .

重组费用（贷项）

Restructuring Charges (Credits)

截至 2026 年 3 月 31 日止三个月的重组费用（贷项）较上一期间截至 2025 年 3 月 31 日止三个月减少 $15 million。该减少主要归因于 2022 年实施的裁员计划中前 Twitter 员工估计和解金额的变动。

Restructuring charges (credits) for the three months endedMarch 31, 2026 decreased by $15 million compared to the prior three months endedMarch 31, 2025. This decrease was primarily due to a change in estimated settlement amounts for former Twitter employees as part of the workforce reduction program implemented in 2022.

经营亏损

Loss from Operations

截至 2026 年 3 月 31 日止三个月的 AI 经营亏损较上一期间截至 2025 年 3 月 31 日止三个月增加 $1,533 百万，增幅 163.8%，系上述因素所致。

AI loss from operations for the three months endedMarch 31, 2026 increased by$1,533 million, or 163.8%, compared to the prior three months endedMarch 31, 2025 driven by the factors described above.

#### 截至 2025 年 12 月 31 日止年度与 2024 年止年度的比较

#### Comparison of the Years Ended December 31, 2025 and 2024

合并经营业绩

Consolidated Results of Operations

下表列示了所示期间我们的合并经营报表数据：

The following table sets forth our consolidated statements of operations data for the periods indicated:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

（单位：百万） · 2025 · 2024 · $ 变动 · % 变动 收入 · $18,674 · $14,015 · $4,659 · 33.2 % 成本及费用 收入成本 · 9,451 · 7,996 · 1,455 · 18.2 % 研发 · 8,643 · 3,464 · 5,179 · 149.5 % 销售、一般及行政 · 2,644 · 1,813 · 831 · 45.8 % 重组费用 · 487 · 213 · 274 · 128.6 % 减值 · 38 · 63 · (25) · (39.7)% 成本及费用合计 · 21,263 · 13,549 · 7,714 · 56.9 % 经营利润（亏损） · (2,589) · 466 · (3,055) · NM 利息费用 · (1,945) · (1,580) · (365) · 23.1 % 利息收入 · 492 · 371 · 121 · 32.6 % 其他收入净额 · (177) · 985 · (1,162) · NM 所得税前利润（亏损） · (4,219) · 242 · (4,461) · NM 所得税费用（收益） · 718 · (549) · 1,267 · NM 净利润（亏损） · $(4,937) · $791 · $(5,728) · NM

(in millions) · 2025 · 2024 · $ Change · % Change Revenue · $18,674 · $14,015 · $4,659 · 33.2 % Costs and expenses Cost of revenue · 9,451 · 7,996 · 1,455 · 18.2 % Research and development · 8,643 · 3,464 · 5,179 · 149.5 % Selling, general, and administrative · 2,644 · 1,813 · 831 · 45.8 % Restructuring charges · 487 · 213 · 274 · 128.6 % Impairment · 38 · 63 · (25) · (39.7)% Total costs and expenses · 21,263 · 13,549 · 7,714 · 56.9 % Income (loss) from operations · (2,589) · 466 · (3,055) · NM Interest expense · (1,945) · (1,580) · (365) · 23.1 % Interest income · 492 · 371 · 121 · 32.6 % Other income, net · (177) · 985 · (1,162) · NM Income (loss) before income taxes · (4,219) · 242 · (4,461) · NM Provision for (benefit from) income taxes · 718 · (549) · 1,267 · NM Net income (loss) · $(4,937) · $791 · $(5,728) · NM

_________________

_________________

NM —由正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2025 年 12 月 31 日止年度的收入较上一期间截至 2024 年 12 月 31 日止年度增加 $4,659 百万，增幅 33.2%。该增加主要归因于：随着我们的 Starlink 用户基础持续增长以及我们的连接业务企业及政府销售增长，我们的连接业务分部收入增加 $3,788 百万；因政府合同相关工作的发射及开发收入增加，我们的太空业务分部收入增加 $290 百万；以及随着广告、Grok 和 X 订阅以及数据许可安排增长，我们的 AI 业务分部收入增加 $581 百万。

Revenue for the year ended December 31, 2025 increased by $4,659 million, or 33.2%, compared to the prior year ended December 31, 2024. This increase was primarily due to an increase in revenue from our Connectivity segment of $3,788 million as our Starlink Subscriber base continued to grow as well as our Connectivity enterprise and government sales, and increases in revenue from our Space segment of $290 million due to increases in Launch and Development revenue for work performed on government contracts, and an increase in revenue from our AI segment of $581 million as advertising, Grok and X subscriptions, and data licensing arrangements grew.

收入成本

Cost of Revenue

截至 2025 年 12 月 31 日止年度的收入成本较上一截至 2024 年 12 月 31 日止年度增加 $1,455 百万，增幅 18.2%。该增加主要由于我们互联业务分部的成本增加 $1,153 百万，原因是随着入轨卫星数量增加导致折旧上升以及运营费用上升；以及我们 AI 业务分部的基础设施和云计算成本增加 $491 百万；部分被我们太空业务分部收入成本减少 $189 百万所抵消，原因是 Falcon 运载火箭可重复使用性提高导致折旧降低。

Cost of revenue for the year ended December 31, 2025 increased by $1,455 million, or 18.2%, compared to the prior year ended December 31, 2024. This increase was primarily due to an increase in costs in our Connectivity segment of $1,153 million driven by higher depreciation as the number of satellites placed into orbit grew and higher operating expenses, and higher infrastructure and cloud computing costs of $491 million in our AI segment, partially offset by a decrease in cost of revenue from our Space segment of $189 million due to the increased reusability of our Falcon launch vehicles resulting in lower depreciation.

研发费用

Research and Development

截至 2025 年 12 月 31 日止年度的研发费用较上一截至 2024 年 12 月 31 日止年度增加 $5,179 百万，增幅 149.5%。该增加主要由于我们 AI 业务分部的研发成本增加 $3,888 百万，原因是 AI 数据中心扩建带来的 GPU 硬件折旧和云计算成本；以及我们太空业务分部的研发成本增加 $1,169 百万，原因是对 Starship 运载器的加速投资。

Research and development expense for the year ended December 31, 2025 increased by $5,179 million, or 149.5%, compared to the prior year ended December 31, 2024. This increase was primarily due to higher R&D costs in our AI segment of $3,888 million driven by the depreciation of GPU hardware and the cost of cloud computing as a result of our AI data center expansions and higher R&D costs from our Space segment of $1,169 million driven by accelerated investment in our Starship vehicle.

销售、一般及管理费用

Selling, General, and Administrative

截至 2025 年 12 月 31 日止年度的销售、一般及管理费用较上一截至 2024 年 12 月 31 日止年度增加 $831 百万，增幅 45.8%。该增加主要由于随着我们 AI 业务快速增长，我们 AI 业务分部的员工及设施相关成本和法律费用增加 $722 百万；以及我们互联业务分部的营销成本和国际扩张成本分别增加 $40 百万和 $37 百万。这些增加部分被我们太空业务分部摊入的一般及管理间接费用减少所抵消。

Selling, general, and administrative expense for the year ended December 31, 2025 increased by $831 million, or 45.8%, compared to the prior year ended December 31, 2024. This increase was primarily due to higher employee and facilities-related costs and higher legal expenses for our AI segment of $722 million as our AI business grew rapidly, and higher marketing and international expansion costs of $40 million and $37 million, respectively, for our Connectivity segment. These increases were partially offset by lower allocated general and administrative overhead in our Space segment.

重组费用

Restructuring Charges

截至 2025 年 12 月 31 日止年度的重组费用较上一截至 2024 年 12 月 31 日止年度增加 $274 百万，增幅 128.6%。该增加主要由于与 2022 年实施的人员缩减计划相关的前 Twitter 员工和解所涉额外费用。

Restructuring charges for the year ended December 31, 2025 increased by $274 million, or 128.6%, compared to the prior year ended December 31, 2024. This increase was primarily due to additional expense related to the settlement to former Twitter employees as part of the workforce reduction program implemented in 2022.

减值

Impairment

截至 2025 年 12 月 31 日止年度的减值较上一截至 2024 年 12 月 31 日止年度减少 $25 百万，降幅 39.7%。该减少主要与我们互联业务分部于截至 2024 年 12 月 31 日止年度停产一条 Starlink Kit 生产线有关，2025 年未发生减值；部分被我们太空业务分部于截至 2025 年 12 月 31 日止年度减值增加所抵消，该减值主要与一次着陆后异常有关。

Impairment for the year ended December 31, 2025 decreased by $25 million, or 39.7%, compared to the prior year ended December 31, 2024 . The decrease was primarily related to a discontinuation of a Starlink Kit production line in our Connectivity segment that occurred during the year ended December 31, 2024 with no impairment in 2025, partially offset by an increase in impairment in our Space Segment during the year ended December 31, 2025 primarily related to a post-landing anomaly.

经营利润（亏损）

Income (Loss) from Operations

截至 2025 年 12 月 31 日止年度的经营利润（亏损）较上一截至 2024 年 12 月 31 日止年度减少 $3,055 百万，原因如上文所述。

Income (loss) from operations for the year ended December 31, 2025 decreased by $3,055 million compared to the prior year ended December 31, 2024 driven by the factors described above.

利息费用

Interest Expense

截至 2025 年 12 月 31 日止年度的利息费用较上一年的截至 2024 年 12 月 31 日止年度增加 $365 million，增幅 23.1%。该增加主要由于公司新订立的定期贷款和高级票据，以及我们的 AI 板块在本年度内为 GPU 订立的其他融资安排。

Interest expense for the year ended December 31, 2025 increased by $365 million, or 23.1%, compared to the prior year ended December 31, 2024. This increase was primarily due to new term loans and senior notes entered into by the Company and other financing arrangements for GPUs entered into during the year by our AI segment.

利息收入

Interest Income

截至 2025 年 12 月 31 日止年度的利息收入较上一年的截至 2024 年 12 月 31 日止年度增加 $121 million，增幅 32.6%。该增加主要由于从有价证券和现金等价物赚取的股息收入增加。

Interest income for the year ended December 31, 2025 increased by $121 million, or 32.6%, compared to the prior year ended December 31, 2024. This increase was primarily due to an increase in dividend income earned from marketable securities and cash equivalents.

其他收入（费用）净额

Other Income (Expense), Net

截至 2025 年 12 月 31 日止年度的其他收入（费用）净额较上一年的截至 2024 年 12 月 31 日止年度减少 $1,162 million。该减少主要由于数字资产的未实现亏损。

Other income (expense), net for the year ended December 31, 2025 decreased by $1,162 million, compared to the prior year ended December 31, 2024. This decrease was primarily due to an unrealized loss on digital assets.

所得税费用（收益）

Provision for (Benefit from) Income Taxes

截至 2025 年 12 月 31 日止年度的所得税费用较上一年的截至 2024 年 12 月 31 日止年度增加 $1,267 million。该增加主要由于 2024 年部分估值备抵的释放以及 2025 年估值备抵的计提。截至 2024 年 12 月 31 日止年度，公司释放了公司美国递延所得税资产的部分估值备抵。截至 2024 年 12 月 31 日，公司预计与美国人研发抵免相关的 $659 million 递延所得税资产将在未来被使用。截至 2025 年 12 月 31 日止年度，我们评估了递延所得税资产的可实现性，并基于经永久性差异调整后的累计税前亏损及其他负面证据，转回了截至 2024 年 12 月 31 日止年度确认的收益

Provision for income taxes for the year ended December 31, 2025 increased by $1,267 million compared to the prior year ended December 31, 2024 . The increase was primarily due to a partial valuation allowance release in 2024 and the establishment of a valuation allowance in 2025. For the year ended December 31, 2024, the Company released a partial valuation allowance on the Company’s U.S. deferred tax assets. As of December 31, 2024, the Company forecasted $659 million of deferred tax assets related to U.S. R&D credits would be utilized in the future. For the year ended December 31, 2025, we assessed the realizability of our deferred tax assets and reversed the benefit that was recognized for the year ended December 31, 2024 based on cumulative pretax losses adjusted for permanent

差异及其他负面证据 · . 净利润（亏损） 截至 2025 年 12 月 31 日止年度的净利润（亏损）较上年减少 $5,728 million 截至 2024 年 12 月 31 日止年度，原因如上文所述。

differences and other negative evidence · . Net Income (Loss) Net income (loss) for the year ended December 31, 2025decreased by $5,728 million compared to the prior year ended December 31, 2024 driven by the factors described above.

#### 分部业绩

#### Segment Results

Space

Space

截至 12 月 31 日止年度，

Year Ended December 31,

（单位：百万） · 2025 · 2024 · $ 变动 · % 变动 收入 · $4,086 · $3,796 · $290 · 7.6% 成本和费用 收入成本 · 1,352 · 1,541 · (189) · (12.2)% 研发 · 3,004 · 1,835 · 1,169 · 63.7 % 销售、一般及行政 · 349 · 375 · (26) · (6.9)% 减值 · 38 · 24 · 14 · 61.5 % 成本和费用合计 · $4,743 · $3,775 · $968 · 25.7 % 经营利润（亏损） · $(657) · $21 · $(678) · NM

(in millions) · 2025 · 2024 · $ Change · % Change Revenue · $4,086 · $3,796 · $290 · 7.6% Costs and expenses Cost of revenue · 1,352 · 1,541 · (189) · (12.2)% Research and development · 3,004 · 1,835 · 1,169 · 63.7 % Selling, general, and administrative · 349 · 375 · (26) · (6.9)% Impairment · 38 · 24 · 14 · 61.5 % Total costs and expenses · $4,743 · $3,775 · $968 · 25.7 % Income (loss) from operations · $(657) · $21 · $(678) · NM

_________________

_________________

NM —从正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2025 年 12 月 31 日止年度的收入较上一截至 2024 年 12 月 31 日止年度增加 $290 million，即 7.6%。发射服务收入同比基本持平，而发射与开发收入增加 $298 million。发射与开发收入的增加主要得益于与 NASA 就国际空间站额外货运补给服务（CRS）任务签订的扩展合同所带来的收入增加，以及来自美国战争部一份合同的收入增加。尽管

Revenue for the year ended December 31, 2025 increased by $290 million,or 7.6%, compared to the prior year ended December 31, 2024. Launch Services revenue remained relatively flat year over year, while Launch and Development revenue increased by $298 million. The Launch and Development revenue increase was primarily driven by increased revenue for an extended contract with NASA for additional Cargo Resupply Services (CRS) missions to the International Space Station and increased revenue from a U.S. Department of War contract. While

Falcon 发射总次数增加了 · 31 次，从 2024 年的 134 次增至 · 2025 年的 165 次，太空客户发射次数及平均价格 每次发布的成本同比基本持平。 收入成本 截至 2025 年 12 月 31 日止年度的收入成本较上年减少 $189 million，降幅为 12.2% 截至 2024 年 12 月 31 日止年度。该减少主要由于我们 Falcon 运载火箭可重复使用性的提高 从而使折旧费用减少 $240 million，降低每次发射的成本，并减少 $11 的间接费用 百万。下降还归因于 Starlink 卫星发射次数的相对增加，从 2024 年的 89 次发射增至 2025 年进行了 122 次发射，导致我们相对更多的发射运营和间接费用被资本化计入我们的 互联互通业务分部为 $14 million。该减少被存货超额及 主要由于可重复使用性导致对火箭飞行器和航天器零部件的需求减少，计提了 $51 million 的陈旧储备 有所增加。

total Falcon launches increased by · 31 from 134 in 2024 to · 165 in 2025, Space customer launches and average price per launch remained relatively flat year over year. Cost of Revenue Cost of revenue for the year ended December 31, 2025decreased by $189 million,or 12.2%, compared to the prior year ended December 31, 2024 . This decrease was primarily due increased reusability of our Falcon launch vehicles resulting in lower deprecation of $240 million, lowering the cost of each launch, and lower overhead costs of $11 million. The decrease is also due to the relative increase in Starlink satellite launches from 89 launches in 2024 to 122 launches in 2025, resulting in relatively more of our launch operations and overhead costs capitalized in our Connectivity segment of $14 million. This decrease was partially offset by an increase in inventory excess and obsolescence reserves of $51 million mainly due to less demand on rocket vehicle and spacecraft parts as reusability has increased.

研发

Research and Development

截至 2025 年 12 月 31 日止年度的研发费用较上一截至 2024 年 12 月 31 日止年度增加 $1,169 million，即 63.7%。该增加主要由于生产成本增加 $779 million、发射成本增加 $218 million 以及工程成本增加 $185 million，原因是加速投资于 Starship 运载器的开发以及持续开发生产和发射设施以支持未来的 Starship 发射。

Research and development for the year ended December 31, 2025 increased by $1,169 million,or 63.7%, compared to the prior year ended December 31, 2024. This increase was primarily driven by higher production costs of $779 million, higher launch costs of $218 million, and higher engineering costs of $185 million, due to the accelerated investment in development of the Starship vehicle and continued development of production and launch facilities to support future Starship launches.

销售、一般及行政

Selling, General, and Administrative

截至 2025 年 12 月 31 日止年度的销售、一般及行政费用较上一截至 2024 年 12 月 31 日止年度减少 $26 million，即 6.9%。该减少主要由于分摊的一般及行政间接费用减少 $52 million，部分被员工薪酬费用（包括工资、福利及股份支付薪酬）增加 $16 million 所抵消。

Selling, general, and administrative for the year ended December 31, 2025 decreased by $26 million,or 6.9%, compared to the prior year ended December 31, 2024. This decrease was primarily due to lower allocated general and administrative overhead of $52 million, partially offset by higher employee compensation expenses (including salaries, benefits, and share-based compensation) of $16 million.

减值

Impairment

截至 2025 年 12 月 31 日止年度的减值较上一截至 2024 年 12 月 31 日止年度增加 $14 million，即 61.5%。该增加主要由于年内一枚 Falcon 9 助推器因着陆后异常而发生的一次性减值损失。

Impairment for the year ended December 31, 2025 increased by $14 million,or 61.5%, compared to the prior year ended December 31, 2024. This increase was primarily due to a non-recurring impairment loss on a Falcon 9 booster due to a post-landing anomaly during the year.

经营利润（亏损）

Income (Loss) from Operations

截至 2025 年 12 月 31 日止年度，Space 的经营利润较上一截至 2024 年 12 月 31 日止年度减少 $678 百万，主要受上述因素驱动。

Space income from operations for the year ended December 31, 2025 decreased by $678 million compared to the prior year ended December 31, 2024 driven by the factors described above.

连接业务

Connectivity

截至 12 月 31 日止年度

Year Ended December 31,

（单位：百万） · 2025 · 2024 · $ 变动 · % 变动 收入 · $11,387 · $7,599 · $3,788 · 49.8 % 成本与费用 收入成本 · 5,921 · 4,768 · 1,153 · 24.2 % 研发 · 575 · 453 · 122 · 27.1 % 销售、一般及行政 · 468 · 333 · 135 · 40.4 % 减值 · — · 39 · (39) · NM 成本与费用合计 · $6,964 · $5,593 · $1,371 · 24.5 % 经营利润 · $4,423 · $2,006 · $2,417 · 120.4 %

(in millions) · 2025 · 2024 · $ Change · % Change Revenue · $11,387 · $7,599 · $3,788 · 49.8 % Costs and expenses Cost of revenue · 5,921 · 4,768 · 1,153 · 24.2 % Research and development · 575 · 453 · 122 · 27.1 % Selling, general, and administrative · 468 · 333 · 135 · 40.4 % Impairment · — · 39 · (39) · NM Total costs and expenses · $6,964 · $5,593 · $1,371 · 24.5 % Income from operations · $4,423 · $2,006 · $2,417 · 120.4 %

_________________

_________________

NM —由正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2025 年 12 月 31 日止年度的收入较上一截至 2024 年 12 月 31 日止年度增加$3,788 million，增幅 49.8%。该增长主要由于我们来自以下方面的收入增加$2,377 million 所推动

Revenue for the year ended December 31, 2025 increased by $3,788 million,or 49.8%, compared to the prior year ended December 31, 2024. This increase was primarily driven by an increase of $2,377 million in revenue from our

消费类订阅用户，由以下构成 · Starlink 订阅用户增长 99.9%，被以下因素部分抵消 · Starlink 下降 11.2% 订阅用户 ARPU，主要由于国际扩张以及新增低价服务套餐。此外 连接业务收入因我们的企业和政府客户增加了 $1,411 million， 主要受我们企业连接业务增长 $1,218 million 推动，其中包括我们 移动连接业务增长 $632 million，以及我们政府连接业务增长 $193 million。 收入成本 截至 2025 年 12 月 31 日止年度的收入成本较上一 截至 2024 年 12 月 31 日止年度增加 $1,153 million，即 24.2%。该增加主要由于折旧增加 $827 million，来自

consumer subscribers, composed of · 99.9% growth in Starlink Subscribers, offset by an · 11.2% decline in Starlink Subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans. In addition, Connectivity revenue had an increase of $1,411 million from our enterprise and government customers, primarily driven by the growth in our enterprise connectivity business of $1,218 million inclusive of growth in our mobile connectivity business of $632 million, and growth in our government connectivity business of $193 million. Cost of Revenue Cost of revenue for the year ended December 31, 2025increased by $1,153 million,or 24.2%, compared to the prior year ended December 31, 2024. This increase was primarily due to higher depreciation of $827 million from

运营费用增加 $283 百万，主要受地面运营成本 $134 百万、支付处理商费用 $45 百万、国际扩张 $44 百万、保修成本 $38 百万及员工薪酬费用（包括工资、福利及股份支付薪酬）$12 百万所驱动，以及运费成本增加 $72 百万。

capitalized launch and satellite costs, higher operating expenses of $283 million mainly driven by ground operating costs of $134 million, payment processor fees of $45 million, international expansion of $44 million, warranty costs of $38 million, and employee compensation expenses (including salaries, benefits, and share-based compensation) of $12 million, and higher freight costs of $72 million.

研发

Research and Development

截至 2025 年 12 月 31 日止年度的研发费用较上一截至 2024 年 12 月 31 日止年度增加 $122 百万，即 27.1%。该增加主要由于下一代卫星生产开发成本增加 $84 百万、Starlink Kits 成本增加 $22 百万及地面设备成本增加 $15 百万。

Research and development for the year ended December 31, 2025 increased by $122 million,or 27.1%, compared to the prior year ended December 31, 2024 . This increase was primarily due to higher costs for the next-generation production development of satellites of $84 million, Starlink Kits of $22 million, and ground equipment of $15 million.

销售、一般及行政费用

Selling, General, and Administrative

截至 2025 年 12 月 31 日止年度的销售、一般及行政费用较上一年的截至 2024 年 12 月 31 日止年度增加 $135 百万，增幅 40.4%。该增加主要由于营销成本增加 $40 百万、国际扩张成本增加 $37 百万以及分摊的一般及行政间接费用增加 $67 百万。

Selling, general, and administrative for the year ended December 31, 2025 increased by $135 million,or 40.4%, compared to the prior year ended December 31, 2024. This increase was primarily driven by higher marketing costs of $40 million, higher international expansion costs of $37 million, and higher allocated general and administrative overhead of $67 million.

减值

Impairment

截至 2025 年 12 月 31 日止年度的减值较上一年的截至 2024 年 12 月 31 日止年度减少 $39 百万。该减少主要与 2024 年停产一条 Starlink Kit 生产线有关，2025 年未发生减值。

Impairment for the year ended December 31, 2025 decreased by $39 million compared to the prior year ended December 31, 2024. The decrease was primarily related to the discontinuation of a Starlink Kit production line in 2024 with no impairment in 2025.

经营利润

Income from Operations

截至 2025 年 12 月 31 日止年度的连接业务经营利润较上一年的截至 2024 年 12 月 31 日止年度增加 $2,417 百万，增幅 120.4%，受上述因素驱动。

Connectivity income from operations for the year ended December 31, 2025 increased by $2,417 million,or 120.4%, compared to the prior year ended December 31, 2024 driven by the factors described above.

AI

AI

截至 12 月 31 日止年度，

Year Ended December 31,

（单位：百万） · 2025 · 2024 · $ 变动 · % 变动 收入 · $3,201 · $2,620 · $581 · 22.2 % 成本及费用 收入成本 · 2,178 · 1,687 · 491 · 29.1 % 研发 · 5,064 · 1,176 · 3,888 · 330.8 % 销售、一般及行政费用 · 1,827 · 1,105 · 722 · 65.4 % 重组费用 · 487 · 213 · 274 · 129.1 % 成本及费用合计 · $9,556 · $4,181 · $5,375 · 128.6 % 经营亏损 · $(6,355) · $(1,561) · $(4,794) · 307.1 %

(in millions) · 2025 · 2024 · $ Change · % Change Revenue · $3,201 · $2,620 · $581 · 22.2 % Costs and expenses Cost of revenue · 2,178 · 1,687 · 491 · 29.1 % Research and development · 5,064 · 1,176 · 3,888 · 330.8 % Selling, general, and administrative · 1,827 · 1,105 · 722 · 65.4 % Restructuring charges · 487 · 213 · 274 · 129.1 % Total costs and expenses · $9,556 · $4,181 · $5,375 · 128.6 % Loss from operations · $(6,355) · $(1,561) · $(4,794) · 307.1 %

_________________

_________________

NM —从正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2025 年 12 月 31 日止年度的收入较上一截至 2024 年 12 月 31 日止年度增加 $581 million，增幅 22.2%。该增加主要由于广告收入增加 $116 million，原因是来自 X 上广告合作伙伴的广告支出增加，以及 AI 解决方案与基础设施收入增加 $465 million。AI 解决方案与基础设施收入的增加主要由于 X 和 Grok 订阅收入增加 $365 million 以及数据许可安排收入增加 $88

Revenue for the year ended December 31, 2025 increased by $581 million,or 22.2%, compared to the prior year ended December 31, 2024. This increase was primarily due to an increase in advertising revenue of $116 million as advertising spend increased from advertising partners on X and an increase in AI solutions and infrastructure revenue of $465 million. The increase in AI solutions and infrastructure revenue is mainly due to an increase in X and Grok subscription revenue of $365 million and an increase in revenue from data licensing arrangements of $88

million · 。

million · .

收入成本

Cost of Revenue

截至 2025 年 12 月 31 日止年度的收入成本较上一截至 2024 年 12 月 31 日止年度增加 $491 million，增幅 29.1%。该增加主要由于与订阅收入增长相关的基础设施和云计算成本增加 $412 million、员工薪酬费用（包括工资、福利和股权激励费用）增加 $90 million、收入分成和内容创作者费用增加 $45 million，以及支付处理商费用增加 $28 million，部分被折旧和摊销费用减少 $97 million 所抵消，后者系因 2025 年期间已全部摊销的无形资产摊销费用减少所致。

Cost of revenue for the year ended December 31, 2025 increased by $491 million,or 29.1%, compared to the prior year ended December 31, 2024. This increase was primarily due to higher infrastructure and cloud computing costs of $412 million attributable to increased subscriber revenue, higher employee compensation expenses (including salaries, benefits, and share-based compensation) of $90 million, higher revenue share and content creator fees of $45 million, and higher payment processor fees of $28 million, partially offset by a decrease in depreciation and amortization expense of $97 million driven by a decrease in amortization expense for intangible assets that were fully amortized during 2025.

研发

Research and Development

截至 2025 年 12 月 31 日止年度的研发费用较上一截至 2024 年 12 月 31 日止年度增加 $3,888 million，增幅 330.8%。该增加主要由于 GPU 折旧费用增加 $1,673 million、与算力基础设施建设相关的基础设施和云计算费用增加 $1,440 million，以及员工薪酬费用（包括工资、福利和股权激励费用）和分摊间接费用增加 $775 million。

Research and development for the year ended December 31, 2025 increased by $3,888 million,or 330.8%, compared to the prior year ended December 31, 2024. This increase was primarily due to higher GPU depreciation expense of $1,673 million, higher infrastructure and cloud computing expenses of $1,440 million associated with the build out of our compute infrastructure, and higher employee compensation expenses (including salaries, benefits, and share-based compensation) and allocated overhead costs of $775 million .

销售、一般及行政

Selling, General, and Administrative

截至 2025 年 12 月 31 日止年度的销售、一般及行政费用较上一截至 2024 年 12 月 31 日止年度增加 $722 million，增幅 65.4%。该增加主要由于随着我们持续扩展 AI 业务，员工薪酬费用（包括工资、福利和股权激励费用）增加 $519 million、法律费用增加 $189 million，以及设施和一般及

Selling, general, and administrative for the year ended December 31, 2025 increased by $722 million,or 65.4%, compared to the prior year ended December 31, 2024. This increase was primarily due to higher employee compensation expenses (including salaries, benefits, and share-based compensation) of $519 million as we continue to expand our AI business, higher legal expenses of $189 million, and higher facilities and general and

行政费用 14 百万美元 · 。 重组费用 截至 2025 年 12 月 31 日止年度的重组费用较上一 年度（截至 2024 年 12 月 31 日止年度）增加 274 百万美元，增幅 129.1%。该增加主要由于就 2022 年实施的裁员计划与前 Twitter 员工达成和解而确认的额外费用。 前 Twitter 员工，作为 2022 年实施的裁员计划的一部分。 经营亏损 截至 2025 年 12 月 31 日止年度的 AI 经营亏损较上一 年度（截至 2024 年 12 月 31 日止年度）增加 4,794 百万美元，增幅 307.1%，系上述因素所致。

administrative costs of $14 million · . Restructuring Charges Restructuring charges for the year ended December 31, 2025increased by $274 million or 129.1%, compared to the prior year ended December 31, 2024. This increase was primarily due to additional expense recorded to settle with former Twitter employees as part of the workforce reduction program implemented in 2022. Loss from Operations AI loss from operations for the year ended December 31, 2025 increased by $4,794 million, or 307.1%, compared to the prior year ended December 31, 2024 driven by the factors described above.

#### 截至 2024 年 12 月 31 日止年度与截至 2023 年 12 月 31 日止年度的比较

#### Comparison of the Years Ended December 31, 2024 and 2023

合并经营业绩

Consolidated Results of Operations

截至 12 月 31 日止年度，

Year Ended December 31,

（单位：百万） · 2024 · 2023 · $ 变动 · % 变动 收入 · $14,015 · $10,387 · $3,628 · 34.9 % 成本与费用 收入成本 · 7,996 · 6,110 · 1,886 · 30.9 % 研发 · 3,464 · 2,105 · 1,359 · 64.6 % 销售、一般及行政 · 1,813 · 1,665 · 148 · 8.9% 重组费用 · 213 · 237 · (24) · (10.1)% 减值 · 63 · 3,775 · (3,712) · (98.3)% 成本与费用合计 · 13,549 · 13,892 · (343) · (2.5)% 经营利润（亏损） · 466 · (3,505) · 3,971 · NM 利息费用 · (1,580) · (1,693) · 113 · (6.7)% 利息收入 · 371 · 249 · 122 · 49.0 % 其他收入净额 · 985 · (42) · 1,027 · NM 所得税前利润（亏损） · 242 · (4,991) · 5,233 · NM 所得税收益 · (549) · (363) · (186) · 51.2 % 净利润（亏损） · $791 · $(4,628) · $5,419 · NM

(in millions) · 2024 · 2023 · $ Change · % Change Revenue · $14,015 · $10,387 · $3,628 · 34.9 % Costs and expenses Cost of revenue · 7,996 · 6,110 · 1,886 · 30.9 % Research and development · 3,464 · 2,105 · 1,359 · 64.6 % Selling, general, and administrative · 1,813 · 1,665 · 148 · 8.9% Restructuring charges · 213 · 237 · (24) · (10.1)% Impairment · 63 · 3,775 · (3,712) · (98.3)% Total costs and expenses · 13,549 · 13,892 · (343) · (2.5)% Income (loss) from operations · 466 · (3,505) · 3,971 · NM Interest expense · (1,580) · (1,693) · 113 · (6.7)% Interest income · 371 · 249 · 122 · 49.0 % Other income, net · 985 · (42) · 1,027 · NM Income (loss) before income taxes · 242 · (4,991) · 5,233 · NM Benefit from income taxes · (549) · (363) · (186) · 51.2 % Net income (loss) · $791 · $(4,628) · $5,419 · NM

_________________

_________________

NM —从正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2024 年 12 月 31 日止年度的收入较上一截至 2023 年 12 月 31 日止年度增加 $3,628 百万，增幅 34.9%。该增加主要由于我们的连接业务分部收入增加 $3,730 百万，原因是我们的 Starlink 消费者用户基础持续增长以及我们的连接业务企业及政府销售增长，以及我们的太空业务分部收入增加 $239 百万，原因是 Falcon 9 发射次数增加，部分被因政府合同时间安排导致的发射与开发收入减少所抵消。该增加部分被我们 AI 业务分部收入减少 $341 百万所抵消，原因是广告销售减少，部分被 X 订阅和数据许可安排增加所抵消。

Revenue for the year ended December 31, 2024 increased by $3,628 million, or 34.9%, compared to the prior year ended December 31, 2023. This increase was primarily due to an increase in revenue from our Connectivity segment of $3,730 million as both our Starlink consumer subscriber base continued to grow as well as our Connectivity enterprise and governmentsales, and an increase in revenue from our Space segment of $239 million due to the increase in Falcon 9 launches partially offset by a decrease in Launch and Development revenue due to timing of government contracts. This increase was partially offset by a decrease in revenue from our AI segment of $341 million driven by a decrease in advertising sales, partially offset by an increase in X subscriptions and data licensing arrangements.

收入成本

Cost of Revenue

截至 2024 年 12 月 31 日止年度的收入成本较上一截至 2023 年 12 月 31 日止年度增加 $1,886 百万，增幅 30.9%。该增加主要由于连接业务分部收入成本增加 $1,982 百万，原因是随着交付量增加，Starlink Kits 的销量支出增加，以及因入轨卫星数量增加导致发射成本折旧增加，部分被我们太空业务分部因 Falcon 运载火箭可重复使用性提高带来的成本效率 $128 百万所抵消。

Cost of revenue for the year ended December 31, 2024 increased by $1,886 million, or 30.9%, compared to the prior year ended December 31, 2023. This increase was primarily due to a higher cost of revenue from the Connectivity segment of $1,982 million as a result of the higher volume spend on Starlink Kits as deliveries increased and higher depreciation of launch costs driven by an increase in the number of satellites placed into orbit, partially offset by cost efficiency from increased reusability of our Falcon launch vehicles in our Space segment of $128 million .

研发

Research and Development

截至 2024 年 12 月 31 日止年度的研发较上一截至 2023 年 12 月 31 日止年度增加 $1,359 百万，增幅 64.6%。该增加主要由于我们 AI 业务分部与推进 AI 技术相关的成本增加 $990 百万，以及我们太空业务分部因对 Starship 生产、发射和工程成本及相关设施的投资而增加的成本 $297 百万。

Research and development for the year ended December 31, 2024 increased by $1,359 million, or 64.6%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher cost in our AI segment of $990 million related to advancing our AI technologies and higher costs of $297 million in our Space segment for investment in Starship production, launch and engineering costs, and related facilities.

销售、一般及行政

Selling, General, and Administrative

截至 2024 年 12 月 31 日止年度的销售、一般及管理费用较上一截至 2023 年 12 月 31 日止年度增加 $148 million，增幅 8.9%。该增加主要由于：(i) 国际扩张成本增加 $18 million、员工薪酬费用（包括工资、福利及股份支付薪酬）增加 $11 million，以及我们 Connectivity 板块分摊的一般及管理费用增加 $54 million；以及 (ii) 我们 Space 板块的员工薪酬费用（包括工资、福利及股份支付薪酬）及专业服务费增加 $25 million。

Selling, general, and administrative for the year ended December 31, 2024 increased by $148 million, or 8.9%, compared to the prior year ended December 31, 2023. This increase was primarily due to: (i) higher international expansion costs of $18 million, higher employee compensation expenses (including salaries, benefits, and share-based compensation) of $11 million, and higher allocated general and administrative overhead of $54 million in our Connectivity segment, and (ii) higher employee compensation expenses (including salaries, benefits, and share-based compensation) and professional fees of $25 million in our Space segment.

重组费用

Restructuring Charges

截至 2024 年 12 月 31 日止年度的重组费用较上一截至 2023 年 12 月 31 日止年度减少 $24 million，降幅 10.1%。该减少是由于截至 2023 年 12 月 31 日止年度内因收购 Twitter 而承接的办公租赁减值，部分被与劳动力相关的重组费用增加所抵消。

Restructuring charges for the year ended December 31, 2024 decreased by $24 million, or 10.1%, compared to the prior year ended December 31, 2023. This decrease was due to the impairment on office leases assumed as part of the Twitter acquisition that occurred during the year ended December 31, 2023, partially offset by an increase in workforce-related restructuring charges.

减值

Impairment

截至 2024 年 12 月 31 日止年度的减值较上一截至 2023 年 12 月 31 日止年度减少 $3,712 million，降幅 98.3%。截至 2023 年 12 月 31 日止年度的减值主要与 Twitter 品牌在更名为 X 后发生的减值有关。

Impairment for the year ended December 31, 2024 decreased by $3,712 million, or 98.3%, compared to the prior year ended December 31, 2023. The impairment during the year ended December 31, 2023 was primarily related to the impairment of the Twitter brand following its rebranding to X.

经营利润（亏损）

Income (Loss) from Operations

截至 2024 年 12 月 31 日止年度的经营利润较上一截至 2023 年 12 月 31 日止年度增加 $3,971 million，主要受上述因素驱动。

Income from operations for the year ended December 31, 2024 increased by $3,971 million compared to the prior year ended December 31, 2023 driven by the factors described above.

利息费用

Interest Expense

截至 2024 年 12 月 31 日止年度的利息费用较上一截至 2023 年 12 月 31 日止年度减少 $113 million，降幅 6.7%。该减少主要由于与 X Bridge Credit Facilities 相关的债务发行成本仅在原到期日 2024 年 7 月之前进行摊销，而 2023 年为全年摊销。

Interest expense for the year ended December 31, 2024 decreased by $113 million, or 6.7%, compared to the prior year ended December 31, 2023. This decrease was primarily due to the debt issuance costs related to the X Bridge Credit Facilities being amortized only through July 2024, the original maturity date, as compared to a full year of amortization in 2023.

利息收入

Interest Income

截至 2024 年 12 月 31 日止年度的利息收入较上一截至 2023 年 12 月 31 日止年度增加 $122 million，增幅 49.0%。该增加主要由于有价证券所赚取的股息收入增加。

Interest income for the year ended December 31, 2024 increased by $122 million, or 49.0%, compared to the prior year ended December 31, 2023. This increase was primarily due to an increase in dividend income earned from marketable securities.

其他收入（费用），净额

Other Income (Expense), net

截至 2024 年 12 月 31 日止年度的其他收入（费用）净额较上一截至 2023 年 12 月 31 日止年度增加 $1,027 百万。该增加主要归因于数字资产的未实现收益。

Other income (expense), net for the year ended December 31, 2024 increased by $1,027 million compared to the prior year ended December 31, 2023. This increase was primarily due to an unrealized gain on digital assets.

所得税收益

Benefit from Income Taxes

截至 2024 年 12 月 31 日止年度的所得税收益较上一截至 2023 年 12 月 31 日止年度增加 $186 百万，即 51.2%。该增加主要归因于我们净递延所得税资产可实现性的变化。截至 2024 年 12 月 31 日，我们预计与美国研发抵免相关的额外递延所得税资产将被使用。

Benefit from income taxes for the year ended December 31, 2024 increased by $186 million,or 51.2%, compared to the prior year ended December 31, 2023. This increase was primarily due to the change in the realizability of our net deferred tax assets. As of December 31, 2024, we forecasted additional deferred tax assets related to U.S. R&D credits would be utilized.

净利润（亏损）

Net Income (Loss)

截至 2024 年 12 月 31 日止年度的净利润较上一截至 2023 年 12 月 31 日止年度增加 $5,419 百万，系由上述因素驱动。

Net income for the year ended December 31, 2024 increased by $5,419 million compared to the prior year ended December 31, 2023 driven by the factors described above.

空格

Space

截至 12 月 31 日止年度，

Year Ended December 31,

（单位：百万） · 2024 · 2023 · $ 变动 · % 变动 收入 · $3,796 · $3,557 · $239 · 6.7% 成本及费用 收入成本 · 1,541 · 1,669 · (128) · (7.6)% 研究与开发 · 1,835 · 1,538 · 297 · 19.3 % 销售、一般及行政 · 375 · 351 · 24 · 7.0% 减值 · 24 · — · 24 · NM 成本及费用合计 · $3,775 · $3,558 · $217 · 6.1% 经营利润（亏损） · $21 · $(1) · $22 · NM

(in millions) · 2024 · 2023 · $ Change · % Change Revenue · $3,796 · $3,557 · $239 · 6.7% Costs and expenses Cost of revenue · 1,541 · 1,669 · (128) · (7.6)% Research and development · 1,835 · 1,538 · 297 · 19.3 % Selling, general, and administrative · 375 · 351 · 24 · 7.0% Impairment · 24 · — · 24 · NM Total costs and expenses · $3,775 · $3,558 · $217 · 6.1% Income (loss) from operations · $21 · $(1) · $22 · NM

_________________

_________________

NM —由正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2024 年 12 月 31 日止年度的收入较上一截至 2023 年 12 月 31 日止年度增加 $239 百万，即 6.7%。发射服务收入增加 $620 百万，因 Falcon 发射总数增加

Revenue for the year ended December 31, 2024 increased by $239 million,or 6.7%, compared to the prior year ended December 31, 2023. Launch Services revenue increased by $620 million as total Falcon launches increased by

从 2023 年的 96 次中的 38 次增至 · 2024 年的 134 次，其中发射服务任务增加了 · 8 次。这一增长部分 被 Launch and Development 收入因我们业务活动减少而下降 $381 million 所抵消 国际空间站合同以及来自美国战争部一份合同的收入下降。 收入成本 截至 2024 年 12 月 31 日止年度的收入成本较上一年度减少$128 million，降幅为 7.6% 截至 2023 年 12 月 31 日止年度。该减少主要归因于我们 Falcon 运载火箭可重复使用性的提升 运载工具带来的折旧减少 $80 million，降低了每次发射的成本。该减少还归因于 与 Starlink 卫星发射次数从 2023 年的 63 次增加到 2024 年的 89 次所带来的相对增长有关，从而导致 相对更多的发射运营和间接费用资本化计入我们互联业务板块，金额为 $99 million。 该减少被因 Falcon 增加而上升的 7700 万美元发射间接成本所抵消 推出。 研究与开发 截至 2024 年 12 月 31 日止年度的研发费用较上年增加 $297 million，增幅 19.3%，相比之下 上一财年截至 2023 年 12 月 31 日。该增长主要归因于 159 百万美元的生产成本上升， 6700 万美元的更高发布成本，以及因投资增加而产生的 5600 万美元的更高工程成本 星舰（Starship）飞行器及相关发射设施的发展。 销售、一般及行政 截至 2024 年 12 月 31 日止年度的销售、一般及行政费用增加了 $24 million，即 7.0%, 相比截至 2023 年 12 月 31 日的上一年度。该增长主要归因于员工人数增加 薪酬费用（包括工资、福利和股份支付）及专业服务费 $25 百万 · . 减值 截至 2024 年 12 月 31 日止年度的减值较上一截至年度增加 $24 million 2023 年 12 月 31 日。该增加主要由于一次性事项产生的非经常性减值损失所致 年内经历的发射异常。

38 from 96 in 2023 to · 134 in 2024, with Launch Services missions increasing by · 8. This increase was partially offset by a decrease of $381 million for Launch and Development revenue due to decreased activity in our International Space Station contracts and lower revenue from a U.S. Department of War contract. Cost of Revenue Cost of revenue for the year ended December 31, 2024 decreased by $128 million,or 7.6%, compared to the prior year ended December 31, 2023. This decrease was primarily due to increased reusability of our Falcon launch vehicles resulting in lower depreciation of $80 million, lowering the cost of each launch. The decrease was also due to the relative increase in Starlink satellite launches from 63 launches in 2023 to 89 launches in 2024, resulting in relatively more of our launch operations and overhead costs capitalized in our Connectivity segment of $99 million. This decrease was offset by an increase in launch overhead costs of $77 million due to the increase in Falcon launches. Research and Development Research and development for the year ended December 31, 2024 increased by $297 million,or 19.3%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher production costs of $159 million, higher launch costs of $67 million, and higher engineering costs of $56 million due to the increased investment in the development of the Starship vehicle and related launch facilities. Selling, General, and Administrative Selling, general, and administrative for the year ended December 31, 2024 increased by $24 million,or 7.0%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher employee compensation expenses (including salaries, benefits, and share-based compensation) and professional fees of $25 million · . Impairment Impairment for the year ended December 31, 2024 increased by $24 million compared to the prior year ended December 31, 2023. This increase was primarily due to non-recurring impairment losses resulting from one-time launch anomalies experienced during the year.

经营利润（亏损）

Income (Loss) from Operations

截至 2024 年 12 月 31 日止年度的经营利润（亏损）较上一年的截至 2023 年 12 月 31 日止年度增加 $22 million，受上述因素驱动。

Income (loss) from operations for the year ended December 31, 2024 increased by $22 million compared to the prior year ended December 31, 2023 driven by the factors described above.

互联业务

Connectivity

截至 12 月 31 日止年度，

Year Ended December 31,

（单位：百万美元） · 2024 · 2023 · $ 变动 · % 变动 收入 · $7,599 · $3,869 · $3,730 · 96.4 % 成本及费用 收入成本 · 4,768 · 2,786 · 1,982 · 71.1 % 研发 · 453 · 381 · 72 · 18.8 % 销售、一般及管理费用 · 333 · 233 · 100 · 43.0 % 减值 · 39 · — · 39 · NM 成本及费用合计 · $5,593 · $3,400 · $2,193 · 64.5 % 经营利润 · $2,006 · $469 · $1,537 · 327.4 %

(in millions) · 2024 · 2023 · $ Change · % Change Revenue · $7,599 · $3,869 · $3,730 · 96.4 % Costs and expenses Cost of revenue · 4,768 · 2,786 · 1,982 · 71.1 % Research and development · 453 · 381 · 72 · 18.8 % Selling, general, and administrative · 333 · 233 · 100 · 43.0 % Impairment · 39 · — · 39 · NM Total costs and expenses · $5,593 · $3,400 · $2,193 · 64.5 % Income from operations · $2,006 · $469 · $1,537 · 327.4 %

_________________

_________________

NM —从正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2024 年 12 月 31 日止年度的收入较上一年的截至 2023 年 12 月 31 日止年度增加 $3,730 million，增幅 96.4%。这一增长主要受我们来自……的收入增加 $2,013 million 所驱动

Revenue for the year ended December 31, 2024 increased by $3,730 million,or 96.4%, compared to the prior year ended December 31, 2023. This increase was primarily driven by an increase of$2,013 million in revenue from our

消费者订阅用户，由以下构成 · Starlink 订阅用户增长 96.5%，被以下因素部分抵消 · Starlink 下降 8.1% 订户 ARPU 主要由于国际扩张。此外，连接业务收入增加了 $1,717 million，来自我们的企业和政府客户，主要受我们企业 连接业务增长 $466 million 以及政府连接业务增长 $1,250 million 的推动。 收入成本 截至 2024 年 12 月 31 日止年度的收入成本较上一 截至 2023 年 12 月 31 日止年度增加 $1,982 million，即 71.1%。该增加主要由于 Starlink Kits 的销量支出增加 $907 million，系因套件交付量增加所致，以及折旧增加 $555 million，系因资本化发射和卫星 成本所致，而该等成本增加系因发射次数及入轨卫星数量增加所致。 研发 截至 2024 年 12 月 31 日止年度的研发费用较 截至 2023 年 12 月 31 日止年度增加 $72 million，即 18.8%。该增加主要由于下一代 卫星生产开发的成本增加 $73 million、地面设备成本增加 $4 million，但被 Starlink Kits 成本减少 $4 million 所抵消。 销售、一般及行政 截至 2024 年 12 月 31 日止年度的销售、一般及行政费用较 截至 2023 年 12 月 31 日止年度增加 $100 million，即 43.0%。该增加主要由于国际 扩张成本增加 $18 million、员工薪酬费用（包括工资、福利及股份 支付）增加 $11 million，以及分摊的一般及行政间接费用增加 $54 million。 减值 截至 2024 年 12 月 31 日止年度的减值较截至 2023 年 12 月 31 日止年度增加 $39 million。该增加系因停产某条 Starlink Kit 生产线所致。

consumer subscribers, composed of · 96.5% growth in Starlink Subscribers offset by a · 8.1% decline in Starlink Subscriber ARPU primarily due to international expansion. In addition, Connectivity revenue had an increase of $1,717 million from our enterprise and government customers, primarily driven by the growth in our enterprise connectivity business of $466 million and growth in our government connectivity business of $1,250 million . Cost of Revenue Cost of revenue for the year ended December 31, 2024 increased by $1,982 million,or 71.1%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher volume spend on Starlink Kits of $907 million driven by higher kit deliveries and higher depreciation of $555 million from capitalized launch and satellite costs driven by an increase in the number of launches and satellites placed into orbit. Research and Development Research and development for the year ended December 31, 2024 increased by $72 million,or 18.8%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher costs for the next-generation production development of satellites of $73 million, ground equipment of $4 million, offset by lower costs of $4 million for Starlink Kits. Selling, General, and Administrative Selling, general, and administrative for the year ended December 31, 2024 increased by $100 million,or 43.0%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher international expansion costs of $18 million, higher employee compensation expenses (including salaries, benefits, and share- based compensation) of $11 million, and higher allocated general and administrative overhead of $54 million . Impairment Impairment for the year ended December 31, 2024 increased by $39 million compared to the prior year ended December 31, 2023. This increase was due to a discontinuation of a certain Starlink Kit production line.

经营利润

Income from Operations

截至 2024 年 12 月 31 日止年度的经营利润较上一截至 2023 年 12 月 31 日止年度增加了 1,537 百万美元，即 327.4%，系由上述因素推动。

Income from operations for the year ended December 31, 2024 increased by $1,537 million, or 327.4%, compared to the prior year ended December 31, 2023 driven by the factors described above.

AI

AI

截至 12 月 31 日止年度，

Year Ended December 31,

（单位：百万美元） · 2024 · 2023 · 变动金额 · 变动百分比 收入 · $2,620 · $2,961 · $(341) · (11.5)% 成本和费用 收入成本 · 1,687 · 1,655 · 32 · 1.9% 研究与开发 · 1,176 · 186 · 990 · 531.5 % 销售、一般及行政 · 1,105 · 1,081 · 24 · 2.3% 重组费用 · 213 · 237 · (24) · (10.2)% 减值 · — · 3,775 · (3,775) · NM 成本和费用合计 · $4,181 · $6,934 · $(2,753) · (39.7)% 经营亏损 · $(1,561) · $(3,973) · $2,412 · (60.7)%

(in millions) · 2024 · 2023 · $ Change · % Change Revenue · $2,620 · $2,961 · $(341) · (11.5)% Costs and expenses Cost of revenue · 1,687 · 1,655 · 32 · 1.9% Research and development · 1,176 · 186 · 990 · 531.5 % Selling, general, and administrative · 1,105 · 1,081 · 24 · 2.3% Restructuring charges · 213 · 237 · (24) · (10.2)% Impairment · — · 3,775 · (3,775) · NM Total costs and expenses · $4,181 · $6,934 · $(2,753) · (39.7)% Loss from operations · $(1,561) · $(3,973) · $2,412 · (60.7)%

_________________

_________________

NM —从正值变为负值或零值的绝对百分比比较被视为不具意义。

NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.

收入

Revenue

截至 2024 年 12 月 31 日止年度的收入较上一截至 2023 年 12 月 31 日止年度减少$341 million，降幅为 11.5%。该减少是由于广告收入减少$595 million，部分被 AI 解决方案及基础设施收入增加$254 million 所抵消。广告收入的减少是由于 X 流失了广告合作伙伴。AI 解决方案及基础设施收入的增加是由于 X 订阅收入增加$157 million 以及数据许可安排增加$90 million。2023 年和 2024 年，我们 AI 分部的绝大部分收入由来自 X（前身为 Twitter）的广告、订阅和数据许可收入构成。

Revenue for the year ended December 31, 2024 decreased by $341 million,or 11.5%, compared to the prior year ended December 31, 2023. This decrease was due to a decrease in advertising revenue of $595 million, partially offset by an increase in AI solutions and infrastructure revenue of $254 million . The decrease in advertising revenue was due to the loss of advertising partners for X. The increase in AI solutions and infrastructure was due to an increase in X subscription revenue of $157 million and an increase in data licensing arrangements of $90 million . In 2023 and 2024, substantially all of our AI segment revenue consisted of advertising, subscriptions, and data licensing revenue generated from X, formerly known as Twitter.

收入成本

Cost of Revenue

截至 2024 年 12 月 31 日止年度的收入成本较上一截至 2023 年 12 月 31 日止年度增加$32 million，增幅为 1.9%。该增加主要由于服务器折旧增加$97 million，部分被基础设施及收入分成费用减少$46 million 以及因公司重组和降本措施而减少的员工及设施相关费用$18 million 所抵消。

Cost of revenue for the year ended December 31, 2024 increased by $32 million,or 1.9%, compared to the prior year ended December 31, 2023. This increase was primarily due to higher server depreciation of $97 million, partially offset by lower infrastructure and revenue share expenses of $46 million, and lower employee and facilities-related expenses of $18 million resulting from the Company’s restructuring and cost reduction efforts.

研发

Research and Development

截至 2024 年 12 月 31 日止年度的研发费用较上一截至 2023 年 12 月 31 日止年度增加$990 million，增幅为 531.5%。该增加主要由于为推进我们的 AI 技术而增加的投资，包括员工薪酬费用（含工资、福利及股份支付）和基础设施服务$703 million，以及设备硬件折旧增加$321 million。

Research and development for the year ended December 31, 2024 increased by $990 million,or 531.5%, compared to the prior year ended December 31, 2023. This increase was primarily due to increased investments made in advancing our AI technologies, including employee compensation expenses (including salaries, benefits, and share-based compensation) and infrastructure services of $703 million and higher depreciation of $321 million for our equipment hardware.

销售、一般及行政

Selling, General, and Administrative

截至 2024 年 12 月 31 日止年度的销售、一般及行政费用较上一截至 2023 年 12 月 31 日止年度增加$24 million，增幅为 2.3%。该增加主要由于与 Twitter 品牌成为有限寿命无形资产相关的摊销费用增加$107 million 以及法律费用增加$65 million，部分被因公司重组和降本措施而减少的员工及设施相关成本$125 million 和专业费用$23 million 所抵消。

Selling, general, and administrative for the year ended December 31, 2024 increased by $24 million,or 2.3%, compared to the prior year ended December 31, 2023. This increase was primarily due to an increase in our amortization expense of $107 million related to the Twitter brand becoming a finite-lived intangible asset and higher legal costs of $65 million, partially offset by lower employee and facilities related costs of $125 million and lower professional fees of $23 million resulting from the Company’s restructuring and cost reduction efforts.

重组费用

Restructuring charges

截至 2024 年 12 月 31 日止年度的重组费用较上一截至 2023 年 12 月 31 日止年度减少$24 million，降幅为 10.2%。该减少是由于作为 Twitter 收购一部分而承接的办公室租赁减值主要发生在截至 2023 年 12 月 31 日止年度，部分被劳动力相关重组费用增加所抵消。

Restructuring charges for the year ended December 31, 2024 decreased by $24 million,or 10.2%, compared to the prior year ended December 31, 2023. This decrease was due to the impairment on the office leases assumed as part of the Twitter acquisition that primarily occurred during the year ended December 31, 2023, partially offset by an increase in workforce-related restructuring charges.

减值

Impairment

截至 2024 年 12 月 31 日止年度的减值较上一截至 2023 年 12 月 31 日止年度减少$3,775 million。截至 2023 年 12 月 31 日止年度的减值与 Twitter 品牌在更名为 X 后其无形资产发生减值有关。

Impairment for the year ended December 31, 2024 decreased by $3,775 million compared to the prior year ended December 31, 2023. The impairment during the year ended December 31, 2023 was related to the impairment of the Twitter brand intangible asset following its rebranding to X.

经营亏损

Loss from Operations

截至 2024 年 12 月 31 日止年度的经营亏损较上一截至 2023 年 12 月 31 日止年度减少$2,412 million，降幅为 60.7%，主要受上述因素驱动。

Loss from operations for the year ended December 31, 2024 decreased by $2,412 million, or 60.7%, compared to the prior year ended December 31, 2023 driven by the factors described above.

非 GAAP 财务指标 Non-GAAP Financial Measures

管理层认为，某些未按照 GAAP 列报的财务指标为管理层和投资者提供了有用的补充信息，通过剔除管理层认为不直接反映我们持续经营业绩的项目的影响，使投资者能够有意义地了解我们在各期间的财务状况和经营成果。调整后 EBITDA 和分部调整后 EBITDA 是补充指标，并非 GAAP 要求或按照 GAAP 列报。在评估以调整后 EBITDA 和分部调整后 EBITDA 衡量的业绩时，管理层认识到并考虑了这些指标的局限性。我们行业中的其他公司计算调整后 EBITDA 和分部调整后 EBITDA 的方式可能与我们不同，或者可能根本不计算这些指标，从而限制了它们作为可比指标的有用性。由于这些局限性，调整后 EBITDA 和分部调整后 EBITDA 不应被孤立地看待，也不应被视为净利润（亏损）、经营利润（亏损）或按照 GAAP 计算的任何其他指标的替代，并应与我们的 GAAP 财务指标以及本招股说明书中列示的与最直接可比的相应 GAAP 财务指标的对账一并考虑。

Management believes that certain financial measures that are not presented in accordance with GAAP provide management and investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance. Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures. Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable GAAP financial measures set forth in this prospectus.

调整后 EBITDA 定义为净利润（亏损）剔除（i）折旧和摊销、（ii）股份支付费用、（iii）减值、（iv）重组费用、（v）利息费用、（vi）利息收入、（vii）其他收入（费用）净额和（viii）所得税费用（收益）。分部调整后 EBITDA 定义为分部经营利润（亏损）剔除（i）折旧和摊销、（ii）股份支付费用、（iii）重组费用和（iv）减值。调整后 EBITDA 和分部调整后 EBITDA 是管理层用于评估财务业绩以及内部规划和预测目的的关键业绩指标。我们认为，调整后 EBITDA 和分部调整后 EBITDA 是有意义的业绩指标，可供投资者评估我们的经营业绩并比较各期间的财务结果。

Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) impairment, (iv) restructuring charges, (v) interest expense, (vi) interest income, (vii) other income (expense), net and (viii) provision for income taxes. Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, and (iv) impairment. Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial results between periods.

下表列示了净利润（亏损）（最直接可比的 GAAP 指标）与调整后 EBITDA 的对账：

The following table sets forth a reconciliation of Net income (loss), the most directly comparable GAAP measure, to Adjusted EBITDA:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

（单位：百万） · 2026 · 2025 · 2025 · 2024 · 2023 净利润（亏损） · $(4,276) · $(528) · $(4,937) · $791 · $(4,628) 加（减）： 折旧和摊销 · 2,442 · 1,443 · 6,701 · 3,824 · 2,635 股份支付费用 · 639 · 232 · 1,947 · 784 · 679 重组费用 · (11) · 4 · 487 · 213 · 237 减值 · — · 24 · 38 · 63 · 3,775 利息费用 · 664 · 447 · 1,945 · 1,580 · 1,693 利息收入 · (213) · (117) · (492) · (371) · (249) 其他（收入）费用净额 · 1,876 · 211 · 177 · (985) · 42 所得税费用（收益） · .. · 6 · 14 · 718 · (549) · (363) 调整后 EBITDA · $1,127 · $1,730 · $6,584 · $5,350 · $3,821

(in millions) · 2026 · 2025 · 2025 · 2024 · 2023 Net income (loss) · $(4,276) · $(528) · $(4,937) · $791 · $(4,628) Add (deduct): Depreciation and amortization · 2,442 · 1,443 · 6,701 · 3,824 · 2,635 Share-based compensation · 639 · 232 · 1,947 · 784 · 679 Restructuring charges · (11) · 4 · 487 · 213 · 237 Impairments · — · 24 · 38 · 63 · 3,775 Interest expense · 664 · 447 · 1,945 · 1,580 · 1,693 Interest income · (213) · (117) · (492) · (371) · (249) Other (income) expense, net · 1,876 · 211 · 177 · (985) · 42 Provision for (benefit from) income taxes · .. · 6 · 14 · 718 · (549) · (363) Adjusted EBITDA · $1,127 · $1,730 · $6,584 · $5,350 · $3,821

下表列示了各分部经营利润（亏损）（最直接可比的 GAAP 指标）与分部调整后 EBITDA 的对账：

The following table sets forth a reconciliation of Income (loss) from operations for each segment, the most directly comparable GAAP measure, to Segment Adjusted EBITDA :

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026

2026

（单位：百万） · 太空 · 连接 · AI · 可报告分部合计

(in millions) · Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

经营利润（亏损） · $(662) · $1,188 · $(2,469) · $(1,943) 加： 折旧与摊销 · 166 · 783 · 1,493 · 2,442 股权激励费用 · 145 · 116 · 378 · 639 重组费用 · — · — · (11) · (11) 分部调整后 EBITDA · $(351) · $2,087 · $(609) · $1,127

Income (loss) from operations · $(662) · $1,188 · $(2,469) · $(1,943) Add: Depreciation and amortization · 166 · 783 · 1,493 · 2,442 Share-based compensation · 145 · 116 · 378 · 639 Restructuring charges · — · — · (11) · (11) Segment Adjusted EBITDA · $(351) · $2,087 · $(609) · $1,127

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2025

2025

（单位：百万） · 太空 · 连接 · AI · 可报告分部合计

(in millions) · Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

经营利润（亏损） · $(70) · $1,033 · $(936) · $27 加： 折旧与摊销 · 162 · 510 · 771 · 1,443 股权激励费用 · 108 · 75 · 49 · 232 重组费用 · — · — · 4 · 4 减值 · 24 · — · — · 24 分部调整后 EBITDA · $224 · $1,618 · $(112) · $1,730

Income (loss) from operations · $(70) · $1,033 · $(936) · $27 Add: Depreciation and amortization · 162 · 510 · 771 · 1,443 Share-based compensation · 108 · 75 · 49 · 232 Restructuring charges · — · — · 4 · 4 Impairment · 24 · — · — · 24 Segment Adjusted EBITDA · $224 · $1,618 · $(112) · $1,730

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2025

2025

（单位：百万） · 太空 · 连接 · AI · 报告分部合计

(in millions) · Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

经营利润（亏损） · $(657) · $4,423 · $(6,355) · $(2,589) 加： 折旧与摊销 · 757 · 2,376 · 3,568 · 6,701 股权激励费用 · 515 · 369 · 1,063 · 1,947 重组费用 · — · — · 487 · 487 减值 · 38 · — · — · 38 分部调整后 EBITDA · $653 · $7,168 · $(1,237) · $6,584

Income (loss) from operations · $(657) · $4,423 · $(6,355) · $(2,589) Add: Depreciation and amortization · 757 · 2,376 · 3,568 · 6,701 Share-based compensation · 515 · 369 · 1,063 · 1,947 Restructuring charges · — · — · 487 · 487 Impairment · 38 · — · — · 38 Segment Adjusted EBITDA · $653 · $7,168 · $(1,237) · $6,584

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2024

2024

（单位：百万） · 太空 · 连接 · AI · 报告分部合计

(in millions) · Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

经营利润（亏损） · $21 · $2,006 · $(1,561) · $466 加： 折旧与摊销 · 637 · 1,508 · 1,679 · 3,824 股权激励费用 · 472 · 296 · 16 · 784 重组费用 · — · — · 213 · 213 减值 · 24 · 39 · — · 63 分部调整后 EBITDA · $1,154 · $3,849 · $347 · $5,350

Income (loss) from operations · $21 · $2,006 · $(1,561) · $466 Add: Depreciation and amortization · 637 · 1,508 · 1,679 · 3,824 Share-based compensation · 472 · 296 · 16 · 784 Restructuring charges · — · — · 213 · 213 Impairment · 24 · 39 · — · 63 Segment Adjusted EBITDA · $1,154 · $3,849 · $347 · $5,350

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2023

2023

（单位：百万） · 太空 · 连接 · AI · 报告分部合计

(in millions) · Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

经营（亏损）收入 · $(1) · $469 · $(3,973) · $(3,505) 加： 折旧与摊销 · 571 · 884 · 1,180 · 2,635 股份支付费用 · 427 · 249 · 3 · 679 重组费用 · — · — · 237 · 237 减值 · — · — · 3,775 · 3,775 分部调整后 EBITDA · $997 · $1,602 · $1,222 · $3,821

Income (loss) from operations · $(1) · $469 · $(3,973) · $(3,505) Add: Depreciation and amortization · 571 · 884 · 1,180 · 2,635 Share-based compensation · 427 · 249 · 3 · 679 Restructuring charges · — · — · 237 · 237 Impairment · — · — · 3,775 · 3,775 Segment Adjusted EBITDA · $997 · $1,602 · $1,222 · $3,821

流动性与资本资源 Liquidity and Capital Resources

我们的主要流动性来源为经营活动产生的现金流、截至 2026 年 3 月 31 日的现金及现金等价物总额 15,852 百万美元、截至 2026 年 3 月 31 日的短期有价证券 7,823 百万美元，以及我们信贷额度项下的借款。截至 2026 年 3 月 31 日，我们在 SpaceX 信贷额度项下尚有 1,500 百万美元可供借入。我们核心业务产生的现金也使我们能够为研发项目提供资金，包括我们的 Starship 火箭和下一代卫星、未来数据中心的建设，以及我们 AI 赋能产品的持续扩张。

Our primary sources of liquidity are cash flows generated from operations, our total cash and cash equivalents of $15,852 million as of March 31, 2026, short-term marketable securities of $7,823 million as of March 31, 2026, and borrowings under our credit facilities. As of March 31, 2026, we have $1,500 million available to borrow under the SpaceX Credit Facility. The cash we generate from our core operations also enables us to fund our research and development projects including our Starship rocket and next-generation satellites, the construction of future data centers, and the continued expansion of our AI-enabled products.

此外，由于我们预计未来支出的很大一部分将用于为增长计划提供资金，我们保留在各分部之间调整支出的灵活性。例如，如果我们的近期数据中心需求规模下降或爬坡速度慢于预期（包括由于全球经济、税收、贸易或商业状况所致），我们可能减少该分部未来的资本支出，并根据业务优先级和增长机会将这些支出重新分配至其他分部。此外，我们持续评估我们的现金需求，并可能决定最好通过现有或新增债务融资项下提款等方式筹集额外资本或寻求替代融资来源，以为我们业务的快速增长提供资金。我们可能寻求对 SpaceX 过桥贷款进行再融资，包括使用票据发行所得款项、银行借款或其他财务安排。我们还可能不时认定提前自愿偿还某些债务符合我们的最佳利益。

In addition, because we expect a significant portion of our future expenditures to fund growth initiatives, we retain flexibility to adjust spending across segments. For example, if our near-term data center needs decrease in scale or ramp more slowly than expected, including due to global economic, tax, trade or business conditions, we may reduce future capital expenditures in this segment and reallocate those expenditures to other segments based on business priorities and growth opportunities. In addition, we continually evaluate our cash needs and may decide it is best to raise additional capital or seek alternative financing sources to fund the rapid growth of our business, including through drawdowns on existing or new debt facilities. We may seek to refinance the SpaceX Bridge Loan, including with the proceeds from notes offerings, bank borrowings, or other financial arrangements. We may also from time to time determine that it is in our best interests to voluntarily repay certain indebtedness early.

因此，我们认为我们拥有充足的资金来源，可满足自合并财务报表发布之日起至少未来十二个月的业务需求。

Accordingly, we believe we have sufficient sources of funding to meet our business requirements for at least the next twelve months from the issuance of the consolidated financial statements.

#### 债务协议

#### Debt Agreements

SpaceX 信贷额度

SpaceX Credit Facility

2025 年 2 月，SpaceX 与一个银行银团签订了为期五年的高级无抵押循环信贷协议，根据该协议，公司可借入最高 1,500 百万美元（“SpaceX 信贷额度”）。SpaceX 信贷额度受若干惯常陈述、保证、契约和违约事件约束，其中包括一项最高财务契约，要求公司在每个财季末维持不高于 3.75 比 1.0 的合并杠杆率（SpaceX 信贷额度中定义）（在发生某些合格收购后可临时提高至 4.25 比 1.0），以及其他惯常报告要求。SpaceX 信贷额度还包括最高 150 百万美元的财务信用证分限额和最高 1,000 百万美元的履约信用证分限额。除非各方按照 SpaceX 信贷额度条款约定展期，SpaceX 信贷额度将于 2030 年 2 月 7 日终止，届时所有未偿还贷款到期应付。截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，SpaceX 信贷额度项下无未偿还金额。

In February 2025, SpaceX entered into a five-year senior unsecured revolving credit agreement with a syndicate of banks, under which the Company may borrow up to $1,500 million (“SpaceX Credit Facility”). The SpaceX Credit Facility is subject to certain customary representations, warranties, covenants, and events of default, including a maximum financial covenant requiring the Company to maintain a Consolidated Leverage Ratio (as defined in the SpaceX Credit Facility) of no greater than 3.75 to 1.0 as of the end of each fiscal quarter (subject to temporary increases to 4.25 to 1.0 following certain qualified acquisitions) and other customary reporting requirements. The SpaceX Credit Facility also includes sublimits of up to $150 million for financial letters of credit and up to $1,000 million for performance letters of credit. The SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on February 7, 2030, unless the parties agree to an extension in accordance with the terms of the SpaceX Credit Facility. As of March 31, 2026 and December 31, 2025, no amounts were outstanding under the SpaceX Credit Facility.

SpaceX 信贷融资项下的借款按公司选择，以年利率计息，利率等于 (i) 基于 SOFR 的前瞻性期限利率（“Term SOFR”）加上 0.75% 至 1.25% 的适用利差（取决于公司的债务评级），或 (ii) 基准利率，即以下各项中的最高者：(a) 联邦基金利率加 0.5%，(b) 最优惠利率，(c) Term SOFR 加 1.00%，以及 (d) 1.00% 加上 0.0% 至 0.25% 的适用利差（取决于公司的债务评级）。公司还可以多种替代货币借款，英镑计价贷款的利息按基于 SONIA 的利率计算，欧元计价贷款的利息按基于 EURIBOR 的利率计算，另加适用利差。此外，公司就 SpaceX 信贷融资的未使用部分支付承诺费，根据公司债务评级，年费率为 0.07%（根据下文所述经修订的 SpaceX 信贷融资，修订为 0.06%）至 0.11%。截至 2026 年 3 月 31 日，公司遵守了 SpaceX 信贷融资项下的所有契约。

Borrowings under the SpaceX Credit Facility bear interest, at the Company’s option, at a rate per annum equal to (i) a forward-looking term rate based on SOFR (“Term SOFR”) plus an applicable margin ranging from 0.75% and 1.25% (depending on the Company’s debt rating), or (ii) a base rate equal to the highest of (a) Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.00%, and (d) 1.00% plus an applicable margin ranging from 0.0% and 0.25% (depending on the Company’s debt rating). The Company may also borrow in various alternative currencies, with interest calculated at rates based on SONIA for Pound Sterling-denominated loans and EURIBOR for Euro-denominated loans, plus an applicable margin. In addition, the Company pays a commitment fee on the unused portion of the SpaceX Credit Facility, which ranges from 0.07% (amended to 0.06% under the Amended SpaceX Credit Facility described below) to 0.11% per annum based on the Company’s debt rating. As of March 31, 2026, the Company was in compliance with all covenants under the SpaceX Credit Facility.

2026 年 3 月，就公司订立 SpaceX 过桥贷款（定义见下文）事宜，公司与贷款方订立了《信贷协议第一修正案及豁免》（“第一修正案”）。第一修正案除其他事项外，(i) 豁免了某些特定违约，并 (ii) 修订了 SpaceX 信贷融资项下的某些定义和契约，以与 SpaceX 过桥贷款的条款保持一致。

In March 2026, the Company entered into a First Amendment to Credit Agreement and Waiver (the “First Amendment”) with its lenders, in connection with the Company’s entry into the SpaceX Bridge Loan (as defined below). The First Amendment, among other things, (i) waived certain specified defaults and (ii) amended certain definitions and covenants under the SpaceX Credit Facility to conform to the terms of the SpaceX Bridge Loan.

2026 年 5 月，SpaceX 修订了 SpaceX 信贷融资，将借款能力提高至最高 $5,000 million（“经修订的 SpaceX 信贷融资”）。作为经修订的 SpaceX 信贷融资的一部分，履约信用证的子限额提高至 $2,000 million。除非各方按照经修订的 SpaceX 信贷融资的条款同意展期，否则经修订的 SpaceX 信贷融资于 2031 年 5 月 19 日终止，所有未偿还贷款届时到期应付。所有其他条款与 SpaceX 信贷融资的条款一致。

In May 2026, SpaceX amended the SpaceX Credit Facility to increase the borrowing capacity up to $5,000 million (“Amended SpaceX Credit Facility”). As part of the Amended SpaceX Credit Facility, the sublimit for performance letters of credit was increased to $2,000 million. The Amended SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on May 19, 2031, unless the parties agree to an extension in accordance with the terms of the Amended SpaceX Credit Facility. All other terms were consistent with the terms of the SpaceX Credit Facility.

SpaceX 过桥贷款

SpaceX Bridge Loan

2026 年 3 月，SpaceX 与一个贷款方银团订立了一项新的过桥贷款信贷协议（“SpaceX 过桥贷款”），提供本金总额为 $20,000 million 的无担保过桥定期贷款融资。SpaceX 过桥贷款于 2027 年 9 月 2 日到期，公司可选择进行两次三个月的展期，前提是不存在持续违约，且每次展期须支付相当于未偿还本金总额 0.25% 的展期费，最终展期到期日为 2028 年 3 月。

In March 2026, SpaceX entered into a new bridge loan credit agreement (the “SpaceX Bridge Loan”) with a syndicate of lenders, providing for an unsecured bridge term loan facility in an aggregate principal amount of $20,000 million. The SpaceX Bridge Loan matures on September 2, 2027, with two three-month extensions at the Company’s option, subject to the absence of a continuing default and the payment of an extension fee of 0.25% of the aggregate outstanding principal per extension, resulting in a final extended maturity date of March 2028.

SpaceX 过桥贷款的所得款项用于偿还 X B-1 定期贷款、X B-3 定期贷款、xAI 固定利率贷款、xAI 浮动利率贷款及 xAI 12.5% 优先担保票据（定义及描述见本招股说明书其他部分所载合并财务报表附注 10“债务”）。公司还可将剩余所得款项用于一般公司用途。

The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes (as defined and described in Note 10, Debt, to the consolidated financial statements included elsewhere in this prospectus). The Company may also use the remaining proceeds for general corporate purposes.

SpaceX 过桥贷款按公司选择计息，年利率等于 (i) Term SOFR 加上 0.75%-1.75% 的适用利差（取决于公司的债务评级），或 (ii) 基准利率，其等于

The SpaceX Bridge Loan bears interest, at the Company’s election, at a rate per annum equal to (i) Term SOFR plus an applicable margin ranging from 0.75%-1.75% (depending on the Company’s debt rating), or (ii) a base rate equal

以下最高者：(a) 联邦基金利率加 · 0.5%，(b) 最优惠利率，(c) Term SOFR 加 · 1.0%，以及 (d) 1.00%， 再加上 0.00% 至 0.75% 的适用利差（取决于公司的债务评级）。此外， 公司有义务支付期限费，金额为交割一周年时未偿本金的 0.125%， 以及交割十五个月周年时未偿本金的 0.25%。截至 2026 年 3 月 31 日， 公司遵守了 SpaceX 过桥贷款项下的所有契约。 公司在 SpaceX 过桥贷款项下的义务由 X Corp.、X.AI LLC 和 CTC Property LLC（均为公司的子公司）以连带责任方式提供担保。SpaceX 过桥贷款可 随时全部或部分提前偿还，无需支付溢价或罚金。公司须将金额

to the highest of (a) the Federal Funds Rate plus · 0.5%, (b) the Prime Rate, (c) Term SOFR plus · 1.0% and (d) 1.00%, plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt rating). In addition, the Company is obligated to pay duration fees equal to 0.125% of outstanding principal on the first anniversary of closing and 0.25% of outstanding principal on the fifteen-month anniversary of closing. As of March 31, 2026, the Company was in compliance with all covenants under the SpaceX Bridge Loan. The obligations of the Company under the SpaceX Bridge Loan are guaranteed on a joint and several basis by X Corp., X.AI LLC, and CTC Property LLC (each a subsidiary of the Company). The SpaceX Bridge Loan may be prepaid at any time, in whole or in part, without premium or penalty. The Company is required to use an amount

等于某些债务融资的净现金收益用于偿还 SpaceX 过桥贷款项下的未偿金额，并须将合格首次公开发行（包括本次发行）的净收益中的一笔金额，在收到该等收益后六个月内用于偿还该等金额。

equal to the net cash proceeds of certain debt financings to repay amounts outstanding under the SpaceX Bridge Loan and to apply an amount equal to the net proceeds of a qualified initial public offering, including this offering, to repay such amounts within six months following receipt of such proceeds .

SpaceX 过桥贷款包含惯常的违约事件以及肯定性和否定性契约，包括对留置权、子公司债务、根本性变更（包括禁止处置 Starlink 资产及合并集团以外的其他重大业务）以及公司业务性质变更的限制。唯一的财务维持契约要求公司维持合并杠杆率——定义为合并融资债务（扣除 85% 的非受限现金）与合并 EBITDA（按 SpaceX 过桥贷款中的定义）之比——在每个财季末不高于 3.75 比 1.0，并在完成至少 $1.0 billion 的合格收购后四个财季内临时上调至 4.25 比 1.0。

The SpaceX Bridge Loan contains customary events of default and affirmative and negative covenants, including restrictions on liens, subsidiary indebtedness, fundamental changes (including a prohibition on the disposition of Starlink assets and other material businesses outside the consolidated group), and changes in the nature of the Company’s business. The sole financial maintenance covenant requires the Company to maintain a Consolidated Leverage Ratio — defined as consolidated funded indebtedness (net of 85% of unrestricted cash) to Consolidated EBITDA (as defined in the SpaceX Bridge Loan) — of no greater than 3.75 to 1.0 as of the end of each fiscal quarter, with a temporary step-up to 4.25 to 1.0 for four fiscal quarters following a qualifying acquisition of at least $1.0 billion.

#### 重大现金承诺

#### Material Cash Commitments

在日常经营过程中，我们不时与供应商签订协议，采购用于制造产品的零部件和原材料。然而，由于合同条款、我们开发和生产爬坡的精确增长曲线存在可变性，以及重新协商定价的机会，这些合同通常没有长期具有约束力和可强制执行的采购订单，短期之后的采购订单的时间和规模难以准确预测。由于我们对此类零部件和原材料没有长期采购订单，未来的采购可能导致重大现金承诺。有关此风险的更多信息，请参阅本招股说明书中的“风险因素”。

From time to time in the ordinary course of business, we enter into agreements with suppliers for the purchase of parts and raw materials to manufacture our products. However, due to contractual terms, variability in the precise growth curves of our development and production ramps, and opportunities to renegotiate pricing, these contracts generally do not have long-term binding and enforceable purchase orders, and the timing and magnitude of purchase orders beyond the short term is difficult to accurately project. Because we do not have long-term purchase orders for these parts and raw materials, future purchases may result in material cash commitments. For additional information about this risk, please refer to “Risk Factors” in this prospectus.

2025 年 9 月 7 日，本公司与内华达州商业信托 Spectrum Business Trust 2025-1（“信托”）及 EchoStar Corporation（“EchoStar”）签订了一份许可购买协议（“频谱许可购买协议”），以购买 EchoStar 与 50 MHz 频谱相关的许可（“AWS-4 及 H-Block 许可”，连同其拟进行的交易，称“频谱交易”）。2025 年 11 月 5 日，各方修订并重述了频谱许可购买协议，以纳入 EchoStar 最多 15 MHz 额外非成对 AWS-3 频谱的许可（连同 AWS-4 及 H-Block 许可，合称“频谱许可”）。

On September 7, 2025, the Company entered into a License Purchase Agreement (the “Spectrum License Purchase Agreement”) with Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”) and EchoStar Corporation (“EchoStar”) for the purchase of EchoStar’s licenses related to 50 MHz of spectrum (the “AWS-4 and H-Block Licenses” and the transactions contemplated thereby, “Spectrum Transaction”). On November 5, 2025 the parties amended and restated the Spectrum License Purchase Agreement to include EchoStar’s licenses for up to 15 MHz of additional unpaired AWS-3 spectrum (together with the AWS-4 and H-Block Licenses, the “Spectrum Licenses”) .

收购频谱许可的总对价约为$19.6 billion，包括(i)约$11.1 billion 的股权对价，通过按每股$42.40 的固定价值发行约 261.8 million 股本公司的 A 类普通股支付，以及(ii)最多$8.5 billion 用于清偿 EchoStar 指定债务，低于$8.5 billion 的任何差额将以现金支付。现金与股权对价的分配可根据交割时或之前清偿的 EchoStar 债务金额进行若干调整。频谱许可购买协议规定，频谱许可的转让分两步进行：首先，由 EchoStar 将频谱许可转让给信托（“频谱转让交割”）；其次，频谱许可将由信托转让给本公司（“频谱收购交割”）。在频谱收购交割时，若届时已取得所需监管批准，境外资产将直接转让给本公司；但未能取得该等批准不会延迟或阻止频谱收购交割。

The total consideration for the acquisition of the Spectrum Licenses is approximately $19.6 billion, consisting of (i) approximately $11.1 billion in equity, payable through the issuance of approximately 261.8 million shares of the Company’s Class A common stock at a fixed value of $42.40 per share, and (ii) up to $8.5 billion related to the payoff of designated EchoStar debt, with any shortfall below $8.5 billion to be paid in cash. The allocation of cash and equity consideration is subject to certain adjustments based on the amount of EchoStar debt satisfied at or prior to closing. The Spectrum License Purchase Agreement provides that the transfer of the Spectrum Licenses occurs in two steps: first, the transfer of the Spectrum Licenses by EchoStar to the Trust (the “Spectrum Transfer Closing”), and second, the Spectrum Licenses will be transferred by the Trust to the Company (the “Spectrum Acquisition Closing”). The Foreign Assets will be transferred directly to the Company at the Spectrum Acquisition Closing, to the extent the required regulatory approvals have been obtained by such date; provided, however, that the failure to obtain such approvals will not delay or prevent the Spectrum Acquisition Closing.

就频谱许可购买协议而言，本公司与信托签订了信贷协议（“频谱信贷协议”），据此，本公司已同意在频谱转让交割时向信托付款（通过拟按六个月间隔豁免的贷款），以便信托至少至 2027 年 11 月 30 日、但无论如何不迟于 2028 年 11 月 30 日支付 EchoStar 债务（仅利息）。尽管该等付款在结构上为本公司向信托提供的贷款，但预计不会获得偿还，因为贷款付款被豁免并作为收购频谱许可的额外对价进行会计处理。因此，该等付款在频谱收购交割前确认为预付资产，在频谱收购交割时确认为无形资产。假设预期交割日为 2027 年 11 月 30 日，频谱信贷协议项下预计付款总额为 2026 年$1,241 million 及 2027 年$828 million。若频谱收购交割于 2028 年 11 月 30 日发生，本公司可能需要额外支付合计$827 million。

In connection with the Spectrum License Purchase Agreement, the Company and the Trust entered into a credit agreement (the “Spectrum Credit Agreement”), pursuant to which the Company has agreed upon the Spectrum Transfer Closing, to make payments to the Trust (via loans which are contemplated to be forgiven at six-month intervals), for the Trust to make payments on EchoStar’s debt (interest only) through at least November 30, 2027, but in no event later than November 30, 2028. Although these payments are structured as loans from the Company to the Trust, there is no expectation of repayment as the loan payments are forgiven and are accounted for as additional consideration for the acquisition of the Spectrum Licenses. Accordingly, the payments are recognized as prepaid assets until the Spectrum Acquisition Closing at which point they will be recognized as intangible assets. Total payments expected to be made under the Spectrum Credit Agreement are $1,241 million in 2026 and $828 million in 2027, assuming an expected closing date of November 30, 2027. The Company may need to make additional payments totaling $827 million if the Spectrum Acquisition Closing occurs at November 30, 2028.

频谱交易已于 2026 年 5 月 12 日获得 FCC 批准，频谱转让交割于 2026 年 5 月 22 日完成。在该日，频谱许可证被转让至信托，并将一直保留在该信托中，直至频谱收购交割。交割时，公司拟使用手头现金及现金等价物，或寻求其他融资来源，为向 EchoStar 支付的现金对价提供资金。$11.1 billion 的股权对价将在频谱收购交割时发行。

The Spectrum Transaction was approved by the FCC on May 12, 2026, and the Spectrum Transfer Closing occurred on May 22, 2026. On that date, the Spectrum Licenses were transferred to the Trust, where they will remain until the Spectrum Acquisition Closing. Upon closing, the Company intends to either use cash and cash equivalents on hand or seek alternative financing sources to fund the cash payment to EchoStar. The $11.1 billion equity consideration will be issued at the Spectrum Acquisition Closing.

截至 2026 年 3 月 31 日，我们及我们的子公司未偿债务本金总额为 $29,132 million，且如果我们选择不展期，则直至 2027 年 8 月 28 日才需支付债务本金。截至 2026 年 3 月 31 日，我们的最低租赁付款总额为 $5,823 million，其中 $1,026 million 于本财年内到期。有关我们的债务及租赁义务的详情，请参阅本招股说明书其他部分所载我们经审计合并财务报表附注 10“债务”和附注 11“租赁”，以及我们未经审计合并财务报表附注 9“债务”。

As of March 31, 2026, we and our subsidiaries had outstanding$29,132 million in aggregate principal amount of indebtedness and no debt principal payments are due until August 28, 2027 if we choose not to extend. As of March 31, 2026, our total minimum lease payments was $5,823 million, of which$1,026 million is due within this fiscal year. For details regarding our indebtedness and lease obligations, refer to Note 10, Debt, and Note 11, Leases of our audited consolidated financial statements and Note 9, Debt of our unaudited consolidated financial statements included elsewhere in this prospectus.

现金流量摘要

Summary of Cash flows

下表概述了所示期间的现金流量：

The following table summarizes our cash flows for the periods indicated:

**截至 3 月 31 日的三个月，**

**Three Months Ended March 31,**

（百万计） · 2026 · 2025 · 2025 · 2024 · 2023 提供（用于）的净现金 经营活动 · $1,047 · $727 · $6,785 · $5,776 · $4,520 投资活动 · $(16,724) · $(4,170) · $(19,575) · $(10,796) · $(4,867) 融资活动 · $7,125 · $354 · $26,350 · $11,830 · $422

(in millions) · 2026 · 2025 · 2025 · 2024 · 2023 Net cash provided by (used in) Operating activities · $1,047 · $727 · $6,785 · $5,776 · $4,520 Investing activities · $(16,724) · $(4,170) · $(19,575) · $(10,796) · $(4,867) Financing activities · $7,125 · $354 · $26,350 · $11,830 · $422

#### 经营活动

#### Operating Activities

经营活动提供的现金净额从截至 2025 年 3 月 31 日止三个月的 $727 million 增加 $320 million，至截至 2026 年 3 月 31 日止三个月的 $1,047 million。该增加主要由于来自我们太空与连接业务客户预付款的递延收入营运资金增加 $1,153 million，部分被剔除非现金项目后的净利润下降所抵消。

Net cash provided by operating activities increased by $320 million from $727 million during the three months endedMarch 31, 2025 to $1,047 million during the three months endedMarch 31, 2026. This increase was primarily driven by an increase in working capital for deferred revenue of $1,153 million from upfront payments from our Space and Connectivity customers, partially offset by lower net income exclusive of non-cash items.

经营活动提供的现金净额从截至 2024 年 12 月 31 日止年度的 $5,776 million 增加 $1,009 million，至截至 2025 年 12 月 31 日止年度的 $6,785 million。该增加主要由于剔除非现金项目后的净利润上升，以及随着我们持续扩大基础设施及付款时点安排，应付账款和其他负债增加 $1,080 million，同时来自我们航空客户预付款所收现金的递延收入增加。该增加部分被 $449 million

Net cash provided by operating activities increased by $1,009 million from $5,776 million during the year ended December 31, 2024 to $6,785 million during the year ended December 31, 2025. This increase was primarily driven by higher net income exclusive of non-cash items and an increase of $1,080 million for accounts payable and other liabilities as we continue to expand our infrastructure and timing of payments, and higher deferred revenue from cash received from upfront payments from our aviation customers. This increase was partially offset by $449 million

用于更高的预付费用和存货 · 。 经营活动提供的现金净额增加了 $1,256 million，从截至 2023 年 12 月 31 日止年度的 $4,520 million 增至截至 2024 年 12 月 31 日止年度的 $5,776 million。这一增长主要受 非现金项目以外的净利润增加所推动，部分被因我们收入增长及 Starlink Kits 生产而增加的 $628 million 存货及预付 费用和其他资产所抵消。

for higher prepaid expenses and inventory · . Net cash provided by operating activities increased by $1,256 million from $4,520 million during the year ended December 31, 2023 to $5,776 million during the year ended December 31, 2024. This increase was primarily driven by higher net income exclusive of non-cash items, partially offset by $628 millionfor higher inventory and prepaid expenses and other assets due to increase in our revenue and production of Starlink Kits.

#### 投资活动

#### Investing Activities

投资活动所用现金净额增加 $12,554 百万，由截至 2025 年 3 月 31 日止三个月的 $4,170 百万增至截至 2026 年 3 月 31 日止三个月的 $16,724 百万。该增加主要由于与数据中心及相关基础设施、以及航天发射设施及相关基础设施的建设相关的资本支出增加 $5,967 百万，以及本期购买有价证券增加 $7,489 百万。该增加被现金增加部分抵消

Net cash used in investing activities increased by $12,554 million from $4,170 million during the three months endedMarch 31, 2025 to $16,724 million during the three months endedMarch 31, 2026. This increase was primarily driven by an increase in capital expenditures of $5,967 million related to the build out of data centers and related infrastructure, and space launch facilities and related infrastructure, as well as an increase in purchases of marketable securities of $7,489 million in the period. This increase was partially offset by an increase in cash

收到产品返利 $1,195 million · . 投资活动所用现金净额增加 $8,779 million，由截至 2024 年 12 月 31 日止年度的 $10,796 million 增至截至 2025 年 12 月 31 日止年度的 $19,575 million。该增加主要 由与数据中心及相关设施建设相关的资本支出增加 $9,574 million 所驱动

received from product rebates of $1,195 million · . Net cash used in investing activities increased by $8,779 million from $10,796 million during the year ended December 31, 2024 to $19,575 million during the year ended December 31, 2025. This increase was primarily driven by an increase in capital expenditures of $9,574 million related to the build out of data centers and related

基础设施、以及航天发射设施及相关基础设施，部分被收到的现金净增加所抵消

infrastructure, and space launch facilities and related infrastructure, partially offset by a net increase in cash received

来自有价证券 $1,264 million · 。 投资活动所用现金净额增加 $5,929 million，由截至 2023 年 12 月 31 日止年度的 $4,867 million 增至截至 2024 年 12 月 31 日止年度的 $10,796 million。该增加主要 由与数据中心及相关设施建设相关的资本支出增加 $6,748 million 所驱动

from marketable securities of $1,264 million · . Net cash used in investing activities increased by $5,929 million from $4,867 million during the year ended December 31, 2023 to $10,796 million during the year ended December 31, 2024. This increase was primarily driven by an increase in capital expenditures of $6,748 million related to the build out of data centers and related

基础设施、以及航天发射设施及相关基础设施，部分被收到的现金增加所抵消

infrastructure, and space launch facilities and related infrastructure, partially offset by an increase in cash received

就有价证券到期收到的现金 $981 百万 · 。

for the maturities of marketable securities of $981 million · .

#### 融资活动

#### Financing Activities

融资活动提供的现金净额增加 $6,771 百万，由截至 2025 年 3 月 31 日止三个月的 $354 百万增至截至 2026 年 3 月 31 日止三个月的 $7,125 百万。该增加主要由于 SpaceX 过桥贷款及其他融资安排所得款项增加 $17,950 百万以及出售我们股本所得款项 $7,420 百万，部分被以下各项抵消：使用 SpaceX 过桥贷款所得款项偿还现有债务义务及债务清偿成本增加 $14,703 百万，以及 xAI 之后回购我们股本增加 $3,838 百万

Net cash provided by financing activities increased by $6,771 million from $354 million during the three months endedMarch 31, 2025 to $7,125 million during the three months endedMarch 31, 2026. This increase was primarily driven by an increase in proceeds from the SpaceX Bridge Loan and other financing arrangements of $17,950 million and proceeds from sale of our capital stock of $7,420 million, partially offset by an increase in payment on existing debt obligations and debt extinguishment costs of $14,703 million from the proceeds from the SpaceX Bridge Loan as well as an increase in repurchases of our capital stock of $3,838 million following the xAI

合并 · . 融资活动提供的现金净额增加 $14,520 million，由截至 2024 年 12 月 31 日止年度的 $11,830 million 增至截至 2025 年 12 月 31 日止年度的 $26,350 million。该增加主要 由我们 AI 板块的债务及其他融资安排所得款项增加 $16,055 million 以及出售我们股本所得款项 $5,706 million 推动，部分被我们 AI 板块的债务 及其他融资安排还款增加 $6,781 million 所抵消。 融资活动提供的现金净额增加 $11,408 million，由截至 2023 年 12 月 31 日止年度的 $422 million 增至截至 2024 年 12 月 31 日止年度的 $11,830 million。该增加主要

Merger · . Net cash provided by financing activities increased by $14,520 million from $11,830 million during the year ended December 31, 2024 to $26,350 million during the year ended December 31, 2025. This increase was primarily driven by an increase in proceeds from debt and other financing arrangements for our AI segment of $16,055 million and proceeds from sale of our capital stock of $5,706 million, partially offset by an increase in repayments on debt and other financing arrangements for our AI segment of $6,781 million . Net cash provided by financing activities increased by $11,408 million from $422 million during the year ended December 31, 2023 to $11,830 million during the year ended December 31, 2024. This increase was primarily

主要由于出售股本所得款项增加 $12,327 million，部分被公司回购普通股和优先股增加 $104 million 所抵消。

driven by an increase in proceeds from the sale of our capital stock of $12,327 million, partially offset by an increase in the buyback of common and preferred shares by the Company of $104 million .

关键会计估计 Critical Accounting Estimates

按照 GAAP 编制财务报表及相关披露，以及公司对其财务状况和经营成果的讨论与分析，均要求公司管理层作出影响所报告金额的判断、假设和估计。本招股说明书其他部分所载经审计合并财务报表附注中的附注 2“重要会计政策摘要”描述了编制公司合并财务报表时所采用的重要会计政策和方法。管理层基于历史经验及其认为在相关情况下合理的各项其他假设作出估计，这些估计的结果构成对资产和负债账面价值作出判断的基础。

The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. Note 2, “Summary of Significant Accounting Policies” of the Notes to audited consolidated financial statements included elsewhere in this prospectus describes the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

#### 收入确认

#### Revenue Recognition

太空合同收入来自固定价格合同，涉及为商业客户和政府机构太空项目开发和提供发射服务，将航天器及其他有效载荷部署至预定轨道。Starshield 客户的连接合同收入主要来自固定价格合同，涉及开发专为政府及国家安全应用设计的安全卫星网络。

Space contract revenue is derived from fixed-price contracts related to the development and provision of launch services for the deployment of spacecraft and other payloads to their intended orbit for both commercial customers and governmental agency space programs. Connectivity contract revenue for Starshield customers is mostly derived from fixed-price contracts related to the development of a secure satellite network designed specifically for government and national security applications.

当公司在合同上的履约行为形成一项无替代用途的资产，且公司对迄今已完成的履约享有可强制执行收款权利时，公司在一段时间内确认收入。公司采用成本对成本投入法计量这些合同的履约进度，因为公司认为这是衡量履约义务完成情况的最适当方法。在成本对成本投入法下，公司根据迄今已发生的成本（如材料和人工工时）相对于预计完工总成本确认收入。

The Company recognizes revenue over time when the Company’s performance on the contract creates an asset with no alternative use and when the Company has an enforceable right to payment for performance to date. The Company measures progress on these contracts using the cost-to-cost input method, as the Company believes this represents the most appropriate measure towards satisfaction of its performance obligation. Under the cost-to-cost input method, the Company records revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at completion.

公司采用成本对成本投入法在一段时间内确认收入的合同较为复杂，要求公司估计合同期内履行合同的全部成本，并计量每项履约义务的完工进度。对于太空合同，确定每项履约义务的预计完工总成本需要管理层作出重大判断，包括关于发射时间、人工工时、已被确定为可多次发射重复使用的运载火箭共享成本分摊的假设，以及运载火箭和航天器预期技术变化的假设。对于连接合同，确定每项履约义务的预计完工总成本需要管理层作出重大判断，包括关于人工工时、卫星生产中使用的共享成本分摊、卫星材料成本的假设，以及卫星预期技术变化的假设。预计合同收入或完工成本的重大变化以及由此导致的合同利润变化，可能对公司的财务状况和经营成果产生重大影响。

The Company’s contracts recognized over time using the cost-to-cost input method are complex and require the Company to estimate the total costs to perform over the term of the contracts, as well as the measurement of progress towards completion for each performance obligation. For Space contracts, developing the estimated total cost at completion for each performance obligation requires the use of significant management judgment, including assumptions regarding launch timing, labor hours, allocation of shared costs for launch vehicles that have been identified as reusable for multiple launches, as well as expected technological changes to launch vehicles and spacecraft. For Connectivity contracts, developing the estimated total cost at completion for each performance obligation requires the use of significant management judgment, including assumptions regarding labor hours, allocation of shared costs used in the production of satellites, satellite material costs, as well as expected technological changes to satellites. Material changes in estimated contract revenue or costs at completion and the resulting changes in contract profit could have a material impact on the Company’s financial condition and operating results.

对于截至 2025 年、2024 年和 2023 年 12 月 31 日的年度以及截至 2026 年 3 月 31 日的三个月，采用成本比例投入法按时间确认的合同所产生的净调整对我们的收入和经营利润的影响并不重大。如果在 2025 年期间，我们采用成本比例投入法按时间确认的合同的综合毛利率被估计为高出或低出 1%，则会使该年度的经营利润增加或减少约$110 million。

The impact of net adjustments from contracts recognized over time using the cost-to-cost input method to our revenue and operating income was not material for the years ended December 31, 2025, 2024, and 2023 and for the three months ended March 31, 2026. If the combined gross margins for our contracts recognized over time using the cost-to-cost input method had been estimated to be higher or lower by 1% during 2025, it would have increased or decreased operating income for the year by approximately $110 million.

#### 物业、厂房及设备，净额

#### Property, Plant, and Equipment, Net

物业、厂房及设备，净额按成本减累计折旧列示。公司主要采用直线法在资产的估计使用寿命内计提折旧，但飞行器和航天器除外，其按每架飞行器和航天器的预期平均飞行次数计提折旧。租赁改良按估计使用寿命或相关租赁期中较短者计提折旧。

Property, plant, and equipment, net is stated at cost less accumulated depreciation. The Company depreciates these assets primarily using the straight-line method over the estimated useful lives of the assets except flight vehicles and spacecraft, which are depreciated over the expected number of average flights for each flight vehicle and spacecraft. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease term.

确定飞行器和航天器的使用寿命及平均飞行次数需要公司估计预期收回物业、厂房及设备经济价值的期间。对于我们的每项飞行器硬件和航天器，我们考虑回收和翻新成功率、翻新经济性、可能禁止使用已飞行超过一定发射次数的飞行器的客户接受限制、任务清单中包含的预期未来发射，以及因预期向 Starship 过渡而导致的某些飞行器和航天器型号（如 Falcon）的任何预期退役时间，以确定每架飞行器的预期平均飞行次数。

Determining the useful lives and the number of average flights a flight vehicle and spacecraft can fly require the Company to estimate the period over which we expect to recover the economic value of our property, plant, and equipment. For each of our flight vehicle hardware and spacecraft, we consider recovery and refurbishment success rates, refurbishment economics, customer acceptance limits that may prohibit the use of vehicles that have been flown more than a certain number of launches, expected future launches included in the mission manifest, as well as any anticipated retirement timing of certain flight vehicle and spacecraft models such as Falcon as a result of anticipated transition to Starship to determine the expected number of average flights for each vehicle.

对于我们的卫星资产，我们考虑在轨性能、升轨时间、预期服务能力以及星座密度和技术的演变等因素。

For our satellites assets, we consider factors such as on-orbit performance, orbit-raise timing, expected service capability, and the evolution of constellation density and technology.

当我们确定资产的使用寿命或预期剩余飞行次数短于或长于我们最初的估计时，我们调整折旧率以反映资产修订后的使用寿命或剩余飞行次数。

When we determine that the useful lives or expected remaining flights of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives or number of remaining flights.

每当事件或情况表明某项资产或资产组的账面价值可能无法收回时，公司会定期评估其物业、厂房及设备资产的减值。我们用于识别潜在减值迹象的因素包括我们对某些物业、厂房及设备的使用发生重大变化或计划变化、降低现有资产效用的技术发展、预测现金流下降以及重大不利的行业或经济趋势。

The Company periodically evaluates impairment of its property, plant, and equipment assets whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable. Factors we consider to identify indicators of potential impairment include significant changes or planned changes in our use of certain property, plant and equipment, technological developments that reduce the utility of the existing assets, declines in forecasted cash flows, and significant negative industry or economic trends.

减值在可辨认现金流量在很大程度上独立于其他资产和负债现金流量的最低层级进行评估。如果估计的未来现金流量低于资产或资产组的账面价值，则在其账面价值超过估计公允价值的范围内确认减值费用，计入营业成本或销售、一般及管理费用（取决于资产的性质），或者如果该减值被视为不属于正常经营过程，则计入减值费用。截至 2025 年、2024 年和 2023 年 12 月 31 日止年度以及截至 2026 年 3 月 31 日止三个月，固定资产减值并不重大。

Impairment is assessed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If estimated future cash flows are less than the carrying value of the asset or asset group, an impairment charge is recognized to the extent its carrying value exceeds its estimated fair value to cost of revenue or selling, general, and administrative expenses depending on the nature of the assets, or to impairment charges if the impairment is considered to be outside the normal course of business. For the years ended December 31, 2025, 2024, and 2023, and for the three months ended March 31, 2026, impairments on fixed assets were not material.

如果我们的飞行器和航天器的平均剩余飞行次数被估计为增加或减少五次，则对截至 2025 年 12 月 31 日止年度和截至 2026 年 3 月 31 日止三个月的经营利润的影响将不重大。如果我们的卫星资产的平均使用寿命变动一年，则将对截至 2025 年 12 月 31 日止年度和截至 2026 年 3 月 31 日止三个月的经营利润分别产生约 $480 million 和 $170 million 的影响。

If the average remaining flights for our flight vehicle and spacecraft had been estimated to be five more or fewer flights, the impact to our operating income for the year ended December 31, 2025 and three months ended March 31, 2026 would not be material. If the average useful life of our satellite assets had been changed by one year, it would have an approximately $480 million and $170 million impact on our operating income for the year ended December 31, 2025 and three months ended March 31, 2026, respectively.

#### 法律及其他或有事项

#### Legal and Other Contingencies

公司面临在正常经营过程中产生的各种法律诉讼和索赔，其结果本质上具有不确定性。当很可能已发生损失且金额能够合理估计时，公司确认负债，该确定需要作出重大判断。法律事项的解决方式若与管理层的预期不一致，可能对公司的财务状况和经营成果产生重大影响。

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, the outcomes of which are inherently uncertain. The Company records a liability when it is probable a loss has been incurred and the amount is reasonably estimable, the determination of which requires significant judgment. Resolution of legal matters in a manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating results.

近期会计公告 Recent Accounting Pronouncements

请参阅本招股说明书其他部分所载经审计合并财务报表中的附注 2“重要会计政策摘要”。

Refer toNote 2, Summary of Significant Accounting Policies, to the audited consolidated financial statements included elsewhere in this prospectus.

关于市场风险的定量与定性披露 Quantitative and Qualitative Disclosures About Market Risk

#### 外币风险

#### Foreign Currency Risk

我们的互联业务和 AI 业务在多个国家运营，并以多种货币进行交易。总体而言，就我们的境外子公司而言，我们是美元以外货币的净接收方。因此，我们面临的外币风险既来自影响外币计价交易的汇率波动，也来自将境外子公司的资产、负债、收入、收入成本及其他经营费用折算为美元所产生的影响。我们已经并将继续因非以功能货币计价的货币性资产和负债的结算与重新计量所产生的收益（亏损）而经历净收入的波动。我们不对冲外币风险，汇率变动可能对我们的经营业绩和现金流量产生不利影响。

Our Connectivity and AI businesses operate in many countries and transact in multiple currencies. In general, we are a net receiver of currencies other than the U.S. dollar for our foreign subsidiaries. Accordingly, we are exposed to foreign currency risk both from fluctuations in exchange rates affecting foreign-currency denominated transactions and from the impact of translating the assets, liabilities, revenues, costs of revenue, and other operating expenses of our foreign subsidiaries into U.S. dollars. We have experienced, and will continue to experience, fluctuations in our net income as a result of gains (losses) on the settlement and the re-measurement of monetary assets and liabilities not denominated in our functional currencies. We do not hedge foreign currency risk and changes in exchange rates could have an adverse impact on our operating results and cash flows.

我们考虑了外币汇率的历史趋势，并判断在近期内，所有货币的外币汇率均可能出现 10% 的不利变动。这些变动已应用于我们在资产负债表日以非功能货币计价的货币性资产和负债总额，以计算这些变动本应对我们所得税前收入（亏损）产生的影响。截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，这些变动本应分别导致不重大的收益或亏损。

We considered the historical trends in foreign currency exchange rates and determined that it is reasonably possible that adverse changes in foreign currency exchange rates of 10% for all currencies could be experienced in the near-term. These changes were applied to our total monetary assets and liabilities denominated in our non-functional currencies at the balance sheet date to compute the impact these changes would have had on our income (loss) before income taxes. These changes would have resulted in an immaterial gain or lossas of March 31, 2026 and December 31, 2025, respectively.

#### 利率风险

#### Interest Rate Risk

我们对利率变动的敞口主要与我们的投资组合、现金及现金等价物的利息收入以及我们的信贷融资有关。

Our exposure to changes in interest rates relates primarily to our investment portfolio, interest income on cash and cash equivalents and our credit facilities.

我们的现金及现金等价物包括现金、定期存款、货币市场基金、美国政府及机构证券。我们的投资政策和策略侧重于保全资本并支持我们的流动性需求。美国利率变动会影响我们现金及现金等价物所赚取的利息。市场利率假设性上升或下降 100 个基点，本应导致截至 2025 年 12 月 31 日止年度和截至 2026 年 3 月 31 日止三个月的利息收入出现不重大的增加或减少。

Our cash and cash equivalents consist of cash, time deposits, money market funds, U.S. government and agency securities. Our investment policy and strategy are focused on preservation of capital and supporting our liquidity requirements. Changes in U.S. interest rates affect the interest earned on our cash and cash equivalents. A hypothetical 100 basis point increase or decrease in market interest rates would have resulted in an immaterial increase or decrease in interest income for the year ended December 31, 2025 and three months ended March 31, 2026.

截至 2026 年 3 月 31 日，SpaceX 过桥贷款项下未偿还借款的实际利率为 4.58%。美国利率假设性上升 100 个基点，将使年度利息费用增加约 $200 million。

The effective interest rate on outstanding borrowings under the SpaceX Bridge Loan was 4.58% as of March 31, 2026 . A hypothetical 100 basis point increase in U.S. interest rates would increase annual interest expense by approximately $200 million.

业务 Business

“你希望早晨醒来时想到未来会很美好——而这就是成为一个太空文明的全部意义所在。它关乎对未来的信念，关乎认为未来会比过去更好。我想不出还有什么比走出去、置身群星之间更令人兴奋的事了。”

“You want to wake up in the morning and think the future is going to be great — and that’s what being a space-faring civilization is all about. It’s about believing in the future and thinking that the future will be better than the past. And I can’t think of anything more exciting than going out there and being among the stars.”

—— Elon Musk

— Elon Musk

我们的使命 Our Mission

我们的使命是构建必要的系统与技术，使生命得以在多行星间延续，理解宇宙的真正本质，并将意识之光延伸至群星。为此，我们在地球上（以及地球之外）打造了最具雄心的垂直整合创新引擎，具备无可匹敌的能力，能够快速制造并发射连接世界的天基通信系统，驾驭太阳能为追求真理、推动科学发现的人工智能提供动力，并最终在月球建立基地、在其他行星上建设城市。

Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.

概览 Overview

SpaceX 成立于 2002 年，是唯一一家在太空、连接和 AI 领域构建未来软硬件一体化基础设施的公司。我们的核心是建设者。我们设计、制造、发射和运营基于前沿技术的产品与服务，包括全球最先进的火箭和航天器。我们安全可靠地运送宇航员、卫星及其他有效载荷，执行造福地球生命的任务。自 2023 年以来，我们每年以 Falcon 火箭为全球发射了超过 80% 的入轨质量，任务成功率超过 99%。我们还运营一个高速、低延迟的全球宽带数据与通信网络，由约 9,600 颗低地球轨道上的 Starlink 宽带和移动卫星提供支持，截至 2026 年 3 月 31 日，为 164 个国家、地区及其他市场的数百万消费者、企业和政府客户提供连接。利用我们专用的卫星直连移动星座，我们提供连接服务，补充地面网络，并大幅减少约 30 个国家的移动“盲区”。

Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers across 164 countries, territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer connectivity services, supplementing terrestrial networks and substantially reducing mobile “dead zones” across approximately 30 countries.

AI 具有改善太空探索和地球生命的潜力，加速了 SpaceX 的使命——让生命多行星化、理解宇宙的真正本质，并将意识之光延伸至星辰。xAI 成立于 2023 年，于 2026 年初被 SpaceX 收购，现已成为我们垂直整合公司不可或缺的支柱。我们正以行业领先的速度和成本效率快速构建 AI 算力基础设施——从地球起步，目标是延伸至太空。我们的基础设施支持 Grok 的训练和推理，Grok 已成为全球最先进的前沿模型之一。Grok 被设计为一个追求真相的 AI 模型，建立在我们的创始人 Elon Musk 的使命之上，即让人类理解宇宙。我们相信，实现这一使命需要对 AI 采取追求真相的方法。我们将追求真相定义为积极、不懈地追求关于现实的客观真实，并以证据、逻辑、经验数据和第一性原理思维为基础。我们的目标是，在现有知识允许的范围内，尽可能准确地理解和解释宇宙似乎正在做的事情。在其初始模型发布后的两年内，Grok 在科学推理方面达到了前沿水平，以 GPQA Diamond 分数衡量——这是一项行业基准，通过一组由专家编写和验证的标准化问题来评估 AI 模型——其时间线快于其他领先模型提供商所报告的。Grok 还得益于与 X 的整合，X 是我们的实时信息、娱乐和言论自由平台，作为我们 AI 生态系统的基础分发和数据引擎，并进一步增强 Grok 的追求真相目标。

With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX’s mission to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data, and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment, and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and further enhances Grok’s truth-seeking objective.

我们相信，太空代表着人类历史上最大的经济前沿，在轨道上和地球上释放出前所未有的机遇。地球有其极限，因此我们必须在太空中建设基础设施和产业，拓展人类的能力，以改善地球上的生活，并在地球之外建立生命。太空中的连接基础设施旨在帮助地球上的每个人都能获得教育、医疗、娱乐和通信，并使人们能够克服许多传统限制，例如物理边界和政治边界。我们相信，太空中的 AI 基础设施可以利用几乎无限的太阳能，从而使 AI 成为理解宇宙和改善全人类日常生活的变革性力量。我们相信，这些领域的融合将推动全球经济实现前所未有的扩张，引领一个富足时代。我们的创新和技术进步正在重新定义地球上的各个行业，同时我们的目标是在月球、火星及更远的地方创造新的行业。我们正在真正建设未来的基础设施。

We believe that space represents the largest economic frontier in human history, unlocking unprecedented opportunities in orbit and on Earth. Earth has limits, so we must build infrastructure and industries in space, expanding human capabilities to improve life on Earth and to establish life beyond. Connectivity infrastructure in space is designed to help everyone on Earth have access to education, healthcare, entertainment, and communications, and to enable people to overcome many traditional limits, such as physical and political borders. We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use of AI as a transformative force for understanding the universe and improving the daily lives of all humans. We believe the convergence of these areas will enable an unprecedented expansion in the global economy, leading to an age of abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim to create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future.

SpaceX 是唯一一家破解了规模化进入太空难题的公司，彻底改变了一个数十年来停滞不前、规避风险且成本结构在经济上不合理的行业。SpaceX 通过运用第一性原理思维颠覆了这一范式，这种思维拒绝行业假设，并基于物理学的基本定律构建解决方案。我们强烈的、以使命为驱动、工程优先的文化以及对极致垂直整合的专注，推动我们实现了许多人认为不可能的事情。我们已经展示了以速度、质量控制和精度实现突破性技术创新的能力。我们通过猎鹰系列火箭开创了高频率、可靠且可负担的太空进入方式，目标是推动火箭发射行业转型为类似航空公司的运营模式。2015 年，我们成功将首枚猎鹰 9 号助推器从太空回收着陆，领先其他任何人，从而确立了相对于行业至少 10 年的领先优势。我们持续大举投资以进一步扩大领先优势，追求规模化全面快速可重复使用，包括在我们的下一代火箭 Starship 上投资超过 $15 billion。

SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. SpaceX upended this paradigm through the application of first-principles thinking, which rejects industry assumptions and builds solutions based on the fundamental laws of physics. Our intense, mission-driven, engineering-first culture and focus on extreme vertical integration have propelled us to achieve what many deemed impossible. We have demonstrated the ability to achieve groundbreaking technological innovations with speed, quality control, and precision. We pioneered high-cadence, reliable, and affordable access to space with our Falcon family of rockets, with a goal to transform the rocket launch industry into airline-like operations. In 2015, we established at least a 10-year lead over the industry by successfully landing our first Falcon 9 booster back from space before anyone else. We have continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale, including investing over $15 billion in our next-generation rocket, Starship.

我们认为火箭发射和着陆应当像飞机起降一样常规和普遍。为实现这种节奏，我们的迭代方法强调快速设计、测试和流程优化，尽可能频繁地将飞行硬件置于飞行环境中。这使我们能够通过反复使用和改进系统来加速学习。由此，我们实现了显著更高的飞行频率，且成本远低于 SpaceX 之前存在的发射项目。例如，根据 NASA 的数据，2010 年第一版 Falcon 9 的发射成本约为每公斤$2,700，相比历史平均每公斤发射成本$18,500 降低了约 85%。2018 年第一版 Falcon Heavy 进一步将这一成本降至约每公斤$1,400，相比历史平均成本降低了约 92%。随着未来 Starship 的部署——其设计目标是成为世界上首个完全且快速可重复使用的航天器——我们的目标是将入轨成本相对于历史平均发射成本进一步降低 99%或更多。我们成本优势的核心在于关键硬件的可重复使用性——最显著的是助推器——我们将其回收、翻新并多次复飞，而不是单次使用后丢弃。通过最大限度地减少硬件更换费用并将固定生产成本分摊到多次使用中，这大幅降低了每次发射的成本。历史上每次发射耗资数十亿美元的太空飞行现在仅需数千万美元，从根本上降低了太空进入成本，为在太空中建立新企业提供了机会。

We believe rocket launches and landings should be as routine and commonplace as airplanes taking off and landing. To achieve this sort of cadence, our iterative approach emphasizes rapid designing, testing, and process optimization, putting flight hardware in the flight environment as often as possible. This allows us to accelerate our learning by repeatedly using and improving our systems. This has resulted in a significantly higher flight rate at costs that are much lower than launch programs that existed before SpaceX. For example, according to NASA, the first version of Falcon 9 in 2010 had a launch cost of approximately $2,700 per kilogram, which represented a reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500. The first version of Falcon Heavy in 2018 further reduced this cost to approximately $1,400 per kilogram, a reduction of approximately 92% compared to the historical average cost. With the future deployment of Starship, which is designed to be the world’s first fully and rapidly reusable spacecraft, we aim to further reduce the cost to reach orbit by 99% or more relative to the historical average launch cost. Central to our cost advantage is the reusability of key hardware—most notably boosters—which we recover, refurbish, and refly many times instead of discarding after single use. This dramatically lowers per-launch costs by minimizing hardware replacement expenses and spreading fixed production costs across repeated uses. Space flight that historically cost billion s per launch now costs in the tens of million s, fundamentally reducing the cost of space access, providing the opportunity to build new enterprises in space.

同样，xAI 已攻克了构建和扩展 AI 算力基础设施的复杂难题，成为首家部署连贯的吉瓦级 AI 训练集群的公司。我们相信，我们专有的 AI 基础设施能力、我们追求真相的前沿模型 Grok，以及我们对 X 上实时数据的访问权限，三者结合创造了强大的竞争优势，使我们能够在先进人工智能的开发中保持领先地位。这一优势源于我们完全的垂直整合以及我们的创始人 Elon Musk 所注入的共同愿景。在短短几年内，我们已经展示了以更低成本、大规模、快速构建连贯算力的能力。COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，另有额外电力容量可用于数据中心运营。我们相信速度是一种竞争优势。为了尽快让算力集群上线，我们采用垂直整合、灵活敏捷的建设方式。在 COLOSSUS，我们在短短 122 天内让首个约 100,000 块 H100 处理器、约 130 兆瓦算力的集群上线，并改造利用了现有工厂的外壳。在 COLOSSUS II，我们在更快的 91 天内让首个约 110,000 块 GB200 处理器、约 210 兆瓦算力的集群上线。作为说明性对比，让一个 100 兆瓦的新建数据中心上线的行业基准约为两年。此外，在 COLOSSUS II 的案例中，在首个集群之后，我们在 64 天内让第二个由 110,000 块 GB300 处理器和 220 兆瓦算力组成的集群上线，展示了我们一旦建成即可快速扩展设施的能力。我们预计，一旦全面投入运营，COLOSSUS II 的下一阶段扩建将新增至少 220,000 块 GB300 处理器和超过 400 兆瓦的算力。我们还展示了成本效率的显著提升，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。

Similarly, xAI has cracked the code in the complexities of building and scaling AI compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. We believe the combination of our proprietary AI infrastructure capability, our truth-seeking frontier model, Grok, and our access to real-time data on X creates a formidable competitive advantage, allowing us to maintain a leading position in the development of advanced artificial intelligence. This advantage stems from our complete vertical integration and the common vision infused by our founder, Elon Musk. In just a few years, we have demonstrated an ability to build coherent compute at scale and rapid speed with lower cost. COLOSSUS and COLOSSUS II collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. We believe speed is a competitive advantage. In order to bring compute clusters online as fast as possible, we employ a vertically integrated, nimble approach to construction. At COLOSSUS, we brought online the first cluster of approximately 100,000 H100 processors, approximately 130 megawatts of compute power, in just 122 days, repurposing the shell of an existing factory. At COLOSSUS II, we brought online the first cluster of approximately 110,000 GB200 processors, approximately 210 megawatts of compute power, even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. Furthermore, in the case of COLOSSUS II, following the initial cluster, we brought online the second cluster of 110,000 GB300 processors and 220 megawatts of compute power in 64 days, demonstrating our ability to rapidly scale our facilities once built. We expect that once fully operational, the next phase of expansion at COLOSSUS II will bring online at least 220,000 additional GB300 processors and over 400 additional megawatts of compute power. We also demonstrated asignificant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.

我们能够通过第一性原理思维、表后发电，以及我们认为的全球最大的可持续电池储能系统网络，再加上先进液冷、高密度机架布局和高效网络方面的创新，以显著快于其他 AI 公司的速度部署电力和算力。我们的设施还采用了创新设计特征，可限制对周边社区区域电价的影响，并包含先进的水清洗、回收和再循环工艺，以支持可持续运营。我们与公用事业公司和社区合作，逐步接入并增强电网，同时承诺承担为服务我们的数据中心而进行的所有新增电力输送基础设施升级的成本，包括充足的网络升级成本，以确保这些费用不会转嫁给普通家庭。我们能够以快速且具成本效益的方式采用最新处理器进行扩展，这使我们领先于采用传统且更昂贵方法的竞争对手。因此，我们认为 COLOSSUS II 成为全球首批大规模部署 GB200 和 GB300（当时可用的最先进 AI 处理器）的数据中心之一，目前正在为我们的下一代前沿模型（包括 Grok-5）的训练提供算力。此外，通过我们与 Tesla 共同推进的 Terafab 计划——建设一座每年可生产 1 太瓦算力硬件的制造设施——我们打算进一步将垂直整合延伸至芯片设计和制造，以缓解 SpaceX 未来潜在的芯片短缺、优化算力性能，并有可能降低整体算力成本。英特尔具备大规模设计、制造和封装超高性能芯片的能力，也于 2026 年 4 月初加入了 Terafab 项目。我们从“铲子到令牌”的方法使我们能够高速训练和迭代我们的前沿模型，加速开发周期，消除外部瓶颈，并推动模型性能快速、持续地提升。

We are able to deploy power and compute significantly faster than other AI companies through first-principles thinking, behind-the-meter power generation, coupled with what we believe is the world’s largest network of sustainable battery storage systems, and innovations in advanced liquid cooling, high-density rack layouts, and efficient networking. Our facilities also incorporate innovative design features that limit the effects on regional electricity pricing for neighbors and include advanced water cleaning, reclamation, and recycling processes to support sustainable operations. We partner with utilities and communities to connect to and enhance the grid over time, and do so while pledging to cover costs of all new power delivery infrastructure upgrades to service our data centers, including adequate network upgrade costs, to ensure that these expenses are not passed on to the ordinary household. Our ability to rapidly and cost-effectively scale with the latest processors keeps us ahead of competitors who deploy traditional and more expensive methods. As a result, we believe COLOSSUS II became one of the world’s first data centers to deploy GB200s and GB300s, the most advanced AI processors available at the time, at significant scale, and is currently powering training for our next frontier models, including Grok-5. Furthermore, through our Terafab initiative together with Tesla to build a manufacturing facility capable of producing 1 terawatt per year of compute hardware, we intend to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs. Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale, also joined the Terafab project in early April 2026. Our shovels-to-tokens approach allows us to train and iterate our frontier models at high velocity, accelerating development cycles, eliminating external bottlenecks, and driving rapid, continuous improvements in model performance.

在追求我们的使命过程中，SpaceX 在我们的三大基础竞争优势——太空、连接和 AI——方面创造了新的机遇：

In pursuing our mission, SpaceX has created new opportunities across our three foundational competitive advantages, Space, Connectivity, and AI:

- 太空。发射是我们的基础竞争优势之一。我们是首家研制并发射液体燃料火箭入轨的私营公司（2008 年），首家成功将私人航天器与国际空间站对接的私营公司（2012 年），首家实现轨道级火箭助推器动力着陆（2015 年）并重复使用（2017 年）的公司，首家开始部署大规模低轨宽带卫星星座的公司（2019 年），也是首家将宇航员送入轨道的私营公司，使美国宇航员得以再次搭乘美国运载火箭往返国际空间站（2020 年）。截至 2026 年 3 月 31 日，SpaceX 已完成约 650 次轨道太空发射，其中超过 540 次由经过飞行验证的 Falcon 火箭完成，大幅降低了进入太空的成本。我们是唯一获得 NASA 认证可执行载人入轨任务的私营公司。我们目前正在研制 Starship，其设计目标是成为世界上最强大的运载火箭。Starship 旨在成为一种可完全、快速重复使用的运输系统，能够比我们现有的 Falcon 火箭将更大载荷运送至更远距离，且每次发射的边际成本更低。我们无与伦比的发射能力支撑着我们业务的方方面面。

- Space. Launch is one of our foundational competitive advantages. We were the first private company to develop and launch a liquid-fuel rocket to reach orbit (2008), the first private company to successfully dock a private spacecraft with the International Space Station (2012), the first company to propulsively land (2015) and refly an orbital-class rocket booster (2017), the first to begin deploying a large-scale LEO broadband satellite constellation (2019), and the first private company to launch astronauts to orbit, allowing American astronauts to again fly to and from the International Space Station on an American launch vehicle(2020). As of March 31, 2026, SpaceX had completed approximately 650 orbital space launches, and over 540 of those launches were completed by a flight-proven Falcon rocket, drastically reducing the cost of access to space. We are the only private company that is certified by NASA to send human missions to orbit. We are currently developing Starship, designed to be the world’s most powerful launch vehicle. Starship is designed to be a fully and rapidly reusable transportation system capable of carrying larger payloads farther and at lower marginal cost per launch than our current Falcon rockets. Our unparalleled launch capabilities power every aspect of our business.

- 连接。自 2020 年为客户开通服务以来，Starlink 迅速扩大了全球高速互联网接入，优先服务全球范围内服务不足的农村和偏远社区。在此类社区建设地面网络成本可能高得令人望而却步，而 Starlink 仅需一套 Starlink Kit 即可在地球上任何地方提供宽带连接。截至 2026 年 3 月 31 日，我们在低地球轨道拥有约 9,600 颗 Starlink 宽带和移动卫星，运营着世界上最先进的宽带星座，为 164 个国家、地区及其他市场的约 10.3 百万 Starlink 用户提供互联网连接。2024 年 1 月，我们还开始部署 Starlink Mobile 星座，该星座使用具备卫星直连手机能力的独立 Starlink 卫星，大幅减少了全球移动通信“盲区”。截至 2026 年 3 月 31 日，我们专用的卫星直连手机星座由约 650 颗 V1 Mobile 卫星组成，为约 30 个国家的约 7.4 百万月度独立设备提供卫星直连手机数据、OTT 语音和消息服务。

- Connectivity. Since activating service for customers in 2020, Starlink has rapidly expanded global access to high-speed internet, prioritizing underserved rural and remote communities worldwide. While building terrestrial networks in such communities can be prohibitively expensive, Starlink is capable of delivering broadband connectivity anywhere on Earth with just a Starlink Kit. As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the world’s most advanced broadband constellation providing internet connectivity to approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets. In January 2024, we also began deploying our Starlink Mobile constellation that utilizes separate Starlink satellites with satellite-to-mobile capabilities, substantially reducing mobile “dead zones” around the world. As of March 31, 2026, our dedicated satellite-to-mobile constellation of approximately 650 V1 Mobile satellites provides satellite-to-mobile data, over-the-top voice, and messaging services to approximately 7.4 million monthly unique devices across approximately 30 countries.

- AI。我们是首家部署连贯的吉瓦级 AI 训练集群的公司。我们拥有并运营着我们认为是地球上最大的 AI 训练数据中心集群，由数十万块 GPU 组成——这一切都秉承着使我们能够比任何其他领先的基础 AI 模型更快推出 Grok 的同一精神——同时保持从现场发电和水回收到 GPU 部署的完全垂直整合。在不到两年时间里，我们已在成本效率和规模化部署速度两方面建立起双重优势。通过拥有算力基础设施并在整个 AI 技术栈上实现垂直整合，我们能够以更低的成本和更高的速度训练和迭代我们的前沿模型，并加速开发周期。这消除了外部瓶颈，推动模型性能快速、持续地提升。Terafab 计划的加入旨在进一步将我们的控制延伸至基础处理器层。我们认为，AI 持续增长的关键制约因素是物理层面的——芯片制造、数据中心基础设施和发电；AI 的未来将由对物理技术栈的控制所决定。我们认为，没有其他 AI 公司比 SpaceX 对完整物理技术栈拥有更好的控制。我们相信，我们最先进的 AI 算力基础设施、追求真相的前沿模型以及对 X 上实时数据的获取，这三者的结合创造了显著的战略优势。截至 2026 年 3 月 31 日和 2025 年 12 月 31 日的过去十二个月内，我们在 Grok 和 X 上的整合 AI 平台拥有约 13 亿个活跃的支持账户，其中截至 2026 年 3 月 31 日和 2025 年 12 月 31 日的月活跃用户（MAU）分别约为 5.5 亿和 5.2 亿。在我们的 MAU 中，截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，分别约有 1.17 亿和 8,900 万 MAU 使用了 Grok 的 AI 功能。Grok 与 X 的深度整合带来了时效性、相关性和情境感知能力，我们认为这是一项差异化竞争优势。这种对 X 上信息和人类话语的直接、实时访问，通过将输出建立在最新知识和多元观点之上，增强了 Grok 追求真相的能力。因此，我们认为 Grok 能够提供最客观、最相关的洞察，并最好地服务于消费者和企业 AI 应用中高频、高价值的用例。

- AI.We were the first company to deploy a coherent gigawatt-scale AI training cluster. We own and operate what we believe to be the largest AI training data center clusters on Earth, consisting of hundreds of thousand s GPUs —all in the same spirit that enabled us to launch Grok faster than any other leading foundational AI model —while maintaining full vertical integration from on-site power generation and water reclamation to GPU deployment. In under two years, we have established a dual advantage in both cost efficiency and deployment speed at scale. By owning the compute infrastructure and vertically integrating across the full AI stack, we can train and iterate our frontier models at lower cost and higher velocity and accelerate development cycles. This eliminates external bottlenecks and drives rapid, continuous improvements in model performance. The addition of the Terafab initiative aims to further extend our control to the foundational processor layer. We believe that the key constraints in the continued growth of AI are physical—chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the control of the physical stack. We believe no other AI company has better control over the full physical stack than SpaceX. We believe this combination of our state-of-the-art AI compute infrastructure, our truth-seeking frontier model, and our access to real-time data on X creates a significant strategic advantage. Our integrated AI platforms across Grok and X had approximately 1.3 billion supported accounts active in the last twelve months ended March 31, 2026 and December 31, 2025, including approximately 550 million and 520 million MAUs as of March 31, 2026 and December 31, 2025, respectively. Of our MAUs, we had approximately 117 million and 89 million MAUs that used Grok’s AI features as of March 31, 2026 and December 31, 2025, respectively. Grok’s deep integration with X enables freshness, relevance, and contextual awareness that we believe is a competitive differentiator. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. As a result, we believe Grok can deliver the most objective and relevant insights and best serve high-frequency, high-value use cases across consumer and enterprise AI applications.

对于复杂推理和智能体工作负载，算力与智能质量和任务完成速度直接相关。然而，从长远来看，我们预计地球有限的资源将无法支撑先进 AI 模型巨大的算力需求。要可持续地满足这一算力需求，需要利用终极聚变能源——太阳——的太空基础设施。我们相信，我们是唯一一家拥有商业化可行路径来大规模建设轨道 AI 算力的公司，这得益于我们独特的能力：通过可重复使用、成本高效的火箭将大量质量送入轨道，以低成本、高产量制造安全、可靠且高性能的卫星，以及管理大型星座。我们预计，随着 AI 系统趋近于通用人工智能（“AGI”）——这有可能释放大规模生产力提升、科学发现和社会富足——拥有可扩展、高能效的基础设施来训练和运行前沿模型，将成为 AI 差异化的最重要驱动因素。

For complex reasoning and agentic workloads, compute is directly correlated with the quality of intelligence and task completion speed. Over the long-term, however, we expect Earth’s finite resources will not be able to sustain the immense computational demands of advanced AI models. Sustainably satisfying this compute demand will require space-based infrastructure that utilizes the ultimate fusion energy source: the Sun. We believe we are the only company with a commercially viable path to building orbital AI compute at scale, due to our unique ability to launch substantial mass into orbit through reusable, cost-efficient rockets, to manufacture secure, reliable, and high-performance satellites at low cost and high volume, and to manage large-scale constellations. We expect that owning scalable, power-efficient infrastructure to train and operate frontier models will be the most important driver for AI differentiation as AI systems converge toward artificial general intelligence (“AGI”)—which has the potential to unlock large-scale productivity gains, scientific discovery, and societal abundance.

通过构建未来的集成硬件和软件基础设施，并结合我们广泛的能力，我们在太空、连接和 AI 行业创造了独特的新市场。例如，SpaceX 最近收购 xAI，将 SpaceX 的发射能力和全球连接网络与 xAI 的 AI 开发能力结合在一起。具体而言，我们相信 SpaceX 的可重复使用火箭、规模化卫星制造和运营专长，能够实现大规模 AI 算力卫星星座——可能达到数百万颗卫星——的经济高效快速部署，用于轨道数据中心。我们相信，这些位于太阳同步轨道的 AI 算力卫星将能够以远超地面替代方案的规模和效率处理能源密集型 AI 工作负载，例如推理需求，而 Starlink 提供低延迟的全球连接，将这些轨道 AI 系统与世界各地的人们连接起来，并交付实时智能。我们的目标是利用我们在发射领域的领导地位、全球连接网络和 AI 专长，继续在地球、月球、火星及更远的地方构建未来的集成基础设施，以造福人类。

We have created distinct new markets across the space, connectivity, and AI industries by building the integrated hardware and software infrastructure of the future and by combining our broad range of capabilities. For example, SpaceX’s recent acquisition of xAI unites SpaceX’s launch capabilities and global connectivity network with xAI’s AI development capabilities. Specifically, we believe SpaceX’s reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations—with potentially million s of satellites—for orbital data centers. We believe these AI compute satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand, at far greater scale and efficiency than terrestrial alternatives, with Starlink providing low-latency, global connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. Our goal is to leverage our launch leadership, global connectivity network, and AI expertise to allow us to continue building the integrated infrastructure of the future on Earth, the Moon, Mars, and beyond to benefit humanity.

我们拥有一种强烈的、使命驱动的、工程优先的文化，致力于实现许多人认为不可能的事情。内部称为“算法”的是一个五步迭代流程，强调让需求变得不那么愚蠢，删除不必要的流程或部件（秉持“最好的部件是没有部件”的原则），然后才优化必要的流程或部件，加快周期时间，并且只对经过验证的流程进行自动化。我们努力让不可思议和非凡的事物变得可及且可重复，并通过不断利用我们的核心优势实现了快速增长，包括：

We have an intense, mission-driven, engineering-first culture that seeks to achieve what many have deemed impossible. “The Algorithm,” as it is known internally, is a five-step iterative process that emphasizes making the requirements less dumb, deleting unnecessary processes or parts (embracing the principle that the best part is no part), only then optimizing the necessary processes or parts, accelerating cycle time, and automating only proven processes. We strive to make the incredible and extraordinary accessible and repeatable, and we have grown rapidly by continuously leveraging our core strengths, including:

- 在轨道发射服务领域的全球领导地位；

- Global leadership in orbital launch services;

- 在設計、制造、部署和运营方面无与伦比的卫星和连接平台；

- Unrivaled satellite and connectivity platform across design, manufacturing, deployment, and operations;

- 由实时数据增强的求真 AI 模型；

- Truth-seeking AI model enhanced by real-time data;

- 极致的垂直整合，使我们能够在规模化下实现高速度与卓越的成本效率；

- Extreme vertical integration enabling high velocity and superior cost efficiency at scale;

- 独特的能力，能够在太空、连接和 AI 领域规模化开拓新的万亿美元级市场；

- Unique ability to scale new trillion-dollar markets across Space, Connectivity, and AI;

- 极难被复制的商业模式；以及

- Business models that are incredibly difficult to replicate; and

- 我们以使命驱动的文化和世界一流的人才。

- Our mission-driven culture and world-class talent.

我们在太空和连接领域的资本配置与价值创造方面拥有卓越的过往记录。自 SpaceX 于 2002 年成立以来，我们已募集超过 $9 billion 的股权资本，用于为这两个业务板块的开发和增长提供资金。太空板块自 2018 年起持续实现板块调整后 EBITDA 为正，连接板块自 2023 年起整体持续实现板块调整后 EBITDA 为正。2025 年，我们的太空板块产生经营亏损 $(657) million，板块调整后 EBITDA 为 $653 million，其中包括为我们的下一代 Starship 运载火箭项目投入 $3,004 million 研发费用的影响。2025 年，我们的连接板块产生经营利润 $4,423 million，板块调整后 EBITDA 为 $7,168 million。

We have a stellar track record of capital allocation and value creation in Space and Connectivity. Since SpaceX’s founding in 2002, we have raised over $9 billion of equity capital to fund the development and growth of these two business segments. The Space segment became Segment Adjusted EBITDA positive on a sustained basis beginning in 2018 and the Connectivity segment became in aggregate Segment Adjusted EBITDA positive on a sustained basis beginning in 2023. In 2025, our Space segment generated a loss from operations of $(657) million and Segment Adjusted EBITDA of $653 million, including the impact of funding $3,004 million in research and development expense for our next-generation Starship launch vehicle program. In 2025, our Connectivity segment generated income from operations of $4,423 million and Segment Adjusted EBITDA of $7,168 million .

我们的财务业绩体现了我们运营模式的实力，以及我们创建并规模化发展多项新业务的能力：

Our financial results reflect the strength of our operating model and our ability to create and scale multiple new businesses:

- 截至 2026 年 3 月 31 日止三个月，我们按合并口径产生收入 $4,694 million、经营亏损 $(1,943) million 以及调整后 EBITDA $1,127 million。2025 年，我们按合并口径产生收入 $18,674 million、经营亏损 $(2,589) million 以及调整后 EBITDA $6,584 million。截至 2026 年 3 月 31 日止三个月及截至 2025 年 12 月 31 日止年度，我们的太空板块和连接板块贡献了合并收入的绝大部分，体现了其在我们垂直整合业务模式中规模与经营杠杆带来的效益；

- For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million, loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. In 2025, we generated revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted EBITDA of $6,584 million. Our Space and Connectivity segments contributed the substantial majority of our consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025, demonstrating the benefits of their scale and operating leverage in our vertically integrated business model;

- 截至 2026 年 3 月 31 日止三个月，我们的太空板块产生收入 $619 million、经营亏损 $(662) million 以及板块调整后 EBITDA $(351) million。2025 年，我们的太空板块产生收入 $4,086 million、经营亏损 $(657) million 以及板块调整后 EBITDA $653 million。此外，截至 2026 年 3 月 31 日止三个月及截至 2025 年 12 月 31 日止年度，我们的太空板块分别为我们的下一代 Starship 运载火箭项目投入 $930 million 和 $3,004 million 研发费用。Starship 旨在实现我们发射能力在可重复使用性、有效载荷能力和发射频率方面的阶跃式变革，并通过开启全新的任务类别，成为我们长期增长战略的关键推动因素；

- For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. In 2025, our Space segment generated revenue of $4,086 million, loss from operations of $(657) million, and Segment Adjusted EBITDA of $653 million Additionally, our Space segment funded $930 million and $3,004 million in research and development expense during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key enabler of our long-term growth strategy by unlocking entirely new categories of missions;

- 截至 2026 年 3 月 31 日止三个月，我们的连接板块产生收入 $3,257 million、经营利润 $1,188 million 以及板块调整后 EBITDA $2,087 million。我们的连接板块主要由 Starlink 驱动，产生收入 $11,387 million、经营利润 $4,423

- For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million, income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. Our Connectivity segment, primarily driven by Starlink, generated revenue of $11,387 million, income from operations of $4,423

百万美元，以及 2025 年分部调整后 EBITDA 为 $7,168 百万美元，代表同比增长 · 2025 年，代表同比增长 49.8%、120.4% 和 86.2%，受益于订阅用户增长、企业采用率提升，以及 网络效率的持续改善；

million, and Segment Adjusted EBITDA of $7,168 million in · 2025, representing year-over-year growth of 49.8%, 120.4%, and 86.2%, respectively, benefiting from subscriber growth, increasing enterprise adoption, and continued improvement in network efficiency;

- 在新收购的 AI 分部，我们计划优先推动增长与投资，以把握 AI 应用和算力基础设施领域的重大机遇。截至 2026 年 3 月 31 日止三个月，我们 AI 分部实现收入 $818 百万美元、经营亏损 $(2,469) 百万美元、分部调整后 EBITDA 为 $(609) 百万美元。2025 年，我们 AI 分部实现收入 $3,201 百万美元、经营亏损 $(6,355) 百万美元、分部调整后 EBITDA 为 $(1,237) 百万美元，反映其处于较早的发展阶段，并持续投入以支持 AI 领域的长期增长机遇；以及

- In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted EBITDA of $(609) million. In 2025, our AI segment generated revenue of $3,201 million, loss from operations of $(6,355) million, and Segment Adjusted EBITDA of $(1,237) million, reflecting its earlier stage of development and continued investments to support long-term growth opportunities in AI; and

- 截至 2026 年 3 月 31 日止三个月，我们 Space 分部的资本支出为 $1,052 百万美元，Connectivity 分部的资本支出为 $1,332 百万美元，AI 分部的资本支出为 $7,723 百万美元。2025 年，我们 Space 分部的资本支出为 $3,832 百万美元，Connectivity 分部的资本支出为 $4,178 百万美元，AI 分部的资本支出为 $12,727 百万美元。

- For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and for our AI segment was $12,727 million.

分部调整后 EBITDA 是一项非 GAAP 指标。有关我们非 GAAP 财务指标的更多信息，包括分部调整后 EBITDA 与分部经营（亏损）收入（最直接可比的 GAAP 指标）的对账，请参阅标题为“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”的章节。

Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure .

为何此刻至关重要 Why This Matters Now

在人类文明存在的整个历程中，我们始终只生活在单一的天体上：地球。当前这种将人类文明局限于一颗行星的范式，使人类暴露于行星尺度上不可预测且无法控制的存在性威胁之中。这些威胁既包括自然发生的灾难性事件——例如小行星撞击、火山活动或太阳活动波动——也包括人为的全球性冲突。地质与天文记录表明，在数以百万年计的时间跨度内，灭绝级事件发生的概率并非为零。依赖单一的行星家园构成了单点故障，并承载着概率为一的存在性风险，这一风险必须得到解决。通过走出我们迄今唯一已知的家园，我们确保物种层面的冗余，并确保意识之光不会系于一颗必然遭受严酷而浩瀚宇宙中种种危险的单一星球。我们不希望人类重蹈恐龙的命运。我们希望给人类一个满怀兴奋展望未来的理由，一个我们正迈入富足时代、拥有无尽繁荣与激动人心未来的前景。

For the entirety of its existence, human civilization has lived on a single celestial body: Earth. The current paradigm, in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable and uncontrollable on a planetary scale. These threats include naturally occurring catastrophic events—such as asteroid impacts, volcanic activity, or solar fluctuations—as well as man-made global conflicts. Geological and astronomical records indicate a non-zero probability of extinction-level events occurring over periods measurable in million s of years. Reliance on a single planetary home constitutes a single point of failure and carries existential risk with a probability of one that must be solved. By moving beyond the only home we have ever known, we ensure species-level redundancy and that the light of consciousness will not be tied to a single planet subject to the inevitable hazards of a harsh and vast universe. We do not want humans to have the same fate as dinosaurs. We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an endlessly prosperous and exciting future.

火星生命艺术家构想图 数十年来，人类在行星与恒星之间穿梭的现实一直显得近在咫尺，却仍被禁锢在科幻小说的书页与屏幕之中。我们有能力更好地理解宇宙、探索宇宙，并最终让生命在宇宙中多行星化。我们正在成为一个有能力走出地球摇篮、开始栖居其他世界的文明。在始终致力于这一根本使命的同时，我们在进入太空方面的进展持续带来丰富地球生活的机遇。

Artist Visualization of Life on Mars For decades, a reality where humanity travels between the planets and the stars has felt tantalizingly close but still locked in the pages and screens of science fiction. We are capable of better understanding the universe, exploring the universe, and ultimately making life multiplanetary across the universe. We are becoming a civilization with the ability to reach beyond Earth’s cradle and begin to inhabit other worlds. While we remain dedicated to this fundamental mission, our progress in accessing space continues to yield opportunities that enrich life on Earth.

我们相信，迈向浩瀚宇宙的步伐将因 AI 的迅速崛起而加速。随着人类走向未知，我们相信 AI 将成为我们创新与导航的最伟大工具，帮助我们更好地理解日常生活与宇宙，并驾驭在遥远太空建立新文明的复杂性。为了让 AI 帮助我们理解宇宙，我们认为它必须能够摒弃往往流行却错误的观点，转而选择不受欢迎却真实的观点。通过将人类探寻真理与探索的天性同我们的突破性技术相结合，我们相信人类终将抵达宇宙中的新前沿，同时提升地球生活的质量与韧性。

We believe our steps into the expanse will be accelerated by the rapid emergence of AI. As humanity moves into the unknown, we believe AI will be our greatest tool for innovation and navigation, helping us better understand day-to-day life and the universe, and master the complexity of establishing new civilizations in the far-flung reaches of space. For AI to help us understand the universe, we believe it must be able to discard the often popular, but wrong, in favor of the unpopular, but true. By combining the innate human desire to seek truth and explore with our breakthrough technologies, we believe humanity will eventually reach new frontiers across the universe, while enhancing the quality and resilience of life on Earth.

AI 时代的迅速到来加剧了我们使命的紧迫性，因为 AI 不仅有可能加速太空探索，也有可能加速地球上具有变革意义的社会进步。然而，AI 能否彻底释放人类潜能，直接取决于能否满足呈指数级增长的资源需求。在地球上，为支持不断增长的算力需求而大规模扩建数据中心容量，其速度已显著超过发电量的增长——美国的发电量在大约 15 年间基本持平，2008 年至 2023 年的复合年增长率仅为 0.1%。尽管近期 AI 数据中心带来的电力需求有所上升，但 2023 年至 2025 年间美国发电量的年增长率仍不足 3%，而同期中国的发电量增速约为美国的两倍。据行业信息来源，美国算力需求已超过可用电力供应，2025 年估计需求为 62 吉瓦，超过 49 吉瓦的发电量。我们预计，随着 AI 算力需求激增，算力需求与电力供应之间的缺口将继续显著扩大。此类结构性电力短缺预计在未来数年将进一步加剧。这种供需失衡已对地面电网、供应链和环境造成不可持续的壓力。太阳蕴含了太阳系约 99.8% 的能量，因此我们认为，在 AI 时代，太阳是唯一真正可规模化的解决方案，能够破解地球能源约束。在太空利用这一能量比在地面高效得多。由于持续受光、无大气干扰以及最佳朝向，太空太阳能阵列的单位面积发电量可达地面太阳能的五倍以上。SpaceX 凭借卫星制造规模和发射能力，能够快速进入太阳同步轨道，因而处于捕获这种太空太阳能的有利位置。因此，我们正在扩大业务版图，开发利用广袤的太空资源——这些资源对于维持技术发展至关重要。我们的目标是确保 AI 成为推动人类繁荣、造福文明的力量，而不是导致地球资源枯竭和不稳定的催化剂。我们相信，随着 AI 系统趋近 AGI——AGI 有潜力释放大规模生产力提升、科学发现和社会富足——拥有可扩展、高能效的基础设施来训练和运行前沿模型，将成为最重要的竞争差异化优势。

The rapid emergence of the AI era intensifies the urgency of our mission, as AI has the potential to accelerate not only space exploration, but also transformative societal advancements on Earth. However, AI’s ability to revolutionize human potential is directly dependent on meeting exponentially increasing resource demands. On Earth, the massive expansion of data center capacity to support growing compute demand is significantly outpacing electricity generation, which was effectively flat in the United States for approximately 15 years, growing at a compound annual growth rate of 0.1% from 2008 to 2023. Despite the recent increase in electricity demand from AI data centers, electricity generation in the United States has grown at an annual rate of less than 3% between 2023 and 2025, while electricity generation in China has grown at approximately twice that rate in the same time period. U.S. compute demand has already outpaced available power supply with estimated demand of 62 gigawatts in 2025 exceeding the power generation of 49 gigawatts, according to industry sources. We expect the gap between demand for compute and power supply to continue to widen meaningfully as AI compute needs proliferate. Such structural power shortages are expected to intensify over the coming years. This supply and demand imbalance is already imposing unsustainable strains on terrestrial power grids, supply chains, and the environment. The Sun contains approximately 99.8% of the solar system’s energy and, as a result, we believe it is the only truly scalable solution to terrestrial energy constraints in the age of AI. Harnessing this energy in space is considerably more efficient than on land. Space-based solar arrays can generate more than five times the energy per unit area of terrestrial solar due to continuous illumination, lack of atmospheric interference, and optimal orientation. SpaceX is well-positioned to capture this space-based solar energy through our ability to rapidly access Sun-synchronous orbit through our satellite manufacturing scale and launch capability. As a result, we are expanding our footprint and harnessing the vast resources of space that are essential to sustaining technological development. Our goal is to ensure that AI becomes a force for human flourishing and a benefit to civilization, rather than a catalyst for terrestrial resource depletion and instability. We believe owning scalable, power-efficient infrastructure to train and operate frontier models will be the most important competitive differentiator as AI systems converge toward AGI—which has the potential to unlock large-scale productivity gains, scientific discovery, and societal abundance.

我们相信，太空代表着人类历史上最大的经济前沿。我们无可匹敌的发射节奏大幅提升了进入太空的可及性，为人员、货物和卫星提供快速可靠的飞行任务——从而为创新、科学发现和全球互联创造前所未有的机遇。SpaceX 始终是一家以使命驱动的公司，创立之初的目标就是让人类成为多行星物种。通过大幅降低进入太空的成本，我们得以拓展自身使命，以应对地球上一些最紧迫的挑战，包括弥合数字鸿沟——力求将超过三十亿未联网人口接入互联网并获取人类的集体知识。Starlink 是我们为实现全球互联网连接而推出的突破性解决方案，为世界上最偏远和服务最匮乏的角落——从南极洲的冰原荒野到浩瀚海洋和高耸山峰——提供高速、低延迟的接入服务，克服了传统地面基础设施所带来的障碍。Starlink 无与伦比的全球覆盖能力有望帮助社会教育数十亿人，帮助整个社区摆脱贫困，并为学校、医院和关键服务提供必要的连接，从而为人类营造一个更加公平、更加知情的未来。我们支持诸如偏远和服务匮乏地区教育、难以到达患者的远程医疗、航空和海事用户的无缝连接，以及自然灾害期间的韧性通信等关键应用。例如，在 2023 年毛伊岛野火期间，大火摧毁了拉海纳，导致数千人失去电力和蜂窝服务，Starlink 迅速部署了超过 650 台终端以恢复高速互联网连接，使急救人员、人道主义组织和幸存者能够协调救援工作、获取援助资源、与家人沟通，并在传统基础设施完全失效的地区支持灾后恢复。在 2024 年美国东南部遭遇飓风 Helene 和 Milton 期间，当传统蜂窝基站、宽带线路和电力基础设施因洪水和强风造成的大范围破坏而中断数天或数周时，我们的 Starlink 终端为通信和恢复提供了快速的生命线。

We believe space represents the largest economic frontier in human history. Our unmatched launch cadence has massively increased access to space, enabling rapid and reliable missions for humans, cargo, and satellites—creating unprecedented opportunities for innovation, scientific discovery, and global connectivity. SpaceX has always been a mission-driven company, founded with the goal of making humanity multiplanetary. By dramatically reducing the cost of access to space, we have been able to expand our mission to address some of the Earth’s most pressing challenges, including bridging the digital divide by aiming to connect over three billion unconnected people to the internet and humanity’s collective knowledge. Starlink is our groundbreaking solution for global internet connectivity, delivering high-speed, low-latency access to the most remote and underserved corners of the world— from Antarctica’s frozen wilderness to vast oceans and towering mountaintops—overcoming barriers posed by traditional terrestrial infrastructure. Starlink’s unparalleled global reach has the potential to enable society to educate billion s of people, to help lift entire communities out of poverty, and to provide essential connectivity to schools, hospitals, and critical services, fostering a more equitable and informed future for humanity. We support essential applications such as education in rural and underserved regions, telemedicine for hard-to-reach patients, seamless connectivity for aviation and maritime users, and resilient communications during natural disasters. For example, during the 2023 Maui wildfires, which devastated Lahaina and left thousand s without power or cellular service, Starlink rapidly deployed over 650 terminals to restore high-speed internet connectivity, enabling first responders, humanitarian organizations, and survivors to coordinate relief efforts, access aid resources, communicate with family, and support recovery in areas where traditional infrastructure had completely failed. During Hurricanes Helene and Milton in 2024 in the southeastern United States, our Starlink terminals provided a rapid lifeline for communication and recovery when traditional cell towers, broadband lines, and power infrastructure were knocked out for days or weeks by widespread damage caused by flooding and high winds.

我们的人工智能技术同样有能力提升世界各地人们和社区的生活质量。我们相信，人工智能有潜力彻底释放人类潜能——从先进制造和基础设施建设到科学研究和医学——为个人、组织和政府带来切实的现实效益。例如，人工智能系统可以帮助研究人员加快科学发现，协助医疗专业人员进行精准的医学分析和诊断，并赋能教育工作者为学生打造量身定制的学习体验。此外，这些技术还可以优化地球的资源分配、增强灾害应对策略，并提升交通和能源系统的效率。

Our AI technology also has the ability to elevate the quality of life for people and communities around the world. We believe AI has the potential to revolutionize human potential—from advanced manufacturing and infrastructure development to scientific research and medicine—delivering tangible real-world benefits for individuals, organizations, and governments. For example, AI systems can expedite scientific discovery for researchers, aid healthcare professionals in precise medical analysis and diagnosis, and empower educators to craft tailored learning experiences for students. Moreover, these technologies can optimize Earth’s resource allocation, enhance disaster response strategies, and drive efficiencies in transportation and energy systems.

我们相信，我们当前的太空努力将催生变革性突破，这些突破可能重塑地球上的各个产业，并在月球、火星及更远的地方催生新的万亿美元级市场。特别是，我们相信我们建立月球存在的目标将实现太瓦级年度 AI 算力增长，支持更深入的太空探索与工业化，并成为在火星上建立文明的垫脚石。得益于我们正在推进的技术进步，例如在轨推进剂转移，我们相信我们的 Starship 飞行器将能够在月球上着陆大量货物。一旦抵达那里，我们相信将有可能建立永久存在，以开展科学和制造活动。例如，我们相信月球上的工厂将能够利用月球资源制造数百万颗 AI 算力卫星，并将它们部署到更远的太空。我们的目标是建立可持续的月球存在，用于科学探索、工业化，并作为通往火星的垫脚石，为栖息地、资源利用以及长期人类在地球之外生存所必需的 Starship 系统提供试验场。

We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond. In particular, we believe our goal of establishing a lunar presence will enable terawatt-scale annual AI compute growth, support deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars. Due to technological advancements that we are working towards, such as in-space propellant transfer, we believe our Starship vehicle will be capable of landing massive amounts of cargo on the Moon. Once there, we believe it will be possible to establish a permanent presence for scientific and manufacturing pursuits. For example, we believe that factories on the Moon will be able to take advantage of lunar resources to manufacture million s of AI compute satellites and deploy them farther into space. Our goal is to establish a sustainable lunar presence for scientific exploration, industrialization, and as a stepping stone to Mars, serving as a proving ground for habitats, resource utilization, and Starship systems essential for long-term human survival beyond Earth.

我们相信，人类的下一次范式转变是创建一个具有韧性、持续扩张的太空文明，推动新前沿领域的持续创新，最终将我们推向卡尔达肖夫 II 型文明——一个能够利用太阳全部能量输出的文明。近期，我们预计太空赋能技术将通过增强全球连接性以及在太阳系严酷环境中锻造的突破来改善地球上的生活，从而加速能源和 AI 领域的进步。随着我们在地球轨道以及可能在月球、火星及更远地方建设基础设施，我们相信我们能够开启一个前所未有的经济扩张时代，同时也为人类未来抵御生存性风险作出贡献。

We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding spacefaring civilization that drives continuous innovation across new frontiers, ultimately propelling us to Kardashev Type II status—a civilization that harnesses the full energy output of our Sun. In the near term, we expect space-enabled technologies to enhance life on Earth through greater global connectivity and breakthroughs forged in the harsh environments of our solar system, leading to accelerating progress in energy and AI. As we build infrastructure in the Earth’s orbit, and potentially on the Moon, Mars and beyond, we believe we are capable of unlocking an era of unprecedented economic expansion, while also contributing to the safeguards of humanity’s future against existential risk.

我们是谁 Who We Are

我们的使命是构建必要的系统与技术，使生命得以在多行星上存续，理解宇宙的真实本质，并将意识之光延伸至星辰。为此，我们打造了地球上（以及地球之外）最具雄心、垂直整合程度最高的创新引擎。我们正在融合人类历史上最具变革性和最关键的技术，包括可重复使用火箭、覆盖全球的互联网服务、实现无处不在连接的卫星直连手机通信、我们的实时信息、娱乐与言论自由平台，以及一个旨在加速科学发现、增强人类能力的求真型 AI 系统。这些能力构成了一个自我强化的生态系统：发射系统部署并维护卫星网络，后者提供无处不在的连接和海量数据流；平台呈现实时信息并支持开放讨论；AI 则大规模处理数据，推动物理学、材料科学和太空探索领域的突破。它们共同为未来基础设施的发展奠定了基础，并服务于在其他行星上建立自给自足的人类存在这一终极目标。

Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. To do this, we’ve formed the most ambitious, vertically integrated innovation engine on (and off) Earth. We are combining the most transformative and critical technologies in human history, including reusable rockets, a fully global internet service, satellite-to-mobile communications that enable connectivity everywhere, our real-time information, entertainment, and free speech platform, and a truth-seeking AI system designed to accelerate scientific discovery and augment human capabilities. These capabilities form a self-reinforcing ecosystem: launch systems deploy and maintain the satellite network, which delivers ubiquitous connectivity and vast data flows; the platform surfaces real-time information and supports open discourse; and AI processes data at scale to drive breakthroughs in physics, materials science, and space exploration. Together, they create a foundation for the development of the infrastructure of the future and the ultimate goal of establishing a self-sustaining human presence on other planets.

SpaceX 设计、制造、发射并运营全球最先进的火箭和航天器。我们安全可靠地运送宇航员、卫星及其他有效载荷，执行造福地球生命的任务。自 2023 年以来，我们每年为全球发射了超过 80% 的入轨质量，任务成功率超过 99%。我们相信，我们无与伦比的发射能力构成了使业务其他所有部分得以实现的基础性竞争优势。我们运营着一个高速、低延迟的宽带数据与通信网络，由低地球轨道上约 9,600 颗 Starlink 宽带和移动卫星提供支持，截至 2026 年 3 月 31 日，为 164 个国家、地区及其他市场的数百万消费者、企业和政府客户提供连接。我们还在不到两年内构建了全球最先进的模型之一，并以行业领先的速度和成本效率快速扩展相关的 AI 算力基础设施——从地球起步，目标延伸至太空。我们相信，太空代表着人类历史上最大的经济前沿，而 AI 是理解宇宙的变革性力量。我们相信，太空与 AI 将共同开启一个丰裕时代，带来全球经济的空前扩张。我们是唯一一家拥有横跨硬件和软件的基础设施、能够在太空、连接和 AI 领域推动变革性创新的公司。我们的技术进步正在重新定义地球上的各个行业，同时致力于在月球、火星及更远的地方创造新的行业。

SpaceX designs, manufactures, launches, and operates the world’s most advanced rockets and spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate. We believe our unparalleled launch capabilities represent the foundational competitive advantage that enables all other parts of our business. We operate a high-speed, low-latency broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers across 164 countries, territories, and other markets, as of March 31, 2026. We also built one of the world’s most advanced models in under two years and are rapidly scaling the associated AI compute infrastructure—starting on Earth with the goal of extending to space—at industry-leading pace and cost efficiency. We believe that space represents the largest economic frontier in human history and that AI is a transformative force for understanding the universe. Together, we believe that space and AI will enable an age of abundance that will lead to an unprecedented expansion in the global economy. We are the only company that has the foundational infrastructure across hardware and software necessary to drive transformative innovation across space, connectivity, and AI. Our technological advancements are redefining industries on Earth, while aiming to create new ones on the Moon, Mars, and beyond.

#### 我们无与伦比的发射能力

#### Our Unparalleled Launch Capabilities

自 2002 年成立以来，SpaceX 已破解了规模化进入太空的密码，彻底改变了一个以数十年停滞、规避风险和经济上扭曲的成本结构为特征的行业。我们设计、制造、发射并翻新可重复使用运载火箭，为自身目的以及第三方商业和政府客户提供高性价比、可靠且高频次的太空进入能力。2025 年，我们从美国的四个主要发射台进行发射，并根据飞行器类型和任务剖面，在包括自主无人船和捕获塔在内的七个着陆设施成功回收助推器。我们广泛的垂直整合以及对从设计到发射再到运营的整个价值链的端到端控制，使我们能够实现前所未有的速度和成本效率。

Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design, manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence access to space for our own purposes as well as for third-party commercial and government customers. In 2025, we launched from four primary launch pads in the United States and successfully recovered boosters across seven landing facilities including autonomous drone ships and catch towers based on the vehicle type and mission profile. Our extensive vertical integration and end-to-end control over the entire value chain, from design to launch to operations, allows us to achieve unprecedented speed and cost efficiency.

截至 2026 年 3 月 31 日，SpaceX 已将总计约 7,400 公吨的质量送入轨道，我们的 Falcon 火箭任务成功率超过 99%。我们已完成约 650 次轨道太空发射，其中超过 540 次发射由经过飞行验证的 Falcon 火箭完成。仅在 2025 年，SpaceX 就完成了 Falcon 和 Starship 飞行器的 170 次任务以及 159 次经过飞行验证的助推器发射，助推器回收尝试成功率超过 99%。我们发射了超过 2,200 公吨，占 2025 年全球入轨质量的 80% 以上。随着 Falcon 1 在 2008 年首次成功发射，我们成为第一家成功将液体燃料火箭发射至地球轨道的私营公司。仅仅两年后的 2010 年，Falcon 9 火箭的商业首秀通过提供前所未有的成本效率彻底改变了太空进入方式。例如，根据 NASA 的数据，2010 年第一版 Falcon 9 将发射成本降至约每公斤 $2,700，与每公斤 $18,500 的历史平均发射成本相比降低了约 85%。2018 年第一版 Falcon Heavy 进一步将该成本降至每公斤 $1,400，与历史平均水平相比降低了约 92%。我们还通过工程改进、制造效率提升和规模经济的结合——最显著的是通过推动火箭更频繁地重复使用的能力——降低了内部发射成本。

As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over 99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches, and over 540 of those launches were completed by a flight-proven Falcon rocket . In 2025 alone, SpaceX completed 170 missions across Falcon and Starship vehicles and 159 flight-proven booster launches with an over 99% success rate on attempted booster recoveries. We launched over 2,200 metric tons, representing over 80% of mass to orbit for the world in 2025. With the first successful launch of Falcon 1 in 2008, we became the first private company to successfully launch a liquid-fueled rocket to Earth’s orbit. Just two years later, in 2010, the commercial debut of the Falcon 9 rocket revolutionized space access by delivering unprecedented cost efficiency. For example, according to NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per kilogram, which represented a reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500. The first version of Falcon Heavy in 2018 further reduced this cost to $1,400 per kilogram, a reduction of approximately 92% compared to the historical average. We have also reduced our internal cost of launch through a combination of engineering improvements, manufacturing efficiencies, and economies of scale—most notably, through our ability to drive more frequent reuse of rockets.

2015 年 12 月，我们实现了许多人认为不可能的事：将一枚发射至太空的火箭重新降落回地球。到 2017 年，我们已能常规性地在发射后回收并复用 Falcon 9 一级助推器，凭借突破性的可复用能力，再次实现了太空进入成本的阶跃式下降。截至 2026 年 3 月 31 日，我们的 Falcon 9 火箭已展示出一级助推器重复飞行 34 次的能力。自 2020 年以来，我们的 Dragon 飞船已安全搭载来自 20 个国家的 78 名乘员飞行。随着未来 Starship 的部署——其设计目标是成为全球首款完全且快速可复用的航天器——我们旨在将入轨成本相对历史平均发射成本降低 99% 或更多，从而开辟最经济、最具可扩展性的路径，在太空创造新机遇，例如轨道 AI 算力和火星探索。

In December 2015, we achieved what many deemed impossible: landing a rocket launched to space back on Earth. By 2017, we were routinely recovering and reusing the Falcon 9 first-stage booster post-launch, delivering another step-function drop in space access costs via groundbreaking reusability. As of March 31, 2026, our Falcon 9 rockets have demonstrated the ability to refly a first-stage 34 times. Since 2020, our Dragon spacecraft has safely flown 78 crewmembers from 20 countries. With the future deployment of Starship, which is designed to be the world’s first fully and rapidly reusable spacecraft, we aim to reduce the cost to reach orbit by 99% or more relative to the historical average launch cost, establishing the most affordable and scalable path to creating new opportunities in space, such as orbital AI compute and Mars exploration.

助推器可复用性推动发射频率不断提升

Booster Reusability Enables Increasing Launch Rates

我们的主要运载火箭和航天器包括：

Our principal launch vehicles and spacecraft include:

- Falcon 9。作为全球首款轨道级快速可复用火箭，Falcon 9 于 2010 年首飞，在完全一次性使用模式下，其近地轨道（LEO）运载能力约为 23 公吨。截至 2026 年 3 月 31 日，Falcon 9 已完成约 620 次轨道太空发射，任务成功率超过 99%，是当今发射活动最频繁的轨道运载火箭。仅 2025 年，我们就发射了 165 枚 Falcon 9 火箭，其中 157 次为经过飞行验证的助推器发射；在截至 2026 年 3 月 31 日的三个月内，我们发射了 40 枚 Falcon 火箭，其中 39 次为经过飞行验证的助推器发射。

- Falcon 9. As the world’s first orbital-class rapidly reusable rocket, Falcon 9 was first launched in 2010 and has a payload capacity to LEO of approximately 23 metric tons when fully expendable. Falcon 9 has completed approximately 620 orbital space launches as of March 31, 2026, and an over 99% mission success rate, making it the most active orbital launch vehicle today. In 2025 alone, we launched 165 Falcon 9 rockets, of which 157 were flight-proven booster launches, and during the three months ended March 31, 2026, we launched 40 Falcon rockets, of which 39 were flight-proven booster launches .

- Falcon Heavy。Falcon Heavy 于 2018 年首飞，当时将一辆 Tesla Roadster 及其假人乘客（名为 Starman）送入环绕太阳的轨道。Falcon Heavy 的近地轨道（LEO）运载能力约为 64 公吨，是一款部分可复用的超重型运载火箭，旨在将大型有效载荷送入轨道。按起飞推力衡量，Falcon Heavy 是全球在役最强大的火箭之一，截至 2026 年 3 月 31 日已发射 11 次，任务成功率 100%。

- Falcon Heavy. Falcon Heavy first launched in 2018 when it put a Tesla Roadster and its mannequin passenger, known as Starman, into orbit around the Sun. With a payload capacity to LEO of approximately 64 metric tons, Falcon Heavy is a partially reusable super heavy-lift launch vehicle designed to deliver large payloads to orbit. Falcon Heavy is one of the most powerful operational rockets in the world measured by liftoff thrust, with 11 launches as of March 31, 2026 and a 100% mission success rate.

- Dragon。我们的 Dragon 飞船于 2012 年由 Falcon 9 发射，成为首款向国际空间站运送货物并返回的商业航天器；八年后，又成为首款将人类送往该在轨实验室的私人建造飞行器。自首飞以来，Dragon 已访问国际空间站超过 50 次，并恢复了美国发射宇航员的能力。Dragon 还支持了 NASA 所有前往国际空间站的私人宇航员任务，搭载了首个全商业宇航员乘组，完成了首次飞越地球极区的人类太空飞行，并支持了史上首次商业太空行走。

- Dragon. Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial spacecraft to deliver cargo to and from the International Space Station and, eight years later, the first privately built vehicle to fly humans to the orbiting laboratory. Since its first flight, Dragon has visited the International Space Station over 50 times, and restored America’s ability to launch astronauts. Dragon has also supported all of NASA’s private astronaut missions to the International Space Station, flown the first all-commercial astronaut crew, completed the first human spaceflight over the Earth’s polar regions, and supported the first-ever commercial spacewalk.

- Starship。Starship 于 2023 年首次发射，设计为完全可重复使用的超重型运载火箭。Starship V3 设计为在完全可重复使用构型下向地球轨道运送 100 公吨，同时实现类似商业航空的快速周转时间。未来几代 Starship 正被设计为将这一有效载荷能力翻倍。迄今为止，我们已执行 12 次 Starship 飞行测试，其中 2026 年 5 月的第 12 次飞行测试首次亮相下一代 Starship 飞行器与 Super Heavy 助推器，搭载我们 Raptor 发动机的下一代演进版本，并从 Starbase 新设计的发射台发射。我们预计 Starship 将于 2026 年下半年开始向轨道运送有效载荷。我们已实现多项创新里程碑，例如使用发射塔上的“筷子”机械臂捕获助推器，且该发射塔正是其发射所用之塔。我们预计这一能力将促进快速翻修与重复使用，从而实现每日多次发射并降低成本。

- Starship. First launched in 2023, Starship is designed to be a fully reusable, super heavy-lift launch vehicle. Starship V3 is designed to deliver 100 metric tons to Earth’s orbit in a fully reusable configuration while enabling rapid turnaround times akin to commercial aviation. Future generations of Starship are being designed to double this payload capacity. To date, we have executed 12 Starship flight tests, with our 12th flight test in May 2026 debuting the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones such as catching a booster using “chopstick” arms on the same tower it launched from. We expect this capability will facilitate rapid refurbishment and reuse, allowing for multiple launches per day at reduced costs.

在实现火箭可重复使用后，我们认识到我们的发射业务在创造新收入来源方面的巨大潜力，因为我们的发射能力最终将超出仅来自传统太空客户的需求。这一认识，连同我们使生命多行星化的努力，推动我们重新构想当太空访问变得更可负担时所能实现的可能性。我们不是问太空正在做什么，而是问哪些大规模全球需求可以更好地从太空得到满足。这促成了 Starlink 的开发，这是我们的全球卫星互联网星座，由数千颗 LEO 卫星组成，旨在为全球服务不足的地区提供高速、低延迟的宽带连接。尽管利用卫星实现全球互联网连接的概念可追溯至数十年前，但技术挑战和太空访问的 prohibitive 成本历来使提供此类连接的尝试在经济上不可行。在我们 2019 年首次卫星发射后的三年内，我们解决了卫星的技术和生产挑战，并部署了现存最大的 LEO 星座。如今，Starlink 是全球唯一可用的低延迟网络。

Upon achieving rocket reusability, we recognized the immense potential of our launch business to enable new revenue streams, as our launch capacity would eventually outstrip demand from traditional space customers alone. This realization, along with our efforts to make life multiplanetary, drove us to reimagine what was possible when access to space became more affordable. Rather than asking what was being done in space, we asked what large-scale global need could be better served from space. This led to the development of Starlink, our global satellite internet constellation, consisting of thousand s of LEO satellites designed to provide high-speed, low-latency broadband connectivity to underserved areas worldwide. Although the concept of using satellites for global internet connectivity dates back decades, technical challenges and the prohibitive cost of accessing space historically rendered attempts to provide such connectivity economically unviable. Within three years of our first satellite launch in 2019, we solved the technical and production challenges of the satellites and had deployed the largest LEO constellation in existence. Today, Starlink is the sole low-latency network available globally.

作为太空访问领域的领导者，我们的发射运营是一项重要且不断扩大的竞争优势。通过结合不断提高的发射频率、扩大的货物运载能力和下降的单位成本——由快速可重复使用所驱动——我们已形成复合型竞争优势。这不仅巩固了我们的核心业务，还提供了由太空独特赋能的广阔新市场机遇。

As the leader in space access, our launch operations are an important and expanding competitive advantage. By combining increasing launch cadence, expanding cargo capacity, and declining unit costs—driven by rapid reusability—we have generated a compounding competitive advantage. This not only fortifies our core business, but also provides vast new market opportunities uniquely enabled by space.

#### 我们在太空、连接和 AI 领域的领先能力

#### Our Leading Capabilities Across Space, Connectivity, and AI

太空。虽然我们的发射能力支持我们的其他业务，例如 Starlink 消费宽带和 Starlink 移动，但我们也向第三方客户销售发射服务。我们通过可重复使用的 Falcon 9 和 Falcon Heavy 火箭，为商业、民用和政府客户提供卫星、货运和载人任务的发射服务。我们的飞行目的地包括 LEO、MEO、GEO、月球和行星际轨道，以及国际空间站。我们是美国政府的主要发射服务提供商。2025 年，我们执行了 12 次国家安全太空发射（“NSSL”）中型和重型运载任务中的 11 次，以及 NASA 全部五次前往国际空间站的美国载人和货运任务。我们服务于商业和政府客户，包括 NASA、国家侦察局（“NRO”）、Axiom Space、SES、Eutelsat 和 Oneweb。我们根据火箭类型、入轨质量、有效载荷大小和服务类型（例如发射是专供单一客户，还是与其他客户“拼车”）向客户收费。

Space. While our launch capabilities support our other businesses, such as Starlink Consumer Broadband and Starlink Mobile, we also sell launches to third-party customers. We offer launch services to commercial, civil, and government customers through our reusable Falcon 9 and Falcon Heavy rockets for satellite, cargo, and crew missions. We fly to LEO, MEO, GEO, lunar, and interplanetary trajectories, as well as the International Space Station. We are the primary launch provider for the U.S. government. In 2025, we launched 11 of 12 National Security Space Launch (“NSSL”) medium and heavy lift missions and all five U.S. crew and cargo missions to the International Space Station for NASA. We serve commercial and government customers—including NASA, the National Reconnaissance Office (“NRO”), Axiom Space, SES, Eutelsat, and Oneweb. We charge our customers based on the type of rocket, mass to orbit, size of payload, and type of service, such as whether the launch is dedicated to a single customer or part of a “rideshare” with other customers.

Starship 是我们的下一代可重复使用火箭飞行器，我们预计它将通过完全且快速的重复使用，结合目前前所未有的入轨质量能力，大幅扩展我们的发射能力。作为有史以来研发的最强大发射系统，我们预计 Starship V3 将能够运载 100 公吨的有效载荷，而未来几代可能达到 200 公吨，最早可能在 Starship V4 实现。Starship 旨在将我们的下一代卫星送入轨道、实现地球上长距离点对点运输，并运送在月球建立基地、在火星建立城市所需的人员和货物，以开展研究和载人航天开发。

Starship is our next-generation reusable rocket vehicle that we expect will expand our launch capability dramatically through full and rapid reusability combined with currently unprecedented mass to orbit capability. As the most powerful launch system ever developed, we expect that Starship V3 will be able to carry a payload of 100 metric tons, and that future generations could reach 200 metric tons, potentially as soon as Starship V4. Starship is designed to deliver our next-generation satellites to orbit, long-haul point-to-point transportation on Earth, the cargo and crew necessary to develop a base on the Moon and a city on Mars for research and human spaceflight development.

连接。Starlink 提供全球高速互联网接入，包括为全球服务不足的农村和偏远社区提供接入。截至 2026 年 3 月 31 日，我们在低地球轨道拥有约 9,600 颗 Starlink 宽带和移动卫星，为 164 个国家、地区和其他市场的约 10.3 百万 Starlink 用户提供宽带连接。我们还为约 30 个国家的约 7.4 百万月度独立设备提供卫星到移动设备的短信和 OTT 语音服务。

Connectivity. Starlink provides global access to high-speed internet, including underserved rural and remote communities worldwide. As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, providing broadband connectivity to approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets. We also provide satellite-to-mobile texting and over-the-top voice services to approximately 7.4 million monthly unique devices across approximately 30 countries.

- Starlink 消费者宽带。我们运营着全球规模最大、最先进的太空互联网宽带服务，截至 2026 年 3 月 31 日，中位延迟约为 25 毫秒。截至 2026 年 3 月 31 日，我们为住宅用户提供类光纤下载速度——高峰时段中位下载速度为 225 Mbps——并具备在地球任何地点（包括两极）提供服务的技术能力。这一服务质量得益于我们由约 9,600 颗 Starlink 宽带和移动卫星组成的庞大低地球轨道网络，截至 2026 年 3 月 31 日，该网络约占在轨所有活跃可机动卫星的 75%。我们预计将于 2026 年下半年使用 Starship 开始部署下一代 V3 卫星，该卫星设计为每颗提供 1 Tbps 的下行容量。我们预计单次 Starship 发射将能够向 LEO 部署最多 60 颗 V3 卫星，这意味着相对于 Falcon 9 发射，Starlink 部署的下行容量可能增加二十倍。截至 2026 年 3 月 31 日，我们拥有约 10.3 百万 Starlink 用户，较一年前的 5.0 百万用户增长约 105%。我们向 Starlink 用户收取月度订阅费，该费用根据地理市场和下载速度而有所不同，此外通常还收取一次性终端设备费用。

- Starlink Consumer Broadband. We operate the world’s largest and most advanced space-based internet broadband service with median latency at approximately 25 milliseconds as of March 31, 2026. We provide fiber-like download speeds—at a median of 225 Mbps during peak hours for residential users as of March 31, 2026—and the technological capability to provide service everywhere on Earth, including the poles. This service quality is enabled by our vast network of approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, which accounted for approximately 75% of all active maneuverable satellites in orbit as of March 31, 2026. We expect to commence deploying our next-generation V3 satellites, designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of 2026. We expect that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a potential twenty-fold increase in Starlink downlink capacity deployed relative to a Falcon 9 launch. As of March 31, 2026, we had approximately 10.3 million Starlink Subscribers, up approximately 105% from 5.0 million subscribers a year prior. We charge our Starlink Subscribers a monthly subscription fee, which varies based on geographic market and download speed, plus typically a one-time upfront terminal cost.

- 企业解决方案。SpaceX 是众多企业的重要合作伙伴。我们为建筑、农业、零售、电信、酒店、航空、海事和陆地交通等行业的的企业客户提供 Starlink 高速、低延迟、可靠的互联网服务。Starlink 的独特能力非常适合在现场办公室、偏远工地、研究站、钻井平台、乡村医院、飞机、游轮、火车和酒店等场景部署。我们的企业客户包括 United Airlines、Carnival、Maersk 和 John Deere 等公司。我们还为零售和金融服务等行业广泛的固定站点客户群提供服务，这些客户需要关键业务的高可用性以及在偏远或难以服务地点获得可靠连接。随着企业持续投资于安全和有韧性的网络及备份系统，以保持关键基础设施（如销售点和支付处理系统）在线，我们通常最初作为备份解决方案，随后转变为主要解决方案。我们的企业合同基于订阅、数据消耗、容量或其他定价模式的组合，具体取决于每位客户的特定需求。自 2023 年以来，没有年收入贡献超过 $750,000 的 Starlink 企业客户主动停止其服务，这证明了我们产品的强劲性能和价值，尽管我们的客户可以随时取消服务。

- Enterprise Solutions . SpaceX is a critical partner to a wide array of enterprises. We offer Starlink’s high-speed, low-latency, reliable internet services to enterprise customers across industries including construction, agriculture, retail, telecom, hospitality, aviation, maritime, and land mobility. Starlink’s unique capabilities are well‑suited for deployments across field offices, remote worksites, research stations, drilling rigs, rural hospitals, aircraft, cruise ships, trains, and hotels. Our enterprise customers include companies such as United Airlines, Carnival, Maersk, and John Deere, among others. We also serve a broad fixed‑site customer base across industries such as retail and financial services that require high availability for critical operations as well as reliable connectivity in remote or hard-to-serve locations. As companies continue to invest in secure and resilient networks and backup systems to keep critical infrastructure online—such as point‑of‑sale and payment processing systems—we often start as a backup solution and then transition to being the primary solution. Our enterprise contracts are based on a combination of subscriptions, data consumption, capacity, or other pricing models depending on each customer’s particular needs. Since 2023, no Starlink Enterprise customer having contributed more than $750,000 of annual revenue has voluntarily discontinued their service, demonstrating the strong performance and value of our offering. This is despite the ability of our customers to cancel the service at any time.

- 政府解决方案。针对政府客户，我们即使在最偏远、最具挑战性的环境中，也能为公共服务、社会影响、人道主义行动和灾害响应提供高速、高韧性的连接。示例包括：支持 FEMA 在飓风和野火过后协调灾后恢复，支持 NOAA 进行海上测试和环境监测，支持菲律宾政府连接偏远岛屿、学校和公共机构，支持牙买加政府改善偏远地区和海域的数字接入，以及支持厄瓜多尔政府在孤立社区支持教育和医疗连接。此外，通过 Starshield，我们利用商业 LEO 卫星星座的工程经验和运营经验，开发了一个安全、专用的卫星网络，专为美国政府客户和国家安全应用而设计。

- Government Solutions. For our government customers, we provide high-speed, resilient connectivity for public services, social impact, humanitarian efforts, and disaster response in even the most remote and challenging environments. Examples include support for the FEMA in coordinating disaster recovery after hurricanes and wildfires, the NOAA for at-sea testing and environmental monitoring, the Government of the Philippines for linking remote islands, schools, and public institutions, the Government of Jamaica for improving digital access in remote and maritime areas, and the Government of Ecuador for supporting education and healthcare connectivity in isolated communities. Separately with Starshield, we have leveraged our commercial LEO satellite constellation engineering learnings and operational experiences to develop a secure, dedicated satellite network designed specifically for United States Government customers and national security applications.

- Starlink Mobile。我们提供卫星到移动终端的连接服务，补充地面网络，并大幅减少约 30 个国家/地区的移动“盲区”。我们与移动网络运营商（MNO）合作，包括美国 T-Mobile 等主要无线运营商，以及 One NZ、Optus、Telstra、Rogers、KDDI、Salt、Entel、Kyivstar 和 VMO2 等其他国际运营商。通过这些合作，我们使消费者、企业和公共部门客户能够在更多地点使用其现有手机，在灾害和停电期间支持关键连接，并为低带宽移动设备和物联网设备开辟新的应用。我们目前在“V1”星座（由约 650 颗在轨 V1 Mobile 卫星组成）下的能力包括轻量数据、短信（SMS）和 over-the-top 语音服务（例如 WhatsApp 和 FaceTime）。我们正在开发更全面的卫星到移动终端服务，包括宽带数据和物联网连接，预计将在全球范围内提供具有韧性、不依赖基础设施的连接，并实现 5G 连接。我们与六大洲约 30 家 MNO 建立了合作关系，覆盖区域居住着约 19 亿人口。我们向 MNO 收取固定费用或按每移动用户计费的费用，该费用通常由运营商作为“附加”功能转嫁给客户。

- Starlink Mobile. We provide satellite-to-mobile connectivity, supplementing terrestrial networks and substantially reducing mobile “dead zones” across approximately 30 countries. We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices. Our current capabilities under our “V1” constellation (consisting of approximately 650 V1 Mobile satellites in orbit) include light data, text messaging (SMS), and over-the-top voice services (e.g., WhatsApp and FaceTime). We are developing more comprehensive satellite-to-mobile services, including broadband data and IoT connectivity, which are expected to deliver resilient, infrastructure-independent connectivity worldwide and enable 5G connectivity. We have partnerships with approximately 30 MNOs on six continents, covering an area that is home to approximately 1.9 billion people. We charge MNOs either a fixed fee or a per-mobile user fee-based amount, which is typically passed through to the customer via the carrier as an “add-on” feature.

我们的全球 Starlink 用户基础

Our Global Starlink Subscriber Base

AI。我们运营一个高度垂直整合的 AI 平台，涵盖吉瓦级 AI 算力基础设施、我们探求真理的前沿 AI 模型 Grok、面向消费者和企业客户的 AI 解决方案，以及 X——我们的实时信息、娱乐和言论自由平台。我们相信，AI 正迅速向 AGI 演进，届时人类认知能力将能够以机器速度被复制和扩展，从而极大地增强人类生产力。一旦 AGI 系统存在，其真正价值源于能够创造出无限多个类人智能的副本，这需要海量计算资源和具有成本效益的部署才能实现有意义的规模。如果没有大规模、高能效的基础设施，AGI 就无法广泛或经济地部署——这使得此类基础设施成为关键的战略差异化因素。

AI. We operate a highly vertically integrated AI platform spanning gigawatt-scale AI compute infrastructure, our truth-seeking frontier AI model, Grok, AI solutions for consumer and enterprise customers, and X, our real-time information, entertainment, and free speech platform. We believe AI is rapidly converging toward AGI, where human cognitive capabilities can be replicated and scaled at machine speeds, profoundly augmenting human productivity. Once an AGI system exists, its true value derives from the ability to create limitless duplicates of human-like intelligence, necessitating vast computational resources and cost-efficient deployment to achieve meaningful scale. Without large-scale, power-efficient infrastructure, AGI cannot be deployed broadly or economically—making such infrastructure a critical strategic differentiator.

- AI 算力基础设施。xAI 在建设和扩展地面 AI 算力基础设施方面已确立领先地位，成为首家部署连贯的吉瓦级 AI 训练集群的公司。我们的 AI 算力设施 COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，另有额外电力容量可用于数据中心运营。我们的第一性原理思维使我们能够以低于行业内大多数其他公司的成本，大规模、快速地构建连贯算力。我们在 122 天内使 COLOSSUS 的第一个集群上线，利用了现有工厂的外壳进行改造；而 COLOSSUS II 的第一个集群上线更快，仅用 91 天。作为说明性对比，行业内使一个 100 兆瓦新建数据中心上线的基准时间约为两年。我们还在成本效率方面展示了显著提升，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。这种速度与成本的双重优势源于我们完全的垂直整合，以及我们的创始人马斯克先生在我们的太空、连接和 AI 各业务板块中注入的共同文化。Terafab 的加入——这是一项与 Tesla 共同建设年产能达 1 太瓦算力硬件的制造设施的倡议——旨在进一步将我们的垂直整合延伸至芯片设计与制造，以缓解 SpaceX 未来潜在的芯片短缺、优化算力性能，并有可能降低整体算力成本。Intel 具备大规模设计、制造和封装超高性能芯片的能力，也已加入 Terafab 项目。我们认为，AI 持续增长的关键制约因素是物理层面的——芯片制造、数据中心基础设施和发电；AI 的未来将由对物理技术栈的控制所决定。

- AI Compute Infrastructure. xAI has established a leading position in building and scaling terrestrial AI compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. Our first-principles thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. This dual speed and cost advantage stems from our complete vertical integration and the shared culture infused by our founder, Mr. Musk, across our Space, Connectivity, and AI segments. The addition of Terafab, an initiative together with Tesla to build a manufacturing facility capable of producing 1 terawatt per year of compute hardware, aims to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs. Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale, has also joined the Terafab project. We believe that the key constraints in the continued growth of AI are physical—chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the control of the physical stack.

- 求真型前沿模型。xAI 借助 Grok 开发出了全球最先进的求真型前沿模型之一。自 2023 年 11 月推出 Grok-1 以来，我们已发布四个主要版本及其重要变体，实现了业界最快的迭代周期之一，最终推出 Grok-4.3（2026 年 4 月）。基于这一发展轨迹，我们预计将通过后续各代产品持续扩展 Grok。下一代模型的持续训练预计将扩展至数万亿参数规模，这可能代表推理深度和整体智能水平的阶跃式变化。在此语境下，参数数量指模型规模，其中参数是模型内部的数值（如“权重”），在训练过程中被调整，以使模型能够识别数据中的模式和关系。参数数量越大，通常使模型能够捕捉更复杂的关系、存储更多知识，并达到更高水平的推理能力。在首次模型发布后的两年内，Grok 在科学推理方面达到了前沿水平（以 GPQA Diamond 得分衡量），该得分是一项行业基准，通过一组由专家编写和验证的标准化问题来评估 AI 模型，且我们达成这一水平的时间线快于其他领先模型提供商所报告的时间线。这种加速的创新速度源于我们高度垂直整合的技术栈：完全拥有训练基础设施、可使用全球最强大的算力集群，以及对求真和现实世界实用性的不懈专注。一个关键的竞争差异化优势是 Grok 与 X 的深度整合，使其能够专有地访问每日约 350 million 条帖子的实时信息流，从而提升 Grok 的时效性、相关性和上下文感知能力。这种对 X 上信息和人类话语的直接、实时访问，通过将输出建立在最新知识和多元观点之上，增强了 Grok 的求真能力。我们相信，算力基础设施规模与通过 X 可获得的海量数据集（受某些内容的若干限制）相结合，使我们能够实现行业领先的性能，并提供分析全球事件实时信息的模型输出。我们预计，我们的算力基础设施以及通过 X 对实时数据的直接访问，将构成 Grok 的重大性能优势，从而带来日益快速和显著的迭代周期。

- Truth-Seeking Frontier Model. xAI has developed one of the world’s most advanced, truth-seeking frontier models with Grok. Since launching Grok-1 in November 2023, we have released four major versions and notable variations thereof, achieving one of the fastest iteration cycles in the industry, culminating in Grok-4.3 (April 2026). Building on this trajectory, we expect to continue scaling Grok through subsequent generations. Ongoing training of next‑generation models is expected to scale toward multiple trillions of parameters, which could represent a step change in reasoning in depth and overall intelligence. In this context, the number of parameters refers to the scale of the model, where parameters are the internal numerical values, such as “weights,” that are adjusted during training to enable the model to recognize patterns and relationships in data. A larger number of parameters generally allows the model to capture more complex relationships, store greater amounts of knowledge, and achieve higher levels of reasoning capability. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. This accelerated rate of innovation stems from our highly vertically integrated stack: full ownership of training infrastructure, access to the world’s most powerful compute clusters, and relentless focus on truth seeking and real-world utility. A key competitive differentiator is Grok’s deep integration with X, enabling proprietary access to a real-time information stream of approximately 350 million daily posts, which enhances freshness, relevance, and contextual awareness for Grok. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. We believe that this combination of compute infrastructure scale and the massive dataset available to us through X, subject to some limitations for certain content, has allowed us to achieve industry-leading performance and provide model outputs that analyze real-time information on global events. We expect that our compute infrastructure and direct access to real-time data via X constitute substantial performance advantages for Grok that will result in increasingly rapid and dramatic iteration cycles.

- 消费者与企业应用。我们利用领先的前沿模型和算力基础设施，提供消费者与企业应用。在不到六个月的时间里，我们开发了 Grok Voice，这是一款实时语音引擎，包括多语言性能。我们的图像和视频生成系统 Imagine，在截至 2026 年 3 月 31 日的季度内，平均每月生成约 100 亿张图像和超过 20 亿个视频。我们还与 Tesla 共同开发 Macrohard，这是一个智能体 AI 平台，旨在能够完全模拟数字工作流程，并增强人类对计算机的操作——从编码和产品开发到管理和整个业务流程——使用复杂的自主智能体。我们相信 Macrohard 有潜力从根本上改变公司的结构和运营方式，从而大幅提高人类生产力。此外，我们认为，随着政府成为 AI 应用的重要消费者，我们现有的政府关系和作为大型政府承包商的历史记录是一种结构性优势。

- Consumer and Enterprise Applications. We leverage our leading frontier models and compute infrastructure to deliver consumer and enterprise applications. In under six months, we developed Grok Voice, a real-time speech engine, including in multilingual performance. Our image and video generation system, Imagine, produced approximately 10 billion images and over 2 billion videos per month, on average, for the quarter ending March 31, 2026. Together with Tesla, we are also developing Macrohard, an agentic AI platform designed to be capable of fully emulating digital workflows and augmenting human operation of computers— from coding and product development to management and entire business processes—using sophisticated autonomous agents. We believe Macrohard will have the potential to fundamentally transform how companies are structured and operate, thereby allowing dramatic increases in human productivity. In addition, we believe our existing government relationships and track record as large government contractors are a structural advantage as governments become significant consumers of AI applications.

我们横跨 Grok 和 X 的集成 AI 平台在截至 2026 年 3 月 31 日的过去十二个月和截至 2025 年 12 月 31 日的过去十二个月中，分别拥有约 13 亿个活跃的受支持账户，其中包括截至 2026 年 3 月 31 日和 2025 年 12 月 31 日分别约 5.5 亿和 5.2 亿的月活跃用户（MAU）。在我们的 MAU 中，截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，分别约有 1.17 亿和 8900 万 MAU 使用了 Grok 的 AI 功能。

Our integrated AI platforms across Grok and X had approximately 1.3 billion supported accounts active in the last twelve months ended March 31, 2026 and December 31, 2025, including approximately 550 million and 520 million MAUs as of March 31, 2026 and December 31, 2025, respectively. Of our MAUs, we had approximately 117 million and 89 million MAUs that used Grok’s AI features as of March 31, 2026 and December 31, 2025, respectively.

我们还通过 X 上的高影响力广告库存将用户活动变现。我们相信，X 的规模、实时参与度以及与 Grok 的整合，为在通信、内容发现、商务和金融服务等领域构建统一的用户体验提供了差异化的基础。对于在 X 上投放广告的企业，我们提供大规模用户参与、实时内容和先进的 AI 驱动效果营销工具。对于企业，我们通过 Grok Business 和 Grok Enterprise 提供针对特定工作流程和安全需求定制的 Grok 部署，按许可、消费或基于结果的定价模式销售。

We also monetize user activity through high-impact advertising inventory on X. We believe X’s scale, real-time engagement, and integration with Grok provide a differentiated foundation for building a unified user experience across communication, content discovery, commerce, and financial services, among others. For enterprises that advertise on X, we offer large-scale user engagement, real-time content, and advanced AI-driven performance marketing tools. For enterprises, we offer tailored deployments of Grok customized to specific workflows and security needs through Grok Business and Grok Enterprise, sold on license-, consumption-, or outcome-based pricing models.

#### 与 Tesla 的合作

#### Collaboration with Tesla

SpaceX 和 Tesla 通过一系列有限但成功的商业合作，奠定了强大且建设性伙伴关系的早期基础。在 Tesla 于 2026 年 1 月承诺投资 xAI 之后，我们与 Tesla 的关系发生了有意义的演变——这项投资在 SpaceX 收购 xAI 后转换为 SpaceX 的股权。Tesla 和 xAI 继续在长期合作关系的基础上，评估两家公司之间的未来战略机会。

SpaceX and Tesla developed the early foundation of a strong and constructive partnership through a series of limited but successful commercial engagements. Our relationship with Tesla evolved meaningfully following Tesla’s January 2026 commitment to invest in xAI — an investment that, upon SpaceX’s acquisition of xAI, was converted into an equity interest in SpaceX. Tesla and xAI continue to build upon their longstanding collaborative relationship by evaluating future strategic opportunities between the companies.

一个预期的合作领域是一个名为 Macrohard 的 AI 项目。我们预计 Macrohard 将受益于在最先进的处理器和具有成本效益的下一代 Tesla 处理器上运行，这是我们垂直整合的关键优势。

One expected area of collaboration is an AI project called Macrohard. We expect Macrohard to benefit from running on both state-of-the-art processors and cost efficient, next-generation Tesla processors, a critical advantage of our vertical integration.

另一个预期合作领域是 Terafab，这是一项已宣布的 AI 芯片制造计划，旨在垂直整合先进逻辑芯片和存储芯片的设计、制造与部署。我们认为，该计划将缓解 SpaceX 未来可能出现的芯片短缺，并优化算力性能。我们预计 Terafab 将成为全球最大的芯片制造设施。我们对 Terafab 的战略是在单一闭环工厂内，垂直整合光刻掩模设计、逻辑芯片和存储芯片制造以及先进封装设计。在单一设施内端到端地开展所有这些活动，能够实现快速测试与迭代，使我们得以更快地改进芯片设计并扩大制造规模。我们预计，垂直整合带来的速度和成本优势将使我们能够在 AI 芯片制造领域高效扩张，朝着每年生产一太瓦算力的长期目标迈进。我们正通过合作方式建设 Terafab，以支持两类芯片的增长——一类针对地面边缘计算和推理进行优化，主要用于 Tesla 的 Optimus 机器人和车辆；另一类针对太空环境进行优化，用于我们的轨道算力基础设施。尽管 Terafab 旨在扩大我们内部的芯片制造能力，但我们预计将继续从第三方供应商采购相当一部分算力硬件。我们将 Terafab 视为对这些合作关系的补充，使我们能够在大规模层面增强算力硬件的获取能力，并通过将控制延伸至基础芯片层，进一步完善我们高度垂直整合的算力平台。我们认为，AI 持续增长的关键制约因素是物理层面的——芯片制造、数据中心基础设施和发电；AI 的未来将由对物理技术栈的控制所决定。我们认为，鉴于我们对整个物理技术栈的独特控制，我们比其他 AI 公司处于更有利的位置。我们计划未来探索与 Tesla 的其他战略合作领域。

Another expected area of collaboration is Terafab, an announced AI chip manufacturing initiative designed to vertically integrate the design, fabrication, and deployment of advanced logic and memory chips. We believe this initiative will alleviate potential future chip shortages at SpaceX and optimize compute performance. We expect Terafab to be the world’s largest chip manufacturing facility. Our strategy for Terafab is to vertically integrate across the design of lithography masks, fabrication of logic and memory chips, and design of advanced packaging in a single closed-loop plant. Conducting all these activities end-to-end in a single facility enables rapid testing and iterations, allowing us to improve chip design and scale manufacturing faster. We expect that our speed and cost advantage from vertical integration will allow us to scale efficiently in AI chip manufacturing towards our long-term goal of producing one terawatt of compute each year. We are partnering to build Terafab in order to support growth in two kinds of chips—one type optimized for terrestrial edge and inference to be used primarily in Tesla’s Optimus robots and vehicles, and another type optimized for the space environment to be used in our orbital compute infrastructure. While Terafab is intended to expand our internal chip manufacturing capabilities, we expect to continue sourcing a significant portion of our compute hardware from third-party suppliers. We view Terafab as complementary to these relationships, enabling us to augment our access to compute hardware at massive scale and further complete our highly vertically integrated compute platform by extending our control to the foundational chip layer. We believe that the key constraints in the continued growth of AI are physical—chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the control of the physical stack. We believe that we are better positioned than other AI companies given our unique control over the full physical stack. We plan to explore other areas of strategic collaboration with Tesla in the future.

#### 与 Cursor 的合作

#### Collaboration with Cursor

2026 年 4 月 19 日，我们与 Cursor 签订了一份算力协议。Cursor 开发并运营一个 AI 原生集成开发环境，使专业软件开发人员和工程团队能够通过其专有模型框架集成的 LLM 驱动智能体和工作流来编写、编辑、审查和重构代码。2025 年，Cursor 推出了 Composer，这是其专为软件开发训练的自有 LLM。该公司近期发布了 Composer 2，以更低的成本提供更优的编码性能。我们认为，该算力协议以及对 Cursor 的任何收购（如下文所述）（若完成）将拓展我们垂直整合算力基础设施、模型和应用的战略，有助于加速我们开发 AI 原生软件工具，并且结合我们庞大的算力容量，将有助于巩固我们在 AI 辅助开发者生产力领域的地位。我们预计，通过与 Cursor 的合作，我们将加速开发现有 AI 模型（包括 Grok）。

On April 19, 2026, we entered into a compute agreement with Cursor. Cursor develops and operates an AI-native integrated development environment that enables professional software developers and engineering teams to write, edit, review, and refactor code using LLM-powered agents and workflows integrated via its proprietary model harness. In 2025, Cursor launched Composer, its own LLM trained for software development. It recently released Composer 2, which offers improvements in coding performance at lower cost. We believe the compute agreement and any acquisition of Cursor (described below), if completed, will extend our strategy to vertically integrate compute infrastructure, models, and applications, can help accelerate our development of AI-native software tools, and combined with our significant compute capacity, will help strengthen our position in AI-assisted developer productivity. We expect to accelerate the development of our existing AI models, including Grok, through our collaboration with Cursor.

根据算力协议，我们将向 Cursor 提供一定的 GPU 集群算力容量，用于与 AI 模型及其他技术和知识产权相关的特定开发、训练、改进及其他活动。作为交换，Cursor 将提供一定的人员、数据和数据集、文档、技术诀窍、工作流程、提示词、规格说明和软件代码。我们将与 Cursor 合作改进我们现有的模型（包括 Grok），并可能共同开发 AI 模型及相关模型专属交付成果。各方保留其既有及独立开发的知识产权（就 SpaceX 而言包括 Grok）及相关改进和衍生成果的所有权，包括在联合开发活动中使用该等知识产权的情形。任何共同开发的模型将由双方共同拥有，各方均享有广泛的权利对其进行使用、复制、修改、分发、许可、商业化及以其他方式利用，且无需向另一方承担报告义务。

Under the compute agreement, we will provide Cursor with certain GPU cluster compute capacity for use in connection with specified development, training, improvement and other activities related to AI models and other technology and intellectual property. In exchange, Cursor will contribute certain personnel, data and datasets, documentation, technical know-how, workflows, prompts, specifications and software code. We will collaborate with Cursor to improve our existing models, including Grok, and potentially to jointly develop AI models and related model-specific deliverables. Each party retains ownership of its pre-existing and independently developed intellectual property (including, in the case of SpaceX, Grok) and related improvements and derivatives, including where they are utilized in connection with joint development activities. Any jointly developed models will be jointly owned, and each party will have a broad right to use, reproduce, modify, distribute, license, commercialize and otherwise exploit them without an obligation to account to the other party.

我们还签订了一份期权协议，据此我们有权（但无义务）收购 Cursor。该期权协议一般规定，我们可在以下两者中较早者之后的 30 天期间内随时行使认购期权：(i) 本次发行完成后七个交易日，及 (ii) 2026 年 9 月 30 日。行使认购期权由我们自行决定，并须经我们董事会进一步批准。Cursor 亦须遵守期权协议项下的若干排他性义务。

We also entered into an option agreement pursuant to which we have the right, but not the obligation, to acquire Cursor. The option agreement generally provides that we may exercise the call option at any time during the 30-day period following the earlier of (i) seven trading days following the completion of this offering and (ii) September 30, 2026. Exercise of the call option is in our sole discretion and subject to further approval by our board of directors. Cursor is also subject to certain exclusivity obligations under the option agreement.

如果我们行使认购期权，我们将同时与 Cursor 签署合并协议，据此，在满足合并协议所载交割条件（包括取得必要的监管批准）后，Cursor 将成为我们的子公司，因此我们将收购 Cursor 的全部现金、知识产权、人员、客户合同及其他资产。截至 2026 年 1 月 31 日（Cursor 的财年末），Cursor 的总资产为 $3.1 billion，主要包括 $2.7 billion 的现金及现金等价物，总负债为 $0.55 billion。购买价款将主要分配至我们资产负债表上的商誉。Cursor 历史上通过向客户提供服务获得部分收入，如果我们收购 Cursor，我们可能在收购后向客户提供该等服务或类似服务，但收入水平可能与历史业绩存在显著差异。如果我们行使认购期权以收购 Cursor，我们预计将通过承诺为留任员工提供有竞争力的薪酬及以留任为重点的激励措施来保留部分 Cursor 人才，该等激励措施旨在支持 SpaceX 的长期价值。

If we exercise the call option, we would simultaneously execute a merger agreement with Cursor, pursuant to which, following satisfaction of the closing conditions set forth in the merger agreement, including receipt of requisite regulatory approvals, Cursor would become our subsidiary, and, as a result, we would acquire all of Cursor’s cash, intellectual property, personnel, customer contracts and other assets. As of January 31, 2026 (Cursor’s fiscal year-end), Cursor had $3.1 billion of total assets, primarily comprising $2.7 billion of cash and cash equivalents, and $0.55 billion of total liabilities. The purchase price would primarily be allocated to goodwill on our balance sheet. Cursor has historically earned some revenue by providing services to customers and, if we acquired Cursor, we may provide these or similar services to customers after the acquisition although at revenue levels that may vary significantly from historical performance. If we exercise the call option to acquire Cursor, we would expect to retain certain Cursor talent by committing to provide continuing employees with competitive compensation and retention-focused incentives designed to support the long-term value of SpaceX.

收购 Cursor 的对价（如有）将在本次发行交割后以我们的 A 类普通股支付，该对价基于 Cursor 的隐含股权价值 $60.0 billion，以及等于紧接收购交割前连续七个交易日的成交量加权平均收盘价的我们的 A 类普通股价格。如果 (i) 我们决定终止期权协议，或 (ii) Cursor 因我们重大违反期权协议而有权并决定终止（须遵守通知和补救条款），则 Cursor 有权根据期权协议获得 $1.5 billion 的终止费，并根据算力协议获得 $8.5 billion 的递延服务费。该等费用应以现金支付（或如果费用到期应付时本次发行尚未完成，则以 A 类普通股支付）。

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).

根据合并协议可发行的任何我们的 A 类普通股将依据《证券法》第 4(a)(2) 条规定的注册要求豁免进行发行。因此，任何该等 A 类普通股将被视为《证券法》第 144 条所定义的“受限证券”。该等 A 类普通股只有在根据《证券法》注册或该等转售符合注册豁免条件时，才可进行转售。

Any shares of our Class A common stock issuable pursuant to the merger agreement would be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof. As a result, any such shares of Class A common stock would be deemed “restricted securities” as such term is defined under Rule 144 under the Securities Act. Such shares of Class A common stock would be eligible for resale only if registered under the Securities Act or if such resales qualify for an exemption from registration.

我们已对 Cursor 的业务、技术和运营进行了初步尽职调查，并预计在就任何行使认购期权的决定进行相关工作时将继续进行该等尽职调查。我们无法预测我们是否会选择行使认购期权，或者如果行使，收购是否会按预期条款完成，或根本无法完成。

We have conducted preliminary due diligence on Cursor’s business, technology and operations, and expect to continue such diligence in connection with any decision to exercise the call option. We cannot predict whether we will elect to exercise the call option or, if exercised, whether the acquisition will close on the anticipated terms, or at all.

#### 与第三方的算力服务协议

#### Compute Services Agreements with Third Parties

我们认为，我们的算力基础设施及相关战略使我们在如何分配和变现算力方面具备极大的灵活性。我们既能够利用算力资源支持我们专有的 AI 应用（例如目前正在 COLOSSUS II 上训练的 Grok-5），同时也能够向第三方客户提供部分算力资源的使用权。例如，2026 年 5 月，我们与 Anthropic（一家 AI 研发公益公司）就使用 COLOSSUS 和 COLOSSUS II 的算力资源签订了云服务协议。所提供的算力包括约 325,000 块 NVIDIA GPU，并配备超大规模级 CPU、EB 级存储以及专为 AI 工作负载打造的高速网络和互连。根据该等协议，客户已同意在截至 2029 年 5 月期间每月向我们支付 $1.25 billion，其中 2026 年 5 月和 6 月的算力将按较低费用逐步提升。在最初三个月期限之后，任何一方均可提前 90 天通知终止该等协议。客户将保留其内容、AI 模型及相关数据的所有权和知识产权。这一结构使我们能够将基础设施中一部分算力变现，同时仍允许在未来有需要时将该部分算力重新分配用于我们自身的内部计划。我们拥有充足的算力，既能为自有 AI 模型提供算力（包括支持我们的训练和推理需求），也能履行该等协议项下的义务。我们预计将与第三方就算力签订更多类似的服务合同。若因内部和外部使用而导致我们的算力受限，我们将需要扩展算力基础设施。我们认为，这一机遇凸显了大规模、前沿级 AI 基础设施日益增长的重要性，并使我们在为内部和第三方 AI 工作负载提供高性能算力方面成为一家具有差异化优势的供应商。我们认为，我们的双变现战略提供了多条实现投资资本回报的路径。

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, 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. 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 for compute capacity with third parties. To the extent we become compute constrained due internal and external utilization, we would need to expand our compute infrastructure. 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.

#### 我们可复制的商业模式

#### Our Repeatable Business Model

我们的商业模式建立在一个可复制、以工程为驱动的框架之上，该框架将我们无与伦比的发射能力、极致的垂直整合、快速迭代和严谨的资本投资相结合，以打造持久的大规模业务。我们通过以下核心原则来执行这一框架：

Our business model is built on a repeatable, engineering-driven framework that combines our unparalleled launch capabilities, extreme vertical integration, rapid iteration, and disciplined capital investment to create durable, large-scale businesses. We execute this framework through the following core principles:

1. 借助我们无与伦比的发射能力实现大规模部署。我们的火箭——凭借无可匹敌的发射频率、业界一流的可靠性以及大幅降低的入轨成本——是我们预期创造太空经济机遇并交付多元化服务组合的基础。我们的发射能力使原本在经济上不可行的大规模资产部署成为可能。

1. Leverage our unparalleled launch capabilities to enable massive scale. Our rockets—with unmatched launch cadence, best-in-class reliability, and dramatically reduced cost-to-orbit—are the foundation that we expect will enable us to create economic opportunities in space and deliver a diversified portfolio of services. Our launch capabilities enable large-scale deployment of assets that would not otherwise be economically viable.

2. 识别并创造新的万亿美元市场机遇。我们专注于对人类有用且能带来万亿美元机遇的市场机会，包括面向消费者、企业和政府的全球宽带与移动连接；以及 AI 应用和算力基础设施。我们优先考虑那些因结构性低效或传统技术局限而制约供给的机遇。

2. Identify and create new trillion-dollar market opportunities. We focus on market opportunities that are useful for humanity and that present trillion-dollar opportunities, including global broadband and mobile connectivity for consumers, enterprises, and governments; and AI applications and computational infrastructure. We prioritize opportunities where structural inefficiencies or legacy technological limitations have constrained supply.

3. 以世界级工程能力和第一性原理思维设计解决方案。我们运用基于物理学的工程方法和第一性原理思维，从零开始设计产品和系统——将问题归结为最基本的真理，并由此向上推理。这帮助我们在性能、可扩展性和成本方面实现巨大的阶跃式提升。

3. Design a solution with world-class engineering and first-principles thinking. We apply physics-based engineering and first-principles thinking to design products and systems from the ground up—boiling things down to the most fundamental truths and reasoning up from there. This helps us drive massive, step-function improvements in performance, scalability, and cost.

4. 应用“算法”（减少愚蠢、删除、优化、加速、自动化）。我们在一套核心执行原则下运营，我们称之为“算法”，这是一个五步迭代流程，我们将其作为日常工作的指导原则。我们让需求变得不那么愚蠢，删除不必要的流程或部件（秉持“最好的部件就是没有部件”这一原则），然后才优化必要的流程或部件，接着加速周期时间（许多实体只发射过一次；除我们之外，没有任何实体曾做到每年发射超过 100 次），并且仅在前四步完成后，才对经过验证的流程进行自动化。我们将“算法”应用于组织的方方面面，创造出一种自 SpaceX 成立以来便定义其卓越的文化和运营标准。

4. Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate). We operate under a set of core execution principles that we refer to as “The Algorithm,” a five-step iterative process that we use as our guiding principles day-to-day. We make the requirements less dumb, delete unnecessary processes or parts (embracing the principle that the best part is no part), only then optimize the necessary processes or parts, and then accelerate cycle time (many entities have launched once; no one other than us has ever launched over 100 times per year), and automate only proven processes after the first four steps are completed. We apply the Algorithm across every aspect of our organization, creating a cultural and operational standard of excellence that has defined SpaceX since inception.

5. 一路垂直整合至终端客户。我们在内部设计和制造相当大一部分组件，包括发动机、航空电子设备、结构和软件，甚至生产“制造工具的工具”，使我们能够快速测试、失败和迭代。随后，我们能够以速度和成本效率推出更新、更先进的硬件。

5. Vertically integrate all the way to the end customer. We design and manufacture a significant portion of our components in-house, including engines, avionics, structures, and software, even producing the “tools that make the tools,” enabling us to test, fail, and iterate rapidly. We can then release newer, more advanced hardware with speed and cost efficiency.

6. 持续降低成本、提升产能。通过火箭可重复使用、规模化制造、先进自动化和严格的运营纪律，我们持续降低单位成本，同时提高发射频率、卫星网络和 AI 托管容量。

6. Continuously drive cost down and throughput up. Through rocket reusability, manufacturing at scale, advanced automation, and rigorous operational discipline, we continuously reduce unit costs while increasing launch cadence, satellite network, and AI hosting capacity.

7. 产生可观的现金流并再投资于未来。随着业务规模扩大，它们产生可观的现金流，我们将其再投资于新兴市场机遇——推动持续创新的自我强化循环，并可能创造可观的额外价值。

7. Generate significant cash flow and reinvest in the future. As our businesses scale, they generate significant cash flow, which we reinvest into nascent market opportunities—driving a self-reinforcing cycle of constant innovation and potentially creating significant additional value.

星舰是这一商业模式付诸实践的强有力例证。在实现完全且快速可重复使用的设计后，我们相信星舰将支撑发射能力实现阶跃式增长，并能够将大量货物送上月球。一旦抵达月球，我们相信将有可能建立永久存在，以开展科学和制造活动。例如，我们相信月球上的工厂可以利用月球资源制造数百万颗 AI 算力卫星，并将其部署到更远的太空。此外，我们正根据阿尔忒弥斯计划与 NASA 合作，将人类送上月球，目标是使用星舰进行运输，这将是自 1972 年以来的首次此类任务。

Starship is a powerful example of this business model in action. Upon achieving a fully and rapidly reusable design, we believe Starship will support a step-function increase in launch capacity and be capable of landing massive amounts of cargo on the Moon. Once there, we believe it will be possible to establish a permanent presence for scientific and manufacturing pursuits. For example, we believe that factories on the Moon could take advantage of lunar resources to manufacture million s of AI compute satellites and deploy them farther into space. Additionally, we are collaborating with NASA under the Artemis program to land humans on the Moon, with the goal of using Starship for transportation, which will be the first such mission since 1972.

我们将继续利用不断扩展的发射能力，结合我们的工程和制造专长，为造福人类——在地球、月球、火星及更远的地方——创造并扩大太空中的新市场。

We will continue leveraging our expanding launch capabilities, combined with our engineering and manufacturing expertise, to create and scale new markets in space for the benefit of humanity—on Earth, the Moon, Mars, and beyond.

#### 我们的工程优先文化

#### Our Engineering-First Culture

我们能够实现变革性的技术突破，是因为我们只接受物理定律作为我们工作和任务的限制因素。我们的核心方法深深植根于第一性原理思维，拒绝任何先入为主的观念或基于经验的常规。我们无与伦比的过往记录证明了我们以他人未曾达到的速度和精度执行太空任务并实现技术突破的能力。我们拥有将许多人认为不可能的事情变为现实的过往记录。我们一些定义行业的成就和历史性里程碑包括：

We are able to achieve transformative technological breakthroughs because we accept only the laws of physics as the limiting factors to our work and mission. Our core approach is deeply rooted in first-principles thinking, which rejects any preconceived notions or experience-based norms. Our unparalleled track record demonstrates our capacity to execute space missions and achieve technological breakthroughs with speed and precision that others have not achieved. We have a track record of achieving what many have deemed impossible. Some of our industry-defining achievements and historic milestones include:

- 首家开发并发射液体燃料火箭进入轨道的私营公司（2008 年）；

- The first private company to develop and launch a liquid-fuel rocket to reach orbit (2008);

- 首家成功将私人航天器与国际空间站对接的私营公司（2012 年）；

- The first private company to successfully dock a private spacecraft with the International Space Station (2012);

- 首家成功实现轨道级火箭助推器推进式着陆（2015 年）并再次飞行（2017 年）；

- The first to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017);

- 首家开始部署大规模低地球轨道（LEO）宽带卫星星座的公司（2019 年）；

- The first to begin deploying a large-scale LEO broadband satellite constellation (2019);

- 首家将宇航员送入轨道的私营公司，恢复了美国将宇航员往返国际空间站的能力（2020 年）；

- The first private company to transport astronauts to orbit, returning America’s ability to fly astronauts to and from the International Space Station (2020);

- 首家大规模制造消费级相控阵用户终端的公司（2022 年）；

- The first to manufacture consumer-grade phased-array user terminals at scale (2022);

- 首家部署大规模低地球轨道（LEO）卫星到移动星座的公司（2025 年）；

- The first to deploy a large-scale LEO satellite-to-mobile constellation (2025);

- 首家建造吉瓦级 AI 训练集群和最大相干超级计算机的公司（2026 年）；

- The first to build a gigawatt-scale AI training cluster and largest coherent supercomputer (2026);

- 首个吉瓦级 Megapack 电池装置（2026 年）；以及

- The first gigawatt-scale Megapack battery installation (2026); and

- 唯一有能力大规模建设轨道 AI 算力的公司。

- The only company capable of building orbital AI compute at scale.

我们的组织理念培育了一种以工程和数据为导向的文化，这种文化将失败视为必不可少的学习机会，并极度专注于效率和速度。这种文化使我们能够刻意快速行动以测试新硬件，因为我们深知早期失败所提供的数据比旷日持久的分析更有价值。我们将工厂视为制造机器的机器，并始终不渝地专注于我们快速行动、快速失败和快速修复的能力。

Our organizational philosophy fosters an engineering-and data-led culture that embraces failure as an essential learning opportunity and is maniacally focused on efficiency and speed. This culture allows us to deliberately move quickly to test new hardware, knowing that early failures provide more valuable data than protracted analysis. We view our factories as the machines that build the machines and maintain a relentless focus on our ability to move, fail, and fix fast.

我们的 AI 算力基础设施优势与增长战略 Our AI Compute Infrastructure Advantage and Growth Strategy

我们认为，AI 领导地位将由能否快速扩展算力容量以支撑指数级的使用量增长和前沿智能来界定。使用量越大，会带来显著的复利效应：产生更多用于训练的数据，推动模型性能提升，进而带来更大的使用量。我们相信，我们高度垂直整合的“从铲子到 token”模式，使我们能够以更低的成本和更高的速度训练和迭代我们的前沿模型，加速开发周期，消除外部瓶颈，并推动模型性能快速、持续地提升。这一动态进一步凸显了算力基础设施的规模与成本效率作为 AI 领域首要差异化因素的关键性。此外，我们在算力基础设施领域的领先地位，使我们不仅能够将基于我们模型构建的 AI 软件应用变现，还能将支撑这些应用的底层算力变现。随着我们持续扩展我们的地面和轨道算力基础设施，以支持内部模型开发、训练和推理工作负载，我们打算向有限数量的第三方客户出售我们的高性能算力容量。

We believe AI leadership will be defined by the ability to rapidly scale compute capacity to support exponential usage growth and frontier intelligence. There is a meaningful compounding benefit of greater usage, creating more data for training, driving improvements in model performance, and in turn leading to greater usage. We believe that our highly vertically integrated, shovels-to-tokens approach allows us to train and iterate our frontier models at lower cost and higher velocity, accelerating development cycles, eliminating external bottlenecks, and driving rapid, continuous improvements in model performance. This dynamic reinforces the criticality of scale and cost efficiency in compute infrastructure as the primary differentiator in the AI landscape. In addition, our leadership in compute infrastructure positions us to monetize not only AI software applications built on our models, but also the underlying compute that powers them. As we continue to scale our terrestrial and orbital compute infrastructure to support internal model development, training, and inference workloads, we intend to sell our high-performance compute capacity to a limited number of third party customers.

算力为何重要。先进 AI 模型所需的训练和推理需要大量计算资源。更大的算力容量能够带来更强的智能：以更高的频率训练新一代模型，打造能力更强的模型，支撑庞大且不断增长的用户群体进行推理或使用，并从这些模型中挖掘出最高性能。随着 AI 用户群体扩大，我们预计每位用户的算力需求也将显著增加。2024 年推出的推理模型表明，在推理阶段分配更多计算资源可直接带来更高质量的智能。2026 年普及的 AI 智能体表明，分配更多计算资源可实现多步骤任务执行，从而大幅提升每次人类用户交互所对应的算力需求。此外，通过软件与硬件系统的紧密集成实现端到端、集群级一致性的算力基础设施，能够以更大规模实现更高效、更稳定、更高保真度的训练和推理——最终提升模型的智能与性能。在推理方面，我们预计计算密集型的推理、智能体及多模态工作负载在整体使用中所占的比例将持续增长。因此，我们预计随着 AI 应用的加速普及，消费级、企业级及政府应用对算力的需求将持续增加。例如，据行业消息来源，美国的算力需求已经超过了可用电力供应，2025 年估计需求达 62 吉瓦，超过 49 吉瓦的发电量。我们预计，随着 AI 算力需求的激增，算力需求与电力供应之间的缺口将持续显著扩大。此外，我们认为，第三方对数据中心需求的估计受到陆地环境下实际供应限制的制约，电力短缺可能远超研究估计所显示的水平。我们相信，在模型与算力集成方面具有优势——即能够在训练和推理工作负载之间高效支持和分配算力——的运营者，最有条件赢得 AI 竞赛。

Why Compute Matters . The training and inference demanded by advanced AI models require substantial computational resources. Greater compute capacity enables more intelligence by training new generations of models with increasing frequency and creating more capable models, ability to support inference, or usage, across a large and growing user base, and extraction of the highest performance from those models. As the AI user base expands, we also expect compute demand per user to increase significantly. Reasoning models introduced in 2024 demonstrated that allocating more computational resources during inference directly leads to higher-quality intelligence. AI agents popularized in 2026 demonstrated that allocating more computational resources enabled multi-step task execution, meaningfully increasing compute demand per human user interaction. In addition, compute infrastructure with end-to-end, cluster-level coherence through tight integration across software and hardware systems enables more efficient, stable, and higher-fidelity training and inference at scale—ultimately enhancing model intelligence and performance. Within inference, we expect computationally-intensive reasoning, agentic, and multi-modal workloads will continue to grow as a portion of overall usage. We therefore expect demand for compute will continue to increase across consumer, enterprise, and government applications as AI adoption accelerates. For example, U.S. compute demand has already outpaced available power supply with estimated demand of 62 gigawatts in 2025 exceeding the power generation of 49 gigawatts, according to industry sources. We expect the gap between demand for compute and power supply to continue to widen meaningfully as AI compute needs proliferate. Furthermore, we believe that third-party estimates on data center demand are constrained by the practical supply limitations that exist in a terrestrial context and the power shortage may be far greater than what research estimates suggest. We believe operators with superior model-to-compute integration—the ability to efficiently support and allocate compute across both training and inference workloads—are best positioned to win the AI race.

更低单 token 成本、模型质量与用户采用之间的自我强化网络效应。AI 系统最终受制于或区别于其生成和处理 token 的成本、速度和规模。“token”代表现代 AI 模型所消耗和产生的基本数据单位，例如对应文字、图像、音频或其他模态。它是模型读取、推理和生成输出的原子单位。因此，token 是衡量训练成本和推理成本的主要基础，使其成为 AI 领域的一项基础性经济指标。能够在结构上降低每 token 的能源、算力、网络和部署成本的公司，将有能力更快训练、更快速迭代，并最终制造出更强的智能、更迅速地扩展模型规模，并提供日益强大且易于获取的 AI 解决方案。这形成了一种自我强化的优势：更低的 token 成本推动更高的模型质量和用户采用，从而强化 AI 领导地位。这是因为更低的单 token 成本能够实现更频繁的模型训练、更大更复杂的模型、针对推理和智能体工作负载的更长的处理链条，以及以经济可行的价格实现显著更高的推理量。这一动态直接影响模型质量、响应能力和可及性，同时也决定了满足消费者、企业和关键任务 AI 应用中不断增长的全球需求的能力。随着 AI 系统扩展至日益复杂的推理任务和更高的使用强度，单 token 成本的改善能够在性能质量、规模化分发和变现方面带来有意义的优势。随着行业趋向于最大限度减少人工干预的递归自我改进学习——这种学习高度消耗 token——这一点尤为明显。

Self-Reinforcing Network Effects Among Lower Cost Per Token, Model Quality, and User Adoption. AI systems are ultimately constrained or differentiated by the cost, speed, and scale at which they can generate and process tokens. A “token” represents the fundamental unit of data consumed and produced by modern AI models, for example corresponding to words, images, audio, or other modalities. It serves as the atomic unit through which models read, reason, and generate output. As such, tokens are the primary basis for measuring both the cost of training and cost of inference, making them a foundational economic metric in the AI space. Companies that can structurally reduce energy, compute, networking, and deployment costs per token will be positioned to train faster, iterate more rapidly, and ultimately manufacture greater intelligence, scale models more rapidly, and deliver increasingly powerful and accessible AI solutions. This creates a self-reinforcing advantage in which lower token costs drive greater model quality and user adoption, reinforcing AI leadership. This is because lower cost per token enables more frequent model training, larger and more sophisticated models, longer chains of processing for reasoning and agentic workloads, and significantly higher inference volumes at economically viable prices. This dynamic directly impacts model quality, responsiveness, and accessibility, while also determining the ability to serve the rising global demand across consumer, enterprise, and mission-critical AI applications. As AI systems scale toward increasingly complex reasoning tasks and higher usage intensity, improvement in cost per token enables meaningful advantages in performance quality, scaled distribution, and monetization. This is particularly true as the industry converges towards recursive self-improving learning that minimizes human intervention, which is highly token consumptive.

算力成本是每 Token 成本的主要驱动因素 · . · 算力成本是每 Token 成本的主要驱动因素 在训练和推理两类工作负载中均是如此。AI 模型处理的每个 token 都需要一个可量化的量 算力投入。每个 token 的总成本由以下因素的效率、可用性和单位经济性决定： 底层算力资源。根据 SemiAnalysis，对于大多数没有建设成本的 AI 公司 优势，其建设算力基础设施的总资本成本中约 30% 来自数据中心 建设成本（包括但不限于壳体；机械、电气和管道（“MEP”）；以及电网 互联)以及约 70% 来自采购处理器和关键 IT 设备的成本。持续 使用该算力基础设施的运营成本包括运行处理器的电力成本、 维护这些处理器，以及向最终用户交付推理工作负载的成本。以下方面的成本改善： 建设和运营该算力基础设施——无论是通过降低数据中心建设成本、降低 电力基础设施成本、更短的电网互联时间，或更高的集群级吞吐量——直接转化为 转化为更低的每 token 成本。因此，在给定智能水平下，我们预期 AI 的长期经济效益 公司将取决于能否以尽可能低的单位成本持续提供最前沿的算力 token。简而言之，我们将每 token 成本视为三个主要输入的函数——底层 AI 模型、 算力硬件和能源，我们预计在后两项成本构成上具有竞争优势。 我们相信，随着时间推移，我们拥有一条路径，能够通过持续的 纵向整合与专有芯片的开发，依托我们为以下用途设计定制芯片的经验

Cost of Compute is the Main Driver of Cost Per Token · . · The cost of compute is the primary driver of cost per token across both training and inference workloads. Each token processed by an AI model requires a quantifiable amount of computational effort. The total cost per token is determined by the efficiency, availability, and unit economics of the underlying compute resources. According to SemiAnalysis, for most AI companies without a build cost advantage, their total capital cost of building compute infrastructure derives approximately 30% from data center construction costs (including, but not limited to, the shell; mechanical, electrical, and plumbing (“MEP”); and grid interconnection) and approximately 70% from the cost of procuring processors and critical IT equipment. Ongoing operational costs of utilizing this compute infrastructure include the cost of power to run the processors, cost of maintaining those processors, and cost of delivering inference workloads to the end user. Improvement in the cost of building and operating this compute infrastructure—whether through lower data center construction cost, lower power infrastructure cost, shorter time to grid interconnection, or higher cluster-level throughput—translates directly into lower cost per token. Accordingly, for a given level of intelligence, we expect the long-term economics of AI companies to be driven by the ability to consistently deliver bleeding-edge compute at the lowest possible cost per token. Put simply, we view cost per token as a function of three primary inputs—the underlying AI model, the compute hardware, and energy, and we expect to have a competitive advantage in the latter two cost components. We believe we have a pathway over time that will significantly reduce compute hardware costs through continued vertical integration and development of proprietary chips, building on our experience designing custom silicon for

我们的 Starlink 卫星。我们还预计，我们的 AI 算力卫星的边际能源成本将极低，因为我们的卫星由太空中的太阳能阵列供电。通过将能源成本降至极低水平并持续推动算力硬件成本改善，我们相信未来能够实现显著更低的每 token 总体成本。

our Starlink satellites. We also expect that the marginal cost of energy for our AI compute satellites will be minimal because our satellites are powered by solar arrays in space. By driving the energy component to minimal levels and pursuing improvements in compute hardware cost, we believe we can achieve a meaningfully lower overall cost per token in the future.

我们在地面 AI 算力方面具备速度与成本的双重优势。我们已在构建和扩展地面 AI 算力基础设施方面确立了领先地位，成为首家部署连贯的吉瓦级 AI 训练集群的公司。我们拥有并运营着我们认为是地球上规模最大的 AI 训练数据中心集群。我们的 AI 算力设施 COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，并另有可用于数据中心运营的电力容量。我们的第一性原理思维使我们能够以低于行业内大多数其他公司的成本，大规模、快速地构建连贯算力。我们在 122 天内让 COLOSSUS 的首个集群上线，利用了现有工厂的外壳进行改造；而 COLOSSUS II 的首个集群上线更快，仅用 91 天。作为说明性对比，行业内让一座 100 兆瓦新建数据中心上线的基准时间约为两年。我们还在成本效率方面实现了显著提升，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。凭借第一性原理思维、表后发电，以及我们认为是全球最大的可持续电池储能系统网络，再加上先进液冷、高密度机架布局和高效网络方面的创新，我们能够以显著快于其他 AI 公司的速度部署电力和算力。

We Have a Dual Speed and Cost Advantage in Terrestrial AI Compute. We have established a leading position in building and scaling terrestrial AI compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. We own and operate what we believe to be the largest AI training data center clusters on Earth. Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. Our first-principles thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. We are able to deploy power and compute significantly faster than other AI companies through first-principles thinking, behind-the-meter power generation, coupled with what we believe is the world’s largest network of sustainable battery storage systems, and innovations in advanced liquid cooling, high-density rack layouts, and efficient networking.

我们在先进液冷、高密度机架布局和高效网络方面的第一性原理思维与创新，使我们能够利用最新处理器实现快速、高性价比的扩展，从而领先于采用传统方法的竞争对手。更快的部署强化了我们的成本优势：我们能够先于竞争对手获取并上线性能最高的硬件，从而维持 token 成本优势。例如，我们认为 COLOSSUS II 已成为全球首批大规模部署 GB200 和 GB300 的数据中心之一，目前正在为我们的下一代前沿模型（包括 Grok-5）的训练提供算力。我们已在多个大型地面数据中心证明，我们不仅建设速度快于行业竞争对手，而且成本更低。

Our first-principles thinking and innovations in advanced liquid cooling, high-density rack layouts, and efficient networking enable rapid, cost-effective scaling with the latest processors—keeping us ahead of competitors deploying traditional methods. Faster deployments reinforce our cost advantage: we are able to access and bring online the highest performing hardware before our competitors, allowing us to sustain a token cost advantage. For example, we believe COLOSSUS II became one of the world’s first data centers to deploy GB200s and GB300s at significant scale and is currently powering training for our next frontier models, including Grok-5. We have already proven in multiple large-scale terrestrial data centers that we have built not only faster than competitors in the industry, but also at a lower cost.

我们在轨道 AI 领域拥有独特的制胜权。太阳蕴含了太阳系约 99.8% 的能量，我们认为这是唯一真正可扩展的、解决地面能源约束的方案，因为我们预计随着时间推移，地面能源来源的成本和可获得性将迫使向轨道 AI 解决方案转型。合乎逻辑的前进路径是将高能耗的 AI 工作负载转移到轨道上，在那里太阳能近乎恒定且不中断。凭借这种能源可获得性，我们相信我们的发射业务将使我们能够在没有此类渠道的竞争对手之前，持续激活性能最高的硬件，缩短在尖端硬件上产出有用 token 的时间线，并维持我们的 token 成本优势。制造下一代卫星并将其大规模发射入太空是我们计划的核心组成部分。我们相信我们是唯一一家拥有商业可行路径来大规模构建轨道 AI 算力的公司。这得益于我们通过可重复使用火箭以低成本将大量质量送入轨道的独特能力，以及以低成本、高产量制造安全、可靠且高性能卫星的能力。

We have a Unique Right to Win in Orbital AI . The Sun contains approximately 99.8% of the solar system’s energy and offers what we believe is the only truly scalable solution to terrestrial energy constraints, as we expect the cost and availability of terrestrial energy sources over time will necessitate a transition to orbital AI solutions. The logical path forward is to move power-intensive AI workloads into orbit, where solar energy is near-constant and uninterrupted. With such accessibility to energy, we believe that our launch business will enable us to consistently activate the highest performing hardware before our competitors without such access, shrinking the timeline to useful tokens on bleeding-edge hardware and sustaining our token cost advantage. Manufacturing next-generation satellites and launching them into space in very large numbers is a core component of our plans. We believe we are the only company with a commercially viable path to building orbital AI compute at scale. This is underpinned by our unique ability to launch substantial mass into orbit cost-efficiently through reusable rockets and to manufacture secure, reliable, and high-performance satellites at low cost and high volume.

- 地面算力领导地位。我们相信，支撑我们在吉瓦级地面数据中心领导地位的相同成本和建设优势，将使我们能够在其他地面数据中心形态（例如用于推理的模块化数据中心）上实现创新。我们相信，我们的模块化地面数据中心架构将为在轨道上部署算力基础设施奠定基础，因为与吉瓦级园区相比，其形态具有相似性。

- Terrestrial compute leadership. We believe the same cost and build advantages that have underpinned our leadership in gigawatt-scale terrestrial data centers will enable us to innovate across other terrestrial data center formats such as modular data centers for inference. We believe our modular terrestrial data center architectures will provide a foundation for the deployment of compute infrastructure in orbit given similarities in form factor in contrast to a gigawatt-scale campus.

- 卫星。正如我们预计我们在地面数据中心方面的专业知识将使我们能够将 AI 算力封装为模块化的卫星形态，我们预计我们在卫星通信领域的领导地位将使我们能够将我们的 AI 算力卫星舰队互联成一个庞大、连贯的算力星座。例如，截至 2026 年 3 月 31 日，我们的星座已整合了超过 23,000 条星间激光链路，在太空中构建了一个动态网状网络，使流量能够通过轨道路由，而不必仅依赖地面回传基础设施。我们正在设计下一代高性能 AI 算力卫星，专为高产量、低成本而打造，并具备在太空长期运行所需的可靠性。

- Satellites. Just as we expect our expertise in terrestrial data centers will enable us to package AI compute into modular, satellite form factors, we expect our leadership in satellite communications to allow us to interconnect our fleet of AI compute satellites into a massive, coherent constellation of compute. For example, as of March 31, 2026, our constellation already incorporated over 23,000 inter-satellite lasers that create a dynamic mesh network in space, enabling traffic to route through orbit rather than relying solely on terrestrial backhaul infrastructure. We are designing next-generation, high-performance AI compute satellites built for high volume, low cost, and with the reliability required for long-duration operation in space.

- 星舰。我们预计每艘星舰 V3 飞行器在可重复使用配置下可将 100 公吨载荷送入地球轨道，未来世代可能达到 200 公吨的运载能力，最早可能在星舰 V4 实现。未来世代的星舰正被设计为最终每年向轨道及更远空间运送数百万吨载荷。以低成本将大量质量送入轨道对于大规模部署 AI 算力卫星至关重要。

- Starship. We expect each of our Starship V3 vehicles to carry 100 metric tons to Earth’s orbit in a reusable configuration, and future generations could reach 200 metric tons in capacity, potentially as soon as Starship V4 . Future generations of Starship are being designed to eventually deliver million s of tons to orbit and beyond per year. Delivering large amounts of mass to orbit at low cost will be critical to deploying AI compute satellites at scale.

我们认为轨道 AI 能够加速通电时间并降低 token 成本。太阳蕴含了太阳系约 99.8% 的能量，在我们看来，面对算力需求加速增长与地面能源约束之间的矛盾，这是唯一真正可规模化的解决方案。合乎逻辑的前进路径是将高耗能的 AI 工作负载移至轨道，在那里太阳能近乎恒定且不中断。凭借这种能源可及性，我们认为我们的发射业务将使我们能够在没有此类条件的竞争对手之前，持续率先启用性能最高的硬件。我们认为，SpaceX 具备独特优势，能够在轨道上部署和运营数据中心，凭借我们在发射、卫星规模化制造、网络连接及地面数据中心专业能力方面的极致垂直整合模式，这些数据中心最终有望随着时间推移实现低于地面数据中心的成本。

We Believe Orbital AI Can Accelerate Time to Power and Reduce Token Costs . The Sun contains approximately 99.8% of the solar system’s energy and offers what we believe is the only truly scalable solution to the challenge of accelerating demand for compute relative to terrestrial energy constraints. The logical path forward is to move power-intensive AI workloads into orbit, where solar energy is near-constant and uninterrupted. With such accessibility to energy, we believe that our launch business will enable us to consistently activate the highest performing hardware before our competitors without such access. We believe SpaceX is uniquely positioned to deploy and operate data centers in orbit that can eventually achieve a lower cost than terrestrial data centers over time due to our extreme vertically integrated approach across launch, satellite manufacturing at scale, network connectivity and terrestrial data center expertise.

- 新一代基础设施实现可用 token 的时间。尽管我们已证明能够在陆基部署中快速规模化新一代算力，但我们认为轨道 AI 将缩短我们在前沿 AI 基础设施上实现可用 token 的时间。新硬件的物理部署预计将由我们的发射业务实现，我们认为可复用性和发射成本效率将推动有效载荷交付的快速循环。太阳近乎恒定、不中断的电力供应将使该硬件快速实现可用 token，这将绕开电力采购、电网互联和许可等地面电力基础设施约束。随着新一代 AI 基础设施持续在 token 效率上带来阶跃式提升，我们认为，将 AI 机队持续保持在前沿曲线的最前沿，有可能带来可持续的成本

- Time to useful tokens on new generations of infrastructure. Although we have already demonstrated an ability to rapidly scale new generations of compute in terrestrial deployments, we believe orbital AI will accelerate our time to useful tokens on bleeding-edge AI infrastructure. Physical deployment of new hardware is expected to be enabled by our launch business, where we believe reusability and launch cost efficiency will drive rapid cycles of payload delivery. Rapid time to useful tokens on that hardware will be enabled by the Sun’s near-constant, uninterrupted supply of power, which would circumvent terrestrial power infrastructure constraints such as power procurement, grid interconnections, and permitting. As new generations of AI infrastructure continue to deliver step-function improvements in token efficiency, we believe that maintaining an AI fleet consistently at the bleeding edge of the frontier curve has the potential to deliver a sustainable cost

相对于竞争对手的每 token 优势 · 。 • 建设、电力与冷却基础设施。在轨道上，建设成本被发射成本和 卫星生产成本所取代。我们预计可重复使用发射系统和高飞行频次将大幅降低 每公斤入轨成本，从而使算力载荷能够更高效地部署至轨道，并最终 接近燃料成本。我们相信，我们先进的卫星制造能力使我们能够以规模化、 低于竞争对手的成本制造 AI 算力卫星。其他地面数据中心建设成本，例如 建造外壳、MEP 和电网互联，在太空中并不适用。因此，一旦星舰和 我们的 AI 算力卫星实现全面规模化部署，我们相信在轨算力的初始部署成本 合计将低于其他方地面数据中心的建设成本。 • 采购和维护处理器的成本。处理器成本是地面和 轨道数据中心的一项重大成本。我们认为，将算力迁移至太空本身并不会对 处理器采购成本产生实质性影响。然而，我们相信，通过包括我们与 Tesla 和 Intel 的 Terafab 计划在内的方式， 实现处理器供应长期获取渠道的多元化，将成为 随时间推移降低算力硬件总体成本的关键驱动因素。通过将内部制造的更低成本 芯片与我们从第三方供应商采购的芯片相结合，我们预计处理器的总体成本将下降。除 降低成本外，我们还预计这种混合采购策略将有助于缓解 SpaceX 未来潜在的 芯片短缺。此外，我们打算进行密集的部署前测试，以降低太空中芯片故障率， 因为我们预计不会在太空中维护或修理处理器。 • 持续运营。数据中心的总运营成本在很大程度上受能源、冷却和 配电需求的影响。在轨道上，芯片预计将由低成本且 无限的太阳能供电，我们预计将采用辐射冷却架构，与液冷或风冷相比，其不产生运营成本。 我们集成的天基 Starlink 网络架构还能够在全球范围内实现算力集群之间以及向终端用户 更高效的数据路由。 我们相信我们具备良好条件实现轨道 AI 算力。我们认为轨道 AI 算力是一项极其 困难的技术挑战，短期内只有我们能够大规模解决。我们是唯一一家 已经完成将连接卫星演进为 AI 算力相关关键的技术挑战的公司

per token advantage relative to our competitors · . • Construction, power, and cooling infrastructure. In orbit, construction costs are replaced by launch costs and satellite production costs. We expect reusable launch systems and high flight cadence will significantly reduce the cost per kilogram to orbit, enabling more efficient deployment of compute payloads to orbit, and eventually approach the cost of fuel. We believe our advanced satellite manufacturing capabilities enable us to build AI compute satellites at scale and lower cost than competitors. Other terrestrial data center construction costs such as building the shell, MEP, and grid interconnection are not applicable in space. As a result, once Starship and our AI compute satellites are fully deployed at scale, we believe that the initial deployment costs of in-orbit compute in the aggregate will be less than construction costs of others’ terrestrial data centers. • Cost to procure and service processors. The cost of processors is a significant cost for both terrestrial and orbital data centers. We do not believe that moving compute to space in and of itself will have a meaningful impact on the cost of procuring processors. However, we believe that diversifying our long-term access to the supply of processors, including through our Terafab initiative with Tesla and Intel, will be a key driver in reducing the overall cost of compute hardware over time. By combining internally manufactured, lower cost chips with those we source from third-party suppliers, we expect the overall cost of our processors to decline. In addition to reducing costs, we also expect that this hybrid sourcing strategy will help alleviate potential future chip shortages at SpaceX. In addition, we intend to conduct intensive pre-deployment testing to reduce the rate of chip failure in space, as we do not anticipate servicing or repairing processors in space. • Ongoing operations. The total cost of operating data centers is heavily influenced by energy, cooling, and distribution requirements. In orbit, chips are expected to be powered by solar energy which is low cost and unlimited, and we expect to leverage radiative cooling architectures, which incur no operating costs compared to liquid or air cooling. Our integrated, space-based Starlink network architecture also enables more cost efficient routing of data between compute clusters and to end users on a global basis. We Believe We Are Well-Positioned to Deliver Orbital AI Compute . We believe orbital AI compute is an incredibly difficult technical challenge that only we can solve at scale in the near term. We are the only company that has already accomplished the key technical challenges associated with evolving connectivity satellites into AI compute

卫星。我们认为，凭借我们经过验证的经验，我们处于有利地位，能够交付一个全规模的 AI 算力卫星星座。仍有大量工作要做，但我们对我们独一无二的领导地位充满信心。

satellites. In our view, due to our proven experience, we are well-positioned to deliver a full-scale AI compute satellite constellation. Significant work remains, but we are confident in our singular leadership position.

- 我们拥有无可匹敌的卫星发射能力，能够实现规模化部署。我们以低成本大规模发射载荷的能力是我们的基础性竞争优势。通过每公吨算力超过 100 千瓦的卫星实现每年 100 吉瓦的部署，将需要每年数千次发射，并每年向轨道运送约 100 万公吨。星舰完全可重复使用的特性使我们有能力发射这一量级的载荷。我们计划利用我们的 PEZ 分配器系统——一种用于星舰的集成式载荷部署系统——以及我们在开发完全可部署单机系统方面的经验，这些系统旨在大幅降低与在轨组装相关的风险。Starlink 宽带 V1 和 V2 迷你卫星已在振动、冲击、g 载荷、声学应力和真空暴露条件下证明了发射生存能力和高可靠性，实现了 99.9% 的平均正常运行时间。尽管引入 AI 处理器传统上会增加组件级故障率，但我们计划在地球上对算力硬件进行广泛的部署前测试，以便在发射前识别早期失效。

- We have unmatched satellite launch capabilities to enable deployment at scale. Our ability to launch mass at scale and low cost is our foundational competitive advantage. Deployment of 100 gigawatts per year via satellites carrying over 100 kilowatts of compute power per metric ton will require thousand s of launches per year and the transport of approximately one million metric tons to orbit annually. The fully reusable nature of Starship positions us to be capable of launching this level of mass. We plan to leverage our PEZ dispenser system, an integrated payload deployment system for Starship, along with our experience in developing fully deployable single-unit systems that are designed to substantially reduce the risks associated with in-orbit assembly. Starlink Broadband V1 and V2 Minisatellites have already demonstrated launch survivability and high reliability under vibration, shock, g-loads, acoustic stress, and vacuum exposure, achieving 99.9% average uptime. Although introducing AI processors would traditionally increase component-level failure rates, we plan to subject compute hardware to extensive pre-deployment testing on Earth to identify early life failures before launch.

- 我们已解决将连接卫星演进为

- We have already solved many of the significant technical hurdles to evolving connectivity satellites into

AI 算力卫星。凭借我们在连接卫星领域的领先专业能力以及 Starlink 现有的技术和运营能力——包括星座级卫星管理、自主运行、空中软件更新、星间激光通信、网状网络部署、抗辐射系统设计、专有芯片开发，以及在太空环境中可靠运行计算机的能力——我们已解决了 AI 算力卫星开发中最困难的部分。AI 算力卫星代表了航天器工程的演进，而这一演进已通过 Starlink 的连接卫星实现规模化验证，我们相信，对我们而言，AI 算力卫星的开发将比任何人都更容易。AI 算力卫星必须集成采用耐辐射设计和组件开发的高密度算力载荷，并配备高发电能力、先进热管理和星间组网。为获取驱动我们 AI 处理器所需的电力，我们计划通过自研工艺开发持续扩大现有航天级太阳能技术的规模，并在晨昏太阳同步轨道上构建星座，以实现近乎持续的日照。我们预计，针对太空环境优化的太阳能电池将以快速的速度生产，早期卫星将产生 100 千瓦的算力功率，并由此扩展。在轨道上，热控制必须通过辐射而非对流和传导来实现。我们计划推进热控制系统——其中许多已在 Starlink 上得到验证——通过使用散热器、均热板、主动冷却回路和涂层，在太空真空中散发 AI 硬件产生的热量。我们还将利用 Starlink 首创的星间激光进行规模化网状组网，在自由空间中创建连贯的计算集群，而非地面数据中心使用的有线连接。我们现有的 Starlink 星座拥有超过 23,000 条星间激光链路，将成为轨道 AI 算力的关键赋能因素，因为其全球网络使我们位于太阳同步轨道的 AI 算力卫星的数据能够到达地球任何地方的地面站。SpaceX 的 AI 算力卫星将面向高速自动化生产而设计，以实现太空中计划的大量算力所需的卫星规模。

AI compute satellites. Through our leading expertise in connectivity satellites and Starlink’s existing technical and operational capabilities—including constellation-scale satellite management, autonomous operations, over-the-air software updates, inter-satellite laser communications, mesh network deployment, radiation-hardened system design, proprietary chip development, and the ability to operate computers reliably in the space environment—we have already solved the hardest part in the development of AI compute satellites. AI compute satellites represent an evolution of spacecraft engineering already demonstrated at scale through Starlink’s connectivity satellites, and we believe development of AI compute satellites will be easier for us than for anyone else. AI compute satellites must integrate high-density compute payloads developed with radiation-tolerant designs and components with high electrical power generation, advanced thermal management, and inter satellite networking. To source the electricity needed to power our AI processors, we aim to continuously scale our existing space-grade solar technologies through insourced process development and build a constellation in dawn-dusk Sun-synchronous orbit that delivers near-constant solar exposure. We expect solar cells optimized for the space environment will be produced at a rapid rate, with early satellites generating 100 kilowatts of compute power and scaling from there. In orbit, thermal control must be accomplished through radiation rather than convection and conduction. We plan to advance thermal control systems—many of which have been proven on Starlink—by using radiators, vapor chambers, active cooling loops, and coatings to dissipate the heat generated by AI hardware in space’s vacuum. We will also utilize inter-satellite lasers pioneered by Starlink for mesh networking at scale, creating coherent computing clusters across free space instead of wired connections used in terrestrial data centers. Our existing Starlink constellation, with over 23,000 inter-satellite lasers, will be a crucial enabler of orbital AI compute, as its global network allows data from our AI compute satellites in Sun-synchronous orbit to reach ground stations anywhere on Earth. The SpaceX AI compute satellites will be designed for high rate, automated production to enable the scale of satellites needed for the large amounts of compute planned in space.

连接卫星与 AI 算力卫星之间存在重大差异。连接卫星主要面向通信设计，搭载大量专用设备用于相控阵天线、射频系统和数据传输。相比之下，AI 算力卫星针对高性能计算进行优化。主要差异包括：为支持更高功率需求而显著加大的太阳能电池阵列、为热管理而显著加大的散热器、以 AI 加速器而非通信处理器为核心的不同电子设备，以及移除大部分通信硬件。我们的 V3 卫星平台已集成专有芯片，为在太空运行以 AI 为核心的电子设备奠定了坚实基础，我们预计最早于 2028 年开始部署我们的轨道 AI 算力卫星。

There are material differences between connectivity satellites and AI compute satellites. Connectivity satellites are primarily designed for communications, with substantial onboard equipment dedicated to phased-array antennas, radio systems, and data transmission. In contrast, AI compute satellites are optimized for high-performance computing. Key differences include significantly larger solar arrays to support higher power requirements, substantially larger radiators for thermal management, different electronics centered on AI accelerators rather than communications processors, and the removal of much of the communications hardware. Our V3 satellite platform already incorporates proprietary chips, providing a strong foundation for the ability to operate AI-focused electronics in space, and we expect to begin deploying our orbital AI compute satellites as early as 2028.

剩余的主要挑战在于规模。例如，约每年 10 吉瓦的部署速率将要求大幅降低制造和发射节奏，我们认为这仍能支撑一个具有商业吸引力且经济回报强劲的 AI 算力业务。虽然我们的长期愿景包括每年向轨道部署高达 100 吉瓦功率的雄心，这将要求每年执行数千次发射，但假设每公吨算力功率为 100 千瓦且 Starship 的入轨运力为 100 公吨，我们认为我们可以在显著更为温和的规模下取得经济上的成功。

The primary remaining challenge is one of scale. For example, a deployment rate of approximately 10 gigawatts per year would require a materially lower manufacturing and launch cadence, which we believe would still enable a commercially attractive AI compute business with strong economic returns. While our long-term vision includes the ambition of deploying up to 100 gigawatts of power to orbit annually, which would require the deployment of thousand s of launches per year, assuming 100 kilowatts of compute power per metric ton and Starship capacity to orbit of 100 metric tons, we believe we can be economically successful at significantly more modest volumes.

我们每年部署 100 吉瓦功率的目标基于合理的工程分析以及我们在下一代 AI 算力卫星持续设计与开发工作中形成的设计参数。这些分析基于当前可用的航天级太阳能技术，且不需要超出既有能力的根本性技术突破。具体而言，我们预计这些卫星将依托我们已完成设计的 V3 卫星平台。V3 卫星的核心设计已完成，而 AI 算力卫星预计将产生显著高于 V3 卫星的功率。这一性能预计主要通过使用显著加大的太阳能电池阵列来实现。这些卫星的目标是每吨产生约 100 千瓦的算力功率，初期所需的太阳能电池阵列输出约为 V3 卫星设计的五倍。

Our 100 gigawatt annual power deployment goal is based on reasoned engineering analyses and design parameters developed through our ongoing design and development work on next-generation AI compute satellites. These analyses are based on currently available space-grade solar technology and do not require fundamental technological advances beyond existing capabilities. Specifically, we expect these satellites to leverage our already-designed V3 satellite platform. The core V3 satellite design is complete, and the AI compute satellites are expected to generate substantially more power than V3 satellites. This performance is expected to be achieved primarily through the use of significantly larger solar arrays. These satellites are targeted to generate approximately 100 kW of compute power per ton, which initially will require approximately five times the solar array output compared to V3 satellite designs.

我们目前预计太空太阳能电池板不会出现重大供应约束，因为全球产能（包括通过我们的垂直整合努力形成的产能）被认为足以满足其需求。我们正在积极发展我们认为支持此类发射速率所需的制造、发射节奏和运营能力。

We currently do not anticipate material supply constraints for space-based solar panels, as global production capacity, including through our vertical integration efforts, is believed to be sufficient to meet its requirements. We are actively developing the manufacturing, launch cadence, and operational capabilities that we believe would be needed to support such launch rates.

与该目标相关的精确太阳能收集面积、每颗卫星的系统总质量以及在轨组装要求，仍在我们的持续工程工作中不断完善。总体而言，该方案设想在每颗卫星上采用更大的可展开太阳能电池阵列，目前预计无需进行大规模在轨组装。

The precise solar collection area, total system mass per satellite, and on-orbit assembly requirements associated with this goal continue to be refined as part of our ongoing engineering efforts. In general, the approach contemplates larger deployable solar arrays on each satellite, with no significant on-orbit assembly currently anticipated.

- 我们将利用经过验证的 Starlink 在轨技术来优化我们的轨道 AI 算力。为了运营轨道 AI 算力卫星，我们计划依托我们在低地球轨道运营约 9,600 颗 Starlink 宽带和移动卫星所积累的丰富经验。仅 2025 年，Starlink 卫星在该技术的引导下每天主动执行超过 1,000 次自动避碰机动，以安全高效地运营星座。这一运营模式使我们能够控制地球与太空之间的工作负载分配，同时通过冗余和故障安全系统保持韧性。为确保优化的热管理和发电，我们将把每颗卫星的太阳能电池阵列设计为朝向太阳以获得持续电力，同时其外壳散热板朝向寒冷的深空进行辐射冷却。高度可控性将使卫星能够针对亮度缓解、处置及其他运行模式进行优化。随着更先进的 AI 硬件问世，我们计划管理已部署系统的生命周期，在性能特征演变时将较旧的硬件转向强度较低的工作负载，并通过受控的寿命终止处置方式退役不再需要的系统，包括在适当情况下转移至坟墓轨道。这些退役可能早于我们对卫星使用寿命的估计，该估计基于工程研究、历史在轨性能、推进剂寿命、使用模式、跨代设计改进以及向更新卫星技术的计划过渡。天基算力还带来轨道碎片风险，我们已通过 Starlink 全星座的自主避碰系统在星座规模上对此进行管理。迄今为止，我们的自主避碰系统尚未发生任何导致卫星损失的故障。

- 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. To ensure optimized thermal management and power generation, we will design each satellite’s solar arrays to face the sun for constant power while its housing radiator panels face cold deep space for radiative cooling. A high degree of controllability will allow the satellite to be optimized for brightness mitigation, disposal, and other modes of operation. As more advanced AI hardware becomes available, we plan to manage the lifecycle of deployed systems by shifting older hardware to lower intensity workloads as performance characteristics evolve, and retiring systems that are no longer needed through controlled end of life disposition, including transition to graveyard orbits where appropriate. These retirements may occur sooner than our estimates for the useful lives of our satellites, which estimates are based on engineering studies, historical on-orbit performance, propellant life, utilization patterns, design enhancements across generations, and planned transitions to newer satellite technology. Space based compute also introduces orbital debris risk, which we already manage at constellation scale through our autonomous collision avoidance system across Starlink. To date, we have not experienced any failures of our autonomous collision avoidance system that have resulted in satellite loss.

- 我们能够以快速升级周期大规模制造我们的 AI 算力星座。我们已建成世界上最大的卫星制造运营体系之一，拥有标准化总线架构、快速迭代周期和汽车式生产线，使我们能够在有限依赖第三方供应商的情况下演进总线架构和子系统设计。我们高度垂直整合的方式将是我们大规模扩展努力的关键，并应使我们能够部署最新的 AI 处理器。我们快速开发并将新一代 AI 算力部署至轨道的能力，将是保持星座前沿性能的关键优势。我们相信 SpaceX 将成为首家也是唯一一家以汽车制造规模制造卫星的公司。

- 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 with standardized bus architectures, rapid iteration cycles, and automotive-style production lines, enabling us to evolve bus architecture and subsystem design with limited reliance on third-party suppliers. Our highly vertically integrated approach will be key to our mass-scaling efforts and should allow us to deploy the latest AI processors. Our ability to quickly develop and deploy new generations of AI compute to orbit will be a key advantage in maintaining frontier performance of the constellation. We believe SpaceX will be the first and only company to manufacture satellites at the scale of automotive manufacturing.

- 我们正在建设芯片制造能力，以扩大我们获取 AI 算力硬件的渠道。我们于 2026 年 3 月宣布与 Tesla 合作，共同推进 Terafab 计划，长期目标是每年生产一太瓦的算力硬件。Intel 于 2026 年 4 月加入该项目，预计将贡献其在设计、制造和封装超高性能芯片方面的专业能力，以帮助 Terafab 扩大规模。就该等合作而言，我们已与 Tesla 就 Terafab 的未来发展达成总体框架。根据该框架开展的任何具体项目均须另行协商并签订协议（包括任何开发时间表、里程碑和资本支出），且尚未确定。我们对 Terafab 的战略是，在光刻掩模设计、逻辑芯片和存储芯片制造、先进封装设计方面进行垂直整合，并快速测试和迭代，以改进芯片设计和性能。借助这一内部制造能力，我们计划缓解 SpaceX 未来潜在的芯片短缺问题，尤其是在我们大规模开发轨道 AI 的过程中，并设计针对太空环境优化的芯片。我们预计，垂直整合带来的速度和成本优势将使我们能够在 AI 芯片制造领域高效扩张。

- 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. 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. In connection with such collaboration, we have agreed with Tesla on a general framework for the future development of Terafab. 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 have not yet been determined. Our strategy for Terafab is to vertically integrate across design of lithography masks, fabrication of logic and memory chips, design of advanced packaging and rapidly test and iterate in order to improve chip design and performance. 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 expect that our speed and cost advantage from vertical integration will allow us to scale efficiently in AI chip manufacturing.

- 我们可以利用我们的地面经验，在

- We can leverage our terrestrial experience to build and operate compute clusters and AI workloads at

规模上建设和运营算力集群及 AI 工作负载。我们相信，我们在地球上运营算力基础设施的经验提供了技术和运营基础，可将这些能力延伸至轨道。例如，AI 处理器中的制造缺陷和硅缺陷可能导致早期失效。我们计划在地球上对算力硬件进行广泛的部署前测试，以在发射前识别早期失效，从而减少在轨中断。随着时间推移，我们计划设计针对太空环境优化的 AI 算力处理器。我们的运营经验对于指导我们的轨道数据中心设计至关重要，使其即使在芯片可能出现故障的情况下也能实现高度可靠的运行。这一能力还得到我们在各算力集群之间灵活分配 AI 工作负载的支持，使我们能够利用轨道数据中心处理工作负载，而无需重新配置硬件或进行维护。对于确实发生故障的算力硬件，我们计划利用现有的 Starlink 机队管理软件将流量重新分配到其他卫星，并防止集群级停机。我们进一步相信，我们与芯片制造商的牢固关系增强了我们在太空中构建运行良好、集成化的 AI 算力系统的能力。

scale. We believe our experience operating compute infrastructure on Earth provides the technical and operational foundation to extend these capabilities into orbit. For example, manufacturing and silicon defects in AI processors can cause failures early in life. 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. Over time, we plan to design AI compute processors optimized for the space environment. Our operating experience will be critical in informing our orbital data center designs for highly reliable operations even with potential chip failures. This capability is further supported by our flexible allocation of AI workloads across compute clusters, enabling us to utilize orbital data centers for workloads without hardware reconfigurations or maintenance. 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 further believe that our strong relationships with chip makers enhance our ability to build a well-functioning, integrated AI compute system in space.

我们相信，我们的基础设施是交付卓越 AI 的独特优势。我们认为，AI 持续增长的关键制约因素是物理层面的——芯片制造、数据中心基础设施和发电；AI 的未来将由对物理技术栈的控制权决定。我们相信，没有其他 AI 公司能比 SpaceX 更好地控制完整的物理技术栈。我们预计，具有竞争力的每 token 成本、我们在轨道上部署和运营数据中心的能力，以及我们在连接性方面的优势，三者相结合将带来更具可扩展性的智能，并通过以下结构性优势，使全球用户能够以高速访问这些智能：

We Believe Our Infrastructure is a Distinct Advantage in Delivering Superior AI.We believe that the key constraints in the continued growth of AI are physical – chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the control of the physical stack. We believe no other AI company has better control over the full physical stack than SpaceX. 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 by way of the following structural advantages:

- 通电时间。如果我们能够部署我们的 AI 算力卫星星座，我们相信，随着算力需求的增长，这将使算力容量得以高效部署和扩展。这种方法还将使我们能够比地面方案更快地迭代部署新一代算力硬件，因为地面数据中心无法轻易改造以适配新的算力硬件。由于地面改造的局限性，增加地面算力通常需要建设专为特定代际算力硬件设计的大型新数据中心。这种方法通常在新计算硬件能够生成有用的 token 之前，就因电力采购、电网互联和许可等活动而面临漫长的前置时间。我们相信，我们的轨道模块化方法将使我们能够绕开地面电力基础设施的制约。

- Time to power. If we are able to deploy our AI compute satellite constellation, we believe it will enable compute capacity to be deployed and expanded efficiently as capacity requirements grow. This approach will also allow us to deploy new generations of compute hardware in quicker succession relative to terrestrial approaches where data centers cannot be easily retrofitted for new compute hardware. Due to terrestrial retrofitting limitations, adding terrestrial capacity typically demands building large, new data centers designed for specific generations of compute hardware. This approach is usually burdened with long lead times for activities such as power procurement, utility grid interconnections, and permitting before new computing hardware can generate useful tokens. We believe our orbital, modular approach will allow us to circumvent terrestrial power infrastructure constraints.

- 高度可扩展的算力容量。与受限于物理占地和特定地点电力可用性的地面设施不同，轨道数据中心利用去中心化的网状架构。这允许通过 Starlink 首创的星间激光链路，将远距离互连的大规模算力集群聚合起来。太空提供几乎无限的电力 and 广阔的空间，以在算力增长时维持不间断运行。我们相信，这种丰富的电力和物理空间将使我们能够比地面可行水平更快、更大幅度地扩展我们的互联算力容量。

- Highly scalable compute capacity. Unlike terrestrial facilities constrained by physical footprint and availability of power in a given location, orbital data centers leverage a decentralized mesh architecture. This permits the aggregation of massive compute clusters interconnected over long distances by inter-satellite lasers pioneered by Starlink. Space offers effectively unlimited power and vast expanse to sustain uninterrupted operations as capacity grows. We believe this abundance of power and physical area will allow us to scale our connected compute capacity faster and far beyond levels that are terrestrially viable.

- 低延迟。我们的卫星星座提供了一条直接的轨道数据路径，绕开了地面通信网络的瓶颈。这种架构特别适合为延迟敏感型工作负载提供高速连接，我们相信这类工作负载在某些面向消费者和企业的应用中正日益受到重视。

- Low latency. Our satellite constellation provides a direct, orbital data path that circumvents the bottlenecks of terrestrial communications networks. This architecture is particularly suitable to support high-speed connectivity for latency-sensitive workloads, which we believe are increasingly valued in certain consumer-and enterprise-facing applications.

- 全球分布。得益于我们卫星星座的全球覆盖，我们不仅能够交付高速、超低延迟的 AI 解决方案，还能在世界任何地方做到这一点。我们相信，我们日益全球化的 Starlink 卫星网络将使我们能够以高速和可靠性，向世界各地的社区和经济体交付前沿智能。

- Global distribution. Because of the global coverage of our satellite constellation, not only can we deliver high-speed, ultra-low latency AI solutions, we can do so anywhere in the world. We believe our increasingly global network of Starlink satellites will enable us to deliver frontier intelligence, at high speed and reliability, to communities and economies around the world.

设计并制造我们自己的芯片。Terafab 的目标是成为全球最大的芯片制造设施，目标是实现每年一太瓦的算力产能。尽管 Terafab 旨在扩大我们内部的芯片制造能力，但我们预计将继续从第三方供应商采购相当一部分算力硬件。我们将 Terafab 视为对这些关系的补充，使我们能够大规模扩充算力硬件的获取渠道，并通过将控制延伸至基础芯片层，进一步完善我们高度垂直整合的算力平台。通过在一个垂直整合的闭环单一工厂内构建涵盖光刻掩模设计、逻辑与存储芯片制造以及先进封装的全流程端到端能力，我们将能够更快速地迭代以改进芯片设计和性能。我们计划设计针对太空环境优化的芯片。这一合作直接使我们计划中在轨 AI 算力部署的数量级增长成为可能，而纯粹依赖外部代工厂将对此形成制约。借助 Tesla 和 SpaceX 共享的工程资源、知识产权和基础设施，以及 Intel 拟贡献的在大规模设计、制造和封装超高性能芯片方面的专业能力，Terafab 创造了强大的生态系统协同效应，可加速创新周期并降低成本。正如我们约 80% 的 Starship 为内部制造，使其通过全面且快速的重复使用成为全球最强大、并最终成为最具成本效益的运载火箭，我们预计 Terafab 的垂直整合将带来显著的速度和成本优势。我们相信，这将在扩大 AI 基础设施规模的竞赛中为我们提供关键的竞争优势，尤其是在我们开始进行轨道 AI 算力卫星部署之际。

Design and manufacture our own chips. Terafab aims to be the world’s largest chip manufacturing facility, with the goal of achieving one terawatt of annual compute production capacity. While Terafab is intended to expand our internal chip manufacturing capabilities, we expect to continue sourcing a significant portion of our compute hardware from third-party suppliers. We view Terafab as complementary to these relationships, enabling us to augment our access to compute hardware at massive scale and further complete our highly vertically integrated compute platform by extending our control to the foundational chip layer. By developing end-to-end capabilities spanning the design of lithography masks, fabrication of logic and memory chips, and advanced packaging, all in a vertically integrated closed-loop single plant, we will be able to more rapidly iterate to improve chip design and performance. We plan to design chips that are optimized for the space environment. This collaboration directly enables our planned orders-of-magnitude increases in AI compute deployment in orbit which would be constrained by pure reliance on external foundries. Leveraging shared engineering resources, intellectual property, and infrastructure across Tesla and SpaceX, as well as Intel’s proposed contribution of its expertise in designing, fabricating and packaging ultra-high-performance chips at scale, Terafab creates powerful ecosystem synergies that accelerate innovation cycles and reduce costs. Just as we manufacture approximately 80% of Starship in-house, enabling it to be the world’s most powerful and, eventually, the most cost-effective launch vehicle through full and rapid reusability, we expect significant speed and cost advantages from Terafab’s vertical integration. We believe this will provide us with a critical competitive advantage in the race to scale AI infrastructure, especially as we begin our orbital AI compute satellite deployments.

行业概览 Industry Overview

我们聚焦于三个快速演进的行业：太空、连接和 AI。技术进步与突破性创新正在开启我们认为的下一个伟大经济前沿，太空发射、全球通信、前沿模型、AI 算力、机器人和自动化领域的进展正在重塑地球之上和地球之外的可能性。有几大关键趋势正在推动我们所处这些行业的增长与演进：

We are focused on three rapidly evolving industries: space, connectivity, and AI. Technological advancements and breakthrough innovation are enabling what we believe is the next great economic frontier, as progress across space launch, global communications, frontier models, AI compute, robotics, and automation reshape what is possible on and off Earth. There are several key trends driving the growth and evolution of these industries in which we operate:

- 可重复使用发射和工业化太空运营正在大幅降低进入轨道的成本，提高单次发射运载质量，并实现天基基础设施的高频次部署；

- Reusable launch and industrialized space operations are materially reducing the cost of access to orbit, increasing mass carried per launch, and enabling high-cadence deployment of space-based infrastructure;

- 大批量卫星制造，叠加快速的星座更新周期，正在扩大在未连接、连接不足及移动“盲区”区域实现无处不在连接的能力；以及

- High‑volume satellite manufacturing, combined with rapid constellation refresh cycles, is expanding the ability for ubiquitous connectivity across unconnected, underconnected, and mobile “dead zone” areas; and

- AI、自动化和机器人正在加速工程迭代周期、简化运营并革新复杂建造，减少对稀缺专业劳动力的依赖，同时交付更快、更精准、成本更优的基础设施。

- AI, automation, and robotics are accelerating engineering iteration cycles, streamlining operations, and revolutionizing complex construction, reducing reliance on scarce specialized labor while delivering faster, more precise, and cost-optimized infrastructure.

#### 太空行业

#### The Space Industry

在太空时代的大部分时间里——可追溯至 20 世纪 50 年代的首次发射——航天飞行受到繁重监管要求和政府预算的塑造，而这些预算决定了发射频率。盛行的成本加成采购模式对降低成本或提高发射频率提供的激励有限，形成了一种制约技术创新的运营环境。政府机构是主要的发射服务提供方，该行业数十年来停滞不前。根据 NASA 的数据，直到 2000 年代 SpaceX 推出 Falcon 9 火箭之前，全球商业发射活动平均每年为 25 至 35 次。因此，航天行业始终是一个细分领域，支持大型商业市场或规模化天基基础设施的能力有限。

For most of the space age—dating back to the first launches in the 1950s—spaceflight was shaped by onerous regulatory requirements and government budgets that determined launch cadence. The prevailing cost-plus procurement model offered limited incentives to reduce costs or increase launch cadence, creating an operating environment that constrained technological innovation. Government agencies served as the primary launch services providers and the industry remained stagnant for decades. According to NASA, until the 2000s and the introduction of the Falcon 9 rocket by SpaceX, global commercial launch activity averaged 25 to 35 launches per year. As a result, the space industry remained a niche domain with limited ability to support large commercial markets or scaled space-based infrastructure.

在此期间，卫星——占发射载荷的大部分——通常是定制化、昂贵的系统，需要大量非经常性工程投入，其开发周期以十年计。运载火箭在设计上基本为一次性使用，并针对单次任务进行优化，强化了一个吞吐量低、缺乏灵活性、可扩展性以及对不断变化的客户需求响应能力的生态系统。

During this period, satellites—which comprised the majority of launch payload—were typically bespoke, expensive systems requiring significant non-recurring engineering that consisted of development cycles that were measured in decades. Launch vehicles were designed to be largely expendable and optimized for single-mission use, reinforcing a low-throughput ecosystem that lacked flexibility, scalability, and responsiveness to evolving customer requirements.

随着天基应用场景扩展至通信、导航、对地观测、环境监测、科学研究、情报、监视与侦察以及国际空间站访问，对更先进发射能力的需求变得清晰。2006 年，NASA 将具有里程碑意义的商业轨道运输服务合同授予 SpaceX 以及 Rocketplane Kistler，宣告了商业太空发射时代的到来，标志着向更具可扩展性的太空进入方式转变。这一拐点催化了向为更频繁运营、更低成本和更大运营灵活性而设计的系统转型。

The need for more advanced launch capabilities became clear as space-based use cases expanded to include communications, navigation, Earth observation, environmental monitoring, scientific research, Intelligence, Surveillance and Reconnaissance, and access to the International Space Station. In 2006, NASA awarded SpaceX, along with Rocketplane Kistler, the landmark Commercial Orbital Transportation Services contract that heralded the age of commercial space launch, marking a shift toward a more scalable approach to accessing space. This inflection point catalyzed a transition toward systems designed for more frequent operations, lower cost, and greater operational flexibility.

高频次、可靠且可负担的太空进入方式所取得的根本性突破——主要由 SpaceX 推动——已将太空从纯粹以任务为导向的活动扩展为一个完全工业化、商业化的领域，能够支持和赋能远超传统发射与卫星的众多行业。SpaceX 的技术进步将进入轨道的成本从每公斤数万美元降至每公斤仅数千美元。

Fundamental breakthroughs in high cadence, reliable, and affordable access to space—driven largely by SpaceX— have expanded space from a purely mission-driven activity to a fully industrialized and commercial sector capable of supporting and enabling industries far beyond traditional launch and satellites. SpaceX’s advancements reduced the cost of access to orbit from tens of thousand s of dollars per kilogram to just a few thousand dollars per kilogram.

低地球轨道太空发射成本（以 2021 年不变美元/公斤计；采用对数坐标轴绘制）

Cost of Space Launches to Low-Earth Orbit (constant 2021 $ per kilogram; plotted on a logarithmic axis)

随着过去十年发射经济性的快速变化，对轨道基础设施的需求急剧扩大。自 2015 年以来，随着星座架构的规模化与多元化，商业运营商已发射数千颗卫星。在轨活跃可机动卫星数量已从 2015 年的不足 1,000 颗增长至截至 2026 年 3 月 31 日的约 12,700 颗。截至 2026 年 3 月 31 日，SpaceX 在低地球轨道拥有约 9,600 颗 Starlink 宽带及移动卫星，拥有并运营着全部活跃可机动卫星中约 75% 的份额。此外，发射活动持续增长，2012 年发射入轨的有效载荷约 220 公吨，到 2025 年增至约 2,600 公吨，其中超过 80% 由 SpaceX 发射。

As launch economics have changed rapidly over the last decade, demand for orbital infrastructure has expanded dramatically. Commercial operators have launched thousand s of satellites since 2015 as constellation architectures scale and diversify. The number of active maneuverable satellites in orbit has grown from less than 1,000 in 2015 to approximately 12,700 as of March 31, 2026. With approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit as of March 31, 2026, SpaceX owns and operates approximately 75% of all active maneuverable satellites. Additionally, launch activity has continued to grow, with approximately 220 metric tons of payload launched to orbit in 2012 increasing to approximately 2,600 metric tons in 2025, of which over 80% was launched by SpaceX.

政府需求也在同步上升：根据太空基金会（Space Foundation）的数据，剔除机密支出后，2024 年美国政府的太空支出总计约 $77 billion。值得注意的是，美国国家安全客户还通过国家安全太空发射（“NSSL”）计划第 3 阶段第 2 通道合同，在截至 2032 年的期间内授予了约 $13.7 billion，支持 2025 年至 2032 年的约 54 次任务，而第 3 阶段的整体任务清单几乎达到第 2 阶段任务清单的两倍，达 84 次任务。在地缘政治紧张局势不断升级、进一步凸显韧性发射基础设施关键作用之际，我们认为全球政府太空预算有望实现持续、长期增长。

Government demand is rising in parallel: according to the Space Foundation, excluding classified spending, U.S. Government space spending in 2024 totaled approximately $77 billion. Notably, U.S. national security customers have also awarded approximately $13.7 billion across the National Security Space Launch (“NSSL”) Program’s Phase 3 Lane 2 contracts through 2032, supporting approximately 54 missions from 2025 to 2032, with the overall Phase 3 manifest nearly doubling Phase 2’s manifest to 84 missions. Amid escalating geopolitical tensions that further underscore the critical role of resilient launch infrastructure, we believe government space budgets around the world are positioned for sustained, long‑term growth.

Falcon Heavy 助推器着陆

Falcon Heavy Boosters Landing

在 SpaceX 过去二十年开创的大幅降低发射成本的基础上，全球经济正围绕一个新领域进行重组：太空。我们相信，月球经济的发展将成为释放这一新领域全部潜力、并推动向多行星文明长期转型的核心。

On the back of dramatically reduced launch cost pioneered by SpaceX over the past two decades, the global economy is reorganizing around a new domain: space. We believe the development of a lunar economy will be central to unlocking the full potential of this new domain and advancing the long-term transition to a multiplanetary civilization.

#### 连接产业

#### The Connectivity Industry

现代生活依赖于连接。过去几十年来，支撑全球连接的技术快速演进，重塑了个人、家庭和组织沟通、协作及获取信息的方式。

Modern life relies on connectivity. Over the past several decades, the technologies that underpin global connectivity have evolved rapidly, reshaping the way individuals, families, and organizations communicate, collaborate, and access information.

尽管技术取得了显著进步，地面网络仍然受制于自其诞生以来就一直阻碍其发展的固有结构性局限。根据全球卫星运营商协会的数据，地面网络基础设施仅覆盖约 20% 的全球陆地面积，导致发达经济体和发展中经济体中都存在大量未覆盖和服务不足的地区。这一地面连接缺口涵盖偏远、难以建设或经济上不适宜提供服务的地区——也包括其他连接良好地区以及城市市场中的移动“盲区”。根据 J.D. Power 美国无线网络质量性能研究，美国无线客户在约每 11 次移动交互中就有一次遇到服务问题，即使在连接良好的地区也是如此。随着对无处不在、高可靠性连接的需求持续上升，仅靠地面网络越来越难以弥合用户需求与可用覆盖之间不断扩大的差距。

Despite remarkable technological advancements, terrestrial networks remain constrained by the same inherent structural limitations that have hindered them since their inception. According to the Global Satellite Operators Association, terrestrial network infrastructure only covers approximately 20% of global land mass, resulting in significant unserved and underserved regions across both developed and developing economies. This terrestrial connectivity gap spans areas that are remote, difficult to build in, or economically impractical to serve—and also includes mobile “dead zones” within otherwise well-connected areas and in urban markets. According to the J.D. Power U.S. Wireless Network Quality Performance Study, U.S. wireless customers experienced service problems in approximately one out of every 11 mobile interactions, even in well-connected areas. As demand for ubiquitous, high-reliability connectivity continues to rise, terrestrial networks alone are increasingly unable to bridge the widening gap between user demand and available coverage.

大规模 LEO 星座的发展代表了一次范式转变，打破了全球连接长期依赖地面网络的局面。这些卫星以前所未有的规模部署——例如通过 SpaceX 的 Starlink 和 Mobile 星座——能够提供高速、低延迟的服务，并与地面基础设施无缝集成。这一演进已将卫星连接从最后手段的解决方案转变为具有韧性、无处不在的全球通信的核心支柱。

The development of large-scale LEO constellations represented a paradigm shift, breaking from the long-standing dependence on terrestrial networks for global connectivity. Deployed at unprecedented scale—such as through SpaceX’s Starlink and Mobile constellations—these satellites can provide high-speed, low-latency service that integrates seamlessly with terrestrial infrastructure. This evolution has transformed satellite connectivity from a solution of last resort into a core pillar of resilient, ubiquitous global communications.

消费者宽带

Consumer Broadband

住宅互联网接入始于 20 世纪 90 年代末的拨号连接，最高速度为 .056 Mbps，当时的早期用户依赖窄带铜质电话线进行连接。随着对速度和可靠性的需求增长，拨号上网让位于 DSL、有线电视，并最终发展为光纤，每一代都提升了带宽并支持更多联网设备。根据 Speedtest Global Index，全球平均宽带下载速度已提升至约 120 Mbps。卫星互联网也在 20 世纪 90 年代通过地球静止轨道（GEO）系统出现，将覆盖范围扩展至偏远和未联网地区——最早的产品包括 Hughesnet 的首项卫星服务 DirecPC，其下行速度约为 400 kbps，而拨号上网的平均速度为 28.8 kbps——但这些系统受限于吞吐量有限和延迟较高，难以跟上消费者需求的变化。Starlink 卫星运行在低地球轨道，比传统地球静止通信卫星距地球表面近得多。这种架构降低了信号延迟，旨在支持偏远和服务不足地区的宽带连接。每次发射更多 Starlink 卫星都会提升网络的整体容量，从而在全球范围内提供服务。

Residential internet access began with the dial-up connection in the late 1990s with maximum speeds of .056 Mbps, when early users relied on narrowband copper phone lines to connect. As demand for speed and reliability grew, dial-up gave way to DSL, cable, and eventually fiber, each increasing bandwidth and enabling more connected devices. According to the Speedtest Global Index, the global average broadband download speed has increased to approximately 120 Mbps. Satellite internet also emerged in the 1990s through geostationary orbit (GEO) systems that extended coverage to remote and unconnected regions—beginning with early offerings such as Hughesnet’s first satellite service DirecPC, which provided downstream speeds of roughly 400 kbps compared to dial-up averages of 28.8 kbps—but these systems were constrained by limited throughput and high latency, making it difficult to keep pace as consumer requirements evolved. Starlink satellites operate in Low-Earth Orbit, substantially closer to the Earth’s surface than traditional geostationary communications satellites. This architecture reduces signal latency and is designed to support broadband connectivity in remote and underserved areas. Each launch of additional Starlink satellites increases the overall capacity of the network, which provides service globally.

在当今的数字环境中，消费者日益依赖无缝、高性能的连接来支撑互联生活的方方面面——从日常数字服务到需要高吞吐量、稳定性能和低延迟的高要求应用。在地面网络因部署成本高昂、地形崎岖、人口密度低或基础设施陈旧而受限、性能下降或无法覆盖的地区，满足这些需求尤为困难。因此，消费宽带已演变为一个多层面的生态系统，多种接入技术在此汇聚，提供商围绕更卓越的可靠性、稳定的性能和出色的整体用户体验展开竞争。

In today’s digital landscape, consumers increasingly rely on seamless, high-performance connectivity to power all aspects of connected life—from every day digital services to demanding applications that require high throughput, consistent performance, and low latency. These needs are particularly challenging to satisfy in regions where terrestrial networks are limited, degraded, or unavailable due to prohibitive deployment costs, rugged terrain, low population density, or outdated infrastructure. Consequently, consumer broadband has evolved into a multifaceted ecosystem, where diverse access technologies converge and providers compete based on superior reliability, consistent performance, and an exceptional overall user experience.

消费者对数据的需求正以地面基础设施难以企及的速度激增。根据国际数据公司（International Data Corporation）的 Global DataSphere，2025 年全球每日数据生成量估计已超过 585 exabytes——高于 2010 年每日约 10.8 exabytes——反映出数据消费量的巨大攀升。根据 Ericsson 的预测，到 2030 年固定宽带连接数将达到 two billion，而在地处偏远和条件艰苦的地区，地面网络扩张往往在经济上不可行，因此只有天基系统才能提供真正全球覆盖、无处不在的高吞吐量连接，以支撑数据需求的这一爆炸式增长。

Consumer demand for data is surging at a pace that terrestrial infrastructure has struggled to match. According to International Data Corporation’s Global DataSphere, in 2025, global data generation was estimated to have reached more than 585 exabytes of per day—up from approximately 10.8 exabytes per day in 2010—reflecting an immense escalation in consumption. With fixed broadband connections projected to reach two billion by 2030 according to Ericsson, and terrestrial expansion often economically unfeasible in remote and challenging regions, only space-based systems can deliver truly global, ubiquitous, high-throughput coverage capable of supporting this explosive growth in data demand.

企业与政府宽带

Enterprise and Government Broadband

企业宽带互联网与住宅互联网同步演进，最初是连接办公室和基础设施的固定专线。随着企业采用实时、分布式的工作流程，它们需要在多个站点和移动资产之间实现安全、低延迟的连接。在制造业、运输和物流等行业，移动性变得至关重要，将连接需求从固定地点扩展到动态环境，而地面网络往往无法可靠或经济地支持这些环境。企业现在期望在地面系统不可用或不稳定的地方实现无缝、不间断的性能和即时故障切换——这推动了将地面网络与天基解决方案相结合的混合架构的采用。

Enterprise broadband internet has evolved alongside residential internet, beginning with fixed private lines that connected offices and infrastructure. As businesses adopted real-time, distributed workflows, they needed secure, low-latency connectivity across multiple sites and mobile assets. Mobility became essential in sectors like manufacturing, transportation, and logistics, extending connectivity demands beyond fixed locations into dynamic environments that terrestrial networks often cannot support reliably or economically. Enterprises now expect seamless, uninterrupted performance with instant failover where terrestrial systems are unavailable or unstable— driving adoption of hybrid architectures that combine ground networks with space-based solutions.

随着各组织推进运营数字化，并依赖基于云的实时工作流，而此类工作流需要在分布式站点和移动环境中实现安全、低时延的连接，企业连接需求持续上升。在航空、海事和陆地移动应用中尤其如此，因为飞机、船舶和地面车队本身具有移动性，因而无法依赖持续的地面网络覆盖来获得连接。这些平台日益需要具备韧性的通信，以支持飞行和航行运营、机组人员应用、乘客互联网接入、远程信息处理以及港口或船上物流。在航空领域，目前仍在大多数主要商业机队中普遍使用的传统 GEO 系统通常仅提供较低的 Mbps 速度，且时延显著更高，往往超过 500 毫秒，远不能满足当今应用——如流媒体、云服务和实时协作——日益要求的约 100 Mbps 吞吐量和低于 50 毫秒的时延。因此，需要现代化的 LEO 驱动机上连接系统——例如 Starlink Broadband——其可提供超过 400 Mbps 的乘客下载速度，时延低至 21 毫秒。地面网络无法满足这些不断演变的需求，因为其部署成本高昂、复杂，并因监管限制而放缓；而传统卫星解决方案未能提供企业级应用所需的时延或一致性，地面 ISP 的平均下载速度为 120 Mbps，平均时延为 7-34 毫秒。

Enterprise connectivity demand continues to rise as organizations digitize operations and rely on real‑time, cloud‑based workflows that require secure, low‑latency connectivity across distributed sites and mobile environments. This is particularly true in the case of aviation, maritime, and land mobility applications, where aircraft, vessels, and ground fleets are inherently mobile and therefore unable to depend on continuous terrestrial network coverage for connectivity. These platforms increasingly require resilient communications to support flight and voyage operations, crew applications, passenger internet access, telematics, and port or shipboard logistics. In aviation, legacy GEO-based systems that are still prevalent across most major commercial fleets typically provide low Mbps speeds and significantly higher latency, often exceeding 500 milliseconds, falling well short of the approximately 100 Mbps throughput and sub-50 milliseconds latency that today’s applications—such as streaming, cloud services, and real-time collaboration—increasingly demand. Therefore, there is a need for modern LEO-powered in-flight connectivity systems—such as Starlink Broadband—that can deliver passenger download speeds exceeding 400 Mbps with latency as low as 21 milliseconds. Terrestrial networks cannot meet these evolving demands where deployment is costly, complex, and slowed by regulatory constraints, and legacy satellite solutions have not delivered the latency or consistency needed for enterprise‑grade applications, with average terrestrial ISP download speeds at 120 Mbps and average latency from 7-34 milliseconds.

国防和民用机构同样需要安全、具备韧性且覆盖全球的连接，它们往往在有争议或基础设施薄弱的地区运营，在这些地区地面网络不可用或较为脆弱。随着战场互联程度日益提高，对跨所有域的强大、持续连接的需求比以往任何时候都更加迫切。现代任务依赖高吞吐量、低时延的连接来支持指挥与控制、自主系统、应急响应和人道主义行动，这推动了对在地面系统失效时仍能保持性能的架构的需求。政府对任务关键型天基通信服务的大量投资，体现了机构对 LEO 架构在国防应用中的依赖。高吞吐量、低时延的 LEO 星座增加了一个新的架构层，可增强各任务集的冗余性、运营连续性和灵活性。对专用安全平台——例如 Starshield——的需求日益增长，此类平台可提供加密的高保障通信和模块化载荷集成，进一步拓展天基连接在国防、民用和国家韧性需求方面的效用。综合来看，这些进步使太空成为未来任务关键型通信架构的基础组成部分。

Defense and civil agencies similarly require secure, resilient, and global connectivity, often operating in contested or infrastructure-poor regions where terrestrial networks are unavailable or vulnerable. As the battlefield becomes increasingly connected, the need for robust, persistent connectivity across all domains is more urgent than ever. Modern missions depend on high-throughput, low-latency connectivity for command and control, autonomous systems, emergency response, and humanitarian operations, driving demand for architectures that maintain performance where terrestrial systems fail. Substantial government investment into mission-critical, space-based communication services illustrates the institutional reliance on LEO architecture for defense applications. High-throughput, low-latency LEO constellations add a new architectural layer that enhances redundancy, operational continuity, and flexibility across mission sets. There is an increasing need for purpose-built secure platforms—such as Starshield, that can provide encrypted, high-assurance communications and modular payload integration—further expand the utility of space-based connectivity for defense, civil, and national resilience needs. Together, these advances position space as the foundational component of future mission‑critical communications architectures.

卫星到移动服务

Satellite-to-Mobile Service

自手机早期兴起以来，地面网络以巨大的成本和不断增加的密度扩张，以支持一代又一代的蜂窝技术——从 20 世纪 80 年代以语音为主的网络到如今的高速 5G 数据网络。这些投资使全球大部分人口实现了良好连接，然而地面网络建设属于资本密集型，导致大片地理上的移动“盲区”，在这些区域覆盖成本过高或根本不存在覆盖。在许多地区，尤其是偏远或人口稀少的地区，扩建基站对移动网络运营商而言在经济上不可行，致使很大一部分人口只能获得有限或无法获得可靠连接。早期的卫星蜂窝方案始于 20 世纪 80 年代的专用卫星电话，曾帮助填补这些空白，但需要笨重的硬件且使用成本高昂，使其局限于狭窄且任务驱动的用例。随着消费者对无处不在的覆盖期望不断提高，移动网络运营商仅靠地面基础设施在填补这些“盲区”方面面临结构性限制，使得基于低轨（LEO）的增强成为在全球范围内实现持续、可靠移动连接的最可行路径。

Since the early rise of mobile phones, terrestrial networks have expanded at immense cost and increasing density to support successive generations of cellular technology—from the primarily voice-centric networks of the 1980s to today’s high-speed 5G data networks. These investments have enabled much of the global population to become well‑connected, yet the capital‑intensive nature of terrestrial build‑outs has resulted in vast geographic mobile “dead zones” where coverage remains too expensive or is nonexistent. In many regions particularly those that are remote or sparsely populated, extending towers is economically impractical for mobile network operators, resulting in large segments of the population with limited or no access to reliable connectivity. Early satellite-based cellular options, beginning in the 1980s with dedicated satellite phones, helped fill these gaps but required bulky hardware and carried high usage cost, limiting them to narrow and mission-driven use cases. As consumer expectations for ubiquitous coverage have grown, mobile network operators face structural limits in closing these “dead zones” with terrestrial infrastructure alone, making LEO-based augmentation the most viable path to continuous, reliable mobile connectivity at global scale.

早期的卫星直连手机服务（即直接连接标准智能手机的服务）于 2020 年代出现，支持基本短信，并在某些情况下于无地面覆盖区域支持语音。这些服务为安全、连续性和远程运营提供了更连贯的通信。然而，它们推出之际正值移动数据消费急剧加速、消费者对“始终在线”设备的期望不断上升之时。因此，卫星直连手机技术如今正超越仅用于紧急通信的范畴。它正转向使日常智能手机在超出传统蜂窝或 Wi-Fi 范围时仍能保持无缝连接，将卫星连接融入日常移动使用，而非将其视为应急层。与此同时，电信运营商在收入增长放缓、变现能力减弱和投资资本回报率下降的背景下一直在削减资本开支——这些压力限制了它们维持历史高水平网络部署的意愿。这些转变也增加了对统一、可扩展频谱分配的需求，此类频谱能够支持更高容量的卫星直连手机服务而不干扰地面网络，据蜂窝电信与互联网协会预测，未来 10 年有望带来 1.4 万亿美元的增量经济增长。

Early satellite-to-mobile services (i.e., those connecting directly to standard smartphones) emerged in the 2020s with support for basic messaging and, in some cases, voice in areas without terrestrial coverage. These offerings provided more contiguous communication for safety, continuity, and remote operations. However, they were introduced at the same time mobile data consumption was accelerating dramatically, and consumer expectations for “always-connected” devices were rising. As a result, satellite-to-mobile technology is now evolving beyond emergency-only communication. It is shifting toward enabling everyday smartphones to remain seamlessly connected when outside traditional cellular or Wi-Fi range, integrating satellite connectivity into routine mobile usage, rather than treating it as a contingency layer. At the same time, telecom operators have been reducing capital expenditures amid slower revenue growth, weaker monetization, and declining returns on invested capital—pressures that have limited their willingness to maintain historically high levels of network deployment. These shifts are also increasing demand for harmonized, scalable spectrum allocations capable of supporting higher-capacity satellite-to-mobile services without interfering with terrestrial networks, with the potential to add an incremental $1.4 trillion of economic growth over the next 10 years, as forecasted by Cellular Telecommunications and Internet Association.

这些行业变革为卫星运营商、移动网络运营商（MNO）、电信运营商、频谱所有者、设备制造商和监管机构之间更深入的合作打开了大门。随着卫星网络性能持续提升、这些合作关系不断扩大，卫星直连移动（卫星到移动）服务——例如 Starlink Mobile——正有望从“备份”层演变为地面网络的有力补充，从而扩展覆盖范围并提升整体网络的韧性与性能。

These industry shifts have opened the door for deeper collaboration among satellite operators, MNOs, carriers, spectrum owners, device manufacturers, and regulators. As satellite network performance continues to improve and these partnerships expand, satellite-to-mobile offerings—such as Starlink Mobile—are poised to evolve from a “backup” layer into a meaningful complement to terrestrial networks, extending coverage and enhancing overall network resilience and performance.

#### AI 行业

#### The AI Industry

人类之所以为人类，在于我们对知识的不懈追求，而每一次变革性的突破都极大地拓展了我们跨越时间与空间创造、保存和分享思想的能力。AI 标志着这一进程中的下一个——也可以说是最具影响力的——篇章。我们首次创造出这样的系统：它们所做的不仅仅是放大或传递人类生成的知识。这些系统能够自主推理、学习并生成新知识——综合信息、提出假设，并在某些领域甚至做出原创性发现。由此，它们增强、加速，并很可能超越未经辅助的人类认知。这代表着一次深刻的转变：我们正从仅仅延伸心智的工具，迈向主动参与认知过程的自主智能体与伙伴。

Humanity is defined by our relentless pursuit of knowledge, with each transformative breakthrough dramatically expanding our capacity to create, preserve, and share ideas across time and space. AI marks the next—and arguably most consequential—chapter in this progression. For the first time, we are creating systems that do more than simply amplify or transmit human-generated knowledge. These systems can reason, learn, and generate new knowledge autonomously—synthesizing information, forming hypotheses, and in some domains even making original discoveries. In doing so, they augment, accelerate, and will likely surpass unaided human cognition. This represents a profound shift: we are moving from tools that simply extend the mind to autonomous agents and companions that actively participate in the act of knowing.

过去十年间，大数据、AI 硬件进步以及大语言模型（LLM）的突破性发展，已使 AI 从一门思辨性的学术领域转变为现代经济的基础性驱动力。

Over the past decade, the convergence of big data, advances in AI hardware, and the breakthrough development of LLMs have transformed AI from a speculative academic field into a foundational driver of the modern economy.

AI 算力

AI Compute

对前沿 AI 模型的巨大需求正以历史上鲜有先例的速度和规模加速 AI 基础设施的建设。要满足预计的 AI 需求，到 2030 年全球数据中心投资将需要达到 $7 trillion，而到本十年末，生成式 AI 工作负载预计将占数据中心总电力需求的大约 70%。每一代新的前沿模型都需要指数级增长的算力，这遵循已被充分确立的扩展定律——该定律将模型性能与训练数据的数量和质量、参数规模以及预期总计算量联系起来。智能体式 AI 的兴起以及通用人工智能（AGI）可能出现的预期，预计将进一步放大推理工作负载，推动算力需求及其所需数据中心容量呈阶跃式增长。前沿 AI 已在根本上受制于基础设施。只有能够获取海量电力、超大规模 GPU 集群和高度集成训练基础设施的运营者才能训练尖端模型，而这些系统展现出随时间不断累积的非线性性能优势。算力基础设施规模有助于决定模型迭代速度、模型质量和资本效率——使基础设施本身成为一项关键能力。

Massive demand for frontier AI models is accelerating the build-out of AI infrastructure at a pace and scale with few historical precedents. Meeting projected AI needs will require $7 trillion in global data center investment through 2030, with generative AI workloads expected to account for roughly 70% of total data-center power demand by the end of the decade. Each new generation of frontier models requires exponentially greater compute, following well-established scaling laws that link model performance to the volume and quality of training data, parameter count, and total compute expected. The rise of agentic AI and the potential emergence of artificial general intelligence are expected to further amplify inference workloads, driving a step-function increase in compute requirements and the corresponding data center capacity needed to support them. Frontier AI has become fundamentally infrastructure-constrained. Only operators with access to massive amounts of power, very large GPU clusters and tightly integrated training infrastructure can train cutting-edge models, and these systems exhibit non-linear performance advantages that compound over time. Compute infrastructure scale helps determine model iteration speed, model quality, and capital efficiency—making infrastructure itself a critical capability.

AI 前沿模型

AI Frontier Models

一类新的前沿模型已经出现，其中包括大语言模型（LLM）和多模态模型。LLM 是基于神经网络的模型，通过海量数据集训练，用于理解用户问题并就高度复杂的问题生成回答。LLM 能够综合现有研究、提出新想法，并以无需用户具备编程专业知识的自然语言进行交流。市场对这些工具的需求呈爆发式增长——根据 YouGov 的一项调查，自 2024 年 12 月以来，约 60% 的美国人使用过 AI 工具，34% 的人至少每周使用一次 AI 工具。多模态模型是能够同时处理、理解并跨多种数据类型（如文本、图像、音频、视频，有时还包括其他模态）生成输出的 AI 系统，而非仅限于单一模态（如仅处理文本的语言模型）。多模态模型通过同时处理和整合文本、图像、音频、视频以及有时传感器数据等多种数据类型，相较传统的单模态（如仅文本）系统具有若干关键优势。它们提供更丰富的上下文理解，捕捉在孤立状态下不可见的跨模态关系与细微差别，从而实现更准确的预测和推理。

A new class of frontier models has emerged, which includes LLMs and multimodal models. LLMs are neural network-based models trained on massive datasets to interpret user questions and generate responses to highly complex questions. LLMs can synthesize existing research, propose new ideas, and communicate in a natural language that requires no programming expertise by the user. Demand for these tools has been explosive—according to a YouGov survey, approximately 60% of Americans have used AI tools since December 2024, and 34% use AI tools at least weekly. Multimodal models are AI systems that can process, understand, and generate outputs across multiple types of data simultaneously—such as text, images, audio, video, and sometimes other modalities—rather than being limited to just one (like text-only language models). Multimodal models offer several key benefits over traditional unimodal (e.g., text-only) systems by processing and integrating multiple data types like text, images, audio, video, and sometimes sensor data simultaneously. They provide richer contextual understanding, capturing relationships and nuances across modalities that are invisible in isolation, leading to more accurate predictions and reasoning.

AI 前沿模型由其创造者的价值观、目标和设计选择所塑造。模型的智能水平和性能反映了围绕数据筛选、训练方法、对齐框架和系统约束所做的决策，从而导致不同模型在推理风格、解读方式和回答上存在差异。因此，价值观可以被嵌入技术之中，影响模型输出的准确性、逻辑性和实用性，以及模型服务最终用户的效果。

AI frontier models are shaped by the values, objectives, and design choices of their creators. Model intelligence and performance reflect decisions around data curation, training methodologies, alignment frameworks, and system constraints, resulting in different reasoning styles, interpretations, and responses across models. Therefore, values can be embedded in the technology, influencing accuracy, logic, and utility of the model outputs and how well models can serve end users.

随着前沿模型的快速创新和基于聊天的工具的广泛采用，各组织现在开始部署智能体系统——即能够使用工具并在有限监督下运行的 AI。我们认为，这标志着从副驾驶向智能体系统更广泛转变的开端，此类系统能够支持高复杂度的工作流程，并创造显著更高的推理需求。

Following rapid frontier model innovation and broad adoption of chat-based tools, organizations are now beginning to deploy agentic systems—AI that can use tools and operate with limited supervision. This marks the beginning of what we believe will be a broader transition from co-pilots to agentic systems that enable high-complexity workflows and create materially higher inference demand.

消费者与企业应用

Consumer and Enterprise Applications

数字通信的进步重塑了信息的创造、分享和消费方式，为当今的社交媒体平台奠定了基础。这些平台通过将大规模用户参与与定向内容和广告分发相结合，已成为数字广告的重要渠道。AI 的最新进展进一步增强了广告能力，使企业能够优化营销活动并衡量结果。与此同时，消费者对 AI 驱动工具的期望不断提高，用户希望在不断扩展的数字内容世界中获得及时、准确且可信的信息。

Advances in digital communication have reshaped how information is created, shared, and consumed, laying the foundation for today’s social media platforms. These platforms have become essential channels for digital advertising by combining large‑scale user engagement with targeted content and ad distribution. Recent advances in AI are further strengthening advertising, allowing enterprises to optimize campaigns and measure outcomes. At the same time, consumer expectations for AI‑powered tools are rising, with users seeking timely, accurate and trustworthy information across an expanding universe of digital content.

我们认为，消费者平台、消费者 AI 和一体化数字服务的持续融合将加速超级应用生态系统的出现，这些生态系统将通信、内容创作、信息、商业和银行业务整合于单一平台之中。这些趋势预计将扩大互联网平台作为分发渠道的作用，并支持下一代 AI 赋能的应用和广告解决方案。

We believe the ongoing convergence of consumer platforms, consumer AI, and integrated digital services will accelerate the emergence of super‑app ecosystems that combine communication, content creation, information, commerce, and banking within a single platform. These trends are expected to expand the role of internet platforms as distribution channels and support next‑generation AI‑enabled applications and advertising solutions.

对于企业和政府而言，前沿模型与代理式 AI——即能够进行多步推理并独立执行任务的自主系统——正开始管理日益复杂的流程和工作流。截至 2026 年 2 月，超过 80% 的《财富》500 强公司已在使用 AI 活跃代理。整个行业正被 AI 驱动的应用所重塑，包括代理式商务（由 AI 主导的个性化购物）、氛围编程（以极少或无需人工编写代码的方式进行软件开发）以及车辆自动驾驶。

For enterprises and governments, frontier models and agentic AI—autonomous systems capable of multi-step reasoning and independent task execution—are beginning to manage increasingly complex processes and workflows. As of February 2026, more than 80% of Fortune 500 companies were using AI active agents. Entire industries are being reshaped by AI-driven applications, including agentic commerce (personalized AI-directed shopping), vibe coding (software development with minimal or no human-written code), and autonomous driving for vehicles.

AI 的终极前沿是人类增强：创造能够放大并倍增人类推理、创造力、决策能力和生产力的系统，使人们能够以前所未有的速度、规模和洞察力执行高度复杂的任务。通过增强人类的思考、学习和互动方式，此类系统充当认知乘数，将个体和集体能力提升至远超生物极限的水平。随着 AI 的演进，我们预计消费平台和企业都将采用日益代理化的系统，作为人类智能的强大延伸。这些工具将编排多步工作流、与业务应用无缝交互并加速运营流程，而人类则处于判断、创造力和战略的核心位置。企业 AI 领域的新兴努力展示了未来系统如何作为力量倍增器协调整个业务职能——以最小的规模化摩擦和最大的杠杆效应大幅扩展人类团队所能取得的成就。人类增强还为技术和其它领域实现突破所需的不断攀升的投入提供了一种变革性解决方案。例如，自 1970 年代初以来，维持摩尔定律（芯片密度大约每两年翻一番）所需的人力投入已增加十八倍；AI 增强可以通过赋能工程师、研究人员和创新者更快迭代、探索更多可能性，并以更小的核心专家团队实现指数级进步，从而扭转这一趋势。

The ultimate frontier in AI is human augmentation: creating systems that amplify and multiply human reasoning, creativity, decision-making, and productivity, enabling people to perform highly complex tasks with unprecedented speed, scale, and insight. By enhancing how humans think, learn, and interact, such systems act as cognitive multipliers, supercharging individual and collective capabilities far beyond biological limits. As AI evolves, we expect both consumer platforms and enterprises to adopt increasingly agentic systems that serve as powerful extensions of human intelligence. These tools will orchestrate multi-step workflows, interact seamlessly with business applications, and accelerate operational processes, with humans at the center of judgment, creativity, and strategy. Emerging efforts in enterprise AI illustrate how future systems could coordinate entire business functions as force multipliers—dramatically expanding what a human team can achieve with minimal scaling friction and maximal leverage. Human augmentation also offers a transformative solution to the escalating effort required for breakthroughs in technology and beyond. For example, the human effort needed to sustain Moore’s Law (chip density doubling approximately every two years) has increased eighteenfold since the early 1970s; AI augmentation could reverse this trend by empowering engineers, researchers, and innovators to iterate faster, explore more possibilities, and achieve exponential progress with smaller, core teams of experts.

随着人类向地球之外扩展，增强的人类智能对于管理太空文明所面临的巨大运营、科学和后勤复杂性将不可或缺。增强的核心承诺在于倍增：AI 不是人类思维的替代品，而是人类智慧、好奇心和使命感的放大器，开启人类共同成就的新前沿。

As humanity expands beyond Earth, augmented human intelligence will be essential to managing the immense operational, scientific, and logistical complexity of a spacefaring civilization. The core promise of augmentation lies in multiplication: AI not as a substitute for human minds, but as an amplifier for human ingenuity, curiosity and purpose that unlocks new frontiers of what humans can accomplish together.

我们的优势 Our Strengths

我们拥有一种强烈、以使命为驱动、以工程为先的文化，致力于实现许多人认为不可能的目标。我们通过持续发挥核心优势，让不可思议与非凡之事变得可能且可复制：

We have an intense, mission-driven, and engineering-first culture that seeks to achieve what many have deemed impossible. We make the incredible and extraordinary possible and repeatable by continuously leveraging our core strengths:

#### 轨道发射服务的全球领导者

#### Global Leadership in Orbital Launch Services

我们独特的能力——可靠、快速且高成本效益地规模化发射火箭进入太空——是我们的核心竞争优势，它赋能了我们业务的其他部分。我们的发射能力构成了轨道基础设施的基础，并在太空、全球连接和 AI 领域创造了数万亿美元的新机遇。我们相信，目前没有其他发射服务提供商能在这一规模上具备竞争力，短期内也不太可能出现。我们由 24 枚经过飞行验证的可重复使用火箭组成的机队，以及我们不断提升的入轨总质量份额，自 2021 年以来逐年增长。可重复使用性彻底改变了太空准入的经济性。我们的可重复使用火箭具备 40 次发射资格，可在任务之间仅需极少翻新的情况下多次飞行，大幅降低每次发射成本，同时相比传统一次性火箭提升了我们的发射频率、资产利用率和整体效率。因此，我们能够提供有竞争力的发射价格，快速部署自有卫星和基础设施，并使我们更轻松、更低成本地把握需要轨道准入的新机遇。我们更高的发射频率和可重复使用性还形成了良性循环：更多飞行通过积累经验带来设计、制造和运营的更快改进。此外，我们不仅在 2015 年首次让猎鹰 9 号助推器从太空返回着陆时展示了领先行业其他参与者至少 10 年的优势，而且我们持续大举投资，通过追求规模化全面快速可重复使用来进一步扩大领先优势，包括在我们的下一代火箭 Starship 上投资超过 $15 billion。

Our unique ability to reliably, quickly, and cost efficiently launch rockets at scale into space is our core competitive advantage that enables other parts of our business. Our launch capabilities form the foundation of our orbital infrastructure and have created new multi-trillion-dollar opportunities in space, global connectivity, and AI. We believe no other launch provider is competitive at this scale today, nor is likely to become so in the near term. Our fleet of 24 flight-proven, reusable rockets and our growing share of total mass delivered to orbit has increased every year since 2021. Reusability completely changes the economics of space access. Qualified for 40 launches, our reusable rockets can fly multiple times with only minimal refurbishment between missions, sharply lowering the cost per launch, while boosting our launch rate, asset use, and overall efficiency compared to traditional expendable rockets. As a result, we can offer competitive launch prices, rapidly deploy our own satellites and infrastructure, and make it easier and cheaper for us to pursue new opportunities requiring orbital access. Our higher launch rates and reusability also create a virtuous cycle: more flights lead to faster improvements in design, manufacturing, and operations through accumulated experience. Additionally, not only did we demonstrate at least a 10-year advantage over the rest of the industry when we first landed our Falcon 9 booster back from space in 2015, but we have continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale, including investing over $15 billion in our next-generation rocket, Starship.

**在设计、制造、部署和运营方面无与伦比的卫星与连接平台**

**Unrivaled Satellite and Connectivity Platform across Design, Manufacturing, Deployment, and Operations**

我们能够大规模设计、工程化和制造全球最先进的卫星，从而依托这一核心卫星技术平台创建并扩展新业务，包括：Starlink 宽带，我们的天基互联网宽带服务；Starlink 移动，我们的全球卫星直连移动服务；以及新兴的 AI 计划。与依赖碎片化供应链和小批量生产的传统卫星制造商不同，我们构建了一个涵盖架构、芯片设计、软件、电力系统和总装的集成化卫星平台。随着我们在内部快速迭代下一代卫星，其他一些公司则外包给制造商来构建卫星架构，其能力与我们多年前已退役的卫星相当。截至 2026 年 3 月 31 日，我们的星座还集成了超过 23,000 条星间激光链路，在太空中形成动态网状网络，使数据流量能够经由轨道路由，而不仅仅依赖地面回传基础设施。通过掌控卫星设计、生产、发射和运营，我们能够定制有效载荷、网络能力和电力需求，以支持新的应用场景。例如，我们的 AI 算力星座将利用我们已为现有 Starlink 星座开发的核心卫星技术。我们将建造能够承载高密度算力载荷处理器的新卫星，通过更大的太阳能电池板和储能系统提供更强的发电能力，并实现更高容量的网络能力，以支持轨道上的低延迟工作负载。我们的高吞吐量制造能力——结合我们的发射能力——使我们能够每年生产和部署数千颗卫星，而对于那些缺乏将大量质量送入太空能力的公司而言，这是不经济的。这一能力加快了我们的部署时间表，并使我们能够以我们认为难以复制的资本效率将整个星座商业化。

We are able to design, engineer, and manufacture the world’s most advanced satellites at scale, enabling the creation and scaling of new businesses leveraging this core satellite technology platform, including: Starlink Broadband, our space-based internet broadband service; Starlink Mobile, our global satellite-to-mobile service; and emerging AI initiatives. Unlike traditional satellite manufacturers that rely on fragmented supply chains and low-volume production, we have built an integrated satellite platform that spans architecture, chip design, software, power systems, and final assembly. As we rapidly iterate on our next-generation satellites in-house, some others are contracting outsourced manufacturers to build satellite architectures with capacity comparable to satellites that we retired years ago. As of March 31, 2026, our constellation also incorporates over 23,000 inter-satellite lasers that create a dynamic mesh network in space, enabling data traffic to route through orbit rather than relying solely on terrestrial backhaul infrastructure. By controlling satellite design, production, launch and operations, we can tailor payloads, networking capabilities, and power requirements to support new use cases. For example, our AI compute constellations will leverage our core satellite technologies already developed for our existing Starlink constellations. We will build new satellites that can host processors for high-density compute payloads, offer enhanced power generation with larger solar panels and storage systems, and enable higher-capacity networking capabilities to support low-latency workloads in orbit. Our high-throughput manufacturing capabilities—combined with our launch capabilities—enable us to produce and deploy thousand s of satellites per year, an uneconomic proposition for those lacking an ability to deliver substantial mass into space. This capability accelerates our deployment timelines and allows us to commercialize entire constellations with capital efficiency that we believe is difficult to replicate.

我们的全球连接平台 Starlink 由全球最大的低地球轨道（LEO）星座提供动力，并依托我们垂直整合的发射和卫星制造能力，为全球各地的家庭和企业提供高速、低延迟的宽带和移动连接。我们的垂直整合模式使我们能够在传统地面基础设施有限、不经济或不可用的地区，以无与伦比的速度和成本提供可靠服务。

Our global connectivity platform, Starlink, is powered by the world’s largest LEO constellation and supported by our vertically integrated launch and satellite manufacturing capabilities to enable the delivery of high-speed, low-latency broadband and mobile connectivity to homes and businesses everywhere in the world. Our vertically integrated model allows us to provide reliable service with unmatched speed and cost across geographies where traditional terrestrial infrastructure has been limited, uneconomical, or unavailable.

#### 由实时数据增强的求真 AI 模型

#### Truth-Seeking AI Model Enhanced by Real-Time Data

前沿 AI 模型由其创造者的价值观、目标和设计选择所塑造，这些因素会影响模型输出的准确性、逻辑性和实用性。我们认为，Grok 代表了一种差异化的 AI 路径，其根基是求真这一核心目标，并依托与 X 的整合，持续、专有地获取实时数据流入。X 每天约有 350 million 条帖子，为 Grok 带来时效性、相关性和语境感知能力，我们认为这是一项差异化竞争优势。这种对 X 上信息和人类话语的直接、实时访问，通过将输出建立在最新知识和多元观点之上，增强了 Grok 的求真能力。

AI frontier models are shaped by the values, objectives, and design choices of their creators that influence accuracy, logic, and utility of the model outputs. We believe Grok represents a differentiated approach to AI, grounded in a core objective of truth seeking and powered by continuous, proprietary access to real-time data inflows through its integration with X. With approximately 350 million daily posts, X enables freshness, relevance, and contextual awareness for Grok that we believe is a competitive differentiator. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints.

这一架构体现了我们的核心理念：通过积极、不懈地追求关于现实的客观真实——以证据、逻辑、经验数据和第一性原理思维为基础——来最大化求真，能够驱动更优的模型输出和更高实用性的智能。通过将我们独特的求真模型与对全球最大实时信息平台之一的专有访问相结合，我们相信 Grok 能够提供最客观、最相关的洞见，并最好地服务于消费级和企业级 AI 应用中高频、高价值的用例。

This architecture reflects our core philosophy that maximizing truth seeking—through the active, relentless pursuit of what is objectively true about reality, grounded in evidence, logic, empirical data, and first principles thinking— drives superior model outputs and higher utility intelligence. By combining our unique truth-seeking model with proprietary access to one of the world’s largest real-time information platforms, we believe Grok can deliver the most objective and relevant insights and best serve high-frequency, high-value use cases across consumer and enterprise AI applications.

**极致的垂直整合，在规模化下实现高速度与卓越的成本效率**

**Extreme Vertical Integration Enabling High Velocity and Superior Cost Efficiency at Scale**

传统航空航天制造严重依赖分散且外包的供应链，而我们则以极致的垂直整合方式运营。通过在内部设计和制造相当大一部分组件，我们绕开了许多在结构上制约行业其他企业的缓慢、臃肿的采购渠道。例如，SpaceX 的下一代运载火箭 Starship 约有 80% 在内部制造。我们的垂直整合使我们能够在数周内完成迭代周期，而一些传统公司则需要数年，这使我们能够比许多竞争对手更快地打造更新、技术更先进的产品。我们相信，随着我们的速度和成本优势不断累积，这一技术和物流差距正在显著扩大。我们的垂直整合不仅限于设计和制造——它渗透到我们的整个商业模式，涵盖工程、部署和运营。我们是唯一一家在太空、连接和 AI 领域构建未来集成硬件和软件基础设施的公司。这种端到端的控制使我们能够通过速度、成本和质量方面的结构性优势来创造价值。

While conventional aerospace manufacturing relies heavily on fragmented and outsourced supply chains, we operate with extreme vertical integration. By designing and manufacturing a significant portion of our components in-house, we bypass many of the slow, bloated sourcing channels that structurally constrain the rest of the industry. For example, approximately 80% of Starship, SpaceX’s next-generation launch vehicle, is manufactured in-house. Our vertical integration allows us to achieve iterative cycles in weeks, compared to years for some legacy companies, enabling us to build newer, more technologically advanced products faster than many of our competitors. We believe this technological and logistical gap is widening meaningfully as our speed and cost advantage compound. Our vertical integration extends beyond design and manufacturing—it permeates our entire business model, encompassing engineering, deployment, and operations. We are the only company building integrated hardware and software infrastructure of the future across space, connectivity and AI. This end-to-end control allows us to deliver value through structural advantages in speed, cost and quality.

我们对极致垂直整合所带来的益处有着坚定信念，收购 xAI 进一步印证了这一点。我们不仅开发一流的模型以支撑 AI 应用层，在这一层我们利用来自 X 的实时数据摄取（对某些内容存在一定限制），而且我们还拥有并运营训练这些模型及运行推理所需的物理算力基础设施，从而带来显著的成本与速度优势。通过我们与 Tesla 和 Intel 共同推进的 Terafab 计划，我们打算将垂直整合进一步延伸至芯片设计与制造，以缓解 SpaceX 未来可能出现的芯片短缺、优化算力性能并降低整体算力成本。Intel 将贡献其在设计、制造和封装超高性能芯片方面的专长，助力 Terafab 扩大规模。这种高度垂直整合的方式使我们能够高速训练和迭代我们的前沿模型，加快开发周期，消除外部瓶颈，并推动模型性能快速、持续地提升。算力可用性对于运行更复杂的工作负载和规模化交付更高性能的推理同样至关重要。随着 AI 采用加速以及对低延迟、高吞吐推理的需求增长，我们认为，能够在训练和推理工作负载之间支持并高效分配算力的运营者，最有条件赢得 AI 竞赛。我们的人类增强解决方案正围绕这一转变进行设计，使我们能够为客户提供卓越的性能。这种垂直整合优势既存在于地面场景——我们拥有自己的数据中心及相关电力基础设施，最终也将存在于太空场景——我们计划建设自己的轨道 AI 算力基础设施。AI 持续增长的关键制约是物理层面的——芯片制造、数据中心基础设施和发电。差异化正迅速从单纯的模型架构转向 AI 算力规模、成本效率、电力可用性和部署速度。我们认为，物理基础设施而非模型，将成为 AI 公司的主要竞争差异化因素，而在对完整物理基础设施的掌控方面，没有其他 AI 公司能比 SpaceX 做得更好。

Our strong belief in the benefits of extreme vertical integration is further exemplified by our acquisition of xAI. We not only develop best-in-class models to support the application layer of AI, where we leverage real-time data ingestion from X (subject to some limitations for certain content), but we also own and operate the physical compute infrastructure required to train and run inference on those models, providing a substantial cost and speed advantage. Through our Terafab initiative together with Tesla and Intel, we intend to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute performance, and reduce overall compute costs. Intel will contribute its expertise in designing, fabricating, and packaging ultra-high-performance chips to help Terafab scale. This highly vertically integrated approach allows us to train and iterate our frontier models at high velocity, accelerating development cycles, eliminating external bottlenecks, and driving rapid, continuous improvements in model performance. Compute availability is also critical for running more complex workloads and delivering higher performance inference at scale. As AI adoption accelerates and demand for low-latency, high-throughput inference increases, we believe operators with the ability to support and efficiently allocate compute across both training and inference workloads are best positioned to win the AI race. Our human augmentation solutions are being designed to capitalize on this shift, enabling us to deliver superior performance for our customers. This advantage of vertical integration exists in both a terrestrial context, where we own our own data centers and the associated power infrastructure, and eventually in a space-based context, where we are planning to build our own orbital AI compute infrastructure. The key constraints in the continued growth of AI are physical—chip manufacturing, data center infrastructure, and power generation. Differentiation is rapidly shifting from model architecture alone to AI compute scale, cost efficiency, power availability, and speed of deployment. We believe that physical infrastructure, not models, will be the primary competitive differentiator for AI companies, and no other AI company has better control over the full physical infrastructure than SpaceX.

**在太空、连接和 AI 领域规模化开拓新的万亿美元市场的独特能力**

**Unique Ability to Scale New Trillion-Dollar Markets Across Space, Connectivity, and AI**

我们相信，太空代表着人类历史上最大的经济前沿。我们相信，我们具备独特的能力，能够识别、激活并将此前并不存在的、规模达数万亿美元的新市场商业化。历史上，进入太空的能力受到发射成本高、飞行频次低和需求有限的制约。尽管这些制约可能限制其他主体大规模进入太空的能力，但我们构建大规模、复杂硬件基础设施的能力是一项有意义的竞争优势。通过开创全球首个也是唯一一个规模化可重复使用火箭机队，我们以大幅降低的成本和无与伦比的可靠性彻底改变了太空进入方式。将成本降低数个数量级不仅扩大了发射市场，还使在地球上和太空中创建全新的产业成为可能，而这些产业在历史上对其他主体而言在技术和经济上都是不可行的。

We believe space represents the largest economic frontier in human history. We believe we have a distinct ability to identify, activate, and commercialize new multi-trillion-dollar markets that did not previously exist. Historically, space access was impaired by high launch costs, low flight cadence, and limited demand. While such constraints may limit others’ ability to access space at a scale, our ability to build large-scale and complex hardware infrastructure is a meaningful competitive advantage. By pioneering the world’s first and only fleet of reusable rockets at scale, we revolutionized space access through dramatically lower cost and unmatched reliability. Lowering costs by orders of magnitude does not just expand the launch market, it enables the creation of entirely new industries on Earth and in space that have historically been technologically and economically infeasible for others to access historically.

当我们识别出一个新的万亿美元市场机会并加以追求时，我们设计的解决方案植根于同样推动我们迄今技术突破和成功的世界级工程能力和第一性原理思维。我们的第一个万亿美元市场是连接：我们创立了 Starlink，这是一项由我们的低延迟、高速 LEO 星座支持的卫星服务。Starlink 需要将数百万公斤的硬件快速、低成本地部署到轨道上，对于任何缺乏我们基础发射能力的主体而言，这在经济上是不可能实现的壮举。我们的 Starlink 星座支撑着一个全球连接平台，能够支持全球最大、最先进的太空互联网宽带服务和卫星到移动服务，为世界各地的家庭、企业、政府和移动用户提供高速互联网接入。我们相信我们的下一个万亿美元市场是 AI 算力，我们预计将利用我们的火箭和卫星大规模在轨部署 AI 基础设施。我们相信，这一 AI 算力基础设施将帮助我们比其他依赖地球上有限电力来源的 AI 公司更快地开发和变现 Grok 模型。没有其他公司构建起能够在所有这些终端市场大规模创造价值的能力。

When we have identified a new trillion-dollar market opportunity to pursue, we design a solution rooted in the same world-class engineering and first-principles thinking that has driven our technological breakthroughs and success to date. Our first trillion-dollar market was connectivity: we founded Starlink, a satellite service supported by our low-latency, high-speed LEO constellation. Starlink required the rapid, low-cost deployment of million s of kilograms of hardware into orbit, a feat economically impossible to solve for anyone lacking our foundational launch capabilities. Our Starlink constellation powers a global connectivity platform capable of supporting the world’s largest and most advanced space-based internet broadband service and satellite-to-mobile service, enabling high-speed internet access to homes, enterprises, governments, and mobile users around the world. We believe our next trillion-dollar market is AI compute, and we expect to leverage our rockets and satellites for massive orbital deployments of AI infrastructure. We believe this AI compute infrastructure will help us develop and monetize the Grok model faster than other AI companies that are dependent on finite sources of power on Earth. No other company has built the capabilities to create value across all these end markets at scale.

此外，我们相信我们有望推动地球上和太空中其他行业的变革性突破，例如长途点对点地面旅行、在轨制造、往返月球和火星的客运与货运、在月球和火星上制造和能源生产，以及小行星采矿。特别是，我们相信，如果我们实现建立月球存在的目标，它有可能实现太瓦级的年度 AI 算力增长，支持更深入的太空探索和工业化，并成为在火星上建立文明的垫脚石。随着我们继续扩大规模并拓展进入新的万亿美元市场，我们预计我们更成熟的业务将继续产生可观的现金流，使我们能够再投资于新兴机会。

In addition, we believe we are poised to catalyze transformative breakthroughs in other industries on Earth and in space such as long haul point-to-point terrestrial travel, in-orbit manufacturing, passenger and cargo transportation to the Moon and Mars, manufacturing and energy production on the Moon and Mars, and asteroid mining. In particular, we believe that if we achieve our goal of establishing a lunar presence, it will potentially enable terawatt-scale annual AI compute growth, support deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars. As we continue to scale and expand into new trillion-dollar markets, we expect our more mature businesses will continue to generate substantial cash flows, enabling us to reinvest in emerging opportunities.

#### 极难复制的商业模式

#### Business Models that Are Incredibly Difficult to Replicate

我们的商业模式描述起来很简单：利用我们无与伦比的发射能力降低进入太空的成本，运用第一性原理思维和世界级工程能力解决重大的结构性制约，沿价值链进行垂直整合，持续提升成本效率和产能，并将现金流再投资以扩展我们的能力并创造新市场。尽管描述起来简单，但我们认为这一模式极难复制。我们相信，没有其他组织能够执行这一组合：工业规模的复用轨道发射系统、具有可靠大批量制造能力的突破性工程设计、全栈专有软件，以及端到端的运营控制。这些能力相互强化，我们的垂直整合带来了更快的创新周期和结构性成本优势，从而扩大了我们的竞争优势。

Our business model is simple to describe: leverage our unparalleled launch capabilities to reduce the cost of access to space, apply first-principles thinking and world-class engineering to solve large structural constraints, vertically integrate across the value chain, continuously improve cost efficiency and throughput, and reinvest cash flow to expand our capabilities and create new markets. While simple to describe, we believe this model is extraordinarily difficult to replicate. We believe no other organization can execute this combination of reusable orbital launch systems at industrial scale, breakthrough engineering designs with reliable high-volume manufacturing, full stack proprietary software, and end-to-end operational control. These capabilities reinforce each other, and our vertical integration enables faster innovation cycles and structural cost advantages that widen our competitive advantage.

我们的商业模式使我们能够在一个共同的技术基础上，构建由互补业务和收入来源组成的多元化组合。我们的太空业务分部从商业和政府客户获得收入，同时还是我们互联业务分部的支柱，后者从 Starlink 宽带消费者、企业和政府客户以及 Starlink Mobile 用户获得高度可预测且经常性的订阅收入。其结果是形成一个强大、自我强化的价值创造循环：一项业务的成功推动其他业务更快增长，从而能够再投资于下一个前沿领域。我们相信，这一模式有潜力在我们的生态系统中创造复利价值，使我们的领先优势不断扩大并随时间推移变得更加持久。

Our business model has allowed us to build a diversified portfolio of complementary businesses and revenue streams from a common technological foundation. Our Space segment generates revenue from commercial and government customers, while also serving as the backbone for our Connectivity segment which generates highly predictable and recurring subscription revenue from Starlink broadband consumer, enterprise, and government customers, as well as Starlink Mobile subscribers. The result is a powerful, self-reinforcing value creation cycle: success in one business fuels faster growth in the others, enabling reinvestment into the next frontier. We believe this model has the potential to create compounding value across our ecosystem, allowing our lead to grow and become more durable over time.

#### 使命驱动的文化与世界级人才

#### Mission-Driven Culture and World-Class Talent

我们得益于由埃隆·马斯克创立并领导，他是我们这一代伟大的远见者之一。我们相信，吸引并留住世界级技术与工程人才的能力是我们的重要竞争优势。我们创立之初让生命多行星化的目标，是最终极的使命驱动筛选器与留人工具，而 xAI 理解宇宙的求真使命更进一步强化了这一点。顶尖工程师被吸引到 SpaceX，从事人类面临的一些最艰难、最具重大意义的问题——做前所未有的事情，比如让火箭着陆并重复使用、努力使人类多行星化，以及通过 AI 更好地理解宇宙的奥秘。他们同样被我们强烈、以工程为主导、以第一性原理为核心的文化所吸引，这种文化将物理定律视为唯一真正的约束。我们通过“算法”（The Algorithm）来强化这一文化，这是一个五步迭代流程，强调让需求变得不那么愚蠢、删除不必要的流程或部件（秉持“最好的部件就是没有部件”这一原则）、然后才优化剩余部分、加快周期时间，并且只对已被验证的流程进行自动化。我们的组织理念将失败视为必不可少的学习机会，并始终保持对效率与速度的不懈专注，从而能够在最艰难的技术问题上实现快速迭代与可重复执行。为此，我们以工程为导向的组织得以接触世界上一些最具选择性的顶尖人才库。2025 年，我们的工程岗位申请人录用率不足 2%，这体现了我们高度挑剔、在业内最优秀人才中招聘的能力。我们还通过将员工利益与组织成功相绑定来培养敬业度：我们覆盖面广泛的员工持股计划确保那些帮助我们建设未来的人，也是我们成功的直接受益者。这种对质量与使命的坚持带来了卓越的员工忠诚度，我们更广泛的 SpaceX 领导团队平均任期为 12 年，正体现了这一点。

We have the benefit of being founded and led by Elon Musk, one of the great visionaries of our generation. We believe that our ability to attract and retain world-class technical and engineering talent is a significant competitive advantage. Our founding goal of making life multiplanetary serves as the ultimate mission-driven filter and retention tool, which has only been enhanced by xAI’s truth-seeking mission of understanding the universe. Top engineers are drawn to SpaceX to work on some of the hardest, most consequential problems facing humanity—doing things that have never been done before, like landing and re-using rockets, working towards making humanity multiplanetary, and gaining a better understanding of the mysteries of the universe through AI. They are also drawn to our intense, engineering-led, first-principles culture, which treats the laws of physics as the only true constraints. We reinforce this culture through “The Algorithm,” a five-step iterative process that emphasizes making the requirements less dumb, deleting unnecessary processes or parts (embracing the principle that the best part is no part), only then optimizing what remains, accelerating cycle time, and automating only proven processes. Our organizational philosophy embraces failure as an essential learning opportunity and maintains a relentless focus on efficiency and speed, enabling rapid iteration and repeatable execution on the hardest technical problems. To this end, our engineering-oriented organization maintains access to some of the world’s most selective talent pool. In 2025, we accepted under 2% of our engineering applicants, reflecting our ability to be highly selective and hire among the best talent in the industry. We also foster commitment by aligning employee interests with organizational success: our broad-based employee ownership program ensures that those who help us build the future are also direct beneficiaries of our success. This commitment to quality and mission results in exceptional employee loyalty, reflected by an average tenure across our broader SpaceX leadership team of 12 years.

我们的增长战略 Our Growth Strategies

我们打造了我们认为是全球最具雄心的垂直一体化创新引擎，在太空、连接和 AI 三大领域捕捉显著增长。我们的太空板块为我们提供了基础性竞争优势，赋能业务的其他所有部分，而我们的连接和 AI 板块预计将成为近期收入增长的主要驱动力。未来几年，我们将专注于提升现有连接基础设施和现有 AI 用户群的变现能力。我们还打算继续建设我们的 AI 基础设施，我们预计这将随着我们把握巨大的 AI 市场机遇而推动增长。我们的增长战略与我们的价值创造周期相一致，即我们识别新兴机遇、投资于创新、严格测试与迭代、推出新 offerings，并产生强劲现金流以推动下一波突破。

We have created what we believe to be the world’s most ambitious vertically integrated innovation engine that captures significant growth across three domains: Space, Connectivity, and AI. While our Space segment provides us with a foundational competitive advantage that enables all other parts of our business, our Connectivity and AI segments are expected to be the primary driver of revenue growth in the near term. In the next few years, we are focused on increasing the monetization of our existing Connectivity infrastructure and our existing AI user base. We also intend to continue to build out our AI infrastructure, which we expect to enable growth as we address the significant AI market opportunity. Our growth strategy aligns with our value creation cycle where we identify emerging opportunities, invest in innovation, rigorously test and iterate, launch new offerings, and generate strong cash flows to fuel the next wave of breakthroughs.

#### 太空

#### Space

提升发射载荷能力。我们计划通过提高发射频次和增加单次发射载荷，推动入轨载荷（入轨质量）实现显著增长，同时提升发射效率并降低成本。我们的下一代完全且快速可重复使用的 Starship V3 飞行器，在设计上可在可重复使用构型下将 100 公吨载荷送入地球轨道，从而大幅提升单次发射载荷能力，同时实现显著更频繁的飞行，并具备无与伦比的成本效率。迄今为止，我们已完成 12 次 Starship 飞行测试，其中 2026 年 5 月的第 12 次飞行测试首次亮相了下一代 Starship 飞行器和 Super Heavy 助推器，搭载我们 Raptor 发动机的下一代演进版本，并从 Starbase 新设计的发射台发射。我们预计 Starship 将于 2026 年下半年开始向轨道运送载荷。我们已实现多项创新里程碑，例如使用“筷子”机械臂完成助推器捕获，从而实现快速翻修和重复使用，包括每天多次发射。为实现更频繁的发射频次和整体更大的载荷运送能力，我们还在扩展地面发射基础设施，包括投资建设更多发射台、现场推进剂生产及其他支持设施，并投资于未来几代 Starship，其运载能力可能达到 200 公吨，最早可能在 Starship V4 实现。我们预计这些努力将继续推动发射载荷增长，预计这将提供扩展 Starlink Broadband 和 Starlink Mobile 星座所需的基础能力，而这些星座构成我们连接平台的基础。我们不断增长的载荷能力还旨在支撑轨道 AI 算力的部署，这将加速我们的 AI 业务，并惠及使用我们发射服务的第三方客户。

Increase launch payload capacity. We plan to drive meaningful growth in payload delivered to orbit (mass to orbit) through higher launch cadence and increased payload per launch, while enhancing launch efficiency and reducing costs. Our next-generation fully and rapidly reusable Starship V3 vehicle is designed to carry 100 metric tons to Earth’s orbit in a reusable configuration, driving substantial improvements in payload capacity per launch, while enabling significantly more frequent flights, at unparalleled cost efficiency. To date, we have executed 12 Starship flight tests, with our 12th flight test in May 2026 debuting the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones, such as the creation of booster catches using “chopstick” arms that facilitate rapid refurbishment and reuse, including launching multiple times per day. To enable a more frequent launch cadence and overall greater payload delivery, we are also expanding our ground launch infrastructure, including investing in additional pads, on-site propellant production, and other support facilities, and investing in future generations of Starship, which could carry 200 metric tons in capacity, potentially as soon as Starship V4. We expect these efforts to continue to drive launch payload growth that is expected to provide the foundational capacity needed to scale our Starlink Broadband and Starlink Mobile constellations that underpin our Connectivity platform. Our growing payload capacity is also intended to underpin the deployment of orbital AI compute that will accelerate our AI business, as well as benefit third-party customers who use our launch offerings.

建立月球经济。推进对月表访问代表着我们太空业务板块演进中的重要下一步，也是实现地球以外长期商业化的先决条件。我们专注于发展以可重复且经济可行的方式向月球表面运送大量货物和人员的能力。我们相信，这一能力还将通过利用月球卫星生产和用于发射活动的月球质量驱动器，使打造拍瓦级 AI 星座成为可能。通过借助星舰（Starship）预期具备的完全且快速可重复使用能力以及太空加注能力，我们预计将相较历史常态大幅降低月球任务成本。我们的初期工作将优先开展月球货运着陆并使美国人重返月球，随后扩大载人任务，我们相信这些任务能够在地球与月球表面之间建立货物与人员的持续流动。

Establish the lunar economy. Advancing access to the lunar surface represents an important next step in the evolution of our Space segment and is a prerequisite for long-term commercialization beyond Earth. We are focused on developing the capability to transport significant amounts of cargo and crew to the lunar surface in a repeatable and economically viable manner. We believe this capability will also enable creating a petawatt-scale AI constellation through the use of lunar satellite production and a lunar mass driver for launch activities. By leveraging Starship’s expected fully and rapidly reusable capabilities and in‑space refueling, we expect to materially reduce the cost of lunar missions relative to historical norms. Our initial efforts will prioritize lunar cargo landings and returning Americans to the Moon, followed by expanded crewed missions that we believe can establish a continuous flow of cargo and humans between Earth and the lunar surface.

我们相信，商业月球经济的基础始于实现大规模的基础设施开发、月球资源利用和高带宽通信。这需要具备在月球表面开采、提取和加工原材料以用于太阳能发电生产的能力。结合本地生产水和燃料的能力，我们相信这些能力将支撑持续的月球运营、支持月球探索，并为人类在月球上的永久存在奠定基础。月球基地随后将能够在比深空更接近地球的太空环境中，对新技术进行持续、大批量的测试。

We believe that the foundation of a commercial lunar economy begins with achieving infrastructure development, lunar resource utilization, and high bandwidth communications at scale. This requires the ability to mine, extract and process raw material for the production of solar power on the lunar surface. Combined with the ability to locally produce water and fuel, we believe these capabilities would enable sustained lunar operations, support lunar exploration, and provide the foundation for humanity’s permanent presence on the Moon. The lunar base would then allow sustained, high volume testing of new technologies in a space environment much closer to Earth than deep space.

我们打算建立月球制造能力，包括生产大规模 AI 算力卫星的工厂。我们相信，我们能够高效地规模化发射卫星，这主要得益于可能使用月球质量驱动器，该驱动器能够从月球表面进行高频、低成本的卫星发射。通过将能源及材料与质量密集型的卫星和太阳能制造活动迁离地球，并利用可持续发电和月球低重力环境，我们旨在显著降低成本并缓解地球资源约束。我们预计将使用来自月球的原材料来构建卫星的大部分质量，并从地球运送芯片和其他质量较低的部件。这一路线图使月球不仅成为通往火星和太空探索的潜在门户，更成为首个规模化的太空工业经济体。

We intend to establish lunar‑based manufacturing capabilities, including factories to produce large‑scale AI compute satellites. We believe we can efficiently launch our satellites at scale, namely due to the potential use of a lunar mass driver that is capable of high-frequency, low-cost launches of satellites from the lunar surface. By shifting energy and material and mass-intensive satellite and solar manufacturing activities off Earth that leverage sustainable power generation and the Moon’s low gravity, we aim to significantly reduce costs and terrestrial resource constraints. We expect to use raw materials from the Moon to construct most of the mass of the satellites and ship chips and other lower mass elements from Earth. This roadmap positions the Moon not only as a potential gateway to Mars and space exploration, but as the first space-based industrial economy at scale.

一旦资源利用能力被证明可行，我们认为将稀有材料的采集与出口商业化存在机会，据估计月球上此类材料的储量超过一百万吨，并在未来的核能与量子计算系统中具有潜在应用。大规模获取这些资源，加之月球低重力环境，有望通过建立垂直一体化的资源开采、加工与出口枢纽，释放规模化增长的潜力。借助星舰（Starship）的高载荷能力，我们认为这些材料可以经济地直接运回地球。与此同时，月球可作为闭环生态系统、长时驻留栖息地及自主建造技术的验证场，而这些都是工业化所必需的。随着时间推移，这一基础设施有望使月球成为战略性的工业与运输节点。

Once resource utilization capabilities are proven feasible, we believe there is an opportunity to commercialize the harvesting and exportation of rare materials, which is estimated to be present on the Moon in quantities exceeding one million tons and has potential applications in future nuclear energy and quantum computing systems. Large-scale access to these resources, coupled with the Moon’s low gravity, could unlock the potential for scalable growth by establishing a vertically-integrated resource extraction, processing and exportation hub. Using Starship’s high payload capacity, we believe these materials could be economically transported directly to Earth. In parallel, the Moon could function as a proving ground for closed-loop ecosystems, long-duration habitats, and autonomous construction techniques, all of which are essential for industrialization. Over time, this infrastructure has the potential to position the Moon as a strategic industrial and transportation node.

建立月球采矿、加注、制造与驻留运营面临一系列相互关联的工程及其他障碍，以及已知和目前未知的风险与不确定性。这些障碍、风险与不确定性涉及（其中包括）将重型设备运输并部署至月球表面、开发可靠的发电与储能系统、以商业规模开采和加工月球资源、在极端温度、辐射与尘埃条件下运行设备、维护通信与导航基础设施，以及支持人类在偏远且危险环境中长期驻留。

Establishing lunar operations for mining, refueling, manufacturing, and habitation is subject to a variety of interconnected engineering and other hurdles as well as known and currently unknown risks and uncertainties. These include hurdles, risks and uncertainties that relate to, among other things, transporting and deploying heavy equipment to the lunar surface, developing reliable power generation and storage systems, extracting and processing lunar resources at commercial scale, operating equipment in extreme temperature, radiation and dust conditions, maintaining communications and navigation infrastructure, and supporting long-duration human presence in a remote and hazardous environment.

#### 连接性

#### Connectivity

发展 Starlink 消费宽带以及企业和政府客户。短期内，我们专注于提升全球对 Starlink 品牌与能力的认知，以扩大 Starlink 宽带用户基础，并提高 Starlink 宽带在新市场和现有市场的渗透率。

Grow Starlink Consumer Broadband and enterprise and government customers. In the near term, we are focused on increasing global awareness of our Starlink brand and capabilities to grow our base of Starlink Broadband subscribers and to increase Starlink Broadband adoption in new and existing markets.

- Starlink 消费者宽带。过去几年，我们的 Starlink 用户数量快速增长。截至 2026 年 3 月 31 日，我们在 164 个国家、地区及其他市场拥有约 10.3 百万名 Starlink 用户。这些用户仅占我们目前所服务市场中估计 3.3 十亿潜在终端用户的一小部分，其中许多人仍缺乏可靠的高速宽带。由于我们按服务线路（Service Line）口径报告 Starlink 用户数，实际接入 Starlink 的个人终端用户数量很可能已显著高于 10.3 百万，因为多条线路可能由多人共用，包括同一家庭内的多人共用。我们计划通过在全球数千家授权零售门店扩展消费者分销网络，并开展针对特定区域的营销活动以提升 Starlink 品牌知名度，从而增加 Starlink 用户数量。通过清晰展示 Starlink 在速度、低延迟、可负担性和安装便捷性方面的优势——不仅在农村、偏远和基础设施受限地区，也在拥有有线宽带选择的郊区和城市地区——我们预计将推动用户数和收入实现显著增长。

- Starlink Consumer Broadband. We have grown the number of Starlink Subscribers rapidly over the last several years. As of March 31, 2026, we had approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets. These subscribers represent a small fraction of the estimated 3.3 billion potential end users in the markets we currently serve, many of whom still lack reliable high-speed broadband. Because we report Starlink Subscribers on a per‑Service Line basis, the number of individual end users who access Starlink is already likelymeaningfully higher than 10.3 million, as multiple people may share a single Service Line, including within a household. We intend to grow the number of Starlink Subscribers by expanding our consumer distribution network across thousand s of authorized retail stores globally and execute region-specific marketing campaigns to increase Starlink brand awareness. By clearly demonstrating Starlink’s superior speed, low-latency, affordability, and ease of installation—not only in rural, remote, and infrastructure-limited areas, but also in suburban and urban areas with wireline broadband options—we expect to drive meaningful subscriber and revenue growth.

- 企业与政府 Starlink 客户。我们计划通过直接、垂直行业专属的销售模式推动企业和政府 Starlink 客户增长。近年来，我们组建了专门的销售和工程团队，以在航空和海事领域推广并支持全机队/全船队转换。这使我们得以与众多全球领先的航空公司建立合作，包括 United Airlines、Southwest Airlines、American Airlines、Qatar Airways、Lufthansa Group、British Airways、Alaska Airlines 和 Hawaiian Airlines，其中许多公司已实施或承诺在全机队安装 Starlink，以实现无缝的机上连接。我们还与顶级邮轮运营商建立了合作，如 Carnival Corporation、Royal Caribbean Group、MSC Cruises 和 Norwegian Cruise Line Holdings，进行全船队部署，为全球数千艘船舶提供可靠的高速互联网。此外，我们还与陆地移动运营商建立了合作，包括 John Deere 和 California Fire Department，以及客运铁路运营商如 Brightline（佛罗里达）和 Italo Treno，为其车队提供远程监控和管理。我们正通过引入全球新的主要航空公司、邮轮公司和陆地移动运营商，通过更深入的机队/车队渗透扩展现有关系，并推出高级服务层级，使 Starlink 成为全球航空、海事和陆地移动客户的标准连接解决方案，从而积极推动这些领域的增长。我们还打算扩大政府客户基础，与美国及盟国政府签订重大合同，为国防行动、人道主义工作、灾害响应和国家安全应用提供安全、有韧性且任务关键的连接，即使在最偏远和最具挑战性的环境中也是如此。我们还服务于零售和金融服务等行业的广泛固定站点客户基础，这些行业需要关键运营的高可用性以及在偏远或难以服务地点的可靠连接。随着企业持续投资于安全和有韧性的网络以维持关键基础设施——如销售点和支付处理系统——我们看到扩大广泛固定站点客户基础的机会，通常从备份开始，然后过渡到主用。

- Enterprise and Government Starlink Customers. We plan to drive growth in enterprise and government Starlink customers through our direct, vertical-specific sales model. In recent years, we have assembled dedicated sales and engineering teams to market and support fleet-wide conversions in the aviation and maritime sectors. This has enabled partnerships with many of the world’s leading airlines, including United Airlines, Southwest Airlines, American Airlines, Qatar Airways, Lufthansa Group, British Airways, Alaska Airlines, and Hawaiian Airlines, many of which have implemented or committed to fleet-wide Starlink installations for seamless in-flight connectivity. We have also partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full-fleet deployments that deliver reliable high-speed internet across thousand s of vessels worldwide. In addition, we have partnered with land mobility operators, including John Deere and the California Fire Department, as well as passenger rail operators such as Brightline (Florida), and Italo Treno, to provide remote monitoring and management of their fleets. We are actively driving growth in these sectors by onboarding new major airlines, cruise lines, and land mobility operators around the world, expanding existing relationships through deeper fleet penetration, and introducing advanced service tiers to make Starlink the standard connectivity solution for aviation, maritime, and land mobility customers globally. We also intend to expand our government customer base, securing major contracts with the United States and allied governments while delivering secure, resilient, and mission-critical connectivity for defense operations, humanitarian efforts, disaster response, and national security applications in even the most remote and challenging environments. We also serve a broad fixed‑site customer base across industries such as retail and financial services that require high availability for critical operations as well as reliable connectivity in remote or hard-to-serve locations. As companies continue to invest in secure and resilient networks to keep critical infrastructure—such as point‑of‑sale and payment processing systems—we see an opportunity to grow our broad fixed‑site customer base, often starting as back-up and then transitioning to primary.

扩大我们的 Starlink Mobile 业务。截至 2026 年 3 月 31 日，我们在约 30 个国家为约 7.4 百万台月度独立设备提供 Starlink Mobile 服务。我们与领先的设备制造商、应用开发商和移动网络运营商合作，以增强我们通过一张卫星网络提供的服务，包括 over-the-top 语音、视频和消息服务。2025 年，我们签订协议，从 EchoStar 收购美国 65 MHz 频谱及若干全球移动卫星服务频谱许可，这将使我们的 Starlink Mobile 服务能力实现跨越式提升。此外，我们预计 Starship 每次发射将能够部署约 50 颗移动卫星，显著提高单次发射的容量，并加速我们下一代星座的部署。随着我们下一代星座的部署（该星座旨在充分利用所收购的频谱）以及我们 MNO 合作伙伴关系的扩展，我们旨在进一步实现为所有人提供连接的目标，并大幅减少全球移动“盲区”——最终为全球未经改装的手机和 IoT 设备提供 5G 连接。

Expand our Starlink Mobile offering. As of March 31, 2026, we provide Starlink Mobile services to approximately 7.4 million monthly unique devices across approximately 30 countries. We partner with leading device manufacturers, application developers, and mobile network operators to enhance the services we provide over one satellite network, including over-the-top voice, video, and messaging. In 2025, we entered into agreements to acquire 65 MHz of spectrum in the United States and certain global Mobile Satellite Service spectrum licenses from EchoStar, which will enable a step-change in the possibilities for our Starlink Mobile service. Furthermore, we anticipate that Starship will be able to deploy approximately 50 mobile satellites per launch, significantly increasing capacity per launch and accelerating the deployment of our next-generation constellation. With the deployment of our next-generation constellation, which is designed to fully utilize the acquired spectrum, and the expansion of our MNO partnerships, we aim to further deliver on our goal of providing connectivity for everyone and substantially reducing mobile “dead zones” worldwide—eventually with 5G connectivity to unmodified cell phones and IoT devices globally.

提高我们星座的容量。我们目前的星座由约 9,600 颗 Starlink 宽带和移动卫星组成，其中包括 2025 年部署的超过 3,000 颗卫星，支持超过 700 Tbps 的累计下行容量。为通过我们的连接业务板块支持更多客户，我们计划大幅提高宽带和移动星座的容量。对于我们的 Starlink 宽带星座，我们将继续部署更多 V2 Mini 卫星，并预计于 2026 年下半年开始部署我们的下一代 V3 卫星，每颗 V3 卫星的设计下行容量为 1 Tbps。我们预计 Starship 每次发射将能够部署多达 60 颗 V3 卫星，与 Falcon 9 相比，单次发射部署的下行容量将提高二十倍，使我们能够以显著更低的成本更快速地扩展 Starlink 宽带星座。对于我们的 Starlink Mobile 星座，我们目前拥有约 650 颗现有的专用移动卫星。我们正在开发更全面的卫星到移动服务，我们称之为 Starlink Mobile Gen2 服务，包括宽带数据和 IoT 连接，预计将在全球范围内提供具有韧性的、不依赖基础设施的连接，并实现 5G 连接。

Increase the capacity of our constellations. Our current constellations of approximately 9,600 Starlink broadband and mobile satellites, including over 3,000 satellites deployed in 2025, support over 700 Tbps of cumulative downlink capacity. To support larger numbers of customers through our Connectivity segment, we plan to materially increase the capacity of our broadband and mobile constellations. For our Starlink broadband constellation, we will continue deployment of more of our V2 Mini satellites, and in the second half of 2026, we expect to begin deployment of our next-generation V3 satellites, each of which is designed to offer one Tbps of downlink capacity per satellite. We expect Starship will be able to deploy up to 60 V3 satellites per launch, representing a twenty-fold increase in downlink capacity deployed per launch compared to Falcon 9, enabling a more rapid expansion of our Starlink broadband constellation at a significantly lower cost. For our Starlink Mobile constellation, we currently have approximately 650 existing dedicated mobile satellites. We are developing more comprehensive satellite-to mobile services, which we refer to as our Starlink Mobile Gen2 services, including broadband data and IoT connectivity, which are expected to deliver resilient, infrastructure-independent connectivity worldwide and enable 5G connectivity.

我们计划于 2027 年部署下一代 V2 Mobile 卫星以扩展我们的移动星座，结合 EchoStar 频谱收购和优化的 5G 协议，预计将比我们的第一代星座提升数个数量级的容量。在美国，FCC 已于 2026 年 5 月批准 EchoStar 的许可证转让，我们另外预计将在 2026 年第二或第三季度获得其余必要的美国监管授权。尽管从美国监管角度看这些授权已足够，但我们仍需要我们的 V2 Mobile 卫星入轨，并且必须完成从 EchoStar 收购相关频谱，才能在美国开始我们计划的商业 Gen2 服务。在国际上，我们已在我们打算运营 Gen2 服务的几乎所有国家提交了申请，迄今为止已在其中有限数量的司法管辖区获得批准。每个国际司法管辖区都有其自身的监管流程和时间表，我们无法预测任何特定市场何时或是否会获得批准。此外，我们的 Gen2 服务还须遵守 ITU 协调要求。我们与 EchoStar 签订了一项运营协调协议，我们预计该协议将持续至 2026 年和 2027 年，根据该协议，EchoStar 已同意保护我们优先级较低的 S 波段 V2 Mobile 星座。通过优先推进这些卫星直连移动能力方面的跨越式容量提升，我们预计既能增强现有市场的高速、低延迟服务质量，又能为此前容量受限和未覆盖的地区（包括密集城市区域和新兴市场）提供服务。

We plan to expand our mobile constellation by deploying our next-generation V2 Mobile satellites in 2027 which, combined with the EchoStar spectrum acquisition and optimized 5G protocols, are expected to increase capacity by orders of magnitude compared to our first-generation constellation. In the U.S., the FCC approved the EchoStar license transfer in May 2026, and we separately expect to receive the remaining necessary U.S. regulatory authorizations in the second or third quarter of 2026. While these authorizations would be sufficient from a U.S. regulatory perspective, we still require our V2 Mobile satellites to be in orbit and must complete the acquisition of the relevant spectrum from EchoStar before we can commence our planned commercial Gen2 service in the United States. Internationally, we have filed applications in nearly every country in which we intend to operate our Gen2 service, and approvals have been granted in a limited number of these jurisdictions to date. Each international jurisdiction presents its own regulatory process and timeline, and we cannot predict when or whether approvals will be granted in any given market. In addition, our Gen2 service is subject to ITU coordination requirements. We have an operational coordination agreement with EchoStar, which we expect to continue through 2026 and 2027, under which EchoStar has agreed to protect our lower-priority S-band V2 Mobile constellation. By prioritizing these step-change capacity increases in our satellite-to-mobile capabilities, we expect to both enhance high-speed, low-latency service quality in existing markets and provide services to previously capacity-limited and unserved regions, including dense urban areas and emerging markets.

#### AI

#### AI

提升消费者 AI 平台变现能力。我们计划通过提高现有用户群的变现水平，继续增长我们 AI 平台 Grok 应用的收入。我们将依托实时数据、大规模分发、领先基础模型与硬件专业能力的独特组合，增加 Grok 订阅用户数量。订阅用户可享受增强功能、专属特性以及对我们最新 AI 模型的访问权限。自 2025 年推出 Grok 订阅服务以来，我们不断增加可用功能以为订阅用户创造价值，包括提供对我们最新及增强版 AI 工具的访问权限。我们计划继续增加新特性与功能，同时发布能力日益增强的 Grok 模型，以提高订阅用户群的渗透率。我们的 AI 板块展现出卓越的模型迭代速度：自推出 Grok 以来，我们以远快于其他方的创新速度开发出领先的前沿模型。我们继续投入以通过后续代际（包括 Grok-5）扩展 Grok。我们的未来模型路线图包含数万亿参数模型，这可能代表推理深度与整体智能的阶跃式变化。我们相信这一创新速度强化了我们订阅服务的价值主张，并支撑长期订阅用户增长。尽管我们的订阅用户增长强劲，我们相信在提升 Grok 用户群付费渗透率方面仍处于早期阶段。我们进一步认为，通过在我们的独立 Grok 服务中引入广告，可能存在增量变现机会。

Grow consumer AI platform monetization. We plan to continue to grow revenue from our AI platform, the Grok application, by increasing monetization of our existing user base. We will leverage our unique combination of real‑time data, large‑scale distribution, leading foundational model, and hardware expertise to increase the number of Grok subscribers. Subscribers benefit from enhanced functionality, exclusive features, and access to our latest AI models. Since the introduction of our Grok subscription offering in 2025, we have increased the number of available features to add value to our subscribers, including providing access to our latest and enhanced AI tools. We plan to continue adding new features and functionality while releasing increasingly capable Grok models to increase the penetration rate of our subscriber base. Our AI segment has demonstrated exceptional model velocity: since launching Grok, we have developed leading frontier models at a far faster rate of innovation than others. We continue to invest in scaling Grok through subsequent generations, including Grok-5. Our roadmap for future models contains multi-trillion parameter models, which could represent a step change in reasoning depth and overall intelligence. We believe this pace of innovation strengthens the value proposition of our subscription offerings and supports long term subscriber growth. While our subscriber growth has been strong, we believe we are still early in increasing paid penetration across our Grok user base. We further believe there might be an incremental monetization opportunity by introducing advertising into our stand-alone Grok offering.

提升 X 变现能力。我们打算通过提高用户参与度、提升 X Premium 订阅用户转化率、提高每用户广告收入以及多元化我们的广告主基础，推动 X 收入增长。我们继续将 X 演进为“万能应用”，将实时信息、通信、媒体、支付、银行等整合于一体化的消费者应用体验之中。这可以提升 X 的实用性，从而增加 X 的使用量与变现潜力。我们已展现出快速的产品发布速度，自 2023 年以来频繁推出功能与产品，包括 Grok 集成、长视频、音频与视频通话、安全消息、工具调用、长文文章以及创作者工具。我们计划通过诸如 Money 等产品进一步拓宽 X 的价值主张，Money 是我们于 2025 年 11 月推出的测试版产品，旨在通过支持支付及其他金融服务来扩展平台效用。我们于 2025 年更新了 X 聊天，具备端到端加密且不与我们的广告个性化相关联，这一点与其他消息服务不同。我们打算进一步将 Grok 嵌入整个 X，以增强内容发现、帖子分析、用户支持与个性化，提升 X 的实用性并进一步提高付费订阅的价值。

Grow X monetization. We intend to drive X revenue growth by increasing engagement across our users, increasing X Premium subscriber conversion, growing advertising revenue per user, and diversifying our advertising base. We continue to evolve X into an “Everything App,” integrating real-time information, communications, media, payments, banking, and more within one consumer app experience. This can improve the usefulness of X, and therefore increase the usage and monetization potential of X. We have demonstrated rapid product launch velocity, with frequent features and products launched since 2023, including Grok integration, long‑form video, audio and video calling, secure messaging, tool calling, long-form articles, and creator tools. We plan to further broaden the value proposition of X through offerings like Money, a product we launched in beta in November 2025, which aims to expand platform utility by enabling payments and other financial services. We updated X chat in 2025, featuring end-to-end encryption and no connection to our ad personalization, unlike other messaging services. We intend to further embed Grok throughout X to enhance discovery, analysis of posts, user support, and personalization, increasing the usefulness of X and further improving the value of a paid subscription.

我们还预计，随着时间推移，X 具有吸引力的广告主价值主张——大规模用户互动、实时内容以及先进的 AI 驱动效果营销工具——将推动我们提升单用户广告收入并实现广告主群体的多元化。我们打算通过提升效果广告能力、嵌入 AI 以优化广告活动，以及推出更丰富的广告形式（包括提高广告主广告支出回报率及在我们平台支出的形式）来进一步推动广告收入增长。在确定广告费率时，我们采用拍卖机制，由广告主竞价，使其广告展示给其目标受众，但某些预留库存除外，该等库存按固定价格出售。我们向广告主提供若干互动指标，包括：展示次数、单次广告价格、点击次数和转化次数。目前，Grok API 访问权限未纳入我们向广告主收取的广告费率。我们目前不向广告主出售或提供在 Grok API 上投放广告的能力。

We also expect to grow advertising revenue per user and to diversify our advertiser base over time because of X’s compelling advertiser value proposition—large-scale user engagement, real-time content, and advanced AI-driven performance marketing tools. We intend to drive further advertising revenue growth by improving our performance advertising capabilities, embedding AI to optimize ad campaigns, and launching richer ad formats, including those that increase advertiser return on ad spending and their spend with us. In determining our advertising rates, we use an auction process in which advertisers bid to have their ads shown to the audience they are targeting, except for certain reserved inventory, which is sold on a fixed price basis. We provide advertisers with several engagement metrics, including: the number of impressions, price per ad, clicks, and conversions. Currently, Grok API access is not included in our advertising rates to advertisers. We do not currently sell or offer advertisers the ability to place ads on the Grok API.

我们还预计，X 的实时内容流和互动反馈（对某些内容存在一定限制）将增强我们广告产品的表现和相关性，改善消费者和广告主双方的结果，并提高留存率。我们还于 2026 年 4 月开始分阶段推出我们的新广告平台，包括新的 X Ads Manager。X Ads Manager 旨在帮助广告主更快地启动更好的广告活动，其 AI 驱动系统可实现更精准、更相关、更动态的广告投放，并提供用于广告活动创建、优化和实时监控的集中式工作流。Grok 通过帮助广告主进行广告活动创建、创意优化以及与热门话题和用户意图保持一致来支持这一战略。

We also expect X’s real-time content stream and engagement feedback, subject to some limitations for certain content, to strengthen our advertising product performance and relevance, improving outcomes for both consumers and advertisers, and increasing retention. We also began a phased roll-out of our new advertising platform, including the new X Ads Manager, in April 2026. X Ads Manager is designed to help advertisers launch better campaigns faster, with AI-powered systems enabling more precise, relevant, and dynamic ad delivery and a centralized workflow for campaign creation, optimization, and real-time monitoring. Grok supports this strategy by helping advertisers with campaign creation, creative optimization, and alignment with trending topics and user intent.

深化企业和政府采用。我们认为，企业和政府对 AI 的采用反映了行业的结构性转变，具有可观的长期增长空间。我们的 Grok Business、Grok Enterprise 和 xAI Gov 产品使我们能够与更广泛的企业和政府 AI 采用同步扩张。我们的 Grok API 通过使开发者能够将我们的模型直接集成到其应用和工作流中，进一步扩展了我们的覆盖范围。我们打算通过专门的销售团队和前置部署工程师（直接嵌入客户现场以实施我们解决方案的工程师）进一步支持我们的企业产品，以支持客户获取和扩展。

Deepen enterprise and government adoption. We believe adoption of AI by both enterprise and government reflects a structural industry shift, with room for substantial long-term growth. Our Grok Business, Grok Enterprise, and xAI Gov offerings position us to scale in tandem with broader enterprise and governmental AI adoption. Our Grok API further extends our reach by enabling developers to integrate our models directly into their applications and workflows. We intend to further support our enterprise offerings with a specialized salesforce and forward deployed engineers, engineers who embed directly with a client to implement our solution, to support customer acquisition and expansion.

扩大我们的地面电力与 AI 算力基础设施规模。我们计划通过持续部署大规模集群来快速扩展地面 AI 算力基础设施，以支持我们 AI 模型的训练与推理。为快速上线吉瓦级数据中心，我们依托世界级工程能力、第一性原理思维以及深度的“从铲子到 token”垂直整合。我们的 AI 算力设施 COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，并另有可用电力容量用于数据中心运营。COLOSSUS II 还将提供算力以训练我们的下一代 Grok-5 AI 模型。我们预计，待全面投入运营后，COLOSSUS II 的下一阶段扩建将额外带来 400MW 的算力容量。我们的第一性原理思维使我们能够以低于行业内大多数其他公司的成本，大规模、快速地构建协同一致的算力。我们在 122 天内上线了 COLOSSUS 的首个集群，改造利用了一座现有工厂的外壳；COLOSSUS II 的首个集群上线更快，仅用 91 天。作为说明性对比，行业内上线一座 100 兆瓦新建数据中心的基准时间约为两年。我们还在成本效率方面实现了显著提升，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。随着 AI 工作负载的复杂度和规模不断提升，数据中心运营商面临与功率密度、冷却、网络带宽、供应链管理、建设专业能力和资本部署相关的制约。我们在设计关键任务硬件系统、优化能效以及运营分布式基础设施网络方面的经验，为持续发展和推进下一代算力平台提供了差异化的基础。我们相信，随着 AI 采用加速，持续投资于我们的算力基础设施对于支持长期消费者和企业增长至关重要，同时也为我们向规模化轨道 AI 算力转型提供了强大的基础。

Increase the scale of our terrestrial power and AI compute infrastructure. We plan to rapidly scale our terrestrial AI compute infrastructure through the continued deployment of large-scale clusters to support the training and inference of our AI models. To rapidly bring gigawatt-scale data centers online, we leverage world-class engineering, first-principles thinking and deep “shovels-to-tokens” vertical integration. Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data center operations. COLOSSUS II will also provide the compute to train our next-generation Grok-5 AI model. We expect that once fully operational, the next phase of expansion at COLOSSUS II will represent an additional 400MW of compute capacity. Our first-principles thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. As AI workloads increase in complexity and scale, data center operators face constraints related to power density, cooling, network bandwidth, supply chain management, construction expertise and capital deployment. Our experience in designing mission-critical hardware systems, optimizing power efficiency, and operating distributed infrastructure networks provides a differentiated foundation for continuing to grow and advance the next-generation compute platform. We believe that continued investment in our compute infrastructure is critical to supporting long-term consumer and enterprise growth as AI adoption accelerates, while also providing a powerful foundation for our transition to orbital AI compute at scale.

此外，我们在算力基础设施方面的领先地位使我们不仅能够将基于我们模型构建的 AI 软件应用变现，还能够将支撑这些应用的底层算力变现。随着我们持续扩展地面算力基础设施以支持内部模型开发、训练和推理工作负载，我们打算向有限数量的第三方客户出售我们的高性能算力容量。

In addition, our leadership in compute infrastructure positions us to monetize not only AI software applications built on our models, but also the underlying compute that powers them. As we continue to scale our terrestrial compute infrastructure to support internal model development, training, and inference workloads, we intend to sell our high-performance compute capacity to a limited number of third party customers.

大规模部署轨道 AI 算力。我们认为，预计规模达 $26.5 trillion 的 AI 市场的增长将受制于地球无法快速扩大发电能力，这凸显了在不损害人类与环境的前提下实现太瓦级算力的挑战。尽管我们预计地面发电量将持续增长，但我们认为物理、环境与监管方面的约束将使其无法实现匹配 AI 时代未来能源需求所需的数量级增长。来自太阳的能量——天空中一座巨大且免费的聚变反应堆——约占太阳系能量的 99.8%，为地球能源约束提供了唯一真正可扩展的解决方案。通过将太空中近乎无限的太阳能与我们行业领先的发射成本和卫星制造能力相结合，我们相信随着时间推移，我们能够以从根本上低于地球可能实现的成本结构交付算力。到本十年末，我们打算部署首批模块化轨道 AI 算力舱，并开始通过销售 AI 软件和 AI 算力实现容量变现。我们的目标是在太阳能卫星上每年发射 100 gigawatts 的 AI 算力容量，大致相当于 2025 年美国年总发电量的五分之一。我们能够发射的算力容量取决于三个组成部分——载荷、卫星容量和发射频率。在载荷方面，Starship V3 设计为在完全可重复使用配置下向太空运送 100 metric tons，同时实现快速周转时间，未来世代可能达到 200 metric tons，最早可能在 Starship V4 实现。在卫星容量方面，我们预计针对太空环境优化的太阳能电池将以快速的速度生产，早期卫星将产生 100 kilowatts 的算力功率，并在此基础上扩展。最后，在发射频率方面，我们预计能够扩展至每年数千次发射。综合来看，我们预计这些成就将使我们每年向轨道运送约 one million metric tons，为 100 gigawatts 的 AI 算力提供动力。此类算力容量还将在推进我们的人类增强愿景方面发挥关键作用，使 AI 的覆盖范围、速度和能力超越仅靠地面算力基础设施所能实现的程度。

Deploy orbital AI compute at scale. We believe growth of the projected $26.5 trillion-dollar AI market will be constrained by Earth’s inability to rapidly scale power generation, underscoring the challenge of achieving terawatt-scale compute without harming people and the environment. While we expect terrestrial power generation to continue to grow, we believe the physical, environmental, and regulatory constraints will prevent it from delivering the orders-of-magnitude increases needed to match future energy demands of the AI era. Power from the Sun, an enormous, free fusion reactor in the sky, represents approximately 99.8% of the solar system’s energy and offers the only truly scalable solution to terrestrial energy constraints. By combining virtually unlimited solar power in space with our industry-leading launch costs and satellite manufacturing capabilities, we believe we can deliver compute over time at a fundamentally lower cost structure than is possible on Earth. By the end of the decade, we intend to deploy the first modular orbital AI compute shells and begin monetizing capacity through the sale of AI software and AI compute. We aim to launch 100 gigawatts of AI compute capacity on solar-powered satellites each year, equivalent to roughly one fifth of total annual U.S. power production in 2025. The amount of compute capacity we can launch depends on three components—payload, satellite capacity, and launch frequency. With respect to payload, Starship V3 is designed to deliver 100 metric tons to space in a fully reusable configuration while enabling rapid turnaround times, and future generations could reach 200 metric tons, potentially as soon as Starship V4. With respect to satellite capacity, we expect solar cells optimized for the space environment will be produced at a rapid rate, with early satellites generating 100 kilowatts of compute power and scaling from there. Finally, with respect to launch frequency, we expect to be able to scale to thousand s of launches per year. Together, we expect these achievements will allow us to transport approximately one million metric tons to orbit annually, powering 100 gigawatts of AI compute. Such compute capacity will also play a critical role in advancing our human augmentation vision by expanding the reach, speed, and capability of AI beyond what is possible with terrestrial compute infrastructure alone.

我们相信我们处于有利地位，能够执行并交付轨道 AI 算力，以构建未来的基础设施。我们认为轨道 AI 算力是一项极其艰巨的挑战，只有我们能够在近期内大规模解决。

We believe we are well-positioned to execute and deliver orbital AI compute to build the infrastructure of the future. We believe orbital AI compute is an incredibly difficult challenge that only we can solve at scale in the near term.

设计并制造我们自己的芯片。我们计划通过 Terafab 深化与 Tesla 和 Intel 的战略合作。就此类合作，我们已与 Tesla 就 Terafab 未来开发的一般框架达成一致。根据该框架开展的任何具体项目均须另行协商并签订协议（包括任何开发时间表、里程碑和资本支出），且尚未确定。我们预计 Terafab 将成为全球最大的芯片制造设施，目标是最终实现每年一太瓦的算力产能。尽管 Terafab 旨在扩大我们的内部芯片制造能力，但我们预计将继续从第三方供应商采购相当一部分算力硬件。我们将 Terafab 视为对这些关系的补充，使我们能够大规模扩充算力硬件的获取渠道，并通过将控制延伸至基础芯片层，进一步完善我们高度垂直整合的算力平台。通过在一座垂直整合的闭环单一工厂内构建涵盖光刻掩模设计、逻辑与存储芯片制造以及先进封装的全流程端到端能力，我们将能够更快速地迭代以改进芯片设计和性能。我们计划设计针对太空环境优化的芯片。这一合作直接使我们得以按计划在轨道上实现 AI 算力部署的数量级增长，而若仅依赖外部代工厂，这一增长将受到制约。借助 Tesla 和 SpaceX 共享的工程资源、知识产权和基础设施，以及 Intel 在大规模设计、制造和封装超高性能芯片方面的专长，Terafab 旨在创造强大的生态系统协同效应，加速创新周期并降低成本。正如我们约 80% 的 Starship 为自主制造，我们预计 Terafab 的垂直整合将带来显著的速度和成本优势。我们相信，这一整合若能实现，将在扩大 AI 基础设施规模的竞赛中为我们提供关键的竞争优势，尤其是在我们开始进行轨道 AI 算力卫星部署之际。

Design and manufacture our own chips. We plan to deepen our strategic collaboration with Tesla and Intel through Terafab. In connection with such collaboration, we have agreed with Tesla on a general framework for the future development of Terafab. 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 have not yet been determined. We expect Terafab to be the world’s largest chip manufacturing facility, with the goal of eventually achieving one terawatt of annual compute production capacity. While Terafab is intended to expand our internal chip manufacturing capabilities, we expect to continue sourcing a significant portion of our compute hardware from third-party suppliers. We view Terafab as complementary to these relationships, enabling us to augment our access to compute hardware at massive scale and further complete our highly vertically integrated compute platform by extending our control to the foundational chip layer. By developing end-to-end capabilities spanning the design of lithography masks, fabrication of logic and memory chips, and advanced packaging, all in a vertically integrated closed-loop single plant, we will be able to more rapidly iterate to improve chip design and performance. We plan to design chips that are optimized for the space environment. This collaboration directly enables our planned orders-of-magnitude increases in AI compute deployment in orbit which would be constrained by pure reliance on external foundries. Leveraging shared engineering resources, intellectual property, and infrastructure across Tesla and SpaceX, as well as Intel’s expertise in designing, fabricating and packaging ultra-high-performance chips at scale, Terafab is designed to create powerful ecosystem synergies that accelerate innovation cycles and reduce costs. Just as we manufacture approximately 80% of Starship in-house, we expect significant speed and cost advantages from Terafab’s vertical integration. We believe this integration, if achieved, will provide us with a critical competitive advantage in the race to scale AI infrastructure, especially as we begin our orbital AI compute satellite deployments.

启动数字人类增强。我们正与 Tesla 合作开发 Macrohard，这是一个智能体平台，旨在全面模拟数字化工作流程，并增强人类对计算机的操作——从编程和产品开发到管理和整个业务流程。类似于自主系统模拟人类输入以执行复杂任务的方式，Macrohard 旨在增强人类操作计算机和工具以分析、创建和管理工作流程的能力。与其他主要将工作流程数字化并将历史流程系统化的企业软件和 AI 应用不同，我们的解决方案旨在作为用户的实时、智能驱动的延伸来运作。Macrohard 旨在将我们的前沿 AI 模型与 Tesla 的物理 AI 能力相结合，以实现增强整个公司运营职能的目标。我们预计 Macrohard 将受益于在最先进的处理器和具有成本效益的 Tesla 处理器上运行，这是我们垂直整合的关键优势。我们相信 Macrohard 有潜力从根本上改变所有行业公司的构建和运营方式，从而大幅提升人类生产力和繁荣。

Launch digital human augmentation . In partnership with Tesla, we are developing Macrohard, an agentic platform designed to fully emulate digital workflows and augment human operation of computers—from coding and product development to management and entire business processes. Similar to how autonomous systems emulate human inputs to execute complex tasks, Macrohard is designed to augment how humans operate computers and tools to analyze, create, and manage workflows. Unlike other enterprise software and AI applications that primarily digitize workflows and systematize historical processes, our solutions are designed to operate as real-time, intelligence-driven extensions of the user. Macrohard aims to combine our frontier AI model with Tesla’s physical AI prowess to achieve the goal of augmenting the operational functions of entire companies. We expect Macrohard to benefit from running on both state-of-the-art processors and cost efficient Tesla processors, a critical advantage of our vertical integration. We believe Macrohard has the potential to fundamentally transform how companies across all industries are structured and operate, thereby allowing dramatic increases in human productivity and prosperity.

#### 未来市场

#### Future Markets

我们旨在太空构建未来的基础设施，利用我们的基础竞争优势——大规模发射能力。通过向地球上的各行业开放太空准入，我们可以通过创造新市场来发展业务。我们的技术能力使我们能够通过拓展太空所能支持的边界，反复创造新市场。随着我们持续进步和扩张，我们预计将解锁新的市场机遇。从长期来看，我们预计由 Starship 赋能的机会将包括：

We aim to build the infrastructure of the future in Space, leveraging our foundational competitive advantage, the ability to launch mass at scale. By opening access to space to industries on Earth, we can grow our business by creating new markets. Our technological capabilities enable us to repeatedly create new markets by pushing the boundaries of what space can support. As we continue to advance and scale, we expect to unlock new market opportunities. Over the long-term, we expect our Starship-enabled opportunities to include:

- 点对点地面旅行。我们计划使用 Starship 开发超高速长途点对点地球运输，使乘客和货物能够以当前运输时间的一小部分在主要城市之间旅行，以前所未有的速度和效率革新全球物流和客运旅行。

- Point-to-point terrestrial travel. We plan to develop ultra-fast long-haul point-to-point Earth transport using Starship, enabling passengers and cargo to travel between major cities in a fraction of current transit times, revolutionizing global logistics and passenger travel with unprecedented speed and efficiency.

- 太空旅游。随着太空技术的重大进步和轨道飞行基础设施的持续建设，我们预计随着进入太空变得更容易、更普遍，人类太空旅行将受到越来越多的关注。

- Space tourism. With meaningful advances in space technology and the continued build-out of orbital flight infrastructure, we expect increasing interest in human space travel as it becomes easier and more common to access space.

- 在轨制造。我们旨在建立太空制造设施，利用太空独特的微重力条件生产在地球上难以或不可能制造的材料、药品和先进部件，开辟新的高价值工业市场。

- In-orbit manufacturing. We aim to establish in-space manufacturing facilities that leverage the unique microgravity conditions of space to produce materials, pharmaceuticals, and advanced components that are difficult or impossible to manufacture on Earth, opening new high-value industrial markets.

- 前往月球和火星的客运和货运。我们打算支持前往月球和火星的大规模客运和货运任务，运送建立永久人类定居点所需的人员、设备和物资，并加速成为自给自足的多行星文明的进程。

- Passenger and cargo transport to the Moon and Mars. We intend to support large-scale passenger and cargo missions to the Moon and Mars, delivering the people, equipment, and supplies needed to establish permanent human settlements and accelerate the path to becoming a self-sustaining multiplanetary civilization.

- 月球和火星上的能源生产。我们旨在开发月球和火星上的大规模太阳能生产，利用稀薄大气和持续日照为规模化制造、居住设施及未来基础设施发电。

- Energy production on the Moon and Mars. We aim to develop large-scale solar energy production on the Moon and Mars, taking advantage of the thin atmosphere and constant solar exposure to generate power for manufacturing, habitats, and future infrastructure at scale.

- 月球和火星上的制造能力。我们计划在月球和火星上建设制造基础设施，利用当地资源生产燃料、建筑材料及其他必需资源，减少对地球补给的依赖，实现可持续的长期驻留。

- Manufacturing capabilities on the Moon and Mars. We plan to build manufacturing infrastructure on the Moon and Mars that utilizes local resources to produce fuel, construction materials, and other essential resources, reducing dependence on Earth resupply and enabling sustainable long-term presence.

- 小行星采矿。我们计划开展小行星采矿作业，从近地小行星和主带小行星中开采金属及其他关键资源，为太空产业提供丰富的原材料，并减少从地球发射质量的需求。

- Asteroid mining. We plan to pursue asteroid mining operations to extract metals and other critical resources from near-Earth and main-belt asteroids, providing abundant raw materials for space-based industries and reducing the need to launch mass from Earth.

我们的市场机遇 Our Market Opportunity

我们相信，太空代表着人类历史上最大的经济前沿。我们的创新和技术进步正在重新定义现有产业，并在太空、连接和 AI 领域创造新的市场机遇。我们相信，我们具备独特的能力去识别、开发并商业化此前并不存在的、规模达数万亿美元的新市场。目前，我们在航天飞行与探索、全球连接以及人工智能领域交付革命性突破的能力上独树一帜，从而开启一个富足时代，我们相信这一时代有潜力推动全球经济实现前所未有的扩张。

We believe space represents the largest economic frontier in human history. Our innovations and technological advancements are redefining existing industries and creating new market opportunities across Space, Connectivity and AI. We believe we have a distinct ability to identify, develop, and commercialize new multi-trillion-dollar markets that did not previously exist. We currently stand alone in our ability to deliver revolutionary breakthroughs across spaceflight and exploration, global connectivity, and artificial intelligence, enabling an age of abundance that we believe has the potential to propel an unprecedented expansion in the global economy.

通过开创全球首个也是唯一一个规模化可重复使用火箭机队，我们以大幅降低的成本和无与伦比的可靠性彻底改变了太空进入方式。将成本降低数个数量级，在地球上和太空中创造了全新的产业，而这些产业在历史上因技术和经济上不可行而令其他方无法涉足。我们的第一个万亿美元市场是 Starlink，这是一项由我们低时延、高速的 LEO 星座支持的卫星服务，该星座需要将数百万公斤的硬件快速、低成本地部署到轨道上。我们的 Starlink 星座驱动着一个全球连接平台，能够支持宽带和移动服务，为地球上几乎任何地点的家庭、企业、政府和移动用户提供高速互联网接入。我们相信我们的下一个万亿美元市场是 AI 算力，我们设想将利用我们的火箭和卫星进行大规模轨道部署。

By pioneering the world’s first and only fleet of reusable rockets at scale, we revolutionized space access through dramatically lower cost and unmatched reliability. Lowering costs by orders of magnitude creates entirely new industries on Earth and in space that were technologically and economically infeasible for others to access historically. Our first trillion-dollar market was Starlink, a satellite service supported by our low-latency, high-speed LEO constellation that required the rapid, low-cost deployment of million s of kilograms of hardware into orbit. Our Starlink constellation powers a global connectivity platform capable of supporting broadband and mobile services, enabling high-speed internet access to homes, enterprises, governments, and mobile users across virtually any location on Earth. We believe our next trillion-dollar market is AI compute, which we contemplate will leverage our rockets and satellites for massive orbital deployment.

我们相信我们已识别出人类历史上最大的 TAM。我们估计，我们可量化的 TAM 为 $28.5 trillion，其中包括太空领域来自太空赋能解决方案的 $370 billion；连接领域 $1.6 trillion，涵盖 Starlink 宽带 $870 billion 和 Starlink 移动 $740 billion，以及企业和政府领域的额外机遇；AI 领域 $26.5 trillion，涵盖 AI 基础设施 $2.4 trillion、消费者订阅 $760 billion、数字广告 $600 billion 和企业应用 $22.7 trillion。为便于说明我们可服务市场机遇的规模，我们在全球估算中排除了中国和俄罗斯。

We believe we have identified the largest TAM in human history. 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.

除了我们今天所服务的市场之外，我们相信我们已准备好催生变革性突破并创造全新的市场。鉴于这些是处于较早发展阶段的较长期机遇，我们未在 TAM 估算中对其进行量化；然而，我们相信随着时间推移，这些市场中的每一个最终都可能代表数万亿美元的经济机遇。这些新市场包括长途点对点地面旅行、太空旅游、在轨制造、小行星采矿、月球和火星上的能源生产与制造，以及往返月球和火星的客运与货运。

In addition to the markets we serve today, we believe we are poised to catalyze transformative breakthroughs and create entirely new markets. Given these are longer-term opportunities at earlier stages of development, we do not quantify them in our TAM estimates; however, we believe that over time each of these markets could eventually represent multi-trillion-dollar economic opportunities. These new markets include long haul point-to-point terrestrial travel, space tourism, in-orbit manufacturing, asteroid mining, energy production and manufacturing on the Moon and Mars, and passenger and cargo transportation to the Moon and Mars.

SpaceX 按业务板块划分的估计 TAM

SpaceX’s Estimated TAM by Segment

#### 太空

#### Space

尽管太空市场的规模对任何公司而言都极为庞大，但我们在太空领域的能力构成了一项基础性竞争优势，使我们能够切入占全球国内生产总值（“GDP”）重要组成部分的市场——连接与 AI。我们估计，太空赋能解决方案的总市场机会为 $370 billion，而月球经济则带来了未计入该估算的重大上行空间。

While the size of the space market is massive for any company to address, our capabilities in space represent a foundational competitive advantage that allow us to address markets that represent significant portions of global gross domestic product (“GDP”)—connectivity and AI. We estimate a total market opportunity of $370 billion across space-enabled solutions, with the lunar economy presenting a significant upside not included in the estimate.

太空赋能解决方案。根据 Novaspace 的数据，太空赋能解决方案在 2025 年构成了一个 $370 billion 的市场，包括航天器制造、发射服务、卫星运营、定位、导航与授时（“PNT”）设备及增值服务，以及政府航天机构未签约的成本。商业和政府客户均参与该市场，且天基国防预算不断增长，反映出全球各国政府对安全、韧性和战略自主的优先重视。为测算我们的 TAM，我们未计入卫星通信服务的价值，因为我们将该部分纳入我们的连接业务板块。

Space-Enabled Solutions. According to Novaspace, space-enabled solutions represented a $370 billion market in 2025, including spacecraft manufacturing, launch services, satellite operations, positioning, navigation and timing (“PNT”) devices and value-added services, as well as uncontracted costs of government space agencies. Both commercial and government customers participate in this market, with growing space-based defense budgets reflecting prioritization of security, resilience, and strategic autonomy by governments globally. For the purpose of sizing our TAM, we exclude the value of satellite communications services, as we include those within our Connectivity segment.

月球经济。我们相信，在月球上建立持续的人类与商业存在，有可能催生一个新的月球经济，涵盖运输、基础设施、通信、能源、制造（包括卫星和先进芯片的生产）、资源开采以及科学与商业活动。早期需求已开始来自政府航天机构和研究机构，我们预计这一需求将随着时间推移而扩大，纳入寻求将月球作为物流、工业活动和深空探索平台的商业企业。建立月球经济首先需要证明能够可靠开采水冰以维持生命并生产氢氧推进剂，同时还需在极端且高成本的环境中建设电力、运输和储存基础设施。若得以实现，我们相信这些相同的资源以及月球低重力将释放通过高效燃料生产和加注枢纽实现可扩展增长的潜力，打造一个战略接入点，有可能支持更深入的太空工业化，并成为在火星上建立文明的垫脚石。尽管我们相信月球经济的潜在规模和范围极其庞大，但我们目前不提供该机会的 TAM 估算，因为有关地球以外商业活动的时间安排、采用速度、监管框架和最终范围的预期，正随着建立月球存在所需技术（如 Starship）的开发和部署而迅速演变。随着月球从科学前哨转变为工业前沿，SpaceX 处于引领这一革命性扩张的有利位置，我们相信，我们在发射能力、太空基础设施能力和成本效率方面的持续进步，将使我们能够显著加速可持续月球经济的发展。

Lunar Economy. We believe the development of a sustained human and commercial presence on the Moon has the potential to give rise to a new lunar economy encompassing transportation, infrastructure, communications, energy, manufacturing (including the production of satellites and advanced chips), resource extraction, and scientific and commercial activity. Early demand is already emerging from government space agencies and research institutions, and we expect this to expand over time to include commercial enterprises seeking to leverage the Moon as a platform for logistics, industrial activity, and deep-space exploration. Establishing a lunar economy requires first proving reliable extraction of water ice to sustain life and producing hydrogen-oxygen propellant, alongside building power, transport, and storage infrastructure in an extreme, high-cost environment. If achieved, we believe these same resources and the Moon’s low gravity unlock the potential for scalable growth through an efficient fuel production and refueling hub, creating a strategic access point that can potentially support deeper space industrialization and serve as a stepping stone to establishing a civilization on Mars. Although we believe the potential size and scope of the lunar economy is extraordinarily large, we are not providing an estimate of the TAM for this opportunity at this time because expectations regarding the timing, pace of adoption, regulatory frameworks, and ultimate scope of commercial activity beyond Earth are rapidly evolving alongside the development and deployment of the technology necessary to establish a lunar presence (such as Starship). As the Moon transitions from a scientific outpost into an industrial frontier, SpaceX is positioned to spearhead this revolutionary expansion, and we believe that continued advancements in our launch capabilities, space infrastructure capabilities, and cost efficiency will allow us to meaningfully accelerate the development of a sustainable lunar economy.

#### 连接

#### Connectivity

我们相信，全球连接市场代表着重大且持久的机会，其驱动力在于消费者、企业和政府对地面及偏远环境中高速、低延迟、可靠连接日益增长的依赖。在 Starlink Broadband 和 Starlink Mobile 两大业务中，我们估计总市场机会为 $1.6 trillion，主要反映消费者使用场景。然而，我们认为这些传统使用场景并未涵盖长期市场机会，因为连接正演变为支撑全球经济的 critical infrastructure layer，催生全新的需求类别。随着高性能、无处不在的连接嵌入交通网络、自主系统和智能设备，我们预计市场范围将远超传统定义。

We believe the global connectivity market represents a substantial and durable opportunity, driven by the increasing reliance of consumers, enterprises, and governments on high-speed, low-latency, reliable connectivity across both terrestrial and remote environments. Across Starlink Broadband and Starlink Mobile, we estimate a total market opportunity of $1.6 trillion reflecting primarily consumer use cases. We believe these traditional use cases, however, do not account for the long-term market opportunity, as connectivity is evolving into a critical infrastructure layer underpinning the global economy, enabling entirely new categories of demand. As high-performance, ubiquitous connectivity becomes embedded across transportation networks, autonomous systems, and smart devices, we expect the scope of the market to extend well beyond the traditional definitions.

Starlink Broadband。全球对无处不在的高速宽带互联网的需求创造了约 $870 billion 的机会。我们的卫星宽带服务 Starlink 定位于在多个庞大且快速扩张的市场中获取价值：

Starlink Broadband. The global demand for ubiquitous, high-speed broadband internet creates an approximately $870 billion dollar opportunity. Our satellite broadband service, Starlink, is positioned to capture value across multiple massive and rapidly expanding markets:

- Consumer Broadband。随着数字经济持续扩张，无处不在、高速、可靠的互联网已成为全球家庭的结构性必需品——推动机遇和下一波全球繁荣。根据 Euromonitor,2025 年全球约有 1.8 billion 户家庭。随着 Starlink 的发展，我们相信我们的宽带网络能够连接全球每一户家庭并改善其现有连接。鉴于不同国家的经济状况和消费者购买力各异，我们根据不同地区的国别消费者宽带 ARPU（Omdia 数据）采用不同的月度 ARPU，力求使我们的服务在不同经济发展背景下可负担、可及。根据 Omdia，区域特定的 ARPU 假设得出全球住宅宽带互联网服务的加权平均月度 ARPU 为 $31。该全球平均值由高收入市场的加权平均月度 ARPU $43、中高收入市场的 $16，以及根据世界银行分类的中低收入和低收入市场的 $9 构成。基于 1.8 billion 户家庭，这合计代表 $660 billion 的总可寻址市场。

- Consumer Broadband. As the digital economy continues to expand, ubiquitous, high-speed, reliable internet has become a structural necessity for households worldwide—powering opportunity and the next wave of global prosperity. According to Euromonitor, there were approximately 1.8 billion global households in 2025. As Starlink develops, we believe that our broadband network can connect, and improve the existing connection, of every household globally. Given varying economic conditions and consumer purchasing power across different countries, we use a different monthly ARPU for different parts of the world based on country-specific consumer broadband ARPU from Omdia as we seek to make our service affordable and accessible across different economic development contexts. Region-specific ARPU assumptions result in a weighted average of $31 monthly ARPU for residential broadband internet services globally, according to Omdia. This global average consists of a weighted average monthly ARPU of $43 in high-income markets, $16 in upper-middle income markets, and $9 in lower-middle income and low income markets per World Bank classification. Together this represents a total addressable market of $660 billion based on 1.8 billion households.

全球约 40% 的人口居住在农村地区，由于部署经济性不利、网络密度有限和最后一英里成本高昂，这些地区在地面宽带基础设施方面仍处于结构性服务不足状态。

Approximately 40% of the global population lives in rural areas, remaining structurally underserved by terrestrial broadband infrastructure due to unfavorable deployment economics, limited network density and high last-mile costs.

这种结构性失衡为基于卫星的连接解决方案创造了一个庞大、持久且相对无竞争的基线市场。对其中许多家庭而言，Starlink 是首个可行的高速、低延迟互联网接入选择，来自地面提供商的竞争有限。与需要大量增量资本才能将覆盖延伸至低密度地区的地面网络不同，我们的天基架构能够以每新增用户极低的边际成本，在这些地区实现经济可扩展的服务交付。

This structural imbalance creates a large, durable and relatively uncontested baseline market for satellite-based connectivity solutions. For many of these households, Starlink represents the first viable option for high-speed, low-latency internet access, with limited competition from terrestrial providers. Unlike terrestrial networks, which require significant incremental capital to extend coverage to low-density areas, our space-based architecture enables economically scalable service delivery across these regions with minimal marginal cost per additional user.

重要的是，尽管农村及服务不足地区提供了极具吸引力的初期采用切入点，但我们认为 Starlink 的价值主张远不止于这些市场。随着网络容量增加和产品性能持续提升，我们预计将在郊区和城市环境中日益展开竞争。因此，尽管农村家庭是我们连接服务的一个庞大且持久的切入点，但我们将该细分市场视为一个基础层，在此基础上可以构建显著更广泛的消费者、企业和政府需求。

Importantly, while rural and underserved geographies provide a compelling initial adoption vector, we believe Starlink’s value proposition extends well beyond these markets. As network capacity increases and product performance continues to improve, we expect to compete increasingly in suburban and urban environments. Accordingly, while rural households represent a large and durable entry point for our connectivity offering, we view this segment as a foundational layer upon which significantly broader consumer, enterprise and government demand can be built.

- 企业解决方案。我们提供固定站点宽带解决方案，针对建筑、农业、零售、电信、酒店等多个不同行业企业客户的需求量身定制。为估算市场机会，我们将中小企业纳入我们的企业解决方案市场机会。在我们获准运营的地区，我们的 Starlink 企业产品可为每家企业提供重要的主用或备用连接。根据 Grand View Research 的数据，2025 年全球企业宽带市场中中小企业及大型企业使用的规模估计为$200 billion。

- Enterprise Solutions. We offer fixed site broadband solutions tailored for the needs of our enterprise customers across many different industries, including construction, agriculture, retail, telecom, hospitality and others. For the purpose of sizing market opportunity, we include small and medium sized businesses within our Enterprise Solutions market opportunity. Our Starlink enterprise offerings can provide important primary or back-up connectivity for every business in the geographies where we are licensed to operate. According to Grand View Research, the global business broadband market in 2025 across small to medium sized business and enterprise usage is estimated to be $200 billion.

- 政府解决方案。受争议环境和偏远环境中对弹性、低延迟和高安全性通信日益增长的需求推动，世界各地的国防组织和政府正日益转向拥有连接解决方案的商业卫星提供商，以补充和增强传统军事网络。根据 Novaspace 的数据，2025 年由国防和政府需求驱动的全球卫星通信市场规模为$5 billion。政府通信市场的估算仅包括公开披露的项目和预算，不包括机密任务或其他受限用途，我们认为这些代表了额外的需求来源。

- Government Solutions. Driven by increasing demand for resilient, low-latency, and highly secure communications in contested and remote environments, defense organizations and governments around the world are increasingly turning to commercial satellite providers with connectivity solutions to supplement and enhance traditional military networks. According to Novaspace, the global satellite communications market driven by defense and government demand in 2025 was $5 billion. The estimate of the government communications market includes only publicly disclosed programs and budgets and does not include classified missions or other restricted uses, which we believe represent additional sources of demand.

Starlink Mobile。根据 Omdia 的数据，截至 2025 年 12 月 31 日，全球移动联网设备数量为 80 亿台。我们相信，我们的 Starlink Mobile 产品将能够提供持续的全球覆盖，并大幅减少移动网络“盲区”，这些盲区由于现有移动网络运营商网络的局限性，在结构上始终得不到充分服务。例如，根据 J.D. Power 美国无线网络质量性能研究，美国无线用户大约每 11 次移动交互中就有一次遇到服务问题，即使在连接良好的地区也是如此。此外，根据世界银行的数据，2024 年全球估计有 40% 的人口居住在农村地区，而那里的地面移动覆盖可能有限或不可靠。尽管我们预计如今的 Starlink Mobile 服务对地面移动网络未覆盖的偏远地区客户影响最大，但随着我们的星座规模扩大和产品性能持续提升，我们将努力成为客户首选的连接体验，无论他们身处何地，无论是农村、郊区还是城市地区。下一代 Starlink Mobile 卫星，结合我们近期从 EchoStar 购买的无线频谱，旨在直接向终端用户设备提供高带宽、低时延的连接，从而实现与地面移动网络相当的连接解决方案。鉴于不同国家的经济状况和消费者购买力存在差异，我们为世界不同地区假设了不同的月度 ARPU，力求使我们的服务在不同经济发展背景下都负担得起、易于获取。我们按地区设定的 ARPU 假设得出加权平均月度移动 ARPU 为每用户 $8。这一全球平均值由以下部分构成：高收入市场加权平均月度 ARPU 为 $18，中高收入市场为 $5，中低收入市场为 $2，低收入市场为 $2。基于全球联网设备总数和移动 ARPU，我们估计 Starlink Mobile 的市场机会为 $740 billion。随着我们扩大覆盖范围并参与更广泛的移动连接市场，我们预计将继续与全球移动网络运营商合作。

Starlink Mobile. According to Omdia, as of December 31, 2025, there were eight billion mobile connected devices globally. We believe our Starlink Mobile offering will be able to provide continuous global coverage and substantially reduce mobile “dead zones,” which remain areas that are structurally underserved by the limitations of the networks of current mobile network operators. For example, according to the J.D. Power U.S. Wireless Network Quality Performance Study, U.S. wireless customers experienced service problems in approximately one out of every 11 mobile interactions, even in well-connected areas. In addition, an estimated 40% of the global population resided in rural areas in 2024 according to the World Bank, where terrestrial mobile coverage can be limited or unreliable. While we expect Starlink Mobile service today to be most impactful for customers in remote areas uncovered by terrestrial mobile networks, as our constellation grows and our product performance continues to improve, we will compete to be the preferred connectivity experience to our customers no matter where they are located, whether in rural, suburban, or urban areas. The next-generation of Starlink Mobile satellites, in combination with our recent purchase of wireless spectrum from EchoStar, is designed to provide high bandwidth and low latency connectivity directly to end user devices, enabling a connectivity solution on par with terrestrial mobile networks. Given varying economic conditions and consumer purchasing power across different countries, we assume a different monthly ARPU for different parts of the world as we seek to make our service affordable and accessible across different economic development contexts. Our region-specific ARPU assumptions result in a weighted average monthly mobile ARPU of $8 per user. This global average consists of a weighted average monthly ARPU of $18 in high-income markets, $5 in upper-middle income markets, $2 in lower-middle, and $2 in low income markets. Based on the total number of connected devices globally and the mobile ARPU, we estimate the Starlink Mobile market opportunity to be $740 billion. We expect to continue to partner with mobile network operators globally as we expand coverage and participate in the broader mobile connectivity market.

其他及未来的 Starlink 应用。我们相信，Starlink 的长期市场机会将显著超越传统的固定宽带和卫星到移动连接。其中许多用例代表着新的需求类别，由于覆盖范围、时延、容量或成本方面的限制，这些需求此前无法通过传统地面或卫星解决方案得到满足。尽管这些其他及未来的用例尚处于早期阶段，且尚未被纳入传统行业市场定义，但我们相信，随着时间推移，它们有潜力显著扩大连接领域的可服务市场总量。

Additional and Future Starlink Applications . We believe the long-term market opportunity for Starlink extends materially beyond traditional fixed broadband and satellite-to-mobile connectivity. Many of these use cases represent new categories of demand that were not previously addressable with legacy terrestrial or satellite solutions due to limitations in coverage, latency, capacity, or cost. While these additional and future use cases are early stage and not yet captured in conventional industry market definitions, we believe they have the potential to significantly expand the total addressable market for connectivity over time.

- 企业移动业务。由于我们的 Starlink 解决方案特别适合移动环境、偏远或难以覆盖的地点，我们能够在陆地、空中和海上提供高性能连接。我们相信，我们拥有差异化的优势来赢得这些垂直领域，因为现有连接解决方案无法提供足够的速度、时延和可靠性，且因天气、轨道力学和覆盖缺口而频繁出现服务中断。我们的 Starlink 星座直接解决了这些缺陷，为我们开辟了一条极具吸引力的路径，以获取这些机会的相当大份额，并释放此前无法达到的服务质量水平和客户支付意愿。

- Enterprise Mobility. Because our Starlink solutions are uniquely well-suited for in-motion environments, remote, or hard-to-serve locations, we are able to provide high-performance connectivity across land, air, and sea. We believe we have a differentiated right to win these verticals as existing connectivity solutions are not able to provide sufficient speed, latency and reliability, with frequent service outages driven by weather, orbital mechanics and coverage gaps. Our Starlink constellation directly addresses these deficiencies, creating a compelling path for us to capture a substantial share of opportunities and to unlock previously unattainable levels of service quality and customer willingness to pay.

在陆地移动领域，Starlink 为车队提供连接支持，包括货运、铁路、公共安全车辆和自动驾驶系统，随着车队日益互联和数据驱动，实现实时远程信息处理、路线优化、安全监控和车载乘客连接。

In land mobility, Starlink supports connectivity for vehicle fleets, including trucking, rail, public safety vehicles, and autonomous systems, enabling real-time telematics, route optimization, safety monitoring, and onboard passenger connectivity, as fleets become increasingly connected and data-driven.

在航空领域，Starlink 为商业航空公司、公务航空和政府飞机提供高速、低时延的机上连接，支持乘客宽带、运营通信和飞机实时数据传输，因为航空公司日益重视差异化的机上体验和运营效率。根据 Oliver Wyman 的数据，全球约有 23,900 架商用飞机，根据 Corporate Jet Investor 的数据，全球约有 24,500 架私人飞机，这些均可由我们的航空产品提供服务。

In aviation, Starlink delivers high-speed, low-latency in-flight connectivity for commercial airlines, business aviation, and government aircraft, supporting passenger broadband, operational communications, and real-time aircraft data transmission, as airlines increasingly prioritize differentiated onboard experiences and operational efficiency. There are approximately 23,900 commercial aircraft, according to Oliver Wyman, and approximately 24,500 privately owned aircraft, according to Corporate Jet Investor, in the world, which can be served by our aviation offering.

在海事领域，Starlink 为商业航运、海上能源平台、邮轮公司和政府船舶提供连接，随着连接成为全球船队的标准要求，实现船员福利、运营优化、安全系统和实时数据传输。根据 Marine Traffic Dashboard 的数据，截至 2025 年，我们的潜在客户群包括约 99,000 艘商业商船（定义为 100 总吨及以上）、约 21,000 艘渔船以及约 4,000 艘邮轮和私人游艇。

In maritime, Starlink provides connectivity for commercial shipping, offshore energy platforms, cruise lines, and government vessels, enabling crew welfare, operational optimization, safety systems, and real-time data transfer, as connectivity becomes a standard requirement across global fleets. Our potential customer base as of 2025 consists of approximately 99,000 commercial merchant ships, defined as being 100 gross tons or more, approximately 21,000 fishing vessels, and approximately 4,000 cruise ships and private yachts, according to Marine Traffic Dashboard.

- 扩展的企业和政府应用

- Expanded Enterprise and Government Applications

企业备份和故障切换连接。随着连接成为企业运营的关键任务组成部分，我们相信备份和故障切换连接正演变为企业基础设施的基础层。停机成本的不断增加，加上基于云和对时延敏感的应用的激增，正推动企业优先考虑正常运行时间、业务连续性和网络韧性，并采用多层连接架构。我们相信这一转变将带来连接市场的显著扩张。

Enterprise Back-Up and Failover Connectivity. As connectivity becomes a mission critical component of enterprise operations, we believe back-up and failover connectivity is evolving into a foundational layer of enterprise infrastructure. The increasing cost of downtime, combined with the proliferation of cloud-based and latency-sensitive applications, is driving enterprises to prioritize uptime, business continuity, and network resilience and adopt multi-layered connectivity architectures. We believe this shift will result in a meaningful expansion of the connectivity market.

政府应用领域的扩展。我们认为，传统连接市场的估算并未充分反映政府相关需求的规模，尤其是在任务关键型和涉密应用中。安全通信、实时情报和弹性网络架构的重要性日益上升，正推动国防和民用机构对连接能力进行持续投资。这类用例往往对应更高价值和更长期限的合同，从而推动连接市场实现显著且持久的扩张。

Expanded Government Applications. We believe traditional connectivity market estimates do not fully capture the scope of government-related demand, particularly in mission-critical and classified applications. The growing importance of secure communications, real-time intelligence, and resilient network architectures is driving sustained investment in connectivity capabilities across defense and civilian agencies. These use cases tend to command higher value and longer-duration contracts, contributing to a meaningful and durable expansion of the connectivity market.

智能设备连接。联网设备在各种物理环境中的普及——包括传感器、可穿戴设备、车辆、家电和基础设施系统——正推动对无处不在、可靠且低延迟连接的需求不断增长。截至 2025 年，全球约有 22 billion 台物联网联网设备，预计到 2031 年将达到 47 billion 台。随着数十亿联网设备生成、传输数据并据此采取行动，连接成为新一类经济活动的关键使能要素。随着这些设备的规模在全球范围内增长至数百亿台，并变得更加智能和数据密集，我们认为连接市场的范围将显著扩展，超越传统以人为中心的使用场景。

Smart Device Connectivity. The proliferation of connected devices across various physical environments— including sensors, wearables, vehicles, appliances, and infrastructure systems—is driving increasing demand for ubiquitous, reliable, and low-latency connectivity. As of 2025, there were approximately 22 billion IoT connected devices globally, forecasted to reach 47 billion by 2031. As billion s of connected devices generate, transmit, and act on data, connectivity becomes an essential enabler of new categories of economic activity. As these devices grow in scale into the tens of billion s globally and become more intelligent and data-intensive, we believe the scope of the connectivity market will expand significantly beyond traditional human-centric usage.

在轨数据传输。我们运营着由超过 23,000 条星间激光组成的大型星座，在太空中构建动态网状网络，并支持通过轨道进行流量重路由。我们认为，这一激光网状网络将帮助我们开辟新的连接市场，使第三方卫星能够利用我们的在轨数据传输层。虽然我们激光网状网络的大部分容量用于支持 Starlink 服务，但我们通过 Plaser 计划有选择地将富余容量变现。我们允许第三方购买我们的太空激光硬件，并将其卫星接入我们的 Starlink 网络，使其能够将数据卸载至地球上任何位置的地面站，同时无需自建中继架构或地面站。随着卫星星座不断增长，我们预计商业和政府运营商对高吞吐量、低延迟数据中继的市场需求将增加。尽管这一市场仍处于早期阶段，但我们认为该机会代表着对传统卫星连接 TAM 的显著扩展。

In-Orbit Data Transport. We operate a large constellation of over 23,000 inter-satellite lasers that create a dynamic mesh network in space and enable traffic rerouting through orbit. We believe this laser mesh network will help us unlock a new connectivity market by enabling third-party satellites to utilize our in-orbit data transport layer. While most of our laser mesh network capacity is used to power our Starlink services, we selectively monetize excess capacity through our Plaser program. We allow third parties to purchase our space laser hardware and connect their satellites to our Starlink network, allowing them to offload data to a ground station anywhere on Earth while bypassing the need to build their own relay architecture or ground stations. As satellite constellations grow, we expect market demand for high-throughput, low-latency data relay to increase across commercial and government operators. While this market remains nascent, we believe the opportunity represents a meaningful expansion beyond traditional satellite connectivity TAM.

#### 人工智能

#### Artificial Intelligence

人工智能市场目前正经历爆炸性的结构性增长，正在成为现代全球经济的基础性公用事业，并释放出数万亿美元的机会。我们的前沿模型、消费者和企业应用以及 AI 基础设施解决方案在战略上定位于在这一庞大生态系统的四个关键组成部分中获取价值，从而形成估计为 $26.5 trillion 的总市场机会。

The market for artificial intelligence is currently undergoing explosive structural growth, emerging as a foundational utility for the modern global economy and unlocking a multi-trillion-dollar opportunity. Our frontier models, consumer and enterprise applications, and AI infrastructure solutions are strategically positioned to capture value across four key components of this vast ecosystem, resulting in an estimated total market opportunity of $26.5 trillion.

AI 基础设施。根据 RAND Corporation 的数据，2030 年全球数据中心算力需求估计为 235 吉瓦，其中估计有 70% 用于 AI 工作负载。假设目标电能利用效率（PUE）为 1.2，且每块 GPU 的全包芯片功耗为每块 GPU 1.3 千瓦——即 H100 SXM 的功耗水平——则该 AI 工作负载需求对应需要 104 百万块 GPU。我们根据 National Electrical Installation Standards 采用 80% 的利用率，并采用每小时 $3.33 的 GPU 租赁费率，该费率来自 Silicon Data，基于 2025 年 neocloud GPU 租赁费率的中位数；我们注意到，该租赁费率历来会随市场状况而变化。因此，我们估计 AI 算力基础设施的市场机会约为 $2.4 万亿。

AI Infrastructure. According to RAND Corporation, global data center compute demand is estimated to be 235 gigawatts in 2030, of which 70% is estimated to be utilized for AI workloads. Assuming a target Power Usage Effectiveness of 1.2 and an all-in chip power consumption per GPU of 1.3 kilowatts per GPU—that of an H100 SXM— this AI workload demand corresponds to 104 million GPUs required. We apply an 80% utilization rate per the National Electrical Installation Standards and a GPU rental rate of $3.33 per hour, according to Silicon Data, which is based on the median of neocloud GPU rental rates in 2025; we note that the rental rate has historically varied subject to market conditions. As a result, we estimate the AI compute infrastructure market opportunity to be approximately $2.4 trillion.

消费者订阅。随着 AI 解决方案需求激增，其推动力来自 AI 工具的广泛采用——这些工具在日常生活中提升生产力、创造力、个性化及实时协助——消费者正日益转向基于订阅的方式获取高性能 AI 平台。这些平台具备高级推理、无缝实时数据集成和多模态能力，在当今愈发乐于接受且互联互通的世界中不可或缺。我们相信，SpaceX 通过我们的 X 和 Grok 平台，能够以围绕求真和实时相关性打造的差异化产品，很好地把握这一机会。我们未来模型路线图包含数万亿参数模型，这可能代表推理深度和整体智能的阶跃式变化。通过 Grok 与 X 的整合以及对实时数据流入的专有访问权限，我们相信能够更好地覆盖更广泛的高频、高价值消费者用例，并提升用户参与度和付费意愿，使 Grok 相对于独立的、非整合型产品，能够占据消费者 AI 订阅市场的更大份额。我们基于 2025 年全球 10 岁及以上人口——根据 Euromonitor 约为五十五亿——乘以 $12 的加权平均月度订阅收入，估算我们的市场机会，得出年化市场机会约为 $760 十亿。我们的加权平均月度收入假设了全球不同地区不同的月度订阅费用。我们假设在高收入国家 SuperGrok 订阅的月度成本为 $30，在中高收入和中低收入国家月度成本为 $8，而在世界银行定义的低收入国家月度成本则显著更低。

Consumer Subscriptions. As demand for AI solutions surges, fueled by widespread adoption of AI tools that enhance productivity, creativity, personalization, and real-time assistance in everyday life, consumers are increasingly turning to subscription-based access to high-performance AI platforms. These platforms, equipped with advanced reasoning, seamless real-time data integration, and multimodal capabilities, are essential in today’s ever-more receptive and interconnected world. We believe SpaceX is well positioned to address this opportunity through our X and Grok platforms by delivering a differentiated product centered on truth-seeking and real-time relevance. Our roadmap for future models contains multi-trillion parameter models, which could represent a step change in reasoning depth and overall intelligence. Through Grok’s integration with X and proprietary access to real-time data inflows, we believe we can better address a broader set of high-frequency, high-value consumer use cases and increase user engagement and willingness to pay, positioning Grok to capture a larger share of the consumer AI subscription market relative to standalone, non-integrated offerings. We estimate our market opportunity based on the global population of individuals aged 10 and over in 2025—approximately five and a half billion according to Euromonitor—multiplied by the weighted average monthly subscription revenue of $12, resulting in an annualized market opportunity of approximately $760 billion. Our weighted average monthly revenue assumes different monthly subscription fees across different geographies around the world. We assume $30 monthly cost of a SuperGrok subscription in high-income countries, $8 monthly cost in upper-middle and lower-middle income countries, and significantly lower monthly cost in low income countries, as defined by the World Bank.

数字广告。随着企业将营销预算更多地投向能够实现定向广告、可衡量效果以及与消费者直接互动的数字平台，数字广告代表着规模庞大且不断增长的全球市场机遇。根据 S&P Global Market Intelligence 的数据，2025 年全球数字广告支出总额达 $600 billion。我们相信，X 能够将大规模用户互动、实时内容与先进的 AI 驱动效果营销工具相结合，这使我们处于有利地位，得以把握这一重大市场机遇。

Digital Advertising. Digital advertising represents a large and growing global market opportunity as businesses increase marketing budgets towards digital platforms that enable targeted advertising, measurable performance, and direct engagement with consumers. In 2025, global digital advertising spending totaled $600 billion according to S&P Global Market Intelligence. We believe that X’s ability to combine large-scale user engagement, real-time content, and advanced AI-driven performance marketing tools positions us well to participate in this significant market opportunity.

企业应用。AI 正在革新企业应用，各行业组织日益采用 AI 解决方案，以自动化复杂工作流程、增强知识工作者的能力、提升决策水平、重新定义生产力并提高运营效率。具体而言，我们相信，我们的企业应用（包括 Macrohard、agentic AI）将日益通过自动化常规认知任务、协助研究与分析、生成内容与代码以及优化决策流程，为各行业的知识工作者提供支持。最终，我们相信这一转型可能使知识工作者演变为自主智能体的赋能型管理者，释放前所未有的创造力与生产力。

Enterprise Applications. AI is revolutionizing enterprise applications as organizations across industries increasingly adopt AI solutions to automate complex workflows, augment knowledge workers, enhance decision-making, redefine productivity, and improve operational efficiency. Specifically, we believe that our enterprise applications, including Macrohard, agentic AI, will increasingly support knowledge workers across industries by automating routine cognitive tasks, assisting with research and analysis, generating content and code, and refining decision-making processes. Ultimately, we believe this transformation could evolve knowledge workers into empowered managers of autonomous agents, unlocking unprecedented levels of creativity and productivity.

我们相信，AI 变革企业仍处于早期阶段，AI 驱动的企业应用有望重塑数字经济。数字合作组织（“DCO”）将数字经济定义为依赖数字技术及其应用、或由其显著增强或赋能的经济活动，包括以下产品和服务：AI 与高级分析、区块链与去中心化技术、云服务、数字连接、数字设备与物联网、加密与网络安全、沉浸式技术，以及机器人与自主系统。DCO 估计，2026 年数字经济按年同比增速将达到全球 GDP 估计增速的三倍，2026 年规模将达到约 $22.7 trillion。在 DCO 同样开展的一项针对 CTO、资深技术专家、政策制定者和数字经济专家的调查中，69% 的受访者将 AI 与高级分析列为他们的首要数字技术优先事项——高于任何其他受访优先事项。我们相信，我们的企业战略聚焦于以 AI 解决方案服务全球最大行业的数字需求，这使我们在把握这一快速增长机遇方面具备竞争优势。

We believe we are still in the early days of AI transforming enterprises, with AI-powered enterprise applications poised to reshape the digital economy. The Digital Cooperation Organization (“DCO”) defines the digital economy as economic activity reliant on, significantly enhanced, or enabled by digital technologies and their applications, including the following products and services: AI and advanced analytics, blockchain and decentralized technologies, cloud services, digital connectivity, digital devices and the IoT, encryption and cybersecurity, immersive technologies, and robotics and autonomous systems. DCO estimates that the digital economy will grow three times faster in 2026 on a year-over-year basis compared to the estimated growth of the global GDP, reaching approximately $22.7 trillion in 2026. In a survey of CTOs, senior technologists, policymakers, and digital economy experts, also conducted by DCO, AI and advanced analytics were identified by 69% of respondents as their top digital technology priority—higher than any other surveyed priority. We believe that our enterprise strategy, which is focused on serving the digital needs of the world’s largest industries with AI solutions, positions us competitively to pursue this rapidly growing opportunity.

#### 未来市场

#### Future Markets

在我们 TAM 所反映的既有市场之外，我们设想，随着我们技术和基础设施的持续进步，将随时间推移开辟全新的市场。随着发射成本下降、卫星能力提升以及大规模算力基础设施扩张，可能会出现创新应用和新市场，利用我们在太空、连接和 AI 领域的整合基础设施。尽管这些前景仍处于早期阶段，时间与规模均不确定——因此未纳入我们量化的总可寻址市场估算——但我们相信，它们蕴含着数万亿美元的最终潜力，可带来突破性创新与价值创造，最终将代表数万亿美元的经济机遇。

Beyond the established markets reflected in our TAM, we envision that ongoing advancements in our technology and infrastructure will unlock entirely new markets over time. As launch costs decline, satellite capabilities advance, and large-scale compute infrastructure expands, innovative applications and new markets may emerge that harness our integrated infrastructure across space, connectivity, and AI. Although these prospects remain nascent, with uncertain timing and scale—and thus are excluded from our quantified total addressable market estimates—we believe they hold trillions of dollars of eventual potential for groundbreaking innovation and value creation, eventually representing multi-trillion-dollar economic opportunities.

长途点对点地面旅行。我们的 Starship 运载工具凭借速度、可靠性和成本效率的无可比拟组合，有潜力彻底改变地面商业运输。这一能力可将大多数国际长途航班缩短至 30 分钟以内，实现一小时内或更短时间抵达最远目的地的点对点旅行。尽管我们必须克服技术、经济和监管障碍才能充分把握这一机遇——例如某些地区因音爆而对陆地上空超音速飞行的限制，以及较短航线的经济可行性——但我们相信，我们在战略上处于有利位置，能够抢占地面物流与运输市场的份额。

Long-Haul Point-to-Point Terrestrial Travel. Our Starship vehicle has the potential to revolutionize terrestrial commercial transportation by achieving an unparalleled combination of speed, reliability and cost efficiency. This capability could reduce most international long-haul flights to under 30 minutes, enabling point-to-point travel to the furthest location in an hour or less. While we must surmount technological, economic and regulatory obstacles to fully capitalize on this opportunity—such as restrictions on supersonic flights over land in certain regions due to sonic booms, and the economic feasibility of shorter routes—we believe we are strategically positioned to take share of the terrestrial logistics and transportation market.

太空旅游。历史上，载人航天一直局限于政府宇航员，辅以数量有限的私人资助任务。然而，随着太空技术的实质性进步和轨道飞行基础设施的持续扩张，我们预计太空飞行的可及性将随时间逐步提高，有可能催生商业载人航天与旅游的新类别。2025 年全球人口中不到 30 人访问了地球轨道，我们相信未来这一数字可能远高于此。

Space Tourism. Historically, human spaceflight has been limited to government astronauts, augmented by a limited number of privately funded missions. Yet, with meaningful advances in space technology and the ongoing expansion of orbital flight infrastructure, we anticipate a gradual increase in accessibility of spaceflight over time, potentially enabling a new category of commercial human spaceflight and tourism. Under 30 people out of the global population visited Earth’s orbit in 2025, which we believe could be a far greater number in the future.

前往月球和火星的客运与货运。放眼更远的未来，可重复使用发射系统和深空运输基础设施的进步可能催生新的星际物流形式，包括前往月球和火星的客运与货运。要在另一颗行星上维持持续的人类存在，需要以前所未有的规模定期运输人员、设备和物资。

Passenger and Cargo Transport to the Moon and Mars. Looking further ahead, advances in reusable launch systems and deep-space transportation infrastructure may enable new forms of interplanetary logistics, including passenger and cargo transportation to the Moon and Mars. Supporting a sustained human presence on another planet would require the regular transport of people, equipment, and materials at a scale not previously possible.

月球和火星上的能源生产与制造。要在月球和火星上建立持续的人类与工业存在，需要可靠的大规模能源发电来支持居住舱、制造和科学作业。潜在解决方案可能包括太阳能系统，利用稀薄大气、持续日照以及其他专为月球和火星独特环境条件运行而设计的先进能源技术。随着时间推移，我们相信行星基础设施的进步可能使利用当地可用资源在月球和火星上进行制造成为可能。

Energy Production and Manufacturing on the Moon and Mars. Establishing a sustained human and industrial presence on the Moon and Mars would require reliable, large-scale energy generation to support habitats, manufacturing, and scientific operations. Potential solutions could include solar power systems, taking advantage of the thin atmosphere, constant solar exposure, and other advanced energy technologies designed to operate in the unique environmental conditions of the Moon and Mars. Over time, we believe that advances in planetary infrastructure may enable manufacturing on the Moon and Mars using locally available resources.

在轨制造。地面制造本质上受制于重力，而重力对原子和分子层面的工艺施加了根本性限制。建立在轨基础设施可释放大规模、高价值的生产能力，摆脱这些传统障碍，从而在精度和效率方面实现突破。太空的微重力环境推动关键行业的创新进步，例如制药业——微重力可提升药物的溶解度、纯度、结晶度和稳定性——以及先进材料和半导体，实现地球上无法达到的优异晶体形成和材料特性。除这些粒子层面的创新外，在轨设施通过利用丰富且不间断的太阳能克服地球的能源约束，以无与伦比的可持续性支持能源密集型作业。

In-Orbit Manufacturing. Terrestrial manufacturing is inherently constrained by gravity, which imposes fundamental limitations on processes at the atomic and molecular level. Establishing in-orbit infrastructure unlocks large-scale, high-value production free from those traditional barriers, enabling breakthroughs in precision and efficiency. The microgravity environment of space fosters innovative advancements in key industries, such as pharmaceuticals—where it enhances drug solubility, purity, crystallization, and stability—as well as, advanced materials and semiconductors, allowing for superior crystal formation and material properties unattainable on Earth. Beyond these particle-level innovations, in-orbit facilities overcome Earth’s energy constraints by harnessing abundant, uninterrupted solar power, facilitating energy-intensive operations with unparalleled sustainability.

小行星采矿。小行星资源，包括铂族金属、稀土元素、镍、钴、铁和水，代表着地球重力井之外一个巨大的未开发资源库，部分近地天体所含的元素浓度远超典型的地面矿石品位。随着可重复使用运载能力、自主机器人和原位处理技术取得实质性进展，我们相信小行星资源的可及性将随时间不断扩大，开辟商业太空资源开采的新类别。我们相信，我们在运载系统、航天器开发和太空基础设施方面的经验使我们具备独特优势，能够开展小行星采矿作业，从近地小行星和主带小行星中提取金属和其他关键资源，为天基基础设施提供丰富的原材料，减少从地球发射全部质量的需求。

Asteroid Mining. Asteroid resources, including platinum-group metals, rare earth elements, nickel, cobalt, iron and water, represent a vast untapped reservoir beyond Earth’s gravity well, with some near-Earth objects containing concentrations of elements far exceeding typical terrestrial ore grades. With meaningful advances in reusable launch capabilities, autonomous robotics, and in-situ processing technologies, we believe the accessibility of asteroid resources will expand over time, unlocking a new category of commercial space resource extraction. We believe our experience in launch systems, spacecraft development, and space infrastructure uniquely positions us to pursue asteroid mining operations to extract metals and other critical resources from near-Earth and main-belt asteroids, providing abundant raw materials for space-based infrastructure, reducing the need to launch all mass from Earth.

我们的解决方案与服务 Our Solutions & Services

#### 无与伦比的发射能力

#### Unparalleled Launch Capability

我们无可匹敌的发射能力是使我们独特解决方案和服务得以实现的基础性竞争优势。我们是轨道发射领域的市场领导者，为商业和政府客户提供低成本、可靠且高频的太空进入服务。我们的发射服务围绕一支可重复使用火箭与航天器机队构建。SpaceX 的火箭系统与航天器系列可满足从国际空间站常规货运到深空探索的各类任务需求。在截至 2025 年 12 月 31 日的年度内，Falcon 系列火箭运送至轨道的质量占比超过 80%。Starship 是一款两级超重型运载火箭，我们自 2023 年起持续对其进行飞行测试，它进一步增强了我们行业标杆性的发射产品。

Our unmatched launch capability is the foundational competitive advantage that enables our unique solutions and services. We are the market leader in orbital launch, providing low-cost, reliable, and frequent access to space for commercial and government customers. Our launch services are built around a fleet of reusable rockets and spacecraft. SpaceX’s family of rocket systems and spacecraft address missions ranging from routine cargo delivery to the International Space Station to deep-space exploration. The Falcon class of rockets delivered over 80% of mass to orbit in the year ending December 31, 2025. Starship, a two-stage super heavy-lift launch vehicle that we have been flight testing since 2023, further enhances our industry-defining launch offerings.

除可重复使用火箭机队之外，SpaceX 的发射优势同样依托于我们先进的航天器机队。我们的国际空间站货运与载人航天任务由 Falcon 9 发射，并由 Dragon 载人及货运航天器执行飞行。这些航天器自主对接空间站，运送加压与非加压货物及乘员。两款 Dragon 型号均为部分可重复使用，并可执行全自主的交会、对接与返回操作。

Separate from our fleet of reusable rockets, SpaceX’s launch advantage is equally underpinned by our fleet of advanced spacecraft. Our International Space Station cargo and human spaceflight missions are launched on Falcon 9 and flown on the Dragon crew and cargo spacecraft. The vehicles autonomously dock to the station, delivering pressurized and unpressurized cargo, and passengers. Both Dragon variants are partially reusable and perform fully autonomous rendezvous, docking, and return operations.

#### 我们的运载火箭与航天器机队

#### Our Fleet of Launch Vehicles and Spacecraft

我们的运载火箭机队

Our Fleet of Launch Vehicles

Falcon 9。Falcon 9 火箭是由 SpaceX 设计并制造的可重复使用两级火箭，用于安全、可靠且经济高效地将卫星、科学载荷、货物及乘员运送至地球轨道及更远区域。该火箭以液氧和火箭级煤油为动力，第一级配备九台 Merlin 1D 发动机，在海平面产生超过 1.7 百万磅推力，第二级则采用单台真空优化 Merlin 发动机以实现精确入轨。Falcon 9 于 2010 年首飞，是全球首款轨道级快速可重复使用火箭，如今已成为当今发射活动最频繁的轨道运载火箭，截至 2026 年 3 月 31 日已完成约 620 次轨道太空发射，任务成功率超过 99%。Falcon 9 可将约 23 公吨载荷运送至 LEO，将八公吨载荷运送至地球同步转移轨道。可重复使用性使 SpaceX 能够再次飞行火箭中成本最高的部件，从而降低太空进入成本。Falcon 9 的可重复使用部件主要包括其助推器——该助推器在完成翻新以供未来发射之前，会降落于我们位于海上的自主无人船之一或发射台附近的着陆区之一——以及其有效载荷整流罩两半，后者通过降落伞辅助溅落回收，并在打捞后经翻新和重复使用。第二级并非为回收或重复使用而设计，而是在成功部署有效载荷后安全离轨。

Falcon 9. The Falcon 9 rocket is a reusable, two-stage rocket designed and manufactured by SpaceX for the safe, reliable, and cost-effective transport of satellites, scientific payloads, cargo, and crew to Earth orbit and beyond. Powered by liquid oxygen and rocket-grade kerosene, the first-stage is equipped with nine Merlin 1D engines producing over 1.7 million pounds of thrust at sea level, while the second stage utilizes a single vacuum-optimized Merlin engine for precise orbital insertion. First launched in 2010, Falcon 9 is the world’s first orbital-class rapidly reusable rocket, and has become the most active orbital launch vehicle today, with approximately 620 orbital space launches as of March 31, 2026 and an over 99% mission success rate. Falcon 9 is capable of delivering approximately 23 metric tons to LEO and eight metric tons to geosynchronous transfer orbit. Reusability allows SpaceX to refly the most expensive parts of the rocket, which in turn drives down the cost of space access. Falcon 9’s reusable components primarily include its booster, which lands on one of our autonomous drone ships out on the ocean or on one of our landing zones near our launch pads ahead of being refurbished for a future launch, and its payload fairing halves, which are recovered via parachute-assisted splashdowns and are refurbished and reused after retrieval. The second stage is not designed for recovery or reuse and instead safely deorbits after successful payload deployment.

Falcon 9 概览

Falcon 9 Overview

Falcon 9 融合了技术创新、成本降低与运营规模，实质性改变了轨道发射的经济性，并确立了我们的领先商业发射提供商地位。

Falcon 9 introduced a combination of technical innovation, cost reduction, and operational scale that materially altered the economics of orbital launch and established our position as the leading commercial launch provider.

- 首枚轨道级快速可重复使用火箭：2015 年 12 月，Falcon 9 实现了轨道级助推器的首次垂直着陆，随后于 2016 年 4 月实现了大西洋上首次自主无人船着陆。助推器和整流罩的重复使用——这一由 SpaceX 在发射行业开创的做法——从根本上支撑了我们的发射频率和运力，并构成了发射系统固有可靠性的基础。通过回收、检查和评估已飞行硬件，SpaceX 得以深入了解系统性能，这是其他方式无法实现的。轨道航天飞行的部分可重复使用已将每吨入轨成本较每公斤 $18,500 的历史平均发射成本降低约 85%。

- First Orbital-Class Rapidly Reusable Rocket: In December 2015, Falcon 9 achieved the first vertical landing of an orbital-class booster, followed in April 2016 by the first autonomous drone ship landing in the Atlantic Ocean. Reuse of boosters and fairings, a practice pioneered by SpaceX in the launch industry, fundamentally enables our launch rate and capacity and forms the basis for the launch system’s inherent reliability. Through recovering, inspecting, and evaluating flown hardware, SpaceX gains insight into system performance that would not be otherwise achievable. Partial reusability for orbital spaceflight has reduced cost per ton to orbit by approximately 85% as compared to the historical average launch cost per kilogram of $18,500.

- 可重复使用带来的成本结构优势：第一级——占飞行器制造成本的大部分——的重复使用，相对于完全一次性使用的系统大幅降低了边际发射成本。

- Reusability Enabled Cost Structure Advantage: Reuse of the first-stage—representing the majority of vehicle manufacturing cost—has materially reduced marginal launch costs relative to fully expendable systems.

- 史上最高运营频次：在 15 年的运营中完成约 620 次轨道太空发射，Falcon 9 是迄今为止飞行最频繁的现役轨道运载火箭。2025 年，Falcon 9 完成了 165 次发射，占当年全球所有轨道发射的一半以上，同时将超过 80% 的质量送入轨道。

- Highest Operational Tempo in History: With approximately 620 orbital space launches over 15 years of operation, Falcon 9 is the most frequently flown active orbital launch vehicle to date. In 2025, Falcon 9 conducted 165 launches, accounting for over half of all global orbital launches in the year while delivering over 80% of mass to orbit.

- 成功记录：截至 2026 年 3 月 31 日，Falcon 9 的任务成功率超过 99%。Falcon 9 已实现超过 570 次助推器成功着陆，并有超过 540 次发射由经过飞行验证的 Falcon 火箭完成，凸显了其可重复使用架构的可靠性。

- Track Record of Success: As of March 31, 2026, Falcon 9 has achieved an over 99% mission success rate. Falcon 9 has achieved over 570 successful booster landings and more than 540 launches completed by a flight-proven Falcon rocket, underscoring the reliability of its reusability architecture.

- 载人航天认证：Falcon 9 与 SpaceX 的 Dragon 载人飞船搭配，是唯一获得 NASA 商业载人计划认证、可往返国际空间站运送宇航员的美国发射载具。截至 2025 年 12 月 31 日，Falcon 9 已成功执行 19 次载人航天任务，任务成功率达 100%。

- Human Spaceflight Certified: Falcon 9, paired with SpaceX’s Dragon crew spacecraft, is the only U.S.-based launch vehicle certified by NASA under the Commercial Crew Program to transport astronauts to and from the International Space Station. As of December 31, 2025, Falcon 9 has successfully launched 19 human spaceflight missions with a 100% mission success rate.

- 内部发动机研发与制造：Falcon 9 由 Merlin 发动机提供动力，该发动机的设计、开发和制造均在内部完成，实现了推进系统设计、生产和测试的垂直整合。Merlin 发动机在现役火箭发动机中拥有最高的推重比之一，为 Falcon 9 的性能和有效载荷能力做出了贡献。

- In-House Engine Development and Manufacturing: Falcon 9 is powered by Merlin engines that are designed, developed, and manufactured in‑house, providing vertical integration across propulsion design, production, and testing. The Merlin engine achieves one of the highest thrust‑to‑weight ratios of any rocket engine in operational service, contributing to Falcon 9’s performance and payload capacity.

Falcon 9

Falcon 9

随着我们将主要生产和开发资源转向完全且快速可重复使用的 Starship 系统，Falcon 9 继续作为我们发射收入基础的支柱；产生高利润率的经常性现金流，同时在高频次重复使用方面提供关键的运营经验。Falcon 9 经过验证的能力确立了我们在全球发射服务领域的领先供应商地位，并为下一代太空运输奠定了技术和经济基础。

As we transition primary production and development resources toward the fully and rapidly reusable Starship system, Falcon 9 continues to serve as the backbone of our launch revenue base; generating high-margin recurring cash flows while providing critical operational experience in high-cadence reuse. The proven capabilities of Falcon 9 established us as the leading provider of launch services globally and laid the technological and economic foundation for the next era of space transportation.

Falcon Heavy。Falcon Heavy 是一种部分可重复使用的超重型运载火箭，旨在将大型有效载荷送入轨道。Falcon Heavy 基于 Falcon 9 火箭经过验证的架构，由三个可重复使用的 Falcon 9 九发动机助推器组成，其合计 27 台 Merlin 发动机在起飞时产生超过五百万磅的推力——是当今世界上推力最大的现役火箭之一。它能够将约 64 公吨的有效载荷送入 LEO，将 27 公吨的有效载荷送入地球同步转移轨道。Falcon Heavy 的可重复使用部件主要包括其三个助推器（设计为垂直降落在海上无人船和我们发射场附近的着陆区）及其有效载荷整流罩两半（通过降落伞辅助溅落回收，并在打捞后经翻新和重复使用）。第二级不设计为可回收或可重复使用，其设计是在成功部署有效载荷后安全离轨，与 Falcon 9 类似。

Falcon Heavy. Falcon Heavy is a partially reusable super heavy-lift launch vehicle, designed to deliver large payloads to orbit. Building on the proven architecture of the Falcon 9 rocket, Falcon Heavy is composed of three reusable Falcon 9 nine-engine boosters whose combined 27 Merlin engines generate more than five million pounds of thrust at liftoff—one of the most powerful operational rockets in the world today. It is capable of carrying approximately 64 metric tons of payload to LEO and 27 metric tons to geosynchronous transfer orbit. Falcon Heavy’s reusable components primarily include its three boosters, which are designed to land vertically on drone ships in the ocean and landing zones near our launch sites, and its payload-faring halves, which are recovered via parachute-assisted splashdown and are refurbished and reused after retrieval. The second stage is not designed for recovery or reuse and is designed to safely deorbit after successful payload deployment, similar to Falcon 9.

Falcon Heavy 概览

Falcon Heavy Overview

- 可重复使用性：Falcon Heavy 采用了以可重复使用为重点的设计，这有助于降低进入太空的成本，并改变了发射行业针对大型或高价值有效载荷的经济模式。该运载器的两个侧助推器配备高超声速栅格翼和先进推进系统，可实现受控回收和软着陆。这一能力实现了可重复使用，使用经过飞行验证的助推器执行的任务定价通常低于传统一次性飞行。我们的 Falcon 9 助推器具备最多 40 次飞行的资格，也用于 Falcon Heavy，在 Falcon Heavy 上每个助推器平均飞行 6 次。尽管我们的 Falcon 9 助推器经过工程设计并已证明可支持最多 40 次飞行，但我们基于预测利用率将最大会计使用寿命设定为 25 次飞行作为估计。该估计反映了：(i) 我们向 Starship 的战略转型，预计将实质性减少未来的 Falcon 9 飞行需求；以及 (ii) 某些政府合同下的限制，禁止在其任务中使用飞行超过五次的助推器。这些使用寿命估计会根据工程鉴定数据、飞行后检查、回收成功率、实际机队性能、成本敏感性分析和长期发射计划定期重新评估。

- Reusability: Falcon Heavy incorporates a design focused on reusability, which has contributed to lowering the cost of access to space and altering the launch industry’s economic model for large or high-value payloads. The vehicle’s two side boosters, equipped with hypersonic grid fins and advanced propulsion systems, enable controlled recovery and soft landings. This capability enables reusability, with missions launching on flight-proven boosters generally priced below those of traditional expendable flights. Our Falcon 9 boosters, which are qualified for up to 40 flights, are also used on Falcon Heavy, with an average of 6 flights per booster on Falcon Heavy. Although our Falcon 9 boosters have been engineered and demonstrated to support up to 40 flights, we have established a maximum accounting useful life of 25 flights as an estimate based on forecasted utilization. This estimate reflects: (i) our strategic transition to Starship, which is expected to materially reduce future Falcon 9 flight demand; and (ii) restrictions under certain government contracts that prohibit the use of boosters flown more than five times on their missions. These useful life estimates are periodically reassessed based on engineering qualification data, post-flight inspections, recovery success rates, actual fleet performance, cost sensitivity analyses, and the long-range launch manifest.

Falcon Heavy

Falcon Heavy

- 地球轨道以外的探索任务：Falcon Heavy 于 2018 年 2 月首次发射，当时它将一辆 Tesla Roadster 及其假人乘客 Starman 送入环绕太阳的轨道。这是首次将汽车送入深空，并展示了该火箭进行火星转移注入的能力。自首飞以来，Falcon Heavy 已完成多项扩展太空探索和商业航天范围的任务。Falcon Heavy 已被 NASA 选中发射关键气象卫星、行星际探测器（包括 Europa Clipper（木星）和 Dragonfly（土星））以及即将发射的 Nancy Grace Roman 望远镜，后者旨在研究系外行星以及暗能量和暗物质。

- Exploratory Missions Beyond Earth’s Orbit: Falcon Heavy first launched in February 2018, when it put a Tesla Roadster and its mannequin passenger, Starman, into orbit around the Sun. This was the first instance of a car sent into deep space and demonstrated the rocket’s capability for trans-Mars injection. Since its inaugural flight, Falcon Heavy has completed missions that expanded the scope of space exploration and commercial spaceflight. Falcon Heavy has been selected by NASA to launch critical weather satellites, interplanetary probes including Europa Clipper (Jupiter) and Dragonfly (Saturn), and the upcoming Nancy Grace Roman telescope, designed to study exoplanets and dark energy and matter.

Starman 在轨

Starman in Orbit

- 完美的性能记录：截至 2026 年 3 月 31 日，Falcon Heavy 已成功完成 11 次发射，全部实现有效载荷成功送达。Falcon Heavy 已飞行过的助推器还安全完成了总计 18 次回收和 16 次复飞。该火箭于 2019 年获得国家安全太空发射认证，获准与 Falcon 9 一同用于美国政府任务。

- Perfect Performance Record: As of March 31, 2026, Falcon Heavy had successfully completed 11 launches, all resulting in successful payload delivery. Falcon Heavy flown boosters have also safely completed 18 total recoveries and 16 reflights. It was certified for National Security Space Launch in 2019, authorizing its use for U.S. government operations alongside Falcon 9.

Starship。作为一种完全可重复使用的两级超重型运载火箭，Starship 有望从根本上变革太空飞行，使其比以往任何时候都更易获得、更具成本效益且更可扩展。Starship 由 Super Heavy 助推器（由 33 台 Raptor 发动机提供动力）和 Starship 上面级（配备三台海平面版和三台真空版 Raptor 发动机）组成，Starship V3 的设计目标是在完全可重复使用构型下向太空运送 100 公吨，同时实现堪比商业航空的快速周转时间，而未来各代产品有望达到 200 公吨，最早可能在 Starship V4 实现。迄今为止，我们已执行 12 次 Starship 飞行测试，其中 2026 年 5 月的第 12 次飞行测试首次亮相了下一代 Starship 飞行器和 Super Heavy 助推器，二者由我们下一代 Raptor 发动机提供动力，并从 Starbase 一座新设计的发射台发射。我们预计 Starship 将于 2026 年下半年开始向轨道运送有效载荷。我们已实现多项创新里程碑，包括全球最强火箭的多次成功上升；Super Heavy 助推器的发射、返回、捕获和复用；其上面级返回至距预定着陆点三米以内；在太空飞行期间于贮箱之间转移约五公吨低温推进剂，这是一项史无前例的操作，为未来全面规模的推进剂转移操作提供了关键数据；Raptor 发动机在太空中的多次成功重新点火；以及多次受控再入地球大气层。飞行测试的目的是收集数据，因此任何结果，甚至飞行器损失，都不被视为失败，因为我们从中有所收获。

Starship. A fully reusable two-stage super heavy-lift launch vehicle, Starship stands to fundamentally transform spaceflight by making it more accessible, cost-effective, and scalable than ever before. Comprising the Super Heavy booster (powered by 33 Raptor engines) and the Starship upper stage (with three sea-level and three vacuum Raptor engines), Starship V3 is designed to deliver 100 metric tons to space in a fully reusable configuration while enabling rapid turnaround times akin to commercial aviation, and future generations could reach 200 metric tons, potentially as soon as Starship V4. To date, we have executed 12 Starship flight tests, with our 12th flight test in May 2026 debuting the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones, including multiple successful ascents of the world’s most powerful rocket; the launch, return, catch, and reuse of the Super Heavy booster; the return of its upper stage within three meters of its intended landing point; the transfer of approximately five metric tons of cryogenic propellant between tanks while in space, a first of its kind operation that provides key data for future full-scale propellant transfer operations; successful in-space relights of the Raptor engines; and multiple controlled reentries through Earth’s atmosphere. The purpose of flight tests is to collect data so no result, even loss of a vehicle, is considered a failure because we learn something.

星舰是我们实现增长目标的关键推动因素，包括部署下一代 V3 卫星、卫星直连手机星座以及规模化轨道 AI 算力。要实现星舰的目标发射频率，需要在若干关键里程碑上取得重大进展，并投入大量资本资源。这些包括：获取额外土地并在多个地点开发高频次发射场及配套基础设施；扩大星舰飞行器和猛禽发动机的产能；建设推进剂生产设施，包括与发射场同址的空分装置和甲烷液化厂；确保充足的电力供应；以及获得必要的监管批准，尤其是来自 FAA 的批准，以支持高频次发射，同时兼顾公共安全和环境考量。我们对星舰及其相关基础设施的开发，假设能够通过飞行测试持续成功迭代、监管取得进展、供应链规模化，以及由可重复使用性提升驱动的成本下降。我们已在制造规模化方面进行了大量投资，包括用于大批量飞行器生产的 Starfactory、多个大型垂直整合与翻新设施、额外的发射塔、测试基础设施、推进剂生产资产以及发电能力。

Starship is a key enabler of our growth objectives, including the deployment of next-generation V3 satellites, satellite-to-mobile constellations, and orbital AI compute at scale. Achieving our targeted launch cadence with Starship will require significant progress on several key milestones and the investment of significant capital resources. These include: securing additional land and developing high-rate launch sites and supporting infrastructure across multiple locations; scaling production of Starship vehicles and Raptor engines; constructing propellant production facilities, including air separation units and methane liquefaction plants co-located with launch sites; securing sufficient power supply; and obtaining the necessary regulatory approvals, particularly from the FAA, to support a high launch cadence while addressing public safety and environmental considerations. Our development of Starship and its associated infrastructure assumes continued successful iteration through flight testing, regulatory progress, supply chain scaling, and cost reduction driven by increasing reusability. We have made substantial investments in manufacturing scale-up, including Starfactory for high-volume vehicle production, multiple large-scale vertical integration and refurbishment facilities, additional launch towers, test infrastructure, propellant production assets, and power generation capabilities.

星舰上面级的完全可重复使用并非在低地球轨道部署我们的 V3 卫星和 V2 Mobile 卫星所必需。这些 LEO 项目也均不需要在轨加注燃料，在轨加注旨在用于 LEO 以外的任务，例如月球和行星际运输。星舰对 LEO 的强大有效载荷能力，即使在部分可重复使用或一次性使用配置下，也能推动这些目标取得实质性进展。我们已在多次综合飞行测试中展示了 Super Heavy 助推器的可重复使用性。因此，在部署下一代 V3 卫星、卫星直连手机星座以及轨道 AI 算力项目方面取得实质性进展，并不依赖于实现完全可重复使用。

Full reusability of Starship’s upper stage is not required to deploy our V3 satellites and V2 Mobile satellites in low-Earth orbit. In-orbit refueling is also not required for any of these LEO programs and is instead intended for missions beyond LEO, such as lunar and interplanetary transport. Starship’s substantial payload capacity to LEO, even in partially reusable or expendable configurations, enables meaningful progress toward these objectives. We have already demonstrated Super Heavy booster reusability in multiple integrated flight tests. As a result, meaningful advancement across the deployment of next-generation V3 satellites, satellite-to-mobile constellations, and the orbital AI compute program is not dependent on achieving full reusability.

星舰概览

Starship Overview

- 完全且快速的可重复使用与大幅降低的发射成本：星舰的核心设计创新在于其完全且快速的可重复使用方式：两级均返回地球进行捕获和快速翻新。Super Heavy 助推器在级间分离后返回发射场，并由发射塔的机械臂（也称为“筷子”）在空中捕获，以便立即进行检查、翻新和再次发射。

- Full and Rapid Reusability and Drastically Reduced Launch Costs: Starship’s core design innovation is its full and rapid approach to reusability: both stages return to Earth for catch and rapid refurbishment. The Super Heavy booster returns to the launch site following stage separation and is caught mid-air by the launch tower’s mechanical arms, also known as “chopsticks,” to facilitate immediate inspection, refurbishment, and relaunch .

“筷子”捕获 Super Heavy 助推器

“Chopstick” Super Heavy Booster Catch

星舰上面级在完成轨道投送或更远任务后，设计为在先进隔热瓦的保护下再入，执行动力着陆点火，并同样由发射塔的机械臂在空中捕获。我们相信，星舰的完全且快速可重复使用将实现一小时以内的再次飞行，

The Starship upper stage, after orbital delivery or missions beyond, is designed to reenter protected by advanced heat shield tiles, execute a propulsive landing burn, and be similarly caught mid-air by the launch tower’s mechanical arms. We believe that Starship’s full and rapid reusability will enable sub-one hour reflights,

引发发射节奏的范式转变 · 。 星舰着陆点火

causing a paradigm shift in launch cadence · . Starship Landing Burn

- 发动机研发的进步支撑星舰庞大的有效载荷能力：星舰的有效载荷舱容积可与国际空间站的加压舱段相媲美，其设计目标是部署空间站模块、大型望远镜、我们的下一代 V3 卫星以及未来的 AI 算力卫星等结构。星舰由 39 台 Raptor 发动机提供动力，这些发动机是全流量分级燃烧循环火箭发动机，燃烧低温液态甲烷和液氧。与 Falcon 9 所使用的 Merlin 发动机相比，Raptor 发动机的单台推力接近其三倍，效率更高，在重型运载和深空任务中的性能也更优。星舰上的每台 Raptor 3 发动机通过取消隔热罩和简化管路，相比前几代可节省近一吨的飞行器质量。星舰的运载能力支撑我们下一阶段的增长，包括扩展我们的 Starlink Mobile 星座和轨道 AI 算力。

- Improvements in Engine Development Underpin Starship’s Massive Payload Capacity: With a payload bay volume rivaling the pressurized sections of the International Space Station, Starship is designed to deploy structures like space station modules, large telescopes, our next-generation V3 satellites, and future AI compute satellites. Starship is powered by 39 Raptor engines, which are full-flow staged combustion cycle rocket engines burning cryogenic liquid methane and liquid oxygen. Raptor engines offer nearly triple the thrust per engine, higher efficiency, and better performance for heavy-lift and deep space missions compared to the Merlin engine used on Falcon 9. Each Raptor 3 engine in Starship saves nearly a ton of vehicle mass compared to previous generations by removing heat shields and simplifying plumbing. Starship’s capacity enables the next leg of our growth, including scaling our Starlink Mobile constellation and orbital AI compute.

- 轨道加注：星舰预期的轨道加注能力将使加油机型号能够在 LEO 为上面级补充推进剂，并延长其航程以执行地球轨道以外的深空任务。这些能力预计将彻底改变任务架构，每艘星舰的设计目标都是能够将大量人员或数百公吨货物运送至月球表面和火星等目的地。

- Orbital Refueling: Starship’s expected orbital refueling capability will allow tanker variants to refill the upper stage in LEO and extend its range for deep-space missions beyond Earth’s orbit. These capabilities are expected to revolutionize mission architecture, with each Starship designed to be capable of transporting large numbers of people or hundreds of metric tons of cargo to destinations like the surface of the Moon and Mars.

- 地球以外的可持续人类探索：星舰从一开始就设计为飞往其他世界，并支持在月球上建立可自我生长的基地、在火星上建立完整的文明，最终向太阳系以外扩张。作为 NASA 阿尔忒弥斯计划的人类着陆系统，星舰旨在将宇航员和货物运送至月球表面，并成为支持月球长期驻留的关键使能者。

- Sustainable Human Exploration Beyond Earth: Starship was designed from the beginning to fly to other worlds and enable self-growing bases on the Moon, an entire civilization on Mars, and ultimately expansion beyond our solar system. As NASA’s Human Landing System for Artemis, Starship is built to deliver astronauts and cargo to the lunar surface and serve as the key enabler for supporting permanent presence on the Moon.

- 跨任务构型的多用途性：除深空任务外，星舰的设计还适应多种角色，包括美国太空军的火箭货运计划（用于快速点对点全球物流）、Starlink 及其他商业卫星星座、在轨制造部件和硬件、太空旅游等。

- Versatility Across Mission Profiles: Beyond deep space, Starship is designed to adapt to diverse roles including the U.S. Space Force’s Rocket Cargo program for rapid point-to-point global logistics, Starlink and other commercial satellite constellations, in-orbit manufacturing components and hardware, space tourism, and others.

星舰旨在实现我们能力的阶跃式提升，其特点是超重型助推器和星舰飞船均可快速、完全重复使用，从而以相比现有系统显著降低的成本实现前所未有的吞吐量。随着星舰逐步迈向全面运营使用，Falcon 9 和 Falcon Heavy 平台仍将是执行专项任务的关键资产，包括 NASA 乘组轮换和国家安全载荷。

Starship is designed to enable a step-function advancement in our capabilities, featuring rapid, full reusability of both the Super Heavy booster and the Starship spacecraft to achieve unprecedented throughput at significantly reduced costs compared to existing systems. As Starship progresses toward full operational utilization, the Falcon 9 and Falcon Heavy platforms will remain key assets for specialized missions, including NASA crew rotations and national security payloads.

龙货运飞船。龙货运飞船是一种无人驾驶飞行器，主要设计用于在 NASA 商业补给服务计划下往返国际空间站运送货物。作为初代龙飞船的演进型号，该飞行器是我们产品组合中的关键组成部分，为太空任务提供可靠、高性价比的物流服务。该飞船由一个用于环境受控货物的加压舱段和一个用于额外有效载荷的非加压后备舱段组成。其发射有效载荷质量最高达 6,000 千克，返回有效载荷质量为 3,000 千克，使其特别适合运送和回收科学实验、补给品及硬件，并使 SpaceX 成为唯一能够从国际空间站向地球返回大量货物的公司。

Dragon Cargo Spacecraft. The Dragon cargo spacecraft is an uncrewed vehicle designed primarily for transporting cargo to and from the International Space Station under NASA’s Commercial Resupply Services program. As an evolution of the original Dragon spacecraft, this vehicle represents a critical component of our portfolio, enabling reliable, cost-effective logistics for space missions. The spacecraft consists of a pressurized section for environmentally controlled cargo and an unpressurized trunk section for additional payloads. It has a launch payload mass of up to 6,000 kilograms and a return payload mass of 3,000 kilograms, making it uniquely suited for both delivery and retrieval of scientific experiments, supplies, and hardware, and establishing SpaceX as the only company capable of returning significant amounts of cargo from the International Space Station back to Earth.

龙货运飞船概览

Dragon Cargo Overview

- 关键特性：龙货运飞船的关键亮点包括配备 16 台 Draco 推进器的推进系统，用于精确轨道机动；通过 NASA 国际对接系统标准（IDSS）实现自主对接能力；以及配备太阳能电池板的后备舱段，用于飞行期间发电。

- Key features: Key highlights of the Dragon cargo spacecraft include its propulsion system with 16 Draco thrusters for precise orbital maneuvering, autonomous docking capabilities via NASA’s International Docking System Standard (IDSS), and a trunk equipped with solar panels for power generation during flight.

- 运载火箭、返回机制与任务剖面：该飞船由猎鹰 9 号火箭发射升空，并通过降落伞辅助溅落海洋返回地球，随后被回收进行翻新和重复使用。龙飞船支持延长在轨驻留时间，通常在国际空间站对接数周后脱离，并携带返回货物。

- Launch vehicle, return mechanism and mission profiles: The spacecraft is launched atop the Falcon 9 rocket and returns to Earth via parachute-assisted splashdown in the ocean, where it is recovered for refurbishment and reuse. Dragon supports extended in-orbit durations, typically spending several weeks docked to the International Space Station before undocking with returned cargo.

- 历史成就：我们的龙飞船于 2012 年由猎鹰 9 号发射，成为首个往返国际空间站运送货物的商业航天器，并在八年后成为首个将人类送往该轨道实验室的私人建造飞行器。这一成就结束了自 2011 年航天飞机退役后美国在国际空间站补给方面对外国飞行器的依赖。初代龙飞船型号（后称龙 1）作为唯一能够向地球返回大量货物的航天器，在推进空间站研究方面确立了关键作用。升级后的货运飞船开创了无需机械臂辅助的自主对接，为空间站运送了包括新太阳能电池阵列在内的重大硬件升级，并于近期首次展示了提升空间站轨道高度的能力。它仍是唯一在役的可重复使用货运飞船。截至 2026 年 3 月 31 日，我们的龙飞船已完成超过 30 次国际空间站货运任务。

- Historic accomplishments: Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial spacecraft to deliver cargo to and from the International Space Station and, eight years later, the first privately built vehicle to fly humans to the orbiting laboratory. This achievement ended U.S. reliance on foreign vehicles for International Space Station resupply following the Space Shuttle’s retirement in 2011. The original Dragon variant (later known as Dragon 1) established a critical role in advancing research on the space station as the only spacecraft capable of returning significant amounts of cargo to Earth. The upgraded cargo spacecraft pioneered autonomous docking without robotic arm assistance, delivered major hardware upgrades for the station including new solar arrays, and recently debuted the ability to reboost the station’s altitude. It remains the only reusable cargo spacecraft in operation. As of March 31, 2026, our Dragon spacecraft has completed over 30 cargo missions to the International Space Station.

龙载人飞船。龙飞船专为将人类送往地球轨道并返回而设计，包括国际空间站。该飞船设计可容纳最多七名乘客，配备用于乘员居住的加压舱、生命支持系统和货物空间。

Dragon Crew Spacecraft. Dragon is engineered to fly humans to and from Earth orbit, including the International Space Station. The spacecraft is designed to accommodate up to seven passengers, with a pressurized cabin for crew habitation, life support systems, and cargo.

龙飞船绕地球两极飞行

Dragon Orbiting Earth's Poles

- 主要特点：龙飞船乘员版（Dragon Crew）航天器配备了先进航空电子设备、用于手动控制的触摸屏界面，以及集成太阳能发电的货舱。龙飞船乘员版的推进系统包括 16 台 Draco 推力器用于轨道调整，以及 8 台 Super Draco 发动机用于发射逃逸系统，可在极不可能发生的紧急情况下实现与火箭的快速分离。

- Key features: Dragon Crew spacecraft is equipped with advanced avionics, touchscreen interfaces for manual control, and an integrated trunk with solar power generation. Dragon Crew’s propulsion includes 16 Draco thrusters for orbital adjustments and 8 Super Draco engines for its launch escape system, enabling rapid separation from the rocket in the unlikely event of an emergency.

- 运载火箭、返回机制与任务概况：该航天器由猎鹰 9 号（Falcon 9）火箭发射升空，并通过降落伞辅助溅落海洋返回地球，随后被回收进行翻新和重复使用。该设计强调可重复使用性，飞行器经翻新后获认证可执行多次飞行，并支持在国际空间站上持续长达九个月的任务。

- Launch vehicle, return mechanism and mission profiles: The spacecraft is launched atop the Falcon 9 rocket and returns to Earth via parachute-assisted splashdown in the ocean, where it is recovered for refurbishment and reuse. The design emphasizes reusability, with vehicles certified for multiple flights after refurbishment, and supports missions lasting up to nine months on the International Space Station.

- 历史性成就：龙飞船的革命性成就包括成为首个将人类运送至国际空间站并返回的私人研制航天器，这一成就在 2020 年 5 月的 Demo-2 任务中实现，搭载了 NASA 宇航员 Doug Hurley 和 Bob Behnken。这一里程碑使美国自 2011 年航天飞机退役以来首次恢复载人航天能力，减少了对国外航天器的依赖。龙飞船已在 NASA 商业载人计划（Commercial Crew Program）下实现常规宇航员轮换，迄今已执行近 15 次成功的乘员及私人宇航员任务前往国际空间站，同时通过搭载商业宇航员执行私人飞行开创了太空旅游先河。其自主对接技术、长时间生命保障和逃逸系统树立了新的安全标准，在载人运营中保持了完美记录。

- Historic accomplishments: Revolutionary accomplishments of Dragon include being the first privately developed spacecraft to transport humans to and from the International Space Station, achieved during the Demo-2 mission in May 2020 which carried NASA astronauts Doug Hurley and Bob Behnken. This milestone returned human spaceflight capabilities to the United States for the first time since the Space Shuttle’s retirement in 2011, reducing dependence on foreign spacecraft. Dragon has enabled regular astronaut rotations under NASA’s Commercial Crew Program, flying nearly 15 successful Crew and Private Astronaut missions to the International Space Station to date, while pioneering space tourism by carrying commercial astronauts on private flights. Its autonomous docking technology, life support for extended durations, and abort system have set new safety standards achieving a flawless record in crewed operations.

#### 连接性

#### Connectivity

Starlink 消费者宽带

Starlink Consumer Broadband

Starlink 消费者宽带是由我们的全球低地球轨道（LEO）卫星星座提供支持的宽带网络，旨在为地球任何地点提供高速、低延迟的互联网连接。该服务提供类似光纤的下载速度，延迟低到足以支持内容流媒体、视频通话和在线游戏等高强度实时应用，同时安装仅需可见天空和电力。自推出以来，Starlink 迅速扩张，截至 2026 年 3 月 31 日，已在 164 个国家、地区及其他市场服务约 10.3 百万用户。

Starlink Consumer Broadband is a broadband network powered by our global LEO satellite constellation, designed to deliver high-speed, low-latency internet connectivity anywhere on Earth. The service provides fiber-like download speeds with latency low enough to support intensive real-time applications, such as content streaming, video calls, and online gaming, while requiring only visible sight to the sky and electricity for installation. Since launch, Starlink has scaled rapidly, serving approximately 10.3 million subscribers across 164 countries, territories, and other markets as of March 31, 2026.

Starlink 消费宽带依托人类历史上最大的卫星星座实现，截至 2026 年 3 月 31 日拥有约 9,000 颗宽带卫星，在低地球轨道（LEO）运行，可提供与许多地面宽带连接相当的时延。我们在 2025 年发射了约 3,100 颗 Starlink 宽带和移动卫星，约为整个第二大 LEO 卫星星座在轨卫星总数的五倍。我们提供的下载速度超过 400 Mbps，往返时延低至 21 毫秒——这一性能可与传统地面宽带相媲美甚至超越，同时还能覆盖传统光纤或蜂窝网络在经济上无法服务的地区。基于卫星的通信具有独特优势，可直接从 LEO 提供覆盖，无需本地基础设施，从而触达服务不足和偏远地区。相比之下，地面网络依赖昂贵的地面建设，在低密度或难以进入的地区往往不具经济性。截至 2026 年 3 月 31 日，该星座包含超过 23,000 条星间激光链路，在太空中构建动态网状网络，使流量可经由轨道路由，而不必完全依赖地面回传基础设施。卫星可自主机动以规避碰撞，并设计为受控寿命终止离轨，支持长期轨道可持续性。我们宽带卫星的后续各代产品（包括 V3 卫星）预计将提升吞吐量、功率容量和网络效率，生产采用垂直整合模式，且大部分在内部完成。我们对垂直整合的专注使我们得以将 Starlink 卫星每 Gbps 下行容量的制造成本从 Starlink V1 宽带卫星到 V2 Mini 卫星降低约三倍。我们预计从 Starlink V1 宽带卫星到 V3 卫星将实现总计九倍的成本降低。

Starlink Consumer Broadband is enabled by the largest satellite constellation in human history with approximately 9,000 broadband satellites as of March 31, 2026, operating in LEO to deliver latency comparable to many terrestrial broadband connections. We launched approximately 3,100 Starlink broadband and mobile satellites in 2025, which is approximately five times more than the total number of active satellites in the entire second largest LEO satellite constellation. We provide download speeds exceeding 400 Mbps with round-trip latencies as low as 21 milliseconds —performance that rivals or surpasses traditional terrestrial broadband while also reaching locations no traditional fiber or cellular network can economically serve. Satellite-based communications are uniquely suited to reach underserved and remote areas by delivering coverage directly from LEO without requiring local infrastructure. In contrast, terrestrial networks depend on costly, ground-based buildouts that are often uneconomical in low-density or hard-to-access regions. As of March 31, 2026, the constellation incorporated over 23,000 inter-satellite lasers that create a dynamic mesh network in space, enabling traffic to route through orbit rather than relying solely on terrestrial backhaul infrastructure. Satellites autonomously maneuver to avoid collisions and are designed for controlled end-of-life deorbit, supporting long-term orbital sustainability. Successive generations of our broadband satellites, including V3 satellites, are expected to increase throughput, power capacity, and network efficiency, with production vertically integrated and performed largely in-house. Our focus on vertical integration has allowed us to reduce the Starlink satellite manufacturing cost per one Gbps of downlink capacity by approximately three times from Starlink V1 Broadband satellites to V2 Mini satellites. We expect to achieve a total cost reduction of nine times from Starlink V1 Broadband satellites to V3 satellites.

Starlink 宽带 V2 Mini 与 V3 卫星

Starlink Broadband V2 Mini and V3 Satellites

在地球上，用户通过我们设计和制造的专有 Starlink 终端接入网络。截至 2026 年 3 月 31 日，我们已降低 Starlink 终端的成本——自 2022 年以来，Starlink Kit 的平均制造成本降低了约 59%——同时提升了性能和可靠性，我们认为这共同为我们提供了相对于其他地面和卫星宽带提供商的有意义且持久的竞争优势。我们的终端产品组合能够以其他卫星互联网提供商所用终端成本的一小部分进行制造和销售，包括三种主要消费者配置：Standard 终端，专为固定住宅和小型企业使用而设计，具有宽广的视野；Mini 终端，大小约相当于一台笔记本电脑，专为移动和旅行使用场景设计，内置 Wi-Fi 路由器，并能够在便携式电池系统或 12V 车辆电源上运行；以及 Performance 终端，专为严苛环境设计，最大下载速度超过 450 Mbps，负载下功耗更高，为 110W 或以上。每种终端均设计为消费者可快速、无缝地自行安装，支持最高 100 mph 速度的移动连接，并为消费者海事用途提供全球、全海洋覆盖。我们认为，这种低成本、便携性（尤其是我们的 Starlink Mini 终端）和终端易于安装的组合将有助于扩大我们的消费者宽带业务规模。

On Earth, users access the network through proprietary Starlink terminals that we design and manufacture. As of March 31, 2026, we have reduced the cost of Starlink terminals—achieving an approximately 59% reduction in the average manufacturing cost of a Starlink Kit since 2022—while improving performance and reliability, which we believe collectively provides us a meaningful and durable competitive advantage over other terrestrial and satellite broadband providers. Our portfolio of terminals, which we are able to manufacture and sell for a fraction of the cost of terminals used by other satellite internet providers, includes three primary consumer configurations including: a Standard terminal designed for fixed residential and small business use, featuring a wide field of view; a Mini terminal roughly the size of a laptop, designed for mobility and travel use cases with a built-in Wi-Fi router and the ability to operate on portable battery systems or 12V vehicle power; and the Performance terminal, designed for demanding environments, with a maximum download speed over 450 Mbps and a higher power consumption of 110W or more under load. Each type of terminal is designed to be quick and seamless for a consumer to self-set up, support in-motion connectivity up to speeds of 100 mph, and deliver global, oceanwide coverage for consumer maritime use. We believe that this combination of low cost, portability (particularly in the case of our Starlink Mini terminal), and ease of installation of our terminals will help scale our consumer broadband offering.

Starlink Standard 和 Mini 用户终端

Starlink Standard and Mini User Terminals

我们主要通过订阅计划配合硬件销售来实现 Starlink 的变现。服务层级因速度、优先接入、地理覆盖和移动性要求而异，包括面向中小型企业、企业和政府 Starlink 客户的 Local 和 Global Priority 选项。随着星座规模扩大以及下一代卫星带来的容量扩展，我们预计 Starlink 将继续作为全球经常性收入连接平台和太空赋能数字经济的基础层而增长。

We monetize Starlink primarily through subscription plans paired with hardware sales. Service tiers vary by speed, priority access, geographic coverage, and mobility requirements, including Local and Global Priority options for small to medium sized business, enterprise, and government Starlink customers. As the constellation scales and capacity expands with next-generation satellites, we expect Starlink to continue growing as a global, recurring-revenue connectivity platform and foundational layer of a space-enabled digital economy.

企业解决方案

Enterprise Solutions

企业解决方案将 Starlink 消费者宽带的相同基本优势——高吞吐量、低延迟和全球覆盖——带入企业关键任务、移动中和分布式连接环境。Starlink 的架构旨在在路线、海洋和偏远工业场址提供一致性能。企业服务由专用硬件配置和针对使用强度、服务级别要求和车队规模部署量身定制的商业结构提供支持。

Enterprise Solutions offers the same fundamental advantages of Starlink Consumer Broadband—high throughput, low-latency, and global coverage—into mission-critical, in-motion, and distributed connectivity environments for enterprises. Starlink’s architecture is designed to deliver consistent performance across routes, oceans, and remote industrial sites. Enterprise services are supported by dedicated hardware configurations and commercial structures tailored to usage intensity, service-level requirements, and fleet-scale deployments.

企业解决方案

Enterprise Solutions

航空连接

Aviation Connectivity

Starlink Aviation 为商用和私人飞机提供宽带连接，使乘客和机组人员从登机口到登机口全程（包括滑行期间和起飞前）都能获得高质量互联网服务。该服务与传统的机上连接系统相比，具有显著更低的时延和更高的吞吐量，从而在飞行途中能够大规模支持流媒体、视频会议和实时应用——甚至包括此前在飞机上无法实现的游戏等高带宽应用。Starlink 的全球网络旨在消除“盲区”，并支持在极地和高纬度航线上保持性能，而这些航线对传统提供商而言可能颇具挑战。近年来，我们组建了专门的销售和工程团队，以在航空领域推广和支持全机队改装。这使我们得以与众多全球领先航空公司建立合作，包括 United Airlines、Southwest Airlines、American Airlines、Qatar Airways、Lufthansa Group、British Airways、Alaska Airlines 和 Hawaiian Airlines，其中许多航空公司已实施或承诺进行全机队 Starlink 安装，以实现无缝的机上连接。

Starlink Aviation provides broadband connectivity for commercial and private aircraft, enabling high-quality internet service for passengers and crew from gate to gate, including during taxi and prior to take-off. The service is differentiated by materially lower latency and higher throughput than legacy in-flight connectivity systems, enabling streaming, video conferencing, and real-time applications at scale while in flight—even bandwidth-intensive applications such as gaming, previously impractical from an airplane. Starlink’s global network is designed to eliminate “dead zones” and supports performance on polar and high-latitude routes that can be challenging for traditional providers. In recent years, we have assembled dedicated sales and engineering teams to market and support fleet-wide conversions in the aviation sector. This has enabled partnerships with many of the world’s leading airlines, including United Airlines, Southwest Airlines, American Airlines, Qatar Airways, Lufthansa Group, British Airways, Alaska Airlines, and Hawaiian Airlines, many of which have implemented or committed to fleet-wide Starlink installations for seamless in-flight connectivity.

海事连接

Maritime Connectivity

Starlink Maritime 为在沿海和深海环境中运营的船舶提供宽带连接，既支持运营需求（导航、遥测、维护、物流），也支持终端用户连接（船员福利和乘客互联网）。该服务旨在无论是否靠近陆地都能提供一致覆盖，包括在传统卫星架构下可能出现服务降级的航线。Starlink 终端专为海洋运营条件而设计，并设计为可与现有船上通信系统一同高效安装或更换，从而减少改装期间的停机时间。对许多海事运营商而言，Starlink 充当批发或“联合”连接层：船东或邮轮运营商购买容量并在乘客、船员和关键船舶系统之间进行分配，包括将 Wi-Fi 接入作为船上服务转售的情形。定价结构因船舶类别、预期用量、覆盖要求（沿海与远洋）和优先级而异，通常通过具有船队商业条款的经常性订阅安排实施。为支持海事领域的全船队改装，我们已与顶级邮轮运营商合作，如 Carnival Corporation、Royal Caribbean Group、MSC Cruises 和 Norwegian Cruise Line Holdings，进行全船队部署，为全球数千艘船舶提供可靠的高速互联网。

Starlink Maritime provides broadband connectivity for vessels operating in coastal and deep-ocean environments, supporting both operational requirements (navigation, telemetry, maintenance, logistics) and end-user connectivity (crew welfare and passenger internet). The service is designed for consistent coverage regardless of proximity to land, including routes that may experience service degradation under legacy satellite architectures. Starlink terminals are engineered for marine operating conditions and are designed to be installed or swapped efficiently alongside existing onboard communications systems, reducing downtime during retrofit. For many maritime operators, Starlink functions as a wholesale or “syndicated” connectivity layer: vessel owners or cruise operators purchase and allocate capacity across passengers, crew, and critical ship systems, including when reselling Wi-Fi access as an onboard service. Pricing structures vary by vessel class, expected consumption, coverage requirements (coastal vs. ocean), and priority level, and are generally implemented through recurring subscription arrangements with fleet-based commercial terms. To support fleet-wide conversions in the maritime sector, we have partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full-fleet deployments that deliver reliable high-speed internet across thousand s of vessels worldwide.

陆地移动与物联网

Land Mobility and IoT

Starlink 为陆地移动出行和工业物联网应用提供移动中的连接支持，这些应用场景中地面网络时断时续或无法使用。此类部署包括车队车辆、远程现场作业以及需要在移动过程中持续获得宽带连接的加固型用例，且往往跨越广阔地域。该服务对应急响应人员、灾后恢复和关键基础设施连续性尤为重要，在这些场景中，具备韧性的通信会实质性地影响安全与响应成效。在工业环境中，Starlink 可作为互联设备和遥测驱动工作流的连接骨干，在农业、能源和物流环境中实现实时监控和远程运营。商业部署通常围绕车队或企业账户构建，硬件和服务层级与移动性需求、使用强度和优先性能相匹配。我们已与陆地移动出行运营商合作，包括 John Deere 和加利福尼亚州消防局，以及与 Brightline（佛罗里达州）和 Italo Treno 等客运铁路运营商合作，为其车队提供远程监控和管理。

Starlink supports in-motion connectivity for land mobility and industrial IoT applications where terrestrial networks are intermittent or unavailable. These deployments include fleet vehicles, remote field operations, and ruggedized use cases that require continuous broadband while moving, often across large geographies. The service is particularly relevant for emergency responders, disaster recovery, and critical infrastructure continuity, where resilient communications materially impact safety and response effectiveness. In industrial settings, Starlink can serve as a connectivity backbone for connected equipment and telemetry-driven workflows, enabling real-time monitoring and remote operations in agriculture, energy, and logistics environments. Commercial deployments are typically structured around fleets or enterprise accounts, with hardware and service tiers aligned to mobility requirements, usage intensity, and priority performance. We have partnered with land mobility operators, including John Deere and the California Fire Department, as well as passenger rail operators such as Brightline (Florida), and Italo Treno, to provide remote monitoring and management of their fleets.

Starlink 固定站点

Starlink Fixed Site

Starlink 固定站点旨在为全球分布式商业场所提供主用或备用连接，包括那些以光纤经济地提供服务较为困难、或需要冗余以保障正常运行时间的站点。Starlink 不依赖有线基础设施——而有线基础设施易受自然灾害、冲突和其他事件造成的损坏或中断——这使其非常适合依赖持续宽带连接、无法承受地面方案暂时“离线”的企业。客户部署 Starlink 以支持销售点系统、企业网络、视频与安防系统以及业务连续性，包括在地面基础设施可能受损的灾害和局部中断期间。该服务的差异化优势在于安装快捷、地理灵活性强，以及在偏远和难以到达地点具有可靠性能，因而适合零售商、工业运营商和偏远设施（包括海上和现场站点）。定价模式包括多个层级和配置，取决于速度、优先接入、覆盖范围和部署站点数量，典型的企业安排采用经常性订阅加硬件的结构。

Starlink Fixed Site is designed to provide primary or backup connectivity for distributed business locations globally, including sites that are difficult to serve economically with fiber or that require redundancy for uptime. Starlink’s lack of dependence on wireline infrastructure—which is subject to damage or disruption from natural disasters, conflict, and other events—makes it well-suited for businesses that rely on continuous broadband connectivity and cannot afford a terrestrial offering going temporarily “offline.” Customers deploy Starlink to support point-of-sale systems, corporate networking, video and security systems, and business continuity, including during disasters and localized outages where terrestrial infrastructure may be impaired. The service is differentiated by rapid installability, geographic flexibility, and reliable performance in remote and hard-to-reach locations, making it suitable for retailers, industrial operators, and remote facilities (including offshore and field sites). Pricing models include multiple tiers and configurations depending on speed, priority access, coverage footprint, and the number of sites deployed, with typical enterprise arrangements structured as recurring subscriptions paired with hardware.

政府解决方案

Government Solutions

我们为美国民事、州及地方政府机构以及国际民事政府机构提供高速、高韧性的连接服务，用于公共服务、社会影响、人道主义行动和灾害响应，即便在最偏远、最具挑战性的环境中也是如此。示例包括：支持 FEMA 在飓风和野火过后协调灾后恢复，支持 NOAA 进行海上测试和环境监测，支持菲律宾政府连接偏远岛屿、学校和公共机构，支持牙买加政府改善偏远地区和海域的数字接入，以及支持厄瓜多尔政府为孤立社区提供教育和医疗连接。

We provide U.S. civil, state, and local government agencies as well as international civil government agencies high-speed, resilient connectivity for public services, social impact, humanitarian efforts, and disaster response in even the most remote and challenging environments. Examples include support for the FEMA in coordinating disaster recovery after hurricanes and wildfires, the NOAA for at-sea testing and environmental monitoring, the Government of the Philippines for linking remote islands, schools, and public institutions, the Government of Jamaica for improving digital access in remote and maritime areas, and the Government of Ecuador for supporting education and healthcare connectivity in isolated communities.

此外，我们还运营 Starshield，这是一个专为国家安全应用设计的安全卫星网络。Starshield 依托支撑 Starlink 的技术、制造和发射基础设施，聚焦三大核心任务领域：对地观测、全球安全通信和搭载载荷。Starshield 卫星旨在集成多种传感器和仪器，使政府客户能够在 LEO 部署特定任务能力，而无需为每个项目单独设计、建造和发射独立航天器。

Separately, we operate Starshield, a secure satellite network designed specifically for national security applications. Built on the technology, manufacturing, and launch infrastructure that underpin Starlink, Starshield is focused on three core mission areas: Earth observation, global secure communications, and hosted payloads. Starshield satellites are designed to integrate a wide range of sensors and instruments, allowing government customers to deploy mission-specific capabilities in LEO without having to design, build, and launch standalone spacecraft for every program.

Starshield 在我们商业网络所用端到端数据加密的基础上，增加了针对军事及其他政府需求定制的高保障密码能力。通过将这一安全态势与我们高节奏的发射能力以及不断演进的 Starlink 衍生基础设施相结合，我们旨在提供一个可扩展的国家安全平台，能够随着任务需求随时间变化而更新、补充和扩展。

Starshield builds on the end-to-end data encryption used in our commercial network by adding high-assurance cryptographic capabilities tailored to military and other government requirements. By combining this security posture with our high-cadence launch capability and evolving Starlink-derived infrastructure, we aim to offer a scalable national security platform that can be updated, replenished, and expanded as mission needs change over time.

Starlink Mobile

Starlink Mobile

我们通过移动服务将 Starlink 的覆盖范围扩展到固定终端和移动终端之外，将智能手机（无需任何改装或额外硬件）及其他地面设备直接连接至我们的卫星。我们的目标是彻底消除移动“盲区”。通过使用实际上充当太空基站的卫星，我们能够在历史上地面网络不可用或不可靠的偏远和难以到达地点提供数据、OTT 语音、视频和消息服务。Starlink Mobile 已在部分市场实现消息服务的商业化，并已被用于支持自然灾害后的应急通信，彰显其作为高韧性、不依赖地面基础设施的连接方式的优势。

We are extending the reach of Starlink beyond fixed and mobility terminals through our mobile service, connecting smartphones (with no modifications or incremental hardware) and other terrestrial devices directly to our satellites. We aim to entirely eliminate mobile “dead zones.” By using satellites that effectively function as cell towers in space, we enable data, over-the-top voice, video and messaging in remote and hard-to-reach locations where terrestrial networks have historically been unavailable or unreliable. Starlink Mobile is already commercially available for messaging in select markets and has been used to support emergency communications following natural disasters, demonstrating its strength as resilient, infrastructure-independent connectivity.

V1 移动卫星和 V2 移动卫星

V1 Mobile Satellites and V2 Mobile Satellites

我们的移动星座与我们的宽带网络建立在相同的 LEO 架构之上，其卫星专门设计用于直接与日常 LTE 手机和物联网设备通信，无需专用或额外硬件。这些卫星使用独家授权频谱，使我们能够接入移动网络运营商（MNO）的现有网络，同时提供远超地面基站覆盖范围的覆盖能力。自 2024 年初发射首批移动卫星以来，我们已迅速将网络扩展至数百颗在轨航天器，并展示了多项关键技术里程碑，包括发射后数天内完成首次短信测试、实时视频通话，以及通过 Starlink Mobile 卫星直接从标准智能手机发送公开帖子。我们自主设计、制造并利用自有运载工具发射这些卫星的能力，使我们能够快速迭代有效载荷和软件，持续扩展容量与性能。

Our mobile constellation builds on the same LEO architecture as our broadband network, with satellites specifically designed to communicate directly with everyday LTE handsets and IoT devices without requiring specialized or additional hardware. These satellites use exclusive licensed spectrum, allowing us to integrate into MNOs’ existing networks while delivering coverage far beyond the reach of ground-based towers. Since launching the first mobile satellites in early 2024, we have rapidly scaled the network to hundreds of in-orbit spacecraft and demonstrated key technical milestones, including the first SMS tests within days of launch, live video calls, and public posts sent directly from standard smartphones through a Starlink Mobile satellite. Our ability to design, manufacture and launch these satellites on our own vehicles enables us to iterate quickly on payloads and software, expanding capacity and performance over time.

如今，我们的 Starlink Mobile 服务通过与全球领先的移动网络运营商合作提供。我们初期聚焦于为地面覆盖有限或没有地面覆盖地区的消费者用户提供短信服务，并制定了支持更广泛的数据、语音和物联网服务的路线图。我们在六大洲与约 30 家 MNO 合作，包括美国的 T-Mobile，以及 One NZ、Optus、Telstra、Rogers、KDDI、Salt、Entel、Kyivstar 和 VMO2 等其他国际运营商。通过这些合作，我们使消费者、企业和公共部门客户能够在更多地点使用其现有手机，在灾害和停电期间支持关键连接，并为低带宽移动和物联网设备开辟新的应用。

Today, our Starlink Mobile service is delivered in partnership with leading mobile network operators around the world. We are initially focused on messaging for consumer subscribers in areas with limited or no terrestrial coverage, with a roadmap to support broader data, voice and IoT services. We partner with approximately 30 MNOs across six continents, including T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.

Starlink Mobile 覆盖地图

Map of Starlink Mobile Coverage

#### 卫星寿命

#### Satellite Life

我们根据工程研究、历史在轨性能、推进剂寿命、使用模式、各代设计改进以及向更新卫星技术的计划过渡，估计我们的卫星使用寿命为三至五年。然而，我们经常在卫星使用寿命结束前将其离轨，主要目的是降低可能损害我们自主避碰系统并危及星座安全的退化风险。迄今为止，我们的自主避碰系统未发生任何导致卫星损失的故障，其他原因造成的卫星损失仍然极小。

We estimate that our satellites have useful lives of three to five years based on engineering studies, historical on-orbit performance, propellant life, utilization patterns, design enhancements across generations, and planned transitions to newer satellite technology. We, however, often deorbit satellites before the end of their useful lives, primarily to reduce degradation risks that could impair our autonomous collision avoidance system and compromise constellation safety. To date, our autonomous collision avoidance system has not experienced any failures resulting in satellite loss, and satellite losses from other causes remain de minimis.

#### AI

#### AI

Grok

Grok

Grok 是我们使命的核心支柱之一，该使命旨在通过开发追求真理的人工智能，增进人类对宇宙的理解。Grok 针对严谨推理、实时信息综合和透明输出进行设计与优化，其产品理念以智识诚实、第一性原理思维以及对复杂议题的深入探讨为中心。

Grok represents a core pillar of our mission to advance humanity’s understanding of the universe through the development of truth-seeking artificial intelligence. Grok is designed and optimized for rigorous reasoning, real-time information synthesis, and transparent outputs, with a product philosophy centered on intellectual honesty, first-principles thinking, and engagement with complex topics.

Grok 被设计为一款追求真相的 AI 模型，其构建基于我们的创始人 Elon Musk 的使命——让人类理解宇宙。我们相信，实现这一使命需要对 AI 采取追求真相的方法。我们将追求真相定义为对现实中客观真实之事进行主动、不懈的探求，并以证据、逻辑、经验数据和第一性原理思维为基础。我们的目标是，在现有知识允许的范围内尽可能准确地理解和解释宇宙似乎正在发生什么。在追求这一追求真相目标的过程中，Grok 还得益于其与 X 的整合，X 是我们的实时信息、娱乐和言论自由平台。这种对 X 上信息和人类话语的直接、实时访问，通过将输出建立在最新知识和多元观点之上，增强了 Grok 的追求真相能力。

Grok is designed as a truth-seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data, and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as accurately as current knowledge allows. In pursuit of this truth-seeking objective, Grok also benefits from its integration with X, our real-time information, entertainment, and free speech platform. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints.

自 Grok 1 首次发布以来，我们快速迭代，相继发布了 Grok 2、Grok 3，以及当前版本 Grok 4，每一代都在预训练、推理深度、多模态能力、延迟和规模方面带来了实质性改进。沿着这一轨迹，我们预计将通过后续代际继续扩展 Grok。下一代模型的持续训练预计将扩展至数万亿参数级别，这可能代表推理深度和整体智能的阶跃式变化。在此语境下，参数数量指模型的规模，其中参数是内部数值，例如“权重”，在训练过程中被调整，以使模型能够识别数据中的模式和关系。参数数量越大，通常使模型能够捕捉更复杂的关系、存储更多知识，并达到更高水平的推理能力。我们加速的开发节奏使 Grok 跻身于相对于同行（包括 OpenAI、Anthropic 和 Google）进展最快的前沿模型之列。Grok 的差异化在于其强调实时数据整合，特别是通过从 X 平台获得的洞察（对某些内容存在一定限制），从而实现对时事和用户话语的动态感知，以及对推理透明度和可解释性的明确投入。Grok 通过改善内容理解、个性化和推荐系统来增强 X 生态系统，从而提高用户参与度和平台智能。我们目前正在开发下一代迭代版本，包括 Grok-5，预计将进一步扩展推理保真度、多模态整合和特定领域性能。

Since the initial release of Grok 1, we have iterated rapidly, releasing Grok 2, Grok 3, and, the current version, Grok 4, each delivering material improvements in pre-training, reasoning depth, multimodal capabilities, latency, and scale. Building on this trajectory, we expect to continue scaling Grok through subsequent generations. Ongoing training of next‑generation models is expected to scale toward multiple trillions of parameters, which could represent a step change in reasoning in depth and overall intelligence. In this context, the number of parameters refers to the scale of the model, where parameters are the internal numerical values, such as “weights,” that are adjusted during training to enable the model to recognize patterns and relationships in data. A larger number of parameters generally allows the model to capture more complex relationships, store greater amounts of knowledge, and achieve higher levels of reasoning capability. Our accelerated development cadence positions Grok among the fastest-advancing frontier models relative to peers, including OpenAI, Anthropic, and Google. Grok is differentiated by its emphasis on real-time data integration, particularly through insights derived from the X platform (subject to some limitations for certain content), enabling dynamic awareness of current events and user discourse, as well as by explicit investment in reasoning transparency and explainability. Grok enhances the X ecosystem by improving content understanding, personalization, and recommendation systems, thereby increasing user engagement and platform intelligence. We are currently developing next-generation iterations, including Grok-5, which are expected to further expand reasoning fidelity, multimodal integration, and domain-specific performance.

地面 AI 算力

Terrestrial AI Compute

我们的地面 AI 算力构成了 Grok 模型家族的骨干，并以 COLOSSUS 和 COLOSSUS II 数据中心为依托，这些数据中心拥有全球规模最大、最先进的 AI 训练集群之一。COLOSSUS 和 COLOSSUS II 合计提供约 1.0 吉瓦的算力，另有额外电力容量可用于数据中心运营。我们在 122 天内使 COLOSSUS 的首个集群上线，利用了现有工厂的外壳进行改造；而 COLOSSUS II 的首个集群上线更快，仅用 91 天。作为直观对比，行业基准显示，将一个 100 兆瓦的全新绿地数据中心投入运营约需两年。我们还在成本效率方面实现了显著提升，COLOSSUS II 的数据中心建设成本按每兆瓦计算大幅低于行业基准。COLOSSUS II 能够完全依靠我们自建的表后吉瓦级天然气发电厂运行。我们的数据中心集成了全球规模最大的 Megapack 部署，提供了额外的可靠性和运营性能保障。在我们所有现有数据中心，我们都采用了棕地改造策略，利用现有工业场地、先进的直接芯片冷却以支持更高的机架密度，以及高速网络。这些集群部署了领先的 GPU，以最大化训练吞吐量和模型性能。COLOSSUS II 的下一阶段扩建旨在训练我们的下一代 Grok-5 AI 模型。随着我们继续扩展 AI 算力基础设施，我们也将继续通过电网供电和表后天然气发电厂建设的组合来增强我们的电力能力。在 COLOSSUS，我们的电网供电能力设计为在可用时从电网购电，并在电网供电受限时依靠我们的表后自发电和 Megapack 装置。

Our terrestrial AI compute forms the backbone of the Grok model family and is anchored by the COLOSSUS and COLOSSUS II data centers that boast some of the world’s largest and most advanced AI training clusters. COLOSSUS and COLOSSUS II collectively provide approximately 1.0 gigawatt of compute power, with the additional power capacity available for data center operations. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. COLOSSUS II is capable of operating entirely by our self-built behind-the-meter gigawatt-scale natural gas power plant. Our data centers are integrated with the world’s largest Megapack deployment, providing additional layers of reliability and operating performance. At all our existing data centers we have employed a brownfield retrofit strategy leveraging existing industrial sites, advanced direct-to-chip cooling to support higher rack densities, and high-speed networking. The clusters deploy leading-edge GPUs to maximize training throughput and model performance. The next phase of expansion at COLOSSUS II is designed to train our next-generation Grok-5 AI model. As we continue to expand our AI compute infrastructure, we will also continue to enhance our power capabilities utilizing a combination of grid-power and behind-the-meter natural gas power plant buildouts. At COLOSSUS, our grid power capabilities are designed to purchase power from the grid as available, and to rely on our behind-the-meter, self-generated power and Megapack installations when grid power is curtailed.

COLOSSU · S II 设施

COLOSSU · S II Facility

#### X 平台

#### X Platform

X 是一个实时信息、娱乐和言论自由平台，为我们的 AI 生态系统提供基础性分发和数据引擎。凭借全球用户群体在各种主题上全天候生成大量内容，X 为模型训练和实时上下文整合提供了独一无二的动态数据集（对某些内容存在一定限制），这使 Grok 与其他前沿实验室的产品显著不同。

X is a real-time information, entertainment, and free speech platform that serves as a foundational distribution and data engine for our AI ecosystem. With a global user base generating substantial volumes of content at all times across a wide variety of topics, X provides a uniquely dynamic data set for model training and real-time context integration, subject to some limitations for certain content, which significantly differentiates Grok from the other frontier lab offerings.

X 是我们的实时信息、娱乐和言论自由平台

X is Our Real-time Information, Entertainment, and Free Speech Platform

X 是我们的实时信息、娱乐和言论自由平台，作为一个全球城市广场，由 Grok 提供集成的 AI 能力。X 旨在向“万能应用”演进，使用户能够发布内容、分享媒体、参与对话、主持、观看和参与实时群组讨论、关注实时事件、使用加密消息传递，并通过界面中醒目的 Grok 图标直接利用 Grok 辅助发帖、内容发现和对话式 AI 等高级功能。

X is our real-time information, entertainment, and free speech platform that serves as a global town square with integrated AI capabilities powered by Grok. Designed to evolve toward an “everything app,” X enables users to post content, share media, engage in conversations, host, view, and participate in live group discussions, follow real-time events, use encrypted messaging, and leverage advanced features such as Grok-assisted post creation, content discovery, and conversational AI directly within the interface via the prominent Grok icon.

Grok 在 X 平台上占据核心显著位置

Grok Holds Front and Center Real Estate on the X Platform

凭借 Grok 前沿模型的原生集成，包括实时访问 X 数据以获取最新洞察、趋势分析和增强搜索，X 为全球用户提供个性化信息流、更智能的推荐以及低延迟的 AI 辅助。我们的 X Premium 订阅选项，包括 Basic、Premium 和 Premium+ 层级，提供扩展功能、减少广告的体验以及优先的 Grok 交互。2023 年，Grok 的聊天功能被集成到 X 应用中，使用户能够打开聊天界面输入提示词并获得实时回答。

With native integration of Grok’s frontier models, including real-time access to X data for up-to-date insights, trending analysis, and enhanced search, X delivers personalized feeds, smarter recommendations, and low-latency AI assistance for our users worldwide. Our X Premium subscription options, including Basic, Premium and Premium+ tiers, offer expanded features, ad-reduced experiences, and priority Grok interactions. In 2023, Grok’s chat functionality was integrated into the X app allowing for the user to open the chat interface to type prompts and get real time answers.

公开的 X 数据增强了 Grok 的训练和推理能力，同时该平台继续为广告主带来可衡量的业绩成果，并日益将战略重点放在基于效果的营销解决方案上。

Public X data enhances Grok’s training and reasoning capabilities, while the platform continues to deliver measurable performance outcomes for advertisers, with an increasing strategic focus on performance-based marketing solutions.

除 X 消费产品外，X 还为广告主和开发者提供了一套强大的工具，以触达高度活跃的受众。广告主可以通过多样化的广告形式触达受众——例如推广广告、竖版视频广告、合集广告，以及 X Amplify 和 Takeovers 等高级选项——这些广告与自然内容无缝融合，实现真实互动。凭借基于公开对话、事件、关键词、兴趣、位置和相似受众的高级定向，品牌可以与受众建立联系，同时受益于灵活的、基于效果的定价（仅对点击或互动等行为付费），且成本通常低于其他平台。我们预计，我们持续的创新——包括由 Grok 驱动的集成、新的情境广告测试，以及为便于重复使用广告创意而扩展的宽高比支持——将使 X 成为在 X 数亿月活跃用户中推动流量、转化以及品牌认知度和可见度的有竞争力的选择。开发者可以访问围绕时事、趋势或情绪持续、高容量、实时的数据流，他们可以通过官方 X 开发者平台和 API 访问这些数据。

In addition to X consumer products, X offers advertisers and developers a powerful suite of tools to reach highly engaged audiences. Advertisers can target audiences through diverse ad formats—such as Promoted Ads, Vertical Video Ads, Collection Ads, and premium options such as X Amplify and Takeovers—blending seamlessly with organic content for authentic engagement. With advanced targeting based on public conversations, events, keywords, interests, locations, and look-alike audiences, brands can connect with audiences while benefiting from flexible, performance-based pricing (pay only for actions such as clicks or engagements) and often lower costs compared to other platforms. We expect that our ongoing innovations—including Grok-powered integrations, new contextual ad tests, and expanded aspect ratio support for easy reuse of ad creative—make X a competitive choice for driving traffic, conversions, and brand awareness and visibility among X’s hundreds of million s of MAUs. Developers have access to a continuous, high-volume, real-time stream of data around current events, trends, or sentiment, which they can access through an official X Developer Platform and APIs.

2026 年 4 月，我们开始分阶段推出我们从头重建的新广告平台。新的 Ads Manager 旨在帮助广告主更快地启动更好的广告活动，并获得更强的 ROI。在 AI 驱动下，新系统能够实现更精准、更相关和更动态的广告投放。广告无缝集成到用户的 X 信息流中。

In April 2026, we began a phased roll-out of our new advertising platform, that we rebuilt from the ground up. The new Ads Manager is built to help advertisers launch better campaigns, faster, with stronger ROI. Powered by AI, the new systems enable more precise, relevant and dynamic ad delivery. Ads are seamlessly integrated into a User’s X feed.

通过将高容量用户互动与前沿 AI、AI 算力基础设施和垂直整合相结合，X 加速迈向无处不在的连接、实时全球感知，以及面向多行星人类事业的基础社交层。

By combining high-volume user interactions with frontier AI, AI compute infrastructure, and vertical integration, X accelerates progress toward ubiquitous connectivity, real-time global awareness, and the foundational social layer for multiplanetary human endeavors.

X Ads Manager。X 提供全面的广告产品套件，包括推广帖、视频广告、轮播广告和赞助内容，使企业能够在平台上实时触达目标受众。这些解决方案依托实时对话数据、基于兴趣的定向和行为信号，支持以目标为导向的营销活动，聚焦于网站流量、视频观看量、应用安装量、潜在客户获取和品牌知名度。X 的 Ad Manager 提供集中化平台，使广告主能够管理广告活动的创建、优化和实时监控，并具备详细的受众洞察、竞价控制、效果分析和 A/B 测试功能。与 Grok AI 的集成进一步简化了创意开发流程，使 X 的可扩展广告解决方案能够有效服务于各种规模的企业，帮助其在动态的公共对话环境中实现高效互动。

X Ads Manager. X provides a comprehensive suite of advertising products, including promoted posts, video ads, carousels, and sponsored content, which enable businesses to reach targeted audiences in real time across the platform. Powered by real-time conversation data, interest-based targeting, and behavioral signals, these solutions support objective-based campaigns focused on website traffic, video views, app installs, lead generation, and brand awareness. X’s Ad Manager provides a centralized platform that allows advertisers to manage creation, optimization, and real-time monitoring of ad campaigns with detailed audience insights, bidding controls, performance analytics, and A/B testing capabilities. Integration with Grok AI further streamlines creative development, making X’s scalable ad solutions effective for businesses of all sizes seeking efficient engagement in a dynamic public conversation environment.

Grok 消费级产品

Grok Consumer Products

我们的消费级产品由 Grok 提供支持，包括 Grok 语言与编程模型、Grok 图像与视频生成模型（更常被称为 Grok Imagine）以及 Grokipedia。这些应用依托底层 Grok 模型系列，提供先进的多模态交互、实时信息感知和透明的推理输出。我们目前为 Grok 提供四个不同层级的订阅——basic、SuperGrok、SuperGrok Heavy 和 SuperGrok Lite，各层级均按月或按年定价。更高定价层级可解锁对高级模型的扩展访问权限、更高的使用限额、优先算力以及一套专为高级用户和企业级应用量身定制的优质功能。

Our consumer products are powered by Grok, including Grok language and coding models, Grok image and video generation models (more commonly known as Grok Imagine), and Grokipedia. These applications leverage the underlying Grok model family to deliver advanced multimodal interaction, real-time information awareness, and transparent reasoning outputs. We currently offer four different tiers of subscription for Grok—basic, SuperGrok, SuperGrok Heavy, and SuperGrok Lite, each priced on a monthly or annual basis. Higher pricing tiers unlock expanded access to advanced models, increased usage limits, priority compute, and a suite of premium features tailored to power users and enterprise-grade applications.

Grok Chat。Grok Chat 是 Grok 的主要对话界面，使用户能够提交文本或语音查询，用于解释、问题解决、研究、编程、头脑风暴和深入讨论，并实时集成网络搜索、X 数据、代码执行以及对图像或文档的多模态分析。它可通过 grok.com、专用移动应用、X 平台集成和 xAI API 使用，提供求真、有帮助且审查最少的回答，并针对事实准确性和复杂推理进行了优化。

Grok Chat. Grok Chat represents the primary conversational interface of Grok, enabling users to submit text or voice queries for explanations, problem-solving, research, coding, brainstorming, and in-depth discussions with real-time integration of web search, X data, code execution, and multimodal analysis of images or documents. Available via grok.com, dedicated mobile apps, X platform integration, and the xAI API, it provides truth-seeking, helpful, and minimally censored responses optimized for factual precision and complex reasoning.

Grok Chat Grok Imagine。Grok Imagine 是 Grok 的生成式视觉与多媒体创作套件，由专有模型提供支持，可根据文本提示、参考图像或现有视觉素材生成高质量图像、短视频（当前版本最高为 720p、时长最长 15 秒）和同步音频。它支持文本到图像/视频编辑、图像到视频编辑和视频到视频编辑、风格迁移以及具有强烈提示遵循度和照片级真实输出的电影级运动效果，可通过 Grok 平台、Imagine 标签页和专用 API 访问。

Grok Chat Grok Imagine. Grok Imagine is Grok’s generative visual and multimedia creation suite, powered by proprietary models for producing high-quality images, short videos (up to 15 seconds at 720p in current iterations), and synchronized audio from text prompts, reference images, or existing visuals. It supports text-to-image/video editing, image-to-video editing, and video-to-video editing, style transfer, and cinematic motion with strong prompt adherence and photorealistic output, accessible through the Grok platform, Imagine tab, and dedicated API.

Grok Imagine

Grok Imagine

Grok Voice。Grok Voice 通过语音交互提供自然、实时的对话式 AI，使用户能够无缝地与 Grok 交谈和聆听，从而更快地获取信息并执行任务。

Grok Voice. Grok Voice delivers natural, real-time conversational AI through voice interactions, allowing users to seamlessly speak and listen to Grok for faster access to information and task execution.

Grok 企业级产品

Grok Enterprise Products

Grok Teams。Grok Teams 使中小型组织能够将 Grok 的先进 AI 能力直接整合到协作工作流程中。团队可获得专属工作空间，具备安全共享、增强的隐私保护以及用于邀请用户和管理访问权限的管理控制功能。Grok Teams 加速分析、创新和创造，同时确保数据保持私密且绝不用于训练。

Grok Teams. Grok Teams empowers small-to-medium-sized organizations to integrate Grok’s advanced AI capabilities directly into collaborative workflows. Teams gain access to dedicated workspaces with secure sharing, enhanced privacy protections, and administrative controls for inviting users and managing access. Grok Teams accelerates analysis, innovation, and creation while ensuring data remains private and is never used for training.

Grok API。Grok API 提供对 Grok 前沿模型的程序化访问，包括高级推理、视觉、工具使用、图像生成、语音 AI 和实时搜索能力，专为企业级集成而定制。它提供智能体工作流等功能，以及企业级选项，如自定义配额、安全身份验证和专属支持。该 API 专为构建生产应用的开发者和组织设计，能够将 Grok 的强大 AI 无缝嵌入定制解决方案，以速度、精度和可靠性推动各行业的创新。例如，Grok Voice Agent API 的企业版使开发者和企业能够构建多语言语音智能体，具备语音识别、工具调用、实时数据查询和低延迟响应能力。它支持生产级语音应用，在音频推理基准测试中表现出高性能，从而增强客户服务、内部运营和交互体验。

Grok API. The Grok API provides programmatic access to Grok’s frontier models, including advanced reasoning, vision, tool-use, image generation, voice AI, and real-time search capabilities, tailored for enterprise-scale integration. It offers features like agentic workflows, and enterprise-grade options such as custom allocations, secure authentication, and dedicated support. Designed for developers and organizations building production applications, the API enables seamless embedding of Grok’s powerful AI into custom solutions, driving innovation across industries with speed, precision, and reliability. For example, the enterprise version of the Grok Voice Agent API allows developers and businesses to build multilingual voice agents capable of speech recognition, tool calling, real-time data querying, and low-latency responses. It supports production-grade voice applications that enhance customer service, internal operations, and interactive experiences with high performance in audio reasoning benchmarks.

基础设施与设施 Infrastructure and Facilities

SpaceX 拥有高度垂直整合、地域多元化的制造生态系统，从原材料和火箭发动机到完整的运载火箭、载人航天器、卫星和用户终端，相当大比例的部件均由内部设计、生产和认证，从而实现前所未有的迭代速度、质量控制和成本效率，这些对于可重复使用系统的成功量产和高频次运营至关重要。我们的制造设施与我们的实体基础设施相辅相成，后者支持载人航天、卫星部署和货运任务的发射与在轨运营，以及大规模人工智能训练和推理。我们持续投资于各站点的扩建和改善，以满足发射频次、Starlink 订户和 AI 算力需求方面的预期增长。

SpaceX maintains a highly vertically integrated, geographically diverse manufacturing ecosystem that designs, produces, and qualifies a significant share of components in-house, from raw materials and rocket engines to complete launch vehicles, crewed spacecraft, satellites, and user terminals, enabling unprecedented iteration speed, quality control, and cost efficiency essential for successful production of reusable systems and high-cadence operations. Our manufacturing facilities are complemented by our physical infrastructure, which supports launch and orbital operations for human spaceflight, satellite deployment, and cargo missions, as well as large-scale artificial intelligence training and inference. We continue to invest in expansions and improvements across our sites to accommodate anticipated growth in launch cadence, Starlink Subscribers, and AI compute requirements.

SpaceX 设施

SpaceX Facilities

尽管由于续约时间表较长且存在替代选址机会，我们的任何物业单独而言对我们的运营均不重大，但我们仍在美国各地维持着一个有效的垂直整合设施网络，包括：

While none of our properties are individually material to our operations because of the long-term timetables for renewal and the opportunities for alternative sites, we maintain an effective network of vertically integrated facilities across the United States, including:

- 德克萨斯州 Starbase:Starship 的开发、制造、测试和发射目前均在 Starbase 进行，该地是 SpaceX 总部所在地，也是全球首批专为轨道任务设计的商业航天港之一。该站点位于德克萨斯州卡梅伦县新设立的 Starbase 市，地处美洲湾沿岸。其基础设施包括 Starfactory——一座旨在规模化量产 Starship 和 Super Heavy 的制造设施；一座将工程和生产人员集中办公的大型办公楼；以及多座大型垂直整合厂房，包括即将建成的 Gigabay，该厂房将能够支持高达 85 米（279 英尺）的 Starship 和 Super Heavy 飞行器，并将提供 24 个用于集成和翻新作业的工作单元，以及起重能力达 400 吨的起重机。Starbase 还拥有一个轨道发射台，用于发射全球最强大的火箭，并配备全球最高的发射塔之一，专为 Starship 和 Super Heavy 飞行器的集成、测试、发射和捕获而设计，另有一个发射台正在建设中，以支持 Starship V3。Starbase 团队还运营着一处用于全尺寸和缩比飞行器结构测试、静态点火和部件级测试的场地。

- Starbase, Texas: Development, manufacturing, testing, and launch of Starship currently takes place at Starbase, home to SpaceX headquarters and one of the world’s first commercial spaceports designed for orbital missions. The site is located at the newly created city of Starbase in Cameron County, Texas, along the Gulf of America. Its infrastructure includes Starfactory, a manufacturing facility designed to mass produce Starship and Super Heavy at scale; a large office structure co-locating engineering and production personnel; and large, vertical integration buildings including the upcoming Gigabay, which will be able to support Starship and Super Heavy vehicles up to 85 meters (279 feet) tall and will provide 24 work cells for integration and refurbishment work, along with cranes capable of lifting up to 400 tons. Starbase also has an orbital launch pad for flight of the world’s most powerful rocket, complete with one of the tallest launch towers in the world, specially designed to integrate, test, launch, and catch Starship and Super Heavy vehicles, with an additional pad underway to support Starship V3. The Starbase team also operates a site for full and subscale vehicle structural testing, static fires, and component level testing.

Starbase 也是数百名 SpaceX 员工及其家属的家园，其中许多人从全国各地搬迁至该社区，以支持 Starship 的开发和运营。SpaceX 与新成立的市政府合作，正在开发当地基础设施和市政服务，包括公用事业、治理、学校和环境保育举措，以支持一个世界级、高度集中的工程和制造社区，专注于 Starship 和 SpaceX 长期使命的快速推进。这种围绕单一项目将居住生活、工程和制造紧密结合的方式，营造了一个以使命为导向的环境，旨在加速开发、测试和发射运营。

Starbase is also home to several hundred SpaceX employees and their families, many of whom have relocated from across the country to the community to support the development and operation of Starship. SpaceX, in partnership with the newly formed city, is developing local infrastructure and municipal services, including utilities, governance, schools, and environmental conservation initiatives, to support a world-class, concentrated engineering and manufacturing community focused on the rapid advancement of Starship and SpaceX’s long-term mission. This close integration of residential life, engineering, and manufacturing around a single program enables a mission-focused environment designed to accelerate development, testing, and launch operations.

SpaceX 总部，位于得克萨斯州星舰基地（Starbase）

SpaceX Headquarters at Starbase, Texas

- 加利福尼亚州霍桑：我们位于加利福尼亚州霍桑的最初旗舰设施生产猎鹰 9 号和猎鹰重型火箭的一级和二级、龙飞船载人型和龙飞船货运型航天器、梅林发动机、星舰的猛禽发动机、Starlink 用户终端，以及各类其他星舰部件。该基地为数百次成功任务（包括 NASA 认证的乘员轮换任务）提供高可靠性生产支持。我们同时在霍桑保留公司办公场所。

- Hawthorne, California: Our original flagship facility in Hawthorne, California manufactures Falcon 9 and Falcon Heavy first and second stages, Dragon Crew and Dragon Cargo spacecraft, Merlin engines, Starship’s Raptor engines, Starlink User Terminals, as well as other various Starship components. The site supports high-reliability production for hundreds of successful missions, including NASA-certified crew rotations. We also maintain a corporate presence in Hawthorne.

加利福尼亚州霍桑

Hawthorne, California

- 得克萨斯州麦格雷戈：麦格雷戈火箭发动机综合设施是全球最活跃的火箭研发与测试设施。它是梅林和猛禽发动机资格认证、验收及飞行后测试的主要场所。该设施拥有 15 个专用测试台，包括猛禽发动机专用垂直测试台和猎鹰 9 号梅林发动机的多个测试台，以及星舰硬件的部件级测试设施，包括复合材料缠绕压力容器、贮箱和实验系统。

- McGregor, Texas: The McGregor rocket engine complex is the most active rocket development and testing facility in the world. It serves as the primary site for qualification, acceptance, and post-flight testing of Merlin and Raptor engines. It features 15 specialized test stands, including dedicated vertical stands for Raptor engines and multiple stands for Falcon 9’s Merlin engines, as well as component-level testing facilities for Starship hardware, including composite overwrapped pressure vessels, tanks, and experimental systems.

得克萨斯州麦格雷戈

McGregor, Texas

- 华盛顿州雷德蒙德：雷德蒙德 Starlink 卫星制造设施在 2025 年 12 月至 2026 年 4 月期间平均每周生产约 70 颗卫星（满产率下每年约 3,640 颗），涵盖卫星平台结构、相控阵天线、推进系统、太阳能电池阵列和星间激光链路，从而支持 Starlink 星座的快速扩张。

- Redmond, Washington: The Redmond Starlink satellite manufacturing facility has produced an average of approximately 70 satellites per week (approximately 3,640 per year at full rate) from December 2025 to April 2026, covering bus structures, phased-array antennas, propulsion, solar arrays, and inter-satellite lasers, enabling rapid Starlink constellation expansion.

华盛顿州雷德蒙德

Redmond, Washington

- 得克萨斯州巴斯特罗普：我们在位于得克萨斯州巴斯特罗普的制造设施生产大部分 Starlink 产品，该设施于 2023 年投产，每天生产数万套 Starlink 套件，以及当前所有世代的 Starlink 标准版和性能版套件。

- Bastrop, Texas: We build the majority of Starlink products at our manufacturing facility in Bastrop, Texas, which opened in 2023, producing tens of thousand s of Starlink Kits per day and all of the current generation Starlink Standard and Performance Kits.

2026 年，我们预计将把巴斯特罗普设施的规模扩大一倍以上，扩展我们的设计与制造能力以支持新的 Starlink 产品，并通过新增 Starlink 网关天线、太阳能电池和 AI 算力卫星的生产来深化我们的垂直整合。

In 2026, we expect to more than double the size of the Bastrop facility, expanding our design and manufacturing capabilities to support new Starlink products, plus deepening our vertical integration by adding the production of Starlink gateway antennas, solar cells and AI compute satellites.

得克萨斯州巴斯特罗普

Bastrop, Texas

- 佛罗里达州肯尼迪航天中心和卡纳维拉尔角：SpaceX 在佛罗里达州的运营横跨 NASA 肯尼迪航天中心和卡纳维拉尔角太空军基地，其中包括两个在用发射场——39A 发射综合体（LC-39A）和 40 号航天发射综合体（SLC-40）——以及猎鹰助推器和龙飞船翻新设施、发射运营设施和有效载荷处理厂房。两个发射场既支持前往地球同步轨道和国际空间站的关键任务，也为科学和国家安全任务提供覆盖广泛低轨、中轨和极轨倾角的发射机会。SpaceX 还使用卡纳维拉尔角的 40 号和 2 号着陆区，支持猎鹰助推器返回发射场着陆，以便回收并翻新用于未来任务。

- Kennedy Space Center and Cape Canaveral, Florida: SpaceX operations in Florida span across NASA’s Kennedy Space Center and Cape Canaveral Space Force Station, which includes two active launch sites— Launch Complex 39A (LC-39A) and Space Launch Complex 40 (SLC-40)—Falcon booster and Dragon spacecraft refurbishing facilities, launch operations, and payload processing buildings. Both launch sites support critical missions to geostationary orbit and the International Space Station while also providing launch opportunities to a wide range of low, mid, and polar orbit inclinations for science and national security missions. SpaceX also utilizes Landing Zones 40 and 2 at the Cape, which support Return to Launch Site landings for Falcon boosters ahead of recovery and refurbishment for future missions.

回收后，飞行硬件会在肯尼迪航天中心的两处先进 SpaceX 设施——HangarX 和 X2——之一进行翻新。这些设施还设有我们的猎鹰发射与着陆控制中心，我们的龙飞船在加利福尼亚州南部海岸外回收后，会在此翻新并准备执行下一次任务；我们在此处的“烘焙坊”生产星舰隔热瓦；并在发射前于我们的有效载荷处理设施中处理客户有效载荷。

Once recovered, flight hardware is refurbished at one of two state-of-the-art SpaceX facilities, HangarX and X2, on Kennedy Space Center. These facilities also house our Falcon Launch and Landing Control Center, where our Dragon spacecraft are refurbished and prepared for their next missions after they are recovered off the coast of southern California, where we produce Starship heatshield tiles in the Bakery, and where we process customer payloads before launch in our Payload Processing Facility.

为未来的发射，SpaceX 正在扩大其在佛罗里达州的运营，将星舰带到卡纳维拉尔角。除了位于 LC-39A、预计于 2026 年底完工的星舰发射台（建设中）外，SpaceX 还在卡纳维拉尔角太空军基地建设第 37 号航天发射复合体（SLC-37），作为另一个星舰发射场。SLC-37 将容纳两个轨道发射台，包括最多两座用于星舰发射、捕获和测试作业的塔架，到 2027 年底，星舰运营发射台总数将达到四个。SpaceX 还正在肯尼迪航天中心其 HangarX 所在地旁边建设一座名为 Gigabay 的新集成设施，预计于 2026 年底建成。

For future launches, SpaceX is expanding its operations in Florida to bring Starship to the Cape. In addition to the under-construction Starship launch pad at LC-39A expected to be completed by the end of 2026, SpaceX is constructing Space Launch Complex 37 (SLC-37) on Cape Canaveral Space Force Station as another Starship launch site. SLC-37 will host two orbital launch pads, including up to two towers for Starship launch, catch, and testing operations, culminating in a total of four operational launch pads for Starship by the end of 2027. SpaceX is also building a new integration facility called Gigabay, next to its HangarX location at Kennedy Space Center by late 2026.

在为我们的发射运营准备租赁不动产的过程中，我们在这些政府所有的场址上进行了重大资本改良，并安装了大量的不动产和动产。与标准商业用途场址相比，我们建造的发射设施是一种独特的资本改良，因为联邦政府专门将这些发射场址指定用于航空航天活动，例如火箭发射。鉴于这些政府所有场址的特定用途要求，我们历来在租约到期或终止时与相关政府实体签订移交协议，据此，改良设施将移交给政府，而非拆除。这一事实模式在以往的租约中历来如此，例如在卡纳维拉尔角太空军基地。

In connection with preparing leased real property for our launch operations, we make significant capital improvements and install extensive real and personal property at these government-owned sites. The launch facilities we build are a unique capital improvement compared to standard commercial use sites because the federal government specifically designates these launch sites for aerospace activities, such as rocket launches. Given the specific use requirements of these government-owned sites, we have historically entered into handover agreements with the relevant government entities upon expiration or termination of the leases, pursuant to which the improvements are transferred to the government rather than removed. This fact pattern has historically been the case with previous leases such as at Cape Canaveral Space Force Station.

佛罗里达州 NASA 肯尼迪航天中心 佛罗里达州卡纳维拉尔角太空军基地

NASA’s Kennedy Space Center, Florida Cape Canaveral Space Force Station, Florida

- 加利福尼亚州范登堡太空军基地第 4 号航天发射复合体：范登堡太空军基地的第 4 号航天发射复合体东区是我们的西海岸发射场，也是我们执行极轨和高倾角轨道任务的主要设施，这些任务对星链星座部署、国家安全有效载荷、地球观测卫星以及部分月球轨道至关重要。该设施包括一个为猎鹰 9 号发射优化的现代化轨道发射台，配备固定发射架、集成塔、推进剂加注基础设施、导流槽和支持系统，可实现高频次运营。相邻的第 4 号航天发射复合体西区作为专用的猎鹰 9 号助推器着陆区，支持下游回收以最大化可重复使用性。有关我们与政府实体的租赁安排的更多信息，请参阅“—佛罗里达州肯尼迪航天中心和卡纳维拉尔角”。

- Vandenberg Space Force Base, Space Launch Complex 4: Space Launch Complex 4 East at Vandenberg Space Force Base is our West Coast launch site and serves as our primary facility for polar and high-inclination orbit missions critical to Starlink constellation deployment, national security payloads, Earth observation satellites, and select lunar trajectories. The facility includes a modernized orbital launch pad optimized for Falcon 9 launches, featuring a fixed launch mount, integration tower, propellant loading infrastructure, flame trench, and support systems enabling frequent operations. Adjacent Space Launch Complex 4 West functions as a dedicated Falcon 9 booster landing zone, supporting downrange recoveries to maximize reusability. Please refer to “—Kennedy Space Center and Cape Canaveral, Florida” for additional information regarding our lease arrangements with government entities.

- 田纳西州孟菲斯和密西西比州南黑文：加利福尼亚州范登堡太空军基地 我们在孟菲斯都会区运营一个高密度数据中心集群，该集群沿州界延伸至密西西比州北部，为前沿 AI 模型（包括 Grok 系列）的训练和推理提供算力。旗舰 COLOSSUS 超级计算机园区位于田纳西州孟菲斯的 Paul R. Lowry 路；COLOSSUS II 设施位于田纳西州孟菲斯的 Tulane 路和密西西比州南黑文的 Stateline 路。

- Memphis, Tennessee and Southaven, Mississippi: Vandenberg Space Force Base, California We operate a cluster of high-density data centers in the Greater Memphis Area extending into northern Mississippi along the state border, to power training and inference for frontier AI models, including the Grok family. The flagship COLOSSUS supercomputer campus is located on Paul R. Lowry Road in Memphis, Tennessee; the COLOSSUS II facilities are located on Tulane Road in Memphis, Tennessee and on Stateline Road in Southaven, Mississippi.

田纳西州孟菲斯

Memphis, Tennessee

- 加利福尼亚州帕洛阿尔托：在 2026 年 2 月收购 xAI 后，我们 AI 业务的公司总部位于加利福尼亚州帕洛阿尔托。该地点为长期租赁，容纳我们先进的 AI 研究、开发和工程团队，并战略性地位于硅谷，以吸引和留住顶尖 AI 研究人才。负责 Grok（我们的

- Palo Alto, California: The corporate headquarters for our AI operations following the acquisition of xAI in February 2026 is located in Palo Alto, California. This location, under long-term lease, houses our advanced AI research, development, and engineering teams and is strategically situated in Silicon Valley to attract and retain top AI research talent. The engineers responsible for the design, training, and continued evolution of Grok, our

专有前沿 AI 模型）的设计、训练和持续演进的工程师均驻扎于此设施 · 。 加利福尼亚州帕洛阿尔托

proprietary frontier AI model, are based at this facility · . Palo Alto, California

除遍布美国的基础设施和设施外，我们还运营一支回收船队、自主太空港无人船（“ASDS”）以及 Starlink 地面站网络。

In addition to our infrastructure and facilities across the United States, we also operate a fleet of recovery vessels, autonomous spaceport drone ships (“ASDS”), and a network of Starlink ground stations.

- 我们的回收船队：我们的 ASDS 船队构成 SpaceX 可重复使用火箭架构的海上骨干，使 Falcon 9 和 Falcon Heavy 任务能够实现高概率的下游助推器着陆，同时最大化运载器回收和快速翻新。核心 ASDS 船队由三艘运营船舶组成：“Of Course I Still Love You”，这艘开创性的东海岸至太平洋船舶母港位于加利福尼亚州长滩港，凭借其大型着陆甲板和基于推进器的动态定位，主要支持从范登堡太空军基地进行极轨和高倾角发射；“Just Read the Instructions”，驻扎在佛罗里达州卡纳维拉尔港，服务于从卡纳维拉尔角和肯尼迪航天中心进行的东海岸运营；以及“A Shortfall of Gravitas”，这是自 2021 年以来最新、最先进的成员，同样以卡纳维拉尔港为基地，具备增强的自主性、站位保持精度和升级的甲板基础设施，以应对频繁的高节奏任务。这些自主船舶合计已促成数百次成功的助推器着陆，大幅减少了一次性飞行剖面，并使助推器截至 2026 年 3 月 31 日实现 34 次复用。与无人船相辅相成的是用于整流罩两半回收的专用支援船，例如以宇航员 Bob Behnken 和 Doug Hurley 命名的“Bob”和“Doug”，以及以宇航员 Shannon Walker 命名以示纪念的 Dragon 回收船“Shannon”。这些支援船确保在大西洋和太平洋战区开展全面的海上回收作业，并支撑我们的星座部署、国家安全发射和载人任务，同时朝着未来近海场景下 Starship 的完全可重复使用迈进。

- Our recovery fleet: Our fleet of ASDS forms the maritime backbone of SpaceX’s reusable rocket architecture, enabling high-probability downrange booster landings for Falcon 9 and Falcon Heavy missions while maximizing vehicle recovery and rapid refurbishment. The core ASDS fleet consists of three operational vessels: “Of Course I Still Love You,” the pioneering East Coast-to-Pacific vessel homeported at the Port of Long Beach, California, and dedicated to supporting primarily polar and high-inclination launches from Vandenberg Space Force Base with its large landing deck and thruster-based dynamic positioning; “Just Read the Instructions,” stationed at Port Canaveral, Florida, serving East Coast operations from Cape Canaveral and Kennedy Space Center; and “A Shortfall of Gravitas,” the newest and most advanced addition since 2021, also based at Port Canaveral with enhanced autonomy, station-keeping precision, and upgraded deck infrastructure to handle frequent, high-cadence missions. These autonomous ships have collectively facilitated hundreds of successful booster touchdowns, dramatically reducing expendable flight profiles and enabling the reuse of boosters 34 times as of March 31, 2026. Complementing the drone ships are dedicated support vessels for fairing half recovery, such as “Bob” and “Doug,” named after astronauts Bob Behnken and Doug Hurley, and Dragon retrieval vessel “Shannon,” named in honor of astronaut Shannon Walker. These support vessels ensure comprehensive ocean-based recovery operations across Atlantic and Pacific theaters and underpin our constellation deployments, national security launches, and crewed missions while advancing toward full reusability for Starship in future offshore scenarios.

自主无人船“A Shortfall of Gravitas”

Autonomous Drone Ship “A Shortfall of Gravitas”

- Starlink 地面站：Starlink 地面站（也称为网关）是与我们的卫星星座通信的地面中继站。这些站点在卫星与地面互联网网络之间传输数据。我们在全球运营地面站，全球站点超过 400 个。

- Starlink ground stations: A Starlink ground station, also referred to as a gateway, is a terrestrial relay station that communicates with our satellite constellation. These stations transmit data between satellites and terrestrial internet networks. We operate ground stations around the world, with over 400 sites globally.

客户案例研究 Customer Case Studies

以下示例说明了各行业客户如何在我们太空、连接和 AI 业务板块中使用并受益于我们的解决方案。这些示例旨在突出我们产品的代表性应用，以及客户可能实现的运营、性能和效率方面的收益类型。

The following examples illustrate ways in which customers across a range of industries have used and benefited from our solutions within our Space, Connectivity, and AI segments. These examples are intended to highlight representative applications of our offerings and the types of operational, performance and efficiency benefits that customers may realize.

此外，我们还列举了在自然灾害应对中部署 Starlink 服务的示例，这些示例展示了我们能够在具有挑战性的环境中快速建立通信基础设施，以支持应急响应和恢复工作的能力。

In addition, we include examples of our deployment of Starlink services in response to natural disasters, which demonstrate our ability to rapidly establish communications infrastructure to support emergency response and recovery efforts in challenging environments.

竞争 Competition

我们的主要竞争来源因业务所处板块和市场而有所不同。

Our principal sources of competition vary based on the segment and market in which our business operates.

在太空板块，我们与将小型、中型和重型有效载荷及宇航员运送至地球轨道及更远目的地的发射服务提供商展开竞争。该市场的参与者包括成熟的航空航天与国防企业、新兴商业发射服务提供商以及各国航天机构。提供发射服务的主要成熟航空航天与国防竞争对手包括：波音与洛克希德·马丁的合资企业联合发射联盟（United Launch Alliance）、运营一系列欧洲研制火箭的法国航空航天公司阿丽亚娜空间（Arianespace），以及天鹅座货运飞船制造商诺斯罗普·格鲁曼（Northrop Grumman）等。新兴商业发射服务提供商包括蓝色起源（Blue Origin）——其已研制出旨在与我们的猎鹰 9 号火箭竞争的运载火箭——以及火箭实验室（Rocket Lab）——其目前经营小型运载发射市场，但正拓展至中型运载有效载荷——此外还有萤火虫航天（Firefly Aerospace）和相对论空间（Relativity Space）等其他国内竞争对手。尽管我们通常不直接为相同的任务展开竞争，但各国航天机构也在各自市场中提供发射服务。

In Space, we compete with launch service providers that transport small, medium, and heavy payloads and astronauts to Earth’s orbit and beyond. Participants in this market include established aerospace and defense companies, emerging commercial launch providers, and national space agencies. Key established aerospace and defense competitors providing launch services include, among others, United Launch Alliance, a joint venture between Boeing and Lockheed Martin, Arianespace, a French-based aerospace company operating a family of European-developed rockets, and Northrop Grumman, manufacturer of the Cygnus cargo spacecraft. Emerging commercial launch providers include Blue Origin, which has developed launch vehicles intended to compete with our Falcon 9 rocket, and Rocket Lab, which operates in the small-lift launch market but is expanding into medium-lift payloads, as well as other domestic competitors such as Firefly Aerospace and Relativity Space. While we typically do not compete directly for the same missions, national space agencies also provide launch services in their respective markets.

然而，发射服务市场的特点是进入壁垒高，包括巨额资本需求、先进技术专长、监管许可与批准，以及与政府和商业客户建立的稳固关系。该市场的竞争基于发射可靠性与发射频次、有效载荷能力、任务灵活性、制造能力和价格等因素。因此，尽管成熟的航空航天与国防竞争对手和新兴商业发射服务提供商可能以不同程度的规模提供发射服务，但我们认为，SpaceX 在发射解决方案与服务的广度以及我们能够实现的发射频次方面拥有显著优势，因而相对于这些参与者具有重大的竞争优势。

However, the launch services market is characterized by significant barriers to entry, including substantial capital requirements, advanced technological expertise, regulatory licenses and approvals, and established relationships with government and commercial customers. Competition in this market is based on factors that include launch reliability and cadence, payload capacity, mission flexibility, manufacturing capabilities and price. For this reason, while the established aerospace and defense competitors and emerging commercial launch providers may provide launch services at varying degrees of scale, we believe that SpaceX holds a meaningful advantage in terms of the breadth of our launch solutions and services and the cadence at which we are able to launch, and thus a significant competitive advantage relative to these players.

在连接板块，我们与地面和卫星通信基础设施运营商以及卫星直连移动连接解决方案提供商展开竞争，包括地面固定网络提供商、地面移动网络公司以及其他卫星服务提供商，具体如下：

In Connectivity, we compete with operators of terrestrial and satellite communications infrastructure and providers of satellite-to-mobile connectivity solutions, including terrestrial fixed network providers, terrestrial mobile network companies, and other satellite service providers, as described below:

- 消费者与企业宽带。我们的 Starlink 消费者与企业宽带产品与地面固定网络提供商、地面移动网络公司以及其他卫星服务提供商展开竞争。地面固定网络提供商包括有线电视和光纤网络的运营商，例如 Verizon、Comcast、AT&T、T-Mobile、Lumen、Charter Communications、Google Fiber、Astound、BT、Deutsche Telekom 和 Liberty Global。地面移动网络公司同样运营陆基基础设施，包括安装在移动基站塔上的无线天线，用于提供固定无线服务，此类公司包括 AT&T、Telefónica、T-Mobile、Verizon 和 Vodafone Group。这些网络提供商通常在一个或多个国家服务客户（例如 Verizon 在美国，或 Telefónica 在西班牙和巴西等国家），但并非全球性参与者，因为它们并不面向全球客户群销售，其网络基础设施也并非遍布全球。卫星服务提供商包括（但不限于）GEO 卫星网络运营商，如 EchoStar、SES、Telesat Corporation（“Telesat”）GEO 和 Viasat，以及当前和计划中的 LEO 和 MEO 星座，包括 Amazon LEO、Blue Origin 的 TeraWave、Eutelsat OneWeb、Iridium NEXT 和 Telesat Lightspeed。其中部分服务提供商同时也是 SpaceX 的发射客户，因为它们与我们签约将其卫星星座发射入轨。

- Consumer and Enterprise Broadband. Our Starlink Consumer and Enterprise broadband offerings compete with terrestrial fixed network providers, terrestrial mobile network companies, and other satellite service providers. Terrestrial fixed network providers include operators of cable and fiber networks such as Verizon, Comcast, AT&T, T-Mobile, Lumen, Charter Communications, Google Fiber, Astound, BT, Deutsche Telekom, and Liberty Global. Terrestrial mobile network companies also operate land-based infrastructure, including wireless antennas affixed to mobile towers used to provide fixed wireless services, and include AT&T, Telefónica, T-Mobile, Verizon, and Vodafone Group. These network providers typically serve customers in one or more countries (for example, Verizon in the United States, or Telefónica in Spain and Brazil, among others), but are not global players insofar as they do not sell to a global customer base, nor does their network infrastructure exist globally. Satellite service providers include, among others, GEO satellite network operators such as EchoStar, SES, Telesat Corporation (“Telesat”) GEO, and Viasat, as well as current and planned LEO and MEO constellations including Amazon LEO, Blue Origin’s TeraWave, Eutelsat OneWeb, Iridium NEXT and Telesat Lightspeed. Some of these service providers are also launch customers of SpaceX as they contract with us to launch their satellite constellations into orbit.

- 政府解决方案。我们面向政府用例的 Starlink 宽带产品主要与我们的 Starlink 消费者与企业宽带产品所竞争的相同地面网络提供商和卫星服务提供商展开竞争，此外还与国防主承包商竞争。在某些情况下，这些提供商还设有专门服务政府客户的子公司或业务部门，例如 Telesat Government Solutions。

- Government Solutions. Our Starlink broadband offering for government use cases competes primarily with the same terrestrial network providers and satellite service providers with which our Starlink Consumer and Enterprise broadband offerings compete, as well as defense prime contractors. In certain cases, these providers also have dedicated subsidiaries or business units focused on serving government customers, such as Telesat Government Solutions.

- Starlink Mobile。我们的 Starlink Mobile 产品与其他卫星直连手机卫星运营商展开竞争，包括（但不限于）AST SpaceMobile、Lynk、Globalstar 和 Skylo。

- Starlink Mobile. Our Starlink Mobile offering competes with other satellite-to-mobile satellite operators including, among others, AST SpaceMobile, Lynk, Globalstar and Skylo.

卫星连接市场存在显著的进入壁垒，包括巨额资本需求、先进技术能力、频谱和轨道资源的获取、监管许可与批准，以及与政府、企业和商业客户建立关系。该市场的竞争基于网络覆盖、容量、时延和可靠性、频谱接入、城市环境密度、卫星部署能力与效率、价格与用户获取、留存及体验等因素。

The satellite connectivity market involves significant barriers to entry, including substantial capital requirements, advanced technological capabilities, access to spectrum and orbital resources, regulatory licenses and approvals, and the development of relationships with government, enterprise and commercial customers. Competition in this market is based on factors that include network coverage, capacity, latency and reliability, spectrum access, density of urban environments, satellite deployment capability and efficiency, price and user acquisition, retention, and experience.

在 AI 领域，我们与基础 AI 模型开发商及 AI 产品和服务提供商竞争，也与通用及垂直搜索引擎、信息服务、在线广告平台和社交网络竞争。该市场的参与者包括大型科技公司、新兴 AI 模型开发商以及 AI 赋能产品和服务提供商。这些市场的主要竞争对手包括但不限于 OpenAI、Anthropic、Google、Meta、Microsoft 等 AI 模型开发商和平台提供商，以及各类开源模型提供商，还有 Threads（Meta 旗下）、Reddit 和 TikTok 等社交网络。随着我们持续建设 AI 算力基础设施，我们打算通过向有限数量的第三方提供过剩容量来出售该等容量，并打算继续探索过剩容量的变现方式，这可能使我们具备成为 Coreweave 和 Nebius 等 AI 云服务商以及超大规模云服务商竞争对手的潜力。

In AI, we compete with developers of foundational AI models and providers of AI products and services, as well as general purpose and vertical search engines, information services, online advertising platforms and social networks. Participants in this market include large technology companies, emerging AI model developers and providers of AI-enabled products and services. Key competitors in these markets include, among others, AI model developers and platform providers such as OpenAI, Anthropic, Google, Meta, Microsoft, and various open source model providers, as well as social networks such as Threads (owned by Meta), Reddit, and TikTok. As we continue to build out our AI compute infrastructure, we intend to sell our excess capacity by offering it to a limited number of third parties and intend to continue to explore monetizing excess capacity, potentially positioning us to emerge as a competitor to AI cloud providers such as Coreweave and Nebius as well as hyperscalers.

我们的 AI 业务同样在具有显著进入壁垒的市场中竞争，这些壁垒包括大量的算力和基础设施要求、对大型数据集的获取能力以及吸引和留住高技能技术人才的能力。这些市场的竞争基于以下因素：定价和成本效率、AI 平台的性能和技术特性、我们产品和服务带来的客户体验、吸引新订阅用户、用户和广告主并留住现有订阅用户、用户和广告主的能力，以及大规模部署算力和创新技术的能力。

Our AI businesses likewise compete in markets characterized by significant barriers to entry, including substantial computational and infrastructure requirements, access to large datasets and the ability to attract and retain highly skilled technical talent. Competition in these markets is based on factors including pricing and cost efficiency, the performance and technical features of AI platforms, customer experience across our products and services, the ability to attract new and retain existing subscribers, users and advertisers and the ability to deploy compute and innovative technologies at scale.

知识产权 Intellectual Property

对我们业务具有重要意义的知识产权包括我们的专有知识和软件，以及我们的品牌和我们选择性申请专利的发明和技术。我们的专有知识包括在设计、测试、制造、软件、在轨运营、实时平台和人工智能开发方面的专业知识。保护我们的技术和知识产权是我们业务的一个重要方面。我们依靠专利、商标、商业秘密、版权、保密程序、合同承诺和其他法律权利的组合来建立和保护我们的知识产权。我们已注册并申请注册了美国和国际商标、服务标志、域名和版权。我们还在美国和外国提交了专利申请并获得了专利，涵盖我们技术的某些方面，并且在某些情况下，我们收购了他人的专利资产以补充我们的组合。我们过去曾对外许可，并预计未来可能对外许可我们的某些权利，或从其他方获得许可。我们通常与我们的员工、承包商和顾问签订保密协议和发明或工作成果转让协议，以控制对我们专有信息和其他知识产权的访问并明确其所有权。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——如果我们侵犯第三方的知识产权或其他权利，我们可能面临重大潜在责任和运营中断，如果我们未能充分保护、维持、捍卫或执行我们的知识产权和其他类似权利，我们可能会失去重要的竞争优势，在每种情况下都可能对我们的业务、财务状况、经营业绩、客户信任和未来前景产生重大不利影响。”

The intellectual property that is material to our business includes our proprietary knowledge and software, as well as our brands and our selectively patented inventions and technologies. Our proprietary knowledge includes expertise in design, testing, manufacturing, software, in-orbit operations, real-time platforms, and artificial intelligence development. The protection of our technology and intellectual property is an important aspect of our business. We rely upon a combination of patents, trademarks, trade secrets, copyrights, confidentiality procedures, contractual commitments and other legal rights to establish and protect our intellectual property. We have registered, and applied for the registration of, U.S. and international trademarks, service marks, domain names, and copyrights. We have also filed patent applications and acquired patents in the United States and foreign countries covering certain aspects of our technology, and in some cases, we have acquired patent assets of others to supplement our portfolio. We have licensed in the past, and expect that we may license in the future, certain of our rights to other parties or from other parties. We generally enter into confidentiality agreements and invention or work product assignment agreements with our employees, contractors, and consultants to control access to, and clarify ownership of, our proprietary information and other intellectual property. For additional information, please refer to “Risk Factors— Risks Related to Our Business—We may face substantial potential liability and operational disruptions if we violate the intellectual property rights or other rights of third parties, and if we fail to adequately protect, maintain, defend or enforce our intellectual property and other similar rights, we could lose an important competitive advantage, in each case which could have a material adverse effect on our business, financial condition, results of operations, customer trust and future prospects.”

人力资本 Human Capital

截至 2026 年 3 月 31 日，我们在全球拥有超过 22,000 名全职员工，其中没有任何员工受任何集体谈判协议约束。我们相信，我们强大的协作与创新文化使我们与众不同，并成为我们业务表现的重要驱动因素。

As of March 31, 2026, we employed over 22,000 full-time employees worldwide, none of whom are subject to any collective bargaining agreement. We believe our strong culture of collaboration and innovation distinguishes us and serves as an important driver of our business performance.

监管环境 Regulatory Environment

我们必须遵守各类政府法规，这些法规可能对我们的业务产生重大影响，包括我们的资本支出、收益和竞争地位。特别是，我们(i)开展发射和再入活动、(ii)运营和扩展我们的卫星系统及相关地面基础设施以及(iii)执行某些美国政府项目的能力，取决于能否维持关键的政府授权并遵守不断演变的安全、频谱、国家安全、环境、合同和贸易管制要求。我们提供 AI 产品和 X 平台的能力取决于能否遵守不断演变的 AI、数据隐私、在线服务、网络安全和环境要求。我们正在并将继续承担大量成本，以监控并采取行动遵守适用于或将适用于我们业务的政府及其他法规，包括但不限于美国交通部、FAA、FCC 以及美国和我们开展业务的其他国家其他政府机构的限制和法规、经济制裁和贸易禁运法律、出口管制、进口管制和海关规定。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——我们继续和扩展发射及卫星运营的能力取决于我们能否获得新的美国出口管制和制裁授权并利用现有授权，地缘政治格局或美国政府许可监管方式的任何重大变化，都可能通过损害现有许可证或限制我们在或涉及地缘政治敏感国家开展商业交易的能力，对我们的国际业务运营产生重大不利影响。”作为一家上市公司，我们还将受到更多法律和法规的约束，这将要求我们投入大量管理资源并产生额外的法律、会计和其他费用。

We are required to comply with a variety of governmental regulations, which could have a significant impact on our business, including our capital expenditures, earnings and competitive position. In particular, our ability to (i) conduct launches and reentries, (ii) operate and expand our satellite systems and related ground infrastructure and (iii) perform certain U.S. government programs depends on maintaining key governmental authorizations and complying with evolving safety, spectrum, national security, environmental, contractual, and trade-control requirements. Our ability to provide our AI products and X platform depends on complying with evolving AI, data privacy, online services, cybersecurity and environmental requirements. We incur and will continue to incur substantial costs to monitor and take actions to comply with governmental and other regulations that are or will be applicable to our businesses, including, among others, restrictions and regulations of the U.S. Department of Transportation, the FAA, the FCC and other government agencies in the United States and the other countries in which we operate, economic sanctions and trade embargo laws, export controls, import controls and customs. For additional information, please refer to “Risk Factors—Risks Related to Our Business—Our ability to continue and expand launch and satellite operations depends upon our ability to obtain new and leverage existing U.S. export control and sanctions authorizations, and any significant changes to the geopolitical landscape or U.S. government regulatory approach to licensing could materially and adversely impact our international business operations by compromising existing licenses or limiting our ability to engage in commercial dealings in or involving geopolitically sensitive countries.” We will also be subject to additional laws and regulations as a result of being a public company, which will require us to devote significant management resources and incur additional legal, accounting and other expenses.

#### 太空

#### Space

我们的太空业务板块在美国和国际上受到广泛监管，包括(i)FAA 实施的与商业太空发射和再入相关的法规，(ii)FCC 实施的与发射活动和航天器运营中使用的无线电通信相关的法规，以及相关的国内和国际协调程序（包括通过国际电信联盟进行的协调），(iii)美国进出口监管制度，以及(iv)与作为美国政府承包商相关的其他法规。

Our Space segment is subject to extensive regulation in the United States and internationally, including (i) regulations administered by the FAA relating to commercial space launches and reentries, (ii) regulations administered by the FCC relating to radio communications used in launch activities and spacecraft operations, and related domestic and international coordination processes, including through the International Telecommunication Union, (iii) U.S. export and import regulatory regimes, and (iv) additional regulations that relate to being a U.S. government contractor.

商业航天发射与再入活动需要获得美国联邦航空管理局（FAA）的许可和批准。FAA 许可通常按每次发射逐次授予，并可能附带安全、环境和运营条件。在适用情况下，再入操作需要另行授权。当运载器、发射场、飞行剖面、操作程序、有效载荷或其他任务参数发生变更时，我们通常需要向 FAA 取得许可或对许可进行修改，且我们的发射和靶场操作还可能须接受环境审查、磋商并取得许可。我们依赖于 FAA 及时批准许可或许可修改，而 FAA 审批流程的时间安排和结果可能影响我们开展发射和再入活动的能力，或要求我们采取运营限制或缓解措施。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——若在我们航天相关活动所需的监管批准和许可（包括 FAA 发射和再入许可）的取得、维持或续期方面出现任何延迟或困难，将实质性延迟或扰乱我们的运营、损害我们的业务，或限制我们执行商业战略的能力。”

Commercial space launch and reentry activities require licenses and permits from the FAA. FAA licenses are generally granted on a launch-by-launch basis and may incorporate safety, environmental and operational conditions. Where applicable, reentry operations require separate authorization. We are generally required to obtain licenses or license modifications from the FAA in connection with changes to vehicles, launch sites, flight profiles, operational procedures, payloads, or other mission parameters, and our launch and range operations may also be subject to environmental reviews, consultations, and permits. We depend on timely approvals of licenses or license modifications from the FAA and the timing and outcome of the FAA approval process may affect our ability to conduct launches and reentries or require operational restrictions or mitigation measures. For additional information, please refer to “Risk Factors—Risks Related to Our Business—Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses required for our space-related activities, including FAA launch and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability to execute our business strategy.”

发射活动和航天器运营的无线电通信需要获得美国联邦通信委员会（FCC）的许可，并须遵守技术和运营条件、协调要求以及干扰缓解框架。我们依赖从 FCC 取得许可来开展发射和航天器运营，且我们的许多 FCC 许可包含有关里程碑时间表、报告和担保债券要求等条件。此外，我们的航天器和卫星运营还须遵守与空间态势感知和轨道碎片减缓相关的不断演变的监管预期，包括有关避免碰撞和任务结束后处置的要求。国际航天器频率使用通过 FCC 及类似国际监管机构提交的国际电信联盟申报进行协调，并通过逐国市场准入批准用于非美国服务。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——若在我们航天相关活动所需的监管批准和许可（包括 FAA 发射和再入许可）的取得、维持或续期方面出现任何延迟或困难，将实质性延迟或扰乱我们的运营、损害我们的业务，或限制我们执行商业战略的能力。”

Radio communications for launch activities and spacecraft operations require licenses from the FCC and are subject to technical and operational conditions, coordination requirements, and interference-mitigation frameworks. We rely on obtaining licenses from the FCC to conduct our launch and spacecraft operations, and many of our FCC licenses include conditions regarding milestone schedules, reporting and surety‑bond requirements, among other conditions. In addition, our spacecraft and satellite operations are subject to evolving regulatory expectations relating to space situational awareness and orbital debris mitigation, including requirements regarding collision avoidance and post-mission disposal. International spacecraft frequency use is coordinated via International Telecommunication Union filings made through the FCC and similar international regulatory bodies, and through country‑by‑country market access approvals for non‑U.S. service. For additional information, please refer to “Risk Factors—Risks Related to Our Business—Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses required for our space-related activities, including FAA launch and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability to execute our business strategy.”

此外，作为美国政府采购某些机构的承包商和分包商，我们须遵守《联邦采购条例》以及其他适用的法律、安全要求和法规（包括各机构的补充法规），这些法律法规对政府合同的订立、管理和履行进行全面规范。与美国政府签订的某些合同可能要求我们根据《国家工业安全计划操作手册规则》取得设施安全许可，因此我们须向战争部提交针对外资所有权、控制权和影响力的缓解措施。此外，我们不时可能参与的某些交易可能受美国外国投资委员会（“CFIUS”）管辖，该委员会有权对某些外国投资进行国家安全审查。CFIUS 可能施加缓解条件以批准特定交易，可能单方面对某些交易启动国家安全审查，并可能在特定情形下建议美国总统命令相关方剥离其持股，以及其他行动。

Additionally, as a contractor and subcontractor to certain agencies of the U.S. government, we are subject to the Federal Acquisition Regulation, and other applicable laws, security requirements, and regulations, including supplemental agency regulations, which comprehensively regulate the formation, administration, and performance under government contracts. Certain contracts with the U.S. government may require us to be issued facility security clearances under the National Industrial Security Program Operating Manual Rule, as a result of which we are required to maintain with the Department of War mitigation measures with respect to foreign ownership, control and influence. Additionally, certain transactions in which we may be involved from time to time may be subject to the jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”), which has authority to conduct national security reviews of certain foreign investments. CFIUS may impose mitigation conditions to grant clearance of a particular transaction, may unilaterally initiate national security review of certain transactions, and may recommend that the President of the United States order parties to divest their shareholdings in certain situations, among other actions.

#### 互联服务

#### Connectivity

我们的互联服务（包括通过 Starlink Mobile 提供的全球卫星直连手机互联服务）依赖于美国联邦通信委员会（FCC）及其他国家电信监管机构的授权。若无上述许可和批准，我们通常无法在特定市场提供互联服务。在美国，上述授权包括 FCC 对我们的卫星系统及相关地球站以及无线电频谱使用的批准，且可能附带技术、运营和报告条件以及持续的合规义务（包括干扰缓解、协调要求和轨道碎片减缓要求）。所有依赖无线电频率通信的通信服务均需使用无线电频谱，而频谱的分配和发放受 FCC 监管。我们获取频谱和轨道资源还须遵循国际协调程序，包括通过国际电信联盟的申报和协调程序，这些程序中的争议或延迟可能对我们的运营产生不利影响。若需求持续增长，或未来一代技术需要新的频谱，我们可能需要通过 FCC 程序（包括修改申请）、协调程序、拍卖或二级市场交易，或与第三方合作，获取额外的频谱使用权或相关授权，而上述每一项都可能受到审查、批准和条件约束。

Our Connectivity services, including our global satellite-to-mobile connectivity services under Starlink Mobile, depend on authorizations from the FCC in the United States and telecommunications regulators in other countries. Without these licenses and approvals, we generally cannot offer connectivity services in a given market. In the United States, these authorizations include FCC approvals for our satellite system and related earth stations and use of radio frequency spectrum, and they may be subject to technical, operational, and reporting conditions and ongoing compliance obligations (including interference mitigation, coordination requirements and orbital debris mitigation requirements). All communications services that rely on radio frequency communications require use of radio frequency spectrum, the assignment and distribution of which is subject to FCC oversight. Our access to spectrum and orbital resources is also subject to international coordination processes, including through International Telecommunication Union filing and coordination processes, and disputes or delays in these processes could adversely affect our operations. If demand continues to increase or if new spectrum is required for a future generation of technology, we may need to obtain additional spectrum usage rights or related authorizations through FCC proceedings (including modification applications), coordination processes, auctions or secondary market transactions, or partnerships with third parties, each of which may be subject to review, approval, and conditions.

我们持有 FCC 授权和牌照，使我们能够提供广泛的卫星连接服务，包括通过运营我们的卫星系统及相关地球站提供服务。FCC 频谱牌照和授权通常期限为 10-15 年，届时需进行续期。同样，我们在美国境外运营的子公司须受其运营所在地区监管机构的管辖，包括获取频谱牌照或其他市场准入授权的任何要求。我们在外国开展的许可、合规和倡导工作，支持我们在多个国际市场提供企业和消费者连接服务的能力。尽管我们通常寻求续期并维持这些授权，但未来可能面临挑战，且无法保证我们续期、修改或扩展授权的申请能够及时获批，或根本无法获批，或在不附加额外条件的情况下获批。如果频谱牌照被撤销或未获续期，我们将不被允许在该牌照所涵盖的频谱上提供服务，或可能被要求修改或缩减运营。

We hold FCC authorizations and licenses that allow us to provide a wide range of satellite-based connectivity services, including through the operation of our satellite system and related earth stations. FCC spectrum licenses and authorizations typically have terms of 10-15 years, at which time they are subject to renewal. Similarly, our subsidiaries operating outside the United States are subject to the jurisdiction of regulatory authorities in the territories in which the subsidiaries operate, including any requirements to obtain spectrum licenses or other market access authorization. Our licensing, compliance and advocacy initiatives in foreign countries support our ability to offer enterprise and consumer connectivity services in various international markets. Although we generally seek to renew and maintain these authorizations, challenges could be raised in the future, and there can be no assurance that our applications to renew, modify, or expand our authorizations will be granted on a timely basis, or at all, or without additional conditions. If a spectrum license was revoked or not renewed, we would not be permitted to provide services on the spectrum covered by that license or could be required to modify or curtail operations.

在美国境内，《通信法》通常优先于州和地方政府对无线运营商市场准入或所收费率的监管。该法并不禁止各州监管无线服务的其他“条款和条件”。例如，一些州施加报告和消费者保护要求。多个州还制定了涉及安全问题（例如驾驶时使用无线手机）、普遍服务基金和税务事项的法律或法规。一些州还在考虑新的网络可靠性或服务质量要求，若未被联邦法律优先适用，这些要求可能影响我们提供服务的方式和地点。

Within the United States, the Communications Act generally preempts regulation by state and local governments of the entry of, or the rates charged by, wireless carriers. It does not prohibit states from regulating the other “terms and conditions” of wireless service. For example, some states impose reporting and consumer protection requirements. Several states also have laws or regulations that address safety issues (for example, use of wireless handsets while driving), universal service funding, and taxation matters. Some states are also considering new network reliability or service quality requirements that may affect how and where we provide services if not preempted by federal law.

#### AI

#### AI

某些已颁布和拟议的与 AI 相关的法律法规，可能对我们的 AI 系统和模型的开发、部署和使用施加要求，包括与 AI 数据、模型及 AI 生成内容的安全性、完整性、透明度、标识、检测和来源相关的义务，以及对 AI 相关系统和组件的出口或进口限制。AI 监管在各司法辖区正快速演变，监管机构正在适用或考虑适用现有法律，或就此采用新的、不统一的框架，包括新兴的 AI 法律。AI 的开发、部署和使用也可能受制于现有的、与技术无关的监管框架，例如涉及消费者保护、数据隐私、网络安全、知识产权、内容审核、反歧视和就业的框架。AI 相关系统所需的数据中心也可能受制于联邦、州、地方和外国环境、健康与安全法律下不断变化的监管框架。这些制度（regimes）的范围和执法仍不确定，其对我们多条且相互重叠的业务线的潜在影响难以预测。各司法辖区之间不一致或相互冲突的监管方式，以及不断演变的执法重点，也可能造成合规不确定性，并要求针对具体市场对 AI 相关功能作出限制或修改，从而增加运营复杂性。

Certain enacted and proposed laws and regulations related to AI may impose requirements with respect to our development, deployment, and use of AI systems and models, including obligations relating to security, integrity, transparency, labeling, detection, and provenance of AI data, models and AI-generated content, as well as restrictions on the export or import of AI-related systems and components. AI regulation is evolving rapidly across jurisdictions, with regulators applying, or considering applying, existing laws or adopting new, non-harmonized frameworks with respect thereto, including emerging AI laws. Development, deployment, and use of AI can also be subject to existing, technology-agnostic regulatory frameworks, including, for example, those addressing consumer protection, data privacy, cybersecurity, intellectual property, content moderation, non-discrimination, and employment. Data centers necessary for AI-related systems may also be subject to changing regulatory frameworks under federal, state, local, and foreign environmental, health, and safety laws. The scope and enforcement of these regimes remain uncertain, and their potential impact on our multiple and overlapping business lines is difficult to predict. Divergent or conflicting regulatory approaches across jurisdictions, as well as evolving enforcement priorities, may also create compliance uncertainty and require market-specific limitations or modifications to AI-related functionality, increasing operational complexity.

此外，第三方可能就 AI 系统和模型所使用的训练数据或生成的输出主张知识产权侵权或盗用。AI 生成内容的法律地位不确定且不断演变，可能带来法律和运营风险，包括此类输出的所有权和获得知识产权保护的能力，以及我们在某些市场提供服务的能力。适用于 AI 系统和模型的开源及其他许可条款可能限制 AI 相关功能的发布，或制约产品设计。

In addition, third parties may allege intellectual property violations, or misappropriation relating to the training data used in, or the outputs generated by, AI systems and models. The uncertain and evolving legal status of AI-generated content may create legal and operational risk, including with respect to the ownership of, and ability to obtain intellectual property protection for, such outputs, as well as our ability to offer services in certain markets. Open-source and other license terms applicable to AI systems and models may limit the distribution of AI-related functionality or constrain product design.

此外，AI 系统与模型可能带来法律、运营和声誉风险。在 AI 系统与模型的开发或运营所使用的数据集方面，以及在使用 AI 赋能的产品或服务生成被认为令人反感或不适当的内容方面，均可能产生法律和声誉风险。新兴立法，例如欧盟《人工智能法案》、加利福尼亚州《前沿人工智能透明度法案》（SB 53）和纽约州《负责任人工智能安全与教育法案》（RAISE Act），可能对大型或前沿 AI 模型的开发者施加与安全、治理、透明度和事件报告等相关的各项要求。客户或合作伙伴对我们 AI 系统、模型、产品或服务的滥用，同样可能造成安全、合规或品牌风险。这些风险过去已经并可能在未来导致监管审查、法律责任或声誉损害，并对我们的业务、经营业绩和财务状况产生不利影响。应对这些风险可能需要在测试、内容审核、防护措施、执法及其他缓解措施方面进行大量投资。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——如果我们的 AI 技术（包括 Grok）协助生成的建议、预测、内容、分析或其他输出存在或被指称存在缺陷、不准确、有害、违法或被用于不当目的，我们可能继续面临索赔和调查，并可能承担法律责任以及品牌、声誉或竞争方面的损害。”

Separately, AI systems and models may present legal operational and reputational risks. Legal and reputational risk may arise in the context of datasets used in the development or operation of AI systems and models as well as the use of AI-enabled products or services to generate output that is perceived as objectionable or inappropriate. Emerging legislation, such as the European Union’s Artificial Intelligence Act, California’s Transparency in Frontier Artificial Intelligence Act (SB 53) and New York’s Responsible AI Safety and Education Act (RAISE Act), may impose requirements relating to, among other things, safety, governance, transparency, and incident reporting on developers of large or frontier AI models. Misuse of our AI systems, models, products, or services by customers or partners may similarly create safety, compliance, or brand risks. These risks have in the past and may in the future result in regulatory scrutiny, legal liability, or reputational harm and adversely affect our business, results of operations, and financial condition. Addressing these risks may require substantial investment in testing, moderation, guardrails, enforcement, and other mitigation measures. For additional information, please refer to “Risk Factors—Risks Related to Our Business—If the recommendations, forecasts, content, analyses or other output that our AI technologies, including Grok, assist in producing are or are alleged to be deficient, inaccurate, harmful, illegal, or used for an improper purpose, we could continue to be subjected to claims and investigations, and we could be subjected to legal liability and brand, reputational, or competitive harm.”

隐私、网络安全、数据保护、在线安全与数字平台监管 Privacy, Cybersecurity, Data Protection, Online Safety, and Digital Platform Regulation

我们受制于复杂且不断演变的全球法律与监管框架，这些框架涉及隐私、网络安全、AI、数据保护、合法访问、内容审核和数字平台监管，此外还涉及我们在开展业务过程中作出的合同及其他承诺，以及我们的内部和外部政策、程序和控制措施。这些法律和法规因司法管辖区和行业而异，并不统一，可能相互冲突或施加重叠或不一致的义务，并且仍在不断演变和涌现。特别是，《加州消费者隐私法》（经修订）、欧盟《通用数据保护条例》（及其在英国的对等法规）以及其他数据隐私法律法规，对个人信息的处理施加了严格且繁重的合规要求，并对不合规行为规定了重大处罚。此外，作为政府承包商，我们还须遵守战争部的网络安全成熟度模型认证要求，该要求规定与战争部开展业务的公司须根据所需的安全等级，达到或超过特定的网络安全标准，方有资格获得新的合同授予。这些法律以及其他原本并非为处理隐私、网络安全、AI、数据保护、合法访问、内容审核或数字平台问题而制定的现有法律，其解释和适用具有不确定性，并且在适用于新技术和数据驱动的产品与服务时仍在不断发展。这些框架对数据的收集、使用、存储、保护、披露、传输及其他处理（包括个人信息）等事项施加义务，并可能限制跨境数据传输或对其设定条件、要求数据本地化，或施加内容审核或其他与平台相关的要求，且其解释或执行方式可能不一致、不明确，或受制于监管机构的重大自由裁量权。这些风险对我们尤为严峻，因为我们在多个行业开展全球业务，并开发会带来新型监管和安全问题的前沿技术。我们收集及以其他方式处理的数据对我们的业务、技术和服务至关重要，而监管对我们获取和处理此类数据能力的限制或约束，可能对我们的运营和商业模式产生重大影响。

We are subject to complex and evolving global legal and regulatory frameworks relating to privacy, cybersecurity, AI, data protection, lawful access, content moderation, and digital platform regulation, as well as contractual and other commitments we make in the course of doing business and our internal and external policies, procedures and controls. These laws and regulations vary across jurisdictions and sectors, are not harmonized, and may conflict or impose overlapping or inconsistent obligations, and continue to evolve and emerge. In particular, the California Consumer Privacy Act (as amended), the European Union’s General Data Protection Regulation (and its equivalent in the United Kingdom) and other data privacy laws and regulations impose stringent and burdensome requirements in connection with the processing of personal information and include significant penalties for non-compliance. Additionally, as a government contractor, we are also subject to the Department of War’s Cybersecurity Maturity Model Certification requirements, which requires companies that do business with the Department of War to, depending on the level of security required, meet or exceed certain specified cybersecurity standards to be eligible for new contract awards. The interpretation and application of these and other existing laws not originally enacted to address privacy, cybersecurity, AI, data protection, lawful access, content moderation, or digital platforms are uncertain and continue to develop as they are applied to new technologies and data-driven products and services. These frameworks impose obligations regarding, among other things, the collection, use, storage, protection, disclosure, transfer, and other processing of data, including personal information, and may restrict or condition cross-border data transfers, require data localization, or impose content moderation or other platform-related requirements, and may be interpreted or enforced in ways that are inconsistent, unclear, or subject to significant regulatory discretion. The risks are particularly acute for us because we operate globally across multiple industries and develop cutting-edge technologies that present novel regulatory and security issues. The data we collect and otherwise process is integral to our business, technology, and services, and regulatory restrictions or limitations on our ability to secure and process such data could materially affect our operations and business model.

此外，我们的产品和服务（包括由 AI 赋能的产品和服务）还可能受到在线安全和青少年保护相关法律法规的约束。此类法律法规可能就内容风险缓解、年龄验证、平台治理以及在部分司法管辖区内的内容报告与删除要求等方面施加义务。例如，英国《2023 年在线安全法》和澳大利亚《2024 年在线安全修正案（社交媒体最低年龄）法》对特定在线平台施加了风险缓解和年龄相关要求。基于这些要求，或为以其他方式维护我们平台的安全，我们在各平台及相关产品和服务中维持内容政策与执行机制。这些机制包括自动化检测工具、分类器和过滤器、算法信号以及人工审核流程的组合。我们还采取措施，在注册和持续使用过程中帮助检测和质询可疑账户，提供用户举报渠道，并采取执行措施。其他有助于缓解安全顾虑的保障措施包括年龄相关控制、内容限制和专用模式，以及在当地法律要求时对特定输出内容加注标签或水印，并对特定内容类别实施其他针对特定市场的限制。

In addition, our products and services, including those enabled by AI, may also be subject to online safety and youth-protection laws and regulations. Such laws and regulations may impose obligations relating to content risk mitigation, age assurance, platform governance, and, in certain jurisdictions, content reporting and removal requirements. For example, the UK’s Online Safety Act 2023 and Australia’s Online Safety Amendment (Social Media Minimum Age) Act 2024 impose risk mitigation and age-related requirements on certain online platforms. As a result of these requirements or to otherwise seek to maintain the safety of our platforms, we maintain content policies and enforcement mechanisms across our platforms and related products and services. These include a combination of automated detection tools, classifiers and filters, algorithmic signals, and human review processes. We also employ measures to help detect and challenge suspicious accounts during sign-up and ongoing use, provide user reporting channels, and apply enforcement actions. Additional safeguards to help mitigate safety concerns include age-related controls, content restrictions, and specialized modes; and labeling or watermarks on certain outputs and other market-specific restrictions on certain content categories where required by local laws.

这一不断演变的格局将继续影响我们维护、开发或推出产品和服务的能力，包括那些依赖处理个人信息或其他敏感数据的产品和服务，例如定向广告和其他数据驱动型服务，并可能要求我们针对特定市场对产品、服务或业务实践作出调整，从而增加运营复杂性和成本。此外，出于国家安全考量而新出台的、旨在限制特定数据跨境传输或访问的法律法规，可能增加合规成本，并限制我们的运营灵活性、投资活动或实现战略目标的能力。随着业务发展，以及如果我们拓展至更多行业或司法管辖区，我们的合规要求及相关成本可能增加，我们可能面临更严格的监管审查。

This evolving landscape will continue to affect our ability to maintain, develop, or launch products and services, including those that rely on the processing of personal information or other sensitive data, including targeted advertising and other data-driven offerings, and may require market-specific changes to our products, services, or business practices, increasing operational complexity and cost. In addition, emerging laws and regulations seeking to restrict cross-border transfer of or access to certain data in light of perceived national security considerations may increase compliance costs and restrict our operational flexibility, investment activities, or ability to achieve our strategic objectives. As our business evolves, and if we expand into additional industries or jurisdictions, our compliance requirements and associated costs may increase and we may be subject to heightened regulatory scrutiny.

我们还面临网络安全风险，包括我们的技术、产品、系统和数据，或我们的服务提供商和合作伙伴的技术、产品、系统和数据，可能遭到非法、意外或未经授权的访问、使用、披露、篡改、丢失或中断，从而可能导致机密性、完整性或可用性受损。我们经营的行业一直并将继续成为复杂且持续的内部和外部威胁行为者的攻击目标，包括由国家支持或与国家有关联的威胁行为者。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——我们的计算机和数据系统，或我们在运营中使用的第三方计算机和数据系统若发生任何重大中断或未经授权的访问，可能导致服务丢失或降级、对我们信任的丧失以及对我们的业务造成损害。”许多司法管辖区规定了强制性的违规通知和报告义务，遵守此类要求可能成本高昂、时间紧迫且运营负担沉重，若发生重大事件，我们可能承担此类成本。随着我们继续使用先进技术（包括 AI 系统和模型）并将其整合到我们的运营、产品和服务中，我们面临的网络安全事件风险可能增加，尤其是当威胁行为者也试图采用和部署 AI 赋能工具以规避检测并入侵系统或数据时。遵守适用的隐私、网络安全、AI、数据保护、合法访问、内容审核和数字平台义务可能成本高昂且运营要求高，并可能需要更改我们的产品、服务、业务实践或技术基础设施。

We also face cybersecurity risks, including the potential unlawful, accidental, or unauthorized access to, or use, disclosure, alteration, loss, or disruption of, our technology, products, systems, and data, or those of our service providers and partners, which could result in a loss of confidentiality, integrity, or availability. We operate in industries that have been, and will continue to be, targeted by sophisticated and persistent internal and external threat actors, including those controlled by or affiliated with nation states. For additional information, please refer to “Risk Factors—Risks Related to Our Business—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.” Many jurisdictions impose mandatory breach notification and reporting obligations, and compliance with such requirements can be costly, time-sensitive, and operationally burdensome, and we may bear such costs in the event of a material incident. As we continue to use and integrate advanced technologies, including AI systems and models, into our operations, products, and services, our exposure to cybersecurity incidents may increase, particularly as threat actors also try to adopt and deploy AI-enabled tools to evade detection and compromise systems or data. Compliance with applicable privacy, cybersecurity, AI, data protection, lawful access, content moderation and digital platform obligations can be costly and operationally demanding and may require changes to our products, services, business practices, or technical infrastructure.

环境、健康与安全 Environmental, Health, and Safety

我们的运营和设施，以及现有和规划中的基础设施，受制于联邦、州、地方及外国环境、健康和安全法律、法规和许可构成的广泛监管框架，这些法律法规和许可涉及（除其他事项外）员工健康与安全、向空气和水体排放污染物、危险材料和废物的产生、处理、储存和处置，以及特定材料、物质和废物的调查与修复。这些包括联邦、州和地方监管机构及立法机构颁布的各项法规。我们的某些运营活动，包括发射、再入、测试和制造活动以及设施的开发或扩建，以及数据中心的选址、建设和运营，可能需要环境审查、咨询和许可，并可能受到可能增加成本或限制运营的条件或缓解措施的约束。

Our operations and facilities, as well as existing and planned infrastructure, are subject to an extensive regulatory framework of federal, state, local, and foreign environmental, health, and safety laws, and regulations and permits that govern, among other things, employee health and safety, discharges of pollutants into the air and water, the generation, handling, storage, and disposal of hazardous materials and wastes and the investigation and remediation of certain materials, substances, and wastes. These include various regulations promulgated by federal, state, and local regulatory agencies and legislative bodies. Certain of our operations, including launch, reentry, testing, and manufacturing activities and the development or expansion of facilities, as well as the siting, construction and operation of data centers, may require environmental reviews, consultations, and permits and may be subject to conditions or mitigation measures that could increase costs or limit operations.

我们需要从多个政府机构获得多项许可和授权，以建设和运营我们的设施，包括分区、土地使用和建筑规范许可、永久燃烧设备（包括柴油发电机和天然气涡轮机）的空气质量许可、雨水和废水排放许可，以及消防和生命安全批准。我们已就某些设施提交或正在等待许可申请。如需更多信息，请参阅“风险因素——与我们的业务相关的风险——环境法律、法规、诉讼、责任和程序可能对我们的运营产生不利影响，包括我们的发射运营、制造活动、燃料储存和处理运营、发射设施和地面基础设施，以及数据中心运营和扩建计划。”

We are required to obtain a number of permits and entitlements from various government agencies to construct and operate our facilities, including zoning, land use and building code permits, air quality permits for permanent combustion equipment (including both diesel generators and natural gas turbines), stormwater and wastewater discharge permits, and fire and life safety approvals. We have issued or pending permit applications for certain of our facilities. For additional information, please refer to “Risk Factors—Risks Related to Our Business— Environmental laws, regulations, litigation, liabilities and proceedings may adversely affect our operations, including our launch operations, manufacturing activities, fuel storage and handling operations, launch facilities and ground infrastructure, and data center operations and expansion plans.”

政府合同 Government Contracts

我们的一部分收入来自与美国政府直接或间接签订的合同。我们与美国政府签有大量直接合同，主要来自 NASA、战争部、总务管理局以及某些情报界机构。这些合同主要集中于发射服务、航天器开发、卫星部署以及人工智能产品。在我们的政府合同中，我们几乎总是主承包商，很少使用分包商。我们与美国政府机构签订的所有发射合同均为固定总价合同，按里程碑付款。

A portion of our revenue is derived from contracts, directly or indirectly, with the U.S. government. We have numerous direct contracts with the U.S. government, primarily NASA, the Department of War, the General Services Administration, and certain Intelligence Community agencies. These contracts focus mainly on launch services, spacecraft development, and satellite deployment, and artificial intelligence products. We are almost always the prime contractor on our government contracts, and we rarely use subcontractors. All of our launch contracts with U.S. government agencies are firm fixed-price contracts with milestone-based payments.

这些合同受美国政府合同规则和法规（《联邦采购条例》（FAR）和《国防联邦采购条例补充》（DFARS））约束，因此我们面临国防行业特有的业务风险。这些法规对我们的运营、商业惯例和报告提出严格要求，不合规可能导致民事或刑事处罚、被暂停或取消政府承包资格，或失去现有或未来业务。这些要求虽在美国政府合同中属常规要求，但增加了我们的履约和合规成本。这些成本未来可能增加。美国政府有权单方面：(i) 宣布我们无资格获得新合同；(ii) 出于便利且无需事先通知终止现有合同；(iii) 缩减现有合同的范围和价值；(iv) 审计我们与合同相关的成本和费用，包括分摊的间接成本；以及 (v) 撤销所需的安全许可。违反政府采购法律可能导致民事或刑事处罚。

These contracts are subject to U.S. government contracting rules and regulations (Federal Acquisition Regulation (FAR) and Defense Federal Acquisition Regulation Supplement (DFARS)), and therefore, we are subject to the business risks specific to the defense industry. These regulations impose stringent requirements on our operations, business practices and reporting, and noncompliance could result in civil or criminal penalties, suspension or debarment from government contracting, or loss of existing or future business. These requirements, although customary in U.S. government contracts, increase our performance and compliance costs. These costs might increase in the future. The U.S. government has the ability to unilaterally: (i) declare us ineligible to receive new contracts; (ii) terminate existing contracts at its convenience and without advance notice; (iii) reduce the scope and value of existing contracts; (iv) audit our contract-related costs and fees, including allocated indirect costs; and (v) revoke required security clearances. Violations of government procurement laws could result in civil or criminal penalties.

我们还被要求持有特殊安全许可，并遵守涉密项目的行政命令、联邦法律和法规以及客户安全要求，我们的政府合同还施加了网络安全和信息保障要求，包括按照 NIST Special Publication 800-171 实施信息安全保护，以及审查和报告某些网络事件的义务。未能遵守可能导致暂停付款、终止合同、民事或刑事处罚，或被排除在未来政府承包机会之外。更多信息请参阅“风险因素——与我们业务相关的风险——我们的服务面临向美国政府提供服务相关的风险”。

We are also required to maintain special security clearances and comply with executive orders, federal laws and regulations, and customer security requirements for classified programs, and our government contracts impose cybersecurity and information assurance requirements, including implementation of information security protections in accordance with NIST Special Publication 800-171 and obligations to review and report certain cyber incidents. Failure to comply could result in suspension of payments, termination of contracts, civil or criminal penalties, or exclusion from future government contracting opportunities. For additional information, please refer to “Risk Factors—Risks Related to Our Business—Our services are subject to risks related to supplying services to the U.S. government.”

此外，为在佛罗里达州肯尼迪航天中心和卡纳维拉尔角以及加利福尼亚州范登堡太空军基地 4 号航天发射综合体准备租赁不动产以开展发射运营，我们在这些政府所有的场址进行了重大资本改良并安装了大量不动产和动产。与标准商业用途场址相比，我们建造的发射设施是一项独特的资本改良，因为联邦政府专门将这些发射场址指定用于火箭发射等航空航天活动。鉴于这些政府所有场址的特定用途要求，我们历来在租约到期或终止时与相关政府实体签订移交协议，据此将改良设施移交给政府而非拆除。这一事实模式在以往的租约中一直如此，例如在卡纳维拉尔角太空军基地。

In addition, in connection with preparing leased real property for our launch operations at Kennedy Space Center and Cape Canaveral, Florida, and Space Launch Complex 4 at Vandenberg Space Force Base, California, we make significant capital improvements and install extensive real and personal property at these government-owned sites. The launch facilities we build are a unique capital improvement compared to standard commercial use sites because the federal government specifically designates these launch sites for aerospace activities, such as rocket launches. Given the specific use requirements of these government-owned sites, we have historically entered into handover agreements with the relevant government entities upon expiration or termination of the leases, pursuant to which the improvements are transferred to the government rather than removed. This fact pattern has historically been the case with previous leases such as at Cape Canaveral Space Force Station.

法律诉讼 Legal Proceedings

我们涉及本招股说明书其他部分所载经审计合并财务报表附注 17“承诺与或有事项”以及未经审计合并财务报表附注 16“承诺与或有事项”中所述的法律诉讼，并且我们可能面临在正常业务过程中产生的其他索赔和诉讼。任何诉讼的结果本质上具有不确定性，如果判决对我们不利，或者如果我们认定对特定诉讼进行和解是适当的，我们可能承担的责任可能对我们的业务产生重大不利影响。

We are involved in the legal proceedings described in Note 17, Commitments and Contingencies, in our audited consolidated financial statements and Note 16, Commitments and Contingencies in our unaudited consolidated financial statements included elsewhere in this prospectus, and we are subject to other claims and litigation arising in the ordinary course of business. The outcome of any litigation is inherently uncertain, and if decided adversely to us, or if we determine that settlement of particular litigation is appropriate, we may be subject to liability that could have a material adverse effect on our business.

管理层 Management

以下是截至 2026 年 5 月 1 日有关预计将在本次发行完成后担任我们高管和董事的人员的若干信息。

Below is certain information as of May 1, 2026 regarding individuals who are expected to serve as our executive officers and directors upon the completion of this offering.

**姓名**

**Name**

Elon Musk · 54 · 首席执行官、首席技术官兼董事会主席 Gwynne Shotwell · 62 · 总裁、首席运营官兼董事 Bret Johnsen · 57 · 首席财务官 Ira Ehrenpreis · 57 · 董事 Randy Glein · 60 · 董事 Antonio J. Gracias · 55 · 董事 Donald Harrison · 54 · 董事 Steve Jurvetson · 59 · 董事 Luke Nosek · 50 · 董事

Elon Musk · 54 · Chief Executive Officer, Chief Technical Officer and Chairman of the Board Gwynne Shotwell · 62 · President, Chief Operating Officer and Director Bret Johnsen · 57 · Chief Financial Officer Ira Ehrenpreis · 57 · Director Randy Glein · 60 · Director Antonio J. Gracias · 55 · Director Donald Harrison · 54 · Director Steve Jurvetson · 59 · Director Luke Nosek · 50 · Director

高管及管理层董事 Executive Officers and Management Directors

自 2002 年 5 月起，Elon Musk 一直担任我们的首席执行官、首席技术官及董事会主席。Musk 先生同时是 Tesla 的 Technoking，并自 2008 年 10 月起担任 Tesla 首席执行官。Musk 先生自 2022 年 10 月起担任 X 的首席技术官及董事会成员，并自 2023 年 3 月起担任 xAI 的首席执行官及董事会成员，上述职务均持续至 2025 年 3 月 X 与 xAI 合并之时。合并完成后，Musk 先生担任 xAI 的总裁、财务主管及首席执行官，并担任其董事会成员，直至 xAI 于 2026 年 2 月被本公司收购。Musk 先生同时是 Neuralink Corp.（一家专注于开发脑机接口的公司）和 The Boring Company（一家基础设施公司）的创始人兼首席执行官。在加入本公司之前，Musk 先生联合创立了电子支付系统 PayPal（该公司于 2002 年 10 月被 eBay 收购）以及互联网企业软件与服务提供商 Zip2 Corporation（该公司于 1999 年 3 月被 Compaq 收购）。Musk 先生担任 Tesla 董事会成员，并曾于 2021 年 4 月至 2022 年 6 月期间担任 Endeavor Group Holdings, Inc.董事会成员。Musk 先生持有宾夕法尼亚大学物理学学士学位及宾夕法尼亚大学沃顿商学院商学学士学位。Musk 先生为我们的董事会带来了历史积淀、运营与技术专长以及延续性。

Elon Musk has served as our Chief Executive Officer, Chief Technical Officer and Chairman of our board since May 2002. Mr. Musk is also the Technoking of Tesla and has served as Chief Executive Officer of Tesla since October 2008. Mr. Musk was Chief Technology Officer and on the board of directors of X, beginning October 2022 and served as the Chief Executive Officer and on the board of directors of xAI, beginning March 2023, in each case through the March 2025 merger of X and xAI. Following the merger, Mr. Musk served as the President, Treasurer, and Chief Executive Officer and on the board of directors of xAI, until it was acquired by the Company in February 2026. Mr. Musk is also a founder and Chief Executive Officer of Neuralink Corp., a company focused on developing brain-machine interfaces, and The Boring Company, an infrastructure company. Prior to the Company, Mr. Musk co-founded PayPal, an electronic payment system, which was acquired by eBay in October 2002, and Zip2 Corporation, a provider of Internet enterprise software and services, which was acquired by Compaq in March 1999. Mr. Musk serves on the board of directors of Tesla and previously served on the board of directors of Endeavor Group Holdings, Inc. from April 2021 to June 2022. Mr. Musk holds a B.A. in Physics from the University of Pennsylvania and a B.S. in Business from the Wharton School of the University of Pennsylvania. Mr. Musk brings to our board historical knowledge, operational and technical expertise, and continuity.

Gwynne Shotwell 自 2008 年起担任我们的总裁兼首席运营官，并自 2009 年 3 月起担任我们的董事会成员。此前，Shotwell 女士于 2002 年至 2008 年担任我们的业务发展副总裁。在加入本公司之前，Shotwell 女士曾在航空航天公司 Microcosm, Inc.担任董事，并在 The Aerospace Corporation（一家为各类政府、民用及商业客户开展客观技术分析与评估的独立非营利组织）担任高级项目工程师。Shotwell 女士同时担任动力运动车辆制造商 Polaris, Inc.的董事会成员，以及西北大学董事会成员。Shotwell 女士入选美国国家工程院，并曾获评年度卫星高管，入选《时代》周刊 100 位最具影响力人物以及《财富》杂志全球 50 位最伟大领袖。Shotwell 女士持有西北大学机械工程学士学位及应用数学硕士学位。作为我们领导团队的核心成员之一，Shotwell 女士为我们的董事会带来了丰富的运营经验以及对公司运营、技术、研发和业务管理的内部深入了解。

Gwynne Shotwell has served as our President and Chief Operating Officer since 2008 and has been a member of our board since March 2009. Previously, Ms. Shotwell served as our Vice President, Business Development, from 2002 to 2008. Prior to joining the Company, Ms. Shotwell held positions with Microcosm, Inc., an aerospace company, as a director, and The Aerospace Corporation, an independent, non-profit organization performing objective technical analyses and assessments for a variety of government, civil, and commercial customers, as a senior project engineer. Ms. Shotwell also serves on the board of directors of Polaris, Inc., a manufacturer of powersports vehicles, and on Northwestern University’s Board of Trustees. Ms. Shotwell was inducted into the National Academy of Engineering and was previously named the Satellite Executive of the Year, included on Time’s 100 Most Influential People, and Fortune Magazine’s World’s 50 Greatest Leaders. Ms. Shotwell holds a B.S. in Mechanical Engineering and an M.S. in Applied Mathematics from Northwestern University. As one of the key members of our leadership team, Ms. Shotwell brings to our board extensive operational experience and in-house knowledge of the Company’s operations, technology, research and development and business management.

Bret Johnsen 自 2011 年起担任我们的首席财务官。在该职位上，Johnsen 先生领导我们的全球财务组织，负责我们的长期财务战略、内部财务运营、与金融界的沟通以及我们增长举措的财务方面。凭借二十多年在财务领导岗位上的经验，主要是在知名科技和半导体公司，他的领导持续在推动我们的财务业绩、长期价值创造和运营纪律方面发挥关键作用。在加入本公司之前，Johnsen 先生于 2008 年至 2011 年担任 Mindspeed Technologies, Inc.（一家上市半导体公司）的首席财务官。在此之前，他于 1999 年至 2008 年在全球半导体公司 Broadcom Inc. 任职近十年，在组织内担任职责日益增加的职务，包括担任副总裁兼公司财务总监。Johnsen 先生担任南加州大学受托人，并持有南加州大学会计学学士学位和圣迭戈州立大学金融学硕士学位，且为注册会计师（CPA）。

Bret Johnsen has served as our Chief Financial Officer since 2011. In this role, Mr. Johnsen leads our global finance organization and is responsible for our long-term financial strategy, internal financial operations, interactions with the financial community, and the financial aspects of our growth initiatives. With more than two decades of experience in financial leadership, primarily in high-profile technology and semiconductor companies, his leadership continues to play a key role in driving our financial performance, long-term value creation and operational discipline. Prior to joining the Company, Mr. Johnsen served as Chief Financial Officer at Mindspeed Technologies, Inc., a publicly traded semiconductor company, from 2008 to 2011. Prior to that role, he spent nearly a decade at Broadcom Inc., a global semiconductor company, from 1999 to 2008, holding roles of increasing responsibility within the organization, including serving as Vice President and Corporate Controller. Mr. Johnsen serves as a Trustee of the University of Southern California and holds a B.S. in Accounting from the University of Southern California and an M.S. in Finance from San Diego State University, and he is a Certified Public Accountant (CPA).

非管理层董事 Non-Management Directors

Ira Ehrenpreis 自 2026 年 2 月起担任我们的董事会成员。Ehrenpreis 先生是 DBL Partners 的创始人兼管理成员，该公司是一家领先的影响力投资风险投资公司，成立于 2015 年。此前，他曾是风险投资公司 Technology Partners 的合伙人。Ehrenpreis 先生担任 Tesla 的董事会成员。他担任 VCNetwork 的主席，该组织是加利福尼亚州规模最大、最活跃的风险投资组织。Ehrenpreis 先生还担任全国公司董事协会（NACD）北加州分会主席，以及斯坦福 Precourt 能源研究所顾问委员会联合主席。除其他多项奖项和荣誉外，Ehrenpreis 先生还因“董事会和公司治理界最具影响力的领导者之一”而入选 NACD Directorship 100。Ehrenpreis 先生拥有加利福尼亚大学洛杉矶分校的文学学士学位，以及斯坦福大学的法学博士学位和工商管理硕士学位。Ehrenpreis 先生为我们的董事会带来了在科技、影响力投资和风险投资行业的经验，以及在公司治理、战略增长和股东价值方面的宝贵见解。

Ira Ehrenpreis has served on our board since February 2026. Mr. Ehrenpreis is a founder and managing member of DBL Partners, a leading impact investing venture capital firm, formed in 2015. Previously, he was a partner at Technology Partners, a venture capital firm. Mr. Ehrenpreis serves on the board of directors of Tesla. He serves as the Chairman of the VCNetwork, the largest and most active California venture capital organization. Mr. Ehrenpreis also serves as the Chair of the National Association of Corporate Directors (NACD) Northern California and the Co-Chair of the Stanford Precourt Institute for Energy Advisory Council. Among several other awards and honors, Mr. Ehrenpreis has been named a member of the NACD Directorship 100 for being “one of the most influential leaders in the boardroom and corporate governance community.” Mr. Ehrenpreis holds a B.A. from the University of California, Los Angeles and a J.D. and M.B.A. from Stanford University. Mr. Ehrenpreis brings to our board experience in the technology, impact and venture capital industries, as well as valuable insights in corporate governance, strategic growth and shareholder values.

Randy Glein 自 2026 年 2 月起担任我们的董事会成员，此前自 2009 年起担任董事会观察员。Glein 先生是风险投资公司 DFJ Growth 的联合创始人兼管理合伙人，该公司在过去 20 年间投资了 100 多家成长期科技公司。他目前担任多家私营科技公司的董事会成员，此前曾担任 Anaplan, Inc. 和 Tremor Video, Inc. 的董事会成员。在 DFJ Growth 之前，Glein 先生曾担任 FeedBurner（于 2007 年被 Google 收购）的首席财务官，以及 Tribune Company 及其企业投资集团 Tribune Ventures 的副总裁。Glein 先生的职业生涯始于航空航天行业，曾担任 Hughes Space & Communications 的系统工程师，并在其 DIRECTV 和新业务部门担任业务拓展职务。Glein 先生拥有佛罗里达大学电气工程学士学位、南加利福尼亚大学电气工程硕士学位，以及 UCLA Anderson 管理学院的工商管理硕士学位。Glein 先生为我们的董事会带来了在风险投资行业的经验，以及在科技、媒体和卫星通信行业超过 35 年的商业和领导经验。

Randy Glein has served on our board since February 2026 and previously served as a board observer since 2009. Mr. Glein is co-founder and managing partner of DFJ Growth, a venture capital firm that has invested in more than 100 growth-stage technology companies over the past 20 years. He currently serves on the board of directors of several private technology companies and has previously served on the board of directors of Anaplan, Inc. and Tremor Video, Inc. Prior to DFJ Growth, Mr. Glein served as Chief Financial Officer of FeedBurner (acquired by Google in 2007) and Vice President of Tribune Company and its corporate investment group, Tribune Ventures. Mr. Glein began his career in the aerospace industry as a systems engineer with Hughes Space & Communications and in business development roles with its DIRECTV and New Ventures units. Mr. Glein holds a B.S.E.E. in Electrical Engineering from the University of Florida, an M.S.E.E. in Electrical Engineering from the University of Southern California, and an M.B.A. from the UCLA Anderson School of Management. Mr. Glein brings to our board experience in the venture capital industry and more than 35 years of business and leadership experience in the technology, media, and satellite communications industries.

Antonio J. Gracias 自 2010 年 10 月起担任我们的董事会成员。自 2001 年起，Gracias 先生一直担任私募股权公司 Valor Management LLC 的首席执行官兼首席投资官。作为 Valor 的创始人、首席执行官兼首席投资官，他负责管理美国领先的以增长为重点的投资公司之一，管理资产超过 $55 billion。他自 2026 年 5 月起担任 Neuralink Corp.（一家专注于开发脑机接口的公司）的董事会成员，自 2026 年 5 月起担任 The Boring Company（一家基础设施公司）的董事会成员，并于 2017 年 9 月至 2026 年 5 月担任制药公司 Harmony Biosciences Holdings, Inc. 的董事。他还于 2013 年 11 月至 2017 年 5 月 Marathon Pharmaceuticals, LLC 被 PTC Therapeutics 收购期间担任该公司董事，并于 2012 年至 2016 年担任 SolarCity Corporation 的董事。Gracias 先生此前曾于 2007 年至 2021 年担任 Tesla 的董事，协助该公司完成上市，并担任首席独立董事八年。在 2001 年创立 Valor Management LLC 之前，Gracias 先生曾担任总部位于芝加哥的私募股权公司 MG Capital 的创始人兼管理成员，并于 1995 年至 2000 年期间担任主要交易负责人。在 MG Capital 之前，Gracias 先生曾在纽约的 Goldman, Sachs & Co. 担任助理，在国际股票部为该公司的机构客户提供服务。Gracias 先生还积极参与慈善活动。他是 The Aspen Institute 的受托人，并于 2009 年成为该机构的 Henry Crown Fellow，该项目旨在让下一代领导者参与社区精神领导力的挑战。此外，他还担任多个知名非营利组织和捐赠基金董事会的成员，包括乔治城大学外交学院和芝加哥大学普利兹克分子工程学院的访问委员会。他还是芝加哥大学董事会的成员。Gracias 先生拥有乔治城大学外交学院国际金融与经济学的理学学士和理学硕士（荣誉学位）联合学位，以及芝加哥大学法学院的法学博士学位。Gracias 先生为我们的董事会带来了投资策略、投资组合公司管理与改进、业务运营以及多个行业（包括航空航天、科技和制造业）财务方面的技能和经验。

Antonio J. Gracias has served on our board since October 2010. Since 2001, Mr. Gracias has been Chief Executive Officer and Chief Investment Officer of Valor Management LLC, a private equity firm. As Founder, CEO, and CIO of Valor, he oversees one of the leading growth-focused investment firms in the United States with over $55 billion in assets under management. He has served on the board of Neuralink Corp., a company focused on developing brain-machine interfaces, since May 2026, served on the board of The Boring Company, an infrastructure company, since May 2026 and served as a director of Harmony Biosciences Holdings, Inc., a pharmaceutical company, from September 2017 to May 2026. He also served as a director of Marathon Pharmaceuticals, LLC from November 2013 until its acquisition by PTC Therapeutics in May 2017, and SolarCity Corporation from 2012 to 2016. Mr. Gracias previously served as a director of Tesla from 2007 to 2021 helping take the company public and acting as Lead Independent Director for eight years. Prior to founding Valor Management LLC in 2001, Mr. Gracias served as Founder and Managing Member of MG Capital, a private equity firm headquartered in Chicago, where he was the lead transaction principal from 1995 through 2000. Prior to MG Capital, Mr. Gracias was an associate with Goldman, Sachs & Co. in New York, where he served the firm’s institutional clients in the International Equity Division. Mr. Gracias is also actively involved in philanthropic activities. He is a trustee of The Aspen Institute, where he was a 2009 Henry Crown Fellow, an Aspen Institute program designed to engage the next generation of leaders in the challenge of community-spirited leadership. Additionally, he serves as a member of several prestigious non-profit and endowment boards, including the Board of Visitors for the Georgetown University School of Foreign Service and the Pritzker School of Molecular Engineering at the University of Chicago. He is also a member of the University of Chicago Board of Trustees. Mr. Gracias holds a joint B.S. and M.S.F.S. (Honors Degree) in International Finance and Economics from the Georgetown University School of Foreign Service and a J.D. from the University of Chicago Law School. Mr. Gracias brings to our board skills and experience in investment strategy, portfolio company management and improvement, operations of business, and finance across several industries, including aerospace, technology, and manufacturing.

Donald Harrison 自 2015 年 2 月起担任我们的董事会成员。Harrison 先生自 2017 年起担任科技公司 Google LLC 的全球合作与企业发展总裁。Harrison 先生此前于 2012 年至 2017 年担任 Google 企业发展副总裁，并于 2005 年至 2012 年担任副总裁兼副总法律顾问。Harrison 先生还担任印度最大的移动电信服务提供商 Reliance Jio 的董事会成员。Harrison 先生拥有国王大学学院（University of King's College）哲学与政治学学士学位，以及多伦多大学的 J.D. 和 LLB 学位。Harrison 先生为我们的董事会带来了多年的商业和领导经验，并在战略交易和合作领域提供了宝贵的经验。

Donald Harrison has served on our board since February 2015. Mr. Harrison has served as President, Global Partnerships and Corporate Development at Google LLC, a technology company, since 2017. Mr. Harrison previously served as Vice-President, Corporate Development at Google from 2012 to 2017 and as Vice-President and Deputy General Counsel from 2005 to 2012. Mr. Harrison also sits on the board of directors of Reliance Jio, the largest mobile telecommunications services provider in India. Mr. Harrison holds a B.A. in Philosophy and Political Science from the University of King’s College and a J.D. and LLB from the University of Toronto. Mr. Harrison brings to our board years of business and leadership experience and provides valuable experience in the areas of strategic transactions and partnerships.

Steve Jurvetson 自 2009 年 3 月起担任我们的董事会成员。Jurvetson 先生是风险投资公司 Future Ventures 的联合创始人，该公司由他于 2019 年创立；此前，他于 1995 年至 2017 年联合创立风险投资公司 Draper Fisher Jurvetson 并担任董事总经理。Jurvetson 先生担任深海采矿勘探公司 The Metals Company 的董事，并曾于 2009 年至 2020 年担任 Tesla 的董事，于 2004 年至 2011 年担任 NeoPhotonics Corp. 的董事。Jurvetson 先生还曾于 2011 年至 2017 年担任 Planet Labs 的董事，并于 2003 年至 2020 年担任 D-Wave 的董事。在联合创立 Future Ventures 和 Draper Fisher Jurvetson 之前，Jurvetson 先生是 Hewlett-Packard 的研发工程师，其七项芯片设计在那里被制造出来。他还曾在 Apple Inc. 和 NeXT 从事产品营销工作，并在 Bain & Company 从事管理咨询工作。Jurvetson 先生拥有斯坦福大学电气工程学士和硕士学位，以及斯坦福商学院 M.B.A. 学位。Jurvetson 先生为我们的董事会带来了风险投资行业的经验以及多年的商业和领导经验。

Steve Jurvetson has served on our board since March 2009. Mr. Jurvetson is a co-founder of Future Ventures, a venture capital firm, which he founded in 2019, and previously he co-founded and served as Managing Director of Draper Fisher Jurvetson, a venture capital firm, from 1995 to 2017. Mr. Jurvetson serves as a director of The Metals Company, a deep sea mining exploration company, and also previously served as a director of Tesla from 2009 to 2020, and NeoPhotonics Corp. from 2004 to 2011. Mr. Jurvetson also served as a director of Planet Labs from 2011 to 2017 and a director of D-Wave from 2003 to 2020. Before co-founding Future Ventures and Draper Fisher Jurvetson, Mr. Jurvetson was an R&D Engineer at Hewlett-Packard, where seven of his chip designs were fabricated. He also worked in product marketing at Apple Inc. and NeXT and management consulting with Bain & Company. Mr. Jurvetson holds B.S. and M.S. degrees in Electrical Engineering from Stanford University and an M.B.A. from the Stanford Business School. Mr. Jurvetson brings to our board experience in the venture capital industry and years of business and leadership experience.

Luke Nosek 自 2008 年 7 月起担任我们的董事会成员。Nosek 先生于 2017 年 7 月联合创立了风险投资公司 Gigafund，并自成立起担任管理合伙人。Nosek 先生此前于 2006 年 4 月联合创立了风险投资基金 Founders Fund，并担任普通合伙人至 2017 年 7 月。在此之前，Nosek 先生于 1998 年 11 月至 2002 年 2 月联合创立了电子支付系统 PayPal，并担任业务发展副总裁、市场营销副总裁和战略副总裁。Nosek 先生还担任多家私营公司的董事会成员，包括设计和制造小型模块化反应堆的核能公司 Last Energy、运营可远程访问且基本自主的生命科学实验室的 Emerald Cloud Lab，以及连接科学家和研究人员及其研究成果的在线平台 ResearchGate。Nosek 先生还曾在 DeepMind 被 Google 收购前担任其董事会成员。Nosek 先生拥有伊利诺伊大学厄巴纳-香槟分校计算机工程学士学位。Nosek 先生为董事会带来了风险投资行业的经验以及多年的商业和领导经验。

Luke Nosek has served on our board since July 2008. Mr. Nosek co-founded Gigafund, a venture capital firm, in July 2017, and has been Managing Partner since inception. Mr. Nosek previously co-founded Founders Fund, a venture capital fund, in April 2006, and served as General Partner through July 2017. Prior to that, Mr. Nosek co-founded and served as Vice President of Business Development, Vice President of Marketing, and Vice President of Strategy of PayPal, an electronic payment system, from November 1998 to February 2002. Mr. Nosek also serves as a member of the board of directors of various private companies, including Last Energy, a nuclear energy company that designs and manufactures small modular reactors, Emerald Cloud Lab, which operates remotely accessible and largely autonomous life science laboratories, and ResearchGate, an online platform connecting scientists and researchers with each other and their work. Mr. Nosek also served as a board member of DeepMind prior to its acquisition by Google. Mr. Nosek holds a B.S. in Computer Engineering from the University of Illinois Urbana-Champaign. Mr. Nosek brings to the board experience in the venture capital industry and years of business and leadership experience.

补充信息 Additional Information

2018 年 10 月 16 日，美国纽约南区联邦地区法院作出终审判决，批准了 2018 年 9 月 29 日提交法院的和解协议条款，该和解涉及 SEC 就马斯克先生 2018 年 8 月 7 日在 Twitter（现称 X）上发布帖子所称其正考虑以特定价格并借助已获担保的融资将特斯拉私有化一事所采取的行动。SEC 指控这些帖子存在重大虚假和误导性陈述，违反了《交易法》第 10(b)条及据此制定的第 10b-5 条规则。在和解该案时，马斯克先生既未承认也未否认 SEC 的指控，并同意接受一项判决：禁止其违反上述法律，判令其支付$20 million 民事罚款，并要求其遵守特斯拉就其公开声明事先审批所实施的程序。虽然他被要求辞去特斯拉董事会董事长职务三年，但对马斯克先生担任任何上市或非上市公司董事会高管或董事的能力并无限制。2019 年 4 月 26 日，该和解协议经修订，以进一步明确适用于其就特斯拉发表某些公开声明的事先审批程序。该修订随后获得地区法院批准。

On October 16, 2018, the U.S. District Court for the Southern District of New York entered a final judgment approving the terms of a settlement, filed with the court on September 29, 2018, in connection with the actions taken by the SEC relating to Mr. Musk’s August 7, 2018 Twitter (now known as X) posts stating that he was considering taking Tesla private at a specified price and with secured financing. The SEC alleged that these posts were materially false and misleading, in violation of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. In settling the action, Mr. Musk did not admit or deny the SEC’s allegations and consented to the entry of a judgment that enjoined him from violating these laws, ordered him to pay a $20 million civil penalty and required him to comply with procedures implemented by Tesla with respect to preclearing his public statements about Tesla. While he was required to step down as chairman of the board of Tesla for three years, there is no restriction on Mr. Musk’s ability to serve as an officer or director on the board of directors of any public or private company. On April 26, 2019, this settlement was amended to further clarify the pre-clearance procedures applicable to his making certain public statements about Tesla. The amendment was subsequently approved by the District Court.

2026 年 4 月 3 日，在 Pampena 诉 Musk 一案中，美国加利福尼亚北区联邦地区法院仅以马斯克先生个人身份对其作出部分判决，支持首席原告代表其自身及一个在 2022 年 5 月 13 日至 10 月 4 日期间出售某些 Twitter, Inc.股权证券的投资者集体提出的主张。该判决基于 2026 年 3 月 20 日作出的陪审团裁决，该裁决认定：(i) 就指控马斯克先生 2022 年 5 月所作两项声明违反《交易法》第 10(b)条及据此制定的第 10b-5 条规则的主张，支持原告；以及(ii) 就质疑第三项声明并依据第 10b-5(a)和(c)条规则指控“欺诈计划”的主张，支持马斯克先生。本案中的主张均涉及马斯克先生当时尚待完成的对 Twitter, Inc.的潜在收购。2026 年 5 月 1 日，马斯克先生通过提交审后依法判决动议及撤销集体认证动议，对部分判决提出异议。该动议程序仍在进行中，法院预计将于 2026 年 6 月审理这些动议。

On April 3, 2026, in Pampena v. Musk, the U.S. District Court for the Northern District of California entered a partial judgment against Mr. Musk in his personal capacity only in favor of lead plaintiffs on behalf of themselves and a class of investors who sold certain Twitter, Inc. equity securities between May 13 and October 4, 2022. The judgment is based on a jury verdict rendered on March 20, 2026 that found (i) in favor of plaintiffs on claims alleging that Mr. Musk violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder in connection with two statements made by Mr. Musk in May 2022 and (ii) in favor of Mr. Musk on claims challenging a third statement and alleging a “scheme to defraud” under Rules 10b-5(a) and (c). The claims in this case all concern Mr. Musk’s then-pending potential purchase of Twitter, Inc. On May 1, 2026, Mr. Musk challenged the partial judgment by filing a post-trial motion for judgment as a matter of law and motion to decertify the class. The motion practice is ongoing, and the Court is expected to hear these motions in June 2026.

亲属关系 Family Relationships

我们的任何董事或高级管理人员之间均不存在亲属关系。

There are no family relationships among any of our directors or executive officers.

受控公司豁免 Controlled Company Exemption

本次发行完成后，Musk 先生将持有我们约 91.6% 的已发行 B 类普通股，根据我们的公司章程（详见“股本说明”），该等股份有权选举获授权董事总人数的 51%（向上取整至最接近的整数），并占我们已发行普通股总投票权的 82.4%（若承销商全额行使购买额外 A 类普通股的选择权，则为 82.3%）。因此，我们将成为 Nasdaq 和 Nasdaq Texas 公司治理标准所指的“受控公司”。根据 Nasdaq 和 Nasdaq Texas 的上市规则，若某公司董事选举投票权超过 50% 由另一人或共同行动的一组人持有，该公司即为“受控公司”，并可以选择不遵守 Nasdaq 和 Nasdaq Texas 的某些公司治理要求，包括以下要求：

Upon completion of this offering, Mr. Musk will hold approximately 91.6% of our outstanding Class B common stock, which under our charter, as described under “Description of Capital Stock,” will be entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number), and 82.4% of the total voting power of our outstanding common stock (or 82.3% if the underwriters exercise their option to purchase additional shares of Class A common stock in full). As a result, we will be a “controlled company” within the meaning of Nasdaq and Nasdaq Texas corporate governance standards. Under the listing rules of Nasdaq and Nasdaq Texas, a company of which more than 50% of the voting power with respect to director elections is held by another person or group of persons acting together is a “controlled company” and may elect not to comply with certain Nasdaq and Nasdaq Texas corporate governance requirements, including the requirements that:

- 该公司董事会多数成员应为 Nasdaq 和 Nasdaq Texas 上市规则所定义的独立董事；

- a majority of such company’s board of directors consist of independent directors as defined under the listing rules of Nasdaq and Nasdaq Texas;

- 董事候选人应由完全由独立董事组成的提名委员会遴选或推荐供董事会遴选，并制定书面章程，按 Nasdaq 和 Nasdaq Texas 上市规则的要求规定提名程序；

- director nominees be selected or recommended for board of directors’ selection by a nominating committee composed entirely of independent directors, with a written charter addressing the nominations process as required under the listing rules of Nasdaq and Nasdaq Texas;

- 薪酬委员会应完全由独立董事组成，并制定书面章程规定委员会的宗旨和职责；以及

- the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

- 对薪酬委员会和提名委员会进行年度绩效评估。

- annual performance evaluations of the compensation and nominating committees be conducted.

本次发行完成后，我们打算利用其中某些豁免。因此，我们预计不会设立完全由独立董事组成的薪酬和提名委员会，也不会设立涵盖 Nasdaq 和 Nasdaq Texas 对非受控公司适用的全部要求的委员会章程。此外，在我们仍为“受控公司”期间，我们未来可能会选择利用某些其他豁免。因此，我们的 A 类股东将无法享有受 Nasdaq 和 Nasdaq Texas 全部公司治理要求约束的公司的股东所获得的同等保护。如果我们不再属于“受控公司”且我们的股份继续在 Nasdaq 和 Nasdaq Texas 上市，我们将被要求在适用的过渡期内遵守所有适用的治理要求。

Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not expect to have a compensation and nominating committee that is composed entirely of independent directors or that has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance requirements within the applicable transition periods.

董事会构成 Composition of Our Board

本次发行完成后，我们的董事会将由八名董事组成。根据我们公司章程和章程细则的条款，我们董事会的董事人数将不时由董事会确定。根据我们公司章程的条款，我们已发行 B 类普通股的持有人，作为一个类别单独投票，将有权选举授权董事总数的 51%，向上取整至最接近的整数（“B 类董事”）。A 类普通股和 B 类普通股的持有人，作为一个单一类别共同投票，将选举我们董事会的其余成员（“普通股董事”）。我们预计，在本次发行完成后，Musk 先生、Gwynne Shotwell、Antonio J. Gracias、Donald Harrison 和 Luke Nosek 将担任初始 B 类董事，Ira Ehrenpreis、Randy Glein 和 Steve Jurvetson 将担任初始普通股董事。

Upon the consummation of the offering, our board will consist of eight directors. Subject to the terms of our charter and bylaws, the number of directors on our board will be determined from time to time by our board. Under the terms of our charter, the holders of our outstanding Class B common stock, voting separately as a class, will have the right to elect 51% of the total number of authorized directors, rounded up to the nearest whole number (the “Class B Directors”). Holders of Class A and Class B common stock, voting together as a single class, will elect the remaining members of our board (the “Common Stock Directors”). We expect that upon the completion of the offering Mr. Musk, Gwynne Shotwell, Antonio J. Gracias, Donald Harrison, and Luke Nosek will serve as the initial Class B Directors and Ira Ehrenpreis, Randy Glein, and Steve Jurvetson will serve as the initial Common Stock Directors.

我们的董事会将实行年度选举。每位董事的任期将持续至我们的下一届年度股东大会，直至其继任者被正式选举并符合资格，或直至其提前死亡、辞职或被免职（按我们公司章程的规定）。如需更多信息，请参阅“股本说明”。

Our board will be subject to annual elections. Each director will hold office until the next annual meeting of our shareholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal (as provided in our charter). For additional information, please refer to “Description of Capital Stock.”

董事会在风险监督中的作用 Role of our Board in Risk Oversight

我们面临多项风险，包括本招股说明书其他部分“风险因素”一节所述的风险。我们的董事会认为，风险管理是制定、更新和执行我们业务战略的重要组成部分。我们的董事会作为一个整体以及在委员会层面，对可能影响我们公司战略、业务目标、合规、运营以及财务状况和业绩的风险负有监督责任。我们的董事会将监督重点放在我们面临的最重大风险，以及识别、优先排序、评估、管理和缓解这些风险的流程上。虽然我们的董事会承担监督职责，但管理层主要负责直接管理和评估风险，并实施流程和控制措施以减轻风险对我们的影响。

We face a number of risks, including those described under the section titled “Risk Factors” included elsewhere in this prospectus. Our board believes that risk management is an important part of establishing, updating and executing on our business strategy. Our board, as a whole and at the committee level, has oversight responsibility relating to risks that could affect our corporate strategy, business objectives, compliance, operations and financial condition and performance. Our board focuses its oversight on the most significant risks facing us and on the processes to identify, prioritize, assess, manage and mitigate those risks. While our board has an oversight role, management is principally tasked with direct responsibility for management and assessment of risks and the implementation of processes and controls to mitigate their effects on us.

董事独立性 Director Independence

根据向各位董事索取并由其提供的有关其背景、任职及关联关系的信息，我们的董事会已认定，Ira Ehrenpreis、Randy Glein、Donald Harrison、Steve Jurvetson 和 Luke Nosek 各自符合纳斯达克及 Nasdaq Texas 现行上市规则中关于独立性的含义。在作出该认定时，我们的董事会考虑了上述各位董事与本公司之间的关系，以及董事会在认定其独立性时认为相关的所有其他事实和情况，包括(i)上述各位董事和/或与其关联的投资基金或其他实体对我们股本的实益所有权，以及(ii)下文“特定关系及关联人士交易”项下所述的关系。董事会还考虑了 Donald Harrison 受雇于一家与本公司有业务往来的机构。本公司或该等其他机构在过去三个财年各年收到的金额均未超过 200,000 美元与本公司或该机构合并总收入的 5% 两者中的较高者。

Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, our board has determined that each of Ira Ehrenpreis, Randy Glein, Donald Harrison, Steve Jurvetson, and Luke Nosek is independent within the meaning of the listing standards of Nasdaq and Nasdaq Texas currently in effect. In making this determination, our board considered the relationships that each of these directors has with our company and all other facts and circumstances our board deemed relevant in determining their independence, including (i) the beneficial ownership of our capital stock by each such director and/or investment funds or other entities affiliated with them and (ii) the relationships set forth below under “Certain Relationships and Related Person Transactions.” The board also considered that Donald Harrison was employed by an organization that does business with Company. The amount received by the Company or such other organization in each of the last three fiscal years did not exceed the greater of $200,000 or 5% of either the Company’s or such organization’s consolidated gross revenues.

董事会领导结构 Board Leadership Structure

本次发行完成后，根据我们章程的规定，我们的董事会将继续由马斯克先生领导。根据我们章程的条款，只有经我们 B 类普通股已发行股份的多数持有人作为单独类别表决投赞成票，才能将其从董事会及上述领导职位上免职。

Upon the completion of this offering, as provided in our charter, our board will continue to be led by Mr. Musk. Pursuant to the terms of our charter, he can only be removed from the board and these leadership positions by the affirmative vote of the holders of a majority of the outstanding shares of our Class B common stock, voting separately as a class.

我们的董事会已得出结论，认为我们目前的领导结构在现阶段是适当的。

Our board has concluded that our current leadership structure is appropriate at this time.

董事会委员会 Board Committees

与本此发行完成相关，我们的董事会设立了审计委员会以及薪酬与提名委员会。审计委员会和薪酬与提名委员会将受其章程管辖，该等章程将在我们的网站 www.spacex.com 上提供。根据我们的章程细则，我们的董事会可不时设立其他委员会，以促进我们业务和运营的管理。我们网站上包含的信息或通过其链接或以其他方式与其相关的信息，不构成本招股说明书或本招股说明书作为其一部分的注册声明的一部分，也不通过引用并入其中。

In connection with the completion of this offering, our board established an audit committee and a compensation and nominating committee. Audit and compensation and nominating committees will be governed by their charters that will be available on our website at www.spacex.com. Pursuant to our bylaws, our board may, from time to time, establish other committees to facilitate the management of our business and operations. 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.

#### 审计委员会

#### Audit Committee

我们的审计委员会的主要职责将包括（但不限于）：

The primary responsibilities of our audit committee will include, among other things:

- 协助我们的董事会在以下方面履行监督职责：我们财务报表的完整性、我们对法律和监管要求的遵守情况、独立会计师的资质和独立性，以及我们的会计和财务报告流程及我们财务报表的审计；

- assisting our board in its oversight responsibilities regarding the integrity of our financial statements, our compliance with legal and regulatory requirements, the independent accountant’s qualifications and independence and our accounting and financial reporting processes of and the audits of our financial statements;

- 编制 SEC 要求纳入我们年度委托书或信息声明中的报告；

- preparing the report required by the SEC for inclusion in our annual proxy or information statement;

- 批准由独立会计师执行的审计和非审计服务；以及

- approving audit and non-audit services to be performed by the independent accountants; and

- 履行我们的董事会可能不时分配给审计委员会的其他职能。

- performing such other functions as our board may from time to time assign to the audit committee.

审计委员会将有权聘请其认为必要或适当的任何顾问，以协助其履行职责，并批准该等顾问的费用和其他聘用条款。

The audit committee will be empowered to retain any advisors as it deems necessary or appropriate to assist it in fulfilling its responsibilities, and to approve the fees and other retention terms of such advisors.

本次发行完成后，Randy Glein 和 Steve Jurvetson 预计将担任我们审计委员会的成员。Randy Glein 预计将符合 SEC 实施《萨班斯-奥克斯利法案》第 407 条规则所定义的“审计委员会财务专家”资格，且 Randy Glein 和 Steve Jurvetson 各自符合《交易法》第 10A-3 条规则以及 Nasdaq 和 Nasdaq Texas 上市标准所规定的独立董事资格。我们将在 Nasdaq 和 Nasdaq Texas 上市规则规定的适用一年期限内确定担任审计委员会成员的第三名人选。Randy Glein 预计将担任审计委员会主席。

Upon the completion of this offering, Randy Glein and Steve Jurvetson are expected to be the members of our audit committee. Randy Glein is expected to qualify as an “audit committee financial expert” as such term is defined under the rules of the SEC implementing Section 407 of the Sarbanes-Oxley Act and each of Randy Glein and Steve Jurvetson qualifies as an independent director for purposes of Rule 10A-3 of the Exchange Act and the listing standards of Nasdaq and Nasdaq Texas. We will identify the third member to serve on the audit committee within the applicable one year period under the Nasdaq and Nasdaq Texas listing rules. Randy Glein is expected to serve as the chair of the audit committee.

#### 薪酬与提名委员会

#### Compensation and Nominating Committee

我们的薪酬与提名委员会的主要职责将包括（但不限于）：

The primary responsibilities of our compensation and nominating committee will include, among other things:

- 监督公司的整体薪酬理念；

- overseeing the Company’s overall compensation philosophy;

- 审议并批准或向全体董事会建议批准高级管理人员的薪酬及其他福利；

- reviewing and approving, or recommending to the full board for approval, the compensation and other benefits for executive officers;

- 审议并向董事会建议批准独立董事的薪酬形式及金额；

- reviewing and recommending to our board for approval the form and amount of compensation for our independent directors;

- 就董事候选人向董事会提出建议，并协助董事会确定董事会及其各委员会的构成，但须遵守公司章程的条款；以及

- making recommendations to our board regarding director candidates and assisting our board in determining the composition of our board and its committees, subject to the terms of our charter; and

- 履行董事会不时授予该委员会的其他职能。

- performing such other functions as our board may from time to time assign to the committee.

本次发行完成后，Ira Ehrenpreis、Antonio J. Gracias 和 Luke Nosek 预计将担任我们的薪酬与提名委员会成员。作为一家“受控公司”，我们将依赖纳斯达克和 Nasdaq Texas 相关要求的豁免，该等要求规定我们必须设立一个全部由独立董事组成的薪酬与提名委员会，且该委员会章程须涵盖纳斯达克和 Nasdaq Texas 适用于非受控公司的全部要求。Ira Ehrenpreis 和 Luke Nosek 均符合纳斯达克和 Nasdaq Texas 上市标准下的独立董事资格，包括薪酬委员会成员的更高独立性标准，并符合《交易法》第 16b-3 条所定义的“非雇员董事”资格。Ira Ehrenpreis 预计将担任薪酬与提名委员会主席。

Upon the completion of this offering, Ira Ehrenpreis, Antonio J. Gracias, and Luke Nosek are expected to be the members of our compensation and nominating committee. As a “controlled company,” we will rely upon the exemption from Nasdaq’s and Nasdaq Texas’ requirement that we have a compensation and nominating committee that is composed entirely of independent directors with a committee charter that addresses all Nasdaq and Nasdaq Texas’ requirements applicable to companies that are not controlled companies. Each of Ira Ehrenpreis and Luke Nosek qualifies as an independent director under the listing standards of Nasdaq and Nasdaq Texas, including the heightened independence standards for members of a compensation committee, and as a “non-employee director” as defined in Rule 16b-3 of the Exchange Act. Ira Ehrenpreis is expected to serve as the chair of the compensation and nominating committee.

薪酬委员会交叉任职与内部人参与 Compensation Committee Interlocks and Insider Participation

在最近一个已完成的财年中，我们并非上市公司，且未设立薪酬委员会或任何履行类似职能的其他委员会。历史上，董事会一直负责确定并已就马斯克先生的薪酬作出所有决定。对于预计将担任我们其他执行高管的人员，马斯克先生对薪酬相关决策负有主要责任；但所有股权奖励均已由董事会批准。

During the last completed fiscal year, we were not a publicly traded company and did not have a compensation committee or any other committee serving a similar function. Historically, the board has been responsible for determining, and has made all decisions regarding, the compensation for Mr. Musk. With respect to those expected to serve as our other executive officers, Mr. Musk has had primary responsibility for compensation-related decisions; however, all equity awards were approved by the board.

商业行为与道德准则 Code of Business Conduct and Ethics

就本次发行而言，我们的董事会将根据适用的 SEC 规则以及纳斯达克和 Nasdaq Texas 的公司治理规则，通过一项适用于我们的员工、董事和高级管理人员的商业行为与道德准则。我们预计，对该准则的任何修订，或对其适用于我们的董事和高级管理人员的要求的任何豁免，将按照适用 SEC 规则以及纳斯达克和 Nasdaq Texas 公司治理规则的要求，在 www.spacex.com 网站上予以披露。我们网站上包含的信息、或通过链接指向或与之相关的信息，均不构成本招股说明书或本招股说明书所构成其一部分的注册声明的一部分，亦未通过引用并入其中。

In connection with this offering, our board will adopt a code of business conduct and ethics applicable to our employees, directors and officers, in accordance with applicable SEC rules and the corporate governance rules of Nasdaq and Nasdaq Texas. We expect that any amendments to the code or any waivers of its requirements applicable to our directors and executive officers will be disclosed on our website at www.spacex.com, as and to the extent required by applicable SEC rules and the corporate governance rules of Nasdaq and Nasdaq Texas. 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.

公司治理准则 Corporate Governance Guidelines

为配合本次发行完成，我们拟采纳公司治理准则，其中将载明对董事的期望、董事任职资格标准、委员会架构与职能以及本公司治理的其他政策。我们的公司治理准则副本将发布于我们的网站 www.spacex.com。我们网站所载、通过链接指向或以其他方式与之关联的信息，均不构成本招股说明书或本招股说明书所构成其一部分的注册声明的一部分，亦未通过援引方式纳入其中。

In connection with the completion of this offering, we intend to adopt corporate governance guidelines, which will set forth expectations for directors, director qualification standards, committee structure and functions and other policies for the governance of our company. A copy of our corporate governance guidelines will be posted on our website at 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.

薪酬讨论与分析 Compensation Discussion and Analysis

本薪酬讨论与分析（CD&A）概述了我们的高管薪酬理念、目标与设计，以及我们高管薪酬计划的各项要素，涉及以下具名高管（合称“NEO”）在截至 2025 年 12 月 31 日的财年（“2025 财年”）内获授、赚取或支付的薪酬，该等人员涵盖我们 2025 财年的全体高管。2025 财年，我们的 NEO 为：

This Compensation Discussion and Analysis, or CD&A, provides an overview of our executive compensation philosophy, objectives, and design and each element of our executive compensation program with regard to the compensation awarded, to, earned by, or paid to the following named executive officers (collectively, our “NEOs”) for the fiscal year ended December 31, 2025 (the “2025 Fiscal Year”), which includes all of our executive officers for the 2025 Fiscal Year. For the 2025 Fiscal Year, our NEOs were:

**姓名**

**Name**

Elon Musk · 首席执行官、首席技术官兼董事会主席 Gwynne Shotwell · 总裁、首席运营官兼董事 Bret Johnsen · 首席财务官

Elon Musk · Chief Executive Officer, Chief Technical Officer and Chairman of the Board Gwynne Shotwell · President, Chief Operating Officer and Director Bret Johnsen · Chief Financial Officer

我们的薪酬理念与目标 Our Compensation Philosophy and Objectives

我们的薪酬计划旨在吸引、留任并激励高管和员工，其中高度重视股权激励，使员工在我们的业务中拥有财务利益并具备主人翁意识。我们提供多项计划，允许员工自愿选择以股权形式获得部分薪酬，或以其他方式增加其在公司的持股权益。

Our compensation program is designed to attract, retain and reward executives and employees, with a heavy emphasis on equity compensation to provide employees with a financial stake in our business and an ownership mindset. We offer a number of programs that allow employees to voluntarily elect to receive elements of their compensation in equity or to otherwise increase their ownership interests in the Company.

薪酬制定流程 Process for Setting Compensation

从历史上看，我们的董事会一直负责确定并已就马斯克先生的薪酬作出所有决定。对于其他 NEO，马斯克先生对薪酬相关决策负有主要责任（就 Johnsen 先生的薪酬而言，与 Shotwell 女士协商）。所有股权奖励均由我们的董事会批准。

Historically, our board has been responsible for determining, and has made all decisions regarding, the compensation for Mr. Musk. With respect to the other NEOs, Mr. Musk has had primary responsibility for compensation-related decisions (in consultation with Ms. Shotwell with respect to Mr. Johnsen’s compensation). All equity awards are approved by our board.

就本次发行而言，我们设立了董事会薪酬与提名委员会，该委员会将负责监督我们未来的高管薪酬计划。薪酬与提名委员会在与马斯克先生协商（就其本人薪酬除外）后，将主要负责评估和批准我们 NEO 的薪酬，或在适当时就此类薪酬向我们的董事会提出建议，包括就马斯克先生的薪酬提出建议。

In connection with this offering, we established a compensation and nominating committee of our board who will oversee our executive compensation program going forward. The compensation and nominating committee, in consultation with Mr. Musk (other than with respect to his own compensation), will have primary responsibility for evaluating and approving the compensation of our NEOs or making recommendations regarding such compensation to our board when appropriate, including with respect to Mr. Musk’s compensation.

薪酬要素 Elements of Compensation

#### 基本工资

#### Base Salary

每位 NEO 的基本工资是履行特定工作职责和职能的固定薪酬组成部分。基本工资通常每年审核一次，并考虑 NEO 的经验和职责。马斯克先生 54,080 美元的基本工资自 2019 年以来一直未变，且在我们于 2024 年迁至德克萨斯州之前，该工资与加利福尼亚州豁免员工最低工资挂钩。马斯克先生历来确定肖特韦尔女士的基本工资，该工资自 2025 年 4 月 20 日起从 1,040,000 美元提高至 1,080,000 美元。马斯克先生和肖特韦尔女士历来确定约翰森先生的基本工资，该工资于 2025 年 4 月 6 日从 780,000 美元提高至 825,000 美元，并对 2025 财年全年具有追溯效力。

Each NEO’s base salary is a fixed component of compensation for performing specific job duties and functions. Base salaries are generally reviewed on an annual basis, taking into account the NEO’s experience and responsibilities. Mr. Musk’s base salary of $54,080 has remained unchanged since 2019, and prior to our relocation to Texas in 2024 was tied to California’s minimum salary for exempt employees. Mr. Musk has historically determined the base salary for Ms. Shotwell, which was increased from $1,040,000 to $1,080,000 effective April 20, 2025. Mr. Musk and Ms. Shotwell have historically determined the base salary for Mr. Johnsen, which was increased from $780,000 to $825,000 on April 6, 2025, with retroactive effect for the full 2025 Fiscal Year.

作为更广泛的员工股权选择计划的参与者，除马斯克先生外，我们的 NEO 有资格选择以限制性股票单位（“RSU”）形式领取全部或部分基本工资。2025 财年，肖特韦尔女士以现金形式领取了其基本工资中的 353,077 美元，其余部分以 19,650 份 RSU 授予的形式领取，该等 RSU 于 2025 年 5 月 15 日归属 50%，于 2025 年 11 月 15 日归属 50%；约翰森先生选择以现金形式全额领取其基本工资。支付给我们 NEO 的基本工资反映了他们有资格获得的唯一现金薪酬，因为没有 NEO 参与年度奖金计划。

As participants in a broader employee equity election program, our NEOs, other than Mr. Musk, were eligible to elect to receive all or a portion of their base salary in the form of restricted stock units (“RSUs”). For the 2025 Fiscal Year, Ms. Shotwell received $353,077 of her base salary in cash and the remainder as a grant of 19,650 RSUs that vested 50% on May 15, 2025 and 50% on November 15, 2025, and Mr. Johnsen elected to receive his base salary fully in cash. The base salaries paid to our NEOs reflect the only cash compensation that they are eligible to receive, as no NEO participates in an annual bonus program.

#### 长期激励薪酬

#### Long-Term Incentive Compensation

2025 年，我们根据 2024 年股权激励计划（“2024 年计划”）授予了长期激励薪酬，该计划就新授予而言取代了我们的 2015 年股权激励计划（“2015 年计划”）；然而，2015 年计划项下的未兑现授予仍然未兑现，并受 2015 年计划条款约束，该等条款与 2024 年计划条款基本相似。2024 年计划规定，可根据股票期权（可为激励性股票期权或非法定股票期权）、RSU 和其他股权奖励发行最多 365,950,000 股 C 类普通股，每种情况均按我们董事会确定的条款进行。预计在本次发行完成时及之后，2015 年计划和 2024 年计划项下的所有未兑现奖励将继续未兑现，并继续受其现有条款约束；然而，作为 C 类重新分类的一部分，有关 C 类普通股的奖励将按一比一的比例转换为有关 A 类普通股的奖励。预计 2024 年计划将就本次发行进行修订和重述，如下文所述。

In 2025, we granted long-term incentive compensation under our 2024 Equity Incentive Plan (the “2024 Plan”), which replaced our 2015 Equity Incentive Plan (the “2015 Plan”) with respect to new grants; however, outstanding grants under the 2015 Plan remained outstanding and subject to the terms of the 2015 Plan, which are substantially similar to the terms of the 2024 Plan. The 2024 Plan provides for the issuance of up to 365,950,000 shares of Class C common stock thereunder pursuant to stock options (which may be either incentive stock options or nonstatutory stock options), RSUs, and other equity awards, in each case, on the terms determined by our board. It is expected that, in connection with and following the completion of this offering, all outstanding awards under the 2015 Plan and the 2024 Plan will remain outstanding and continue to be subject to their existing terms; however, awards in respect of Class C common stock will be converted into awards in respect of Class A common stock on a one-for-one basis as part of the Class C Reclassification. It is expected that the 2024 Plan will be amended and restated in connection with this offering, as described below.

鉴于马斯克先生在本公司的重大所有权权益，马斯克先生在 2025 年未获授予任何年度长期激励薪酬，且通常不参与我们的年度长期激励薪酬计划。然而，作为我们进一步激励马斯克先生实现长期业务目标的努力的一部分，董事会于 2026 年 1 月向其授予了一项基于业绩的 B 类普通股限制性股份奖励，详见下文“—2026 年薪酬发展”所述。

Given his significant ownership interest in our Company, Mr. Musk was not granted any annual long-term incentive compensation in 2025, and generally does not participate in our annual long-term incentive compensation program. However, as part of our efforts to further incentivize Mr. Musk to achieve our long-term business objectives, the board granted him a performance-based award of restricted shares of Class B common stock in January 2026, as described further under “—2026 Compensation Developments” below.

Shotwell 女士有资格参与我们的长期激励选择计划，目标授予价值为 $5 million，根据该计划，她可以选择以现金或六个月后归属的 RSU 形式获得其目标授予价值的 20%，以及以五年内归属的现金、五年内归属的 RSU 或六年内归属的股票期权形式获得其目标授予价值的 80%。根据她的选择，2025 年 5 月 10 日，我们的董事会授予 Shotwell 女士 27,030 份 RSU（代表其目标授予价值中的 $1 million），该等 RSU 于 2025 年 11 月 15 日归属；并授予其可购买 324,325 股 C 类普通股的股票期权（代表其目标授予价值中的 $4 million），该等期权于 2027 年 5 月 15 日归属 12.5%，此后每月等额归属，直至 2030 年 11 月 15 日；在每种情况下，均以 Shotwell 女士在适用归属日期前持续受雇于我们为前提。

Ms. Shotwell was eligible to participate in our long-term incentive election program with a target award of $5 million, pursuant to which she could elect to receive 20% of her target award in cash or RSUs that vest after six months and 80% of her target award in cash vesting over five years, RSUs vesting over five years or stock options vesting over six years. In accordance with her elections, on May 10, 2025, our board granted Ms. Shotwell 27,030 RSUs, representing $1 million of her target award, that vested on November 15, 2025 and stock options to purchase 324,325 shares of Class C common stock, representing $4 million of her target award, which vest as to 12.5% on May 15, 2027 and monthly thereafter in equal installments through November 15, 2030, in each case, subject to Ms. Shotwell’s continued employment with us through the applicable vesting date.

由于 Johnsen 先生持有与激进业绩里程碑挂钩的未行使股票期权（其中一部分已于 2026 年调整，详见下文“——2026 年薪酬发展”），他没有资格参与上述长期激励选择计划。因此，Johnsen 先生在 2025 财年的长期激励授予完全由可购买 324,325 股 C 类普通股的股票期权构成，该等期权由我们的董事会于 2025 年 5 月 10 日授予。该等股票期权自 2027 年 1 月 1 日至 2027 年 12 月 1 日按月等额归属 40%，并自 2028 年 1 月 1 日至 2030 年 12 月 1 日按月等额归属 60%；在每种情况下，均以 Johnsen 先生在适用归属日期前持续受雇于我们为前提。

Because Mr. Johnsen held outstanding stock options tied to aggressive performance milestones, a portion of which were adjusted in 2026 as described further under “—2026 Compensation Developments” below, he was not eligible to participate in the long-term incentive election program described above. Instead, Mr. Johnsen’s long-term incentive award for the 2025 Fiscal Year consisted exclusively of stock options to purchase 324,325 shares of Class C common stock, which was granted by our board on May 10, 2025. These stock options vest as to 40% in equal monthly installments from January 1, 2027 through December 1, 2027 and as to 60% in equal monthly installments from January 1, 2028 through December 1, 2030, in each case, subject to Mr. Johnsen’s continued employment with us through the applicable vesting date.

2025 年 10 月 20 日，作为旨在进一步促进留任、奖励个人业绩并鼓励继续推动公司增长的特殊股权授予，我们的董事会授予 Shotwell 女士可购买 3,537,740 股 C 类普通股的股票期权，并授予 Johnsen 先生可购买 141,510 股 C 类普通股的股票期权。该等特殊股票期权于 2027 年 9 月 30 日归属 20%，此后每月等额归属，直至 2031 年 9 月 30 日；在每种情况下，均以该 NEO 在适用归属日期前持续受雇于我们为前提。

On October 20, 2025, as a special equity grant intended to further promote their retention, reward their individual performance, and encourage efforts to continue growing the Company, our board granted Ms. Shotwell stock options to purchase 3,537,740 shares of Class C common stock and granted Mr. Johnsen stock options to purchase 141,510 shares of Class C common stock. These special stock options vest as to 20% on September 30, 2027 and monthly thereafter in equal installments through September 30, 2031, in each case, subject to the NEO’s continued employment with us through the applicable vesting date.

#### 薪酬的其他要素

#### Other Elements of Compensation

退休福利

Retirement Benefits

我们所有美国员工（包括我们的 NEO）均有资格参与我们的 401(k) 计划，该计划是一项面向广泛员工、符合税务资格的界定供款退休计划。根据 401(k) 计划，我们可作出酌情匹配供款和非选择性供款，但须遵守经修订的《1986 年国内税收法典》（“法典”）的某些限制；该等供款将按比例归属，并在五年计入服务期后 100% 归属；但是，2025 年未作出任何此类公司供款。

All of our U.S. employees, including our NEOs, are eligible to participate in our 401(k) plan, which is a broad-based, tax-qualified defined contribution retirement plan. Under the 401(k) plan, we may make discretionary matching and non-elective contributions, subject to certain limits under the Internal Revenue Code of 1986, as amended (the “Code”), and such contributions would vest ratably and would be 100% vested after five years of credited service; however, no such company contributions were made for 2025.

员工购股计划

Employee Stock Purchase Plans

历史上，我们提供了两项员工购股计划，我们所有美国员工（包括 NEO）均有资格参与。我们经修订和重述的 2017 年员工购股计划（“2017 ESPP”）旨在符合《税法》第 423 条规定的资格条件，并允许符合条件的员工使用累积的工资扣款以折扣价购买 C 类普通股股票。预计 2017 ESPP 将根据本次发行进行修订和重述，具体如下所述。我们的 2023 年非合格 ESPP（“NQ ESPP”）不旨在符合《税法》第 423 条规定的资格条件，并允许符合条件的员工使用累积的工资扣款按公平市场价值购买 C 类普通股股票。我们的 NQ ESPP 将根据本次发行终止。

Historically, we have provided two employee stock purchase plans in which all of our U.S. employees, including the NEOs, are eligible to participate. Our Amended and Restated 2017 Employee Stock Purchase Plan (the “2017 ESPP”) is intended to qualify under Section 423 of the Code and allows eligible employees to purchase shares of Class C common stock using accumulated payroll contributions at a discount. It is expected that the 2017 ESPP will be amended and restated in connection with this offering, as described below. Our 2023 Non-Qualified ESPP (the “NQ ESPP”) is not intended to qualify under Section 423 of the Code and allows eligible employees to purchase shares of Class C common stock using accumulated payroll contributions at fair market value. Our NQ ESPP will be discontinued in connection with this offering.

附加福利

Perquisites

公司提供安保设备，以加强 Shotwell 女士个人住所的安保。这些安保福利的增量成本总额在下文“—高管薪酬表—2025 年薪酬汇总表”中列报。我们的 NEO 未获得其他重大附加福利。

The Company provides security equipment to enhance security at Ms. Shotwell’s personal residence. The aggregate incremental cost of these security benefits are reported in the “—Executive Compensation Tables—2025 Summary Compensation Table” below. No other material perquisites are provided to our NEOs.

其他事项 Other Matters

#### 2026 年薪酬进展

#### 2026 Compensation Developments

2026 年 1 月 13 日，我们的董事会批准向马斯克先生授予 10 亿股基于业绩的 B 类普通股限制性股票。该等限制性股票在以下条件满足时归属：(i) 我们实现指定的市值里程碑，分为 15 个等额批次，以及 (ii) 公司建立至少拥有一百万居民的永久性火星人类殖民地；在每种情况下，均须马斯克先生持续受雇于我们直至董事会认证达成之日。马斯克先生有权对所有这些仍发行在外的基于业绩的 B 类普通股限制性股票进行投票。任何批次奖励的归属，均须同时满足该批次适用的市值里程碑和人类殖民地里程碑。就于 2026 年 2 月 2 日完成交割的 xAI 合并而言，市值里程碑已根据奖励协议条款进行公平调整，调整如下：

On January 13, 2026, our board approved the grant of 1 billion performance-based restricted shares of Class B common stock to Mr. Musk. The restricted shares vest upon (i) our achievement of specified market capitalization milestones across 15 equal tranches and (ii) the Company’s 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. Mr. Musk has the right to vote all of these performance-based restricted shares of Class B common stock that remain outstanding. For any tranche of the award to vest, both the applicable market capitalization milestone for such tranche and the human colony milestone must be met. In connection with the xAI Merger that closed on February 2, 2026, the market capitalization milestones were equitably adjusted in accordance with the terms of the award agreement to the following:

**批次对应的限制性股票**

**Restricted Shares Subject to Tranche**

里程碑

Milestone

66,666,665 · $500,000,000,000 · 66,666,665 · $1,000,000,000,000 · 66,666,665 · $1,500,000,000,000 · 66,666,665 · $2,000,000,000,000 · 66,666,665 · $2,500,000,000,000 · 66,666,665 · $3,000,000,000,000 · 66,666,665 · $3,500,000,000,000 · 66,666,665 · $4,000,000,000,000 · 66,666,665 · $4,500,000,000,000 · 66,666,665 · $5,000,000,000,000 · 66,666,670 · $5,500,000,000,000 · 66,666,670 · $6,000,000,000,000 · 66,666,670 · $6,500,000,000,000 · 66,666,670 · $7,000,000,000,000 · 66,666,670 · $7,500,000,000,000

66,666,665 · $500,000,000,000 · 66,666,665 · $1,000,000,000,000 · 66,666,665 · $1,500,000,000,000 · 66,666,665 · $2,000,000,000,000 · 66,666,665 · $2,500,000,000,000 · 66,666,665 · $3,000,000,000,000 · 66,666,665 · $3,500,000,000,000 · 66,666,665 · $4,000,000,000,000 · 66,666,665 · $4,500,000,000,000 · 66,666,665 · $5,000,000,000,000 · 66,666,670 · $5,500,000,000,000 · 66,666,670 · $6,000,000,000,000 · 66,666,670 · $6,500,000,000,000 · 66,666,670 · $7,000,000,000,000 · 66,666,670 · $7,500,000,000,000

就 xAI 合并而言，我们还承接了一项最初由 xAI 于 2025 年 11 月 26 日授予马斯克先生的业绩股票奖励。根据该奖励协议的条款，该奖励已就 xAI 合并进行了调整；经调整后，该奖励体现为马斯克先生有权在实现 12 个估值里程碑（从 $1.065 万亿到 $6.565 万亿，每个里程碑对应 $5000 亿的估值增量）中的每一个后，获得相当于公司完全稀释后资本总额 0.20% 的公司 A 类普通股股份，且每一情形均以马斯克先生继续受雇于我们为前提。第一个估值里程碑已在 xAI 合并前实现，马斯克先生已就该部分奖励获发 25,172,695 股公司 A 类普通股。2026 年 3 月 23 日，该奖励及因实现第一个估值里程碑而获得的 25,172,695 股股份被注销，并替换为 302,072,285 股基于业绩的 B 类普通股限制性股份授予；该等股份在以下两项条件均满足时归属：(i) 实现 12 个等额批次（从 $1.065 万亿到 $6.565 万亿，每个里程碑对应 $5000 亿的估值增量）中规定的市值里程碑，以及 (ii) 公司完成能够每年提供 100 太瓦算力的非地球数据中心，且每一情形均以马斯克先生继续受雇于我们直至董事会认证相关成就之日为前提。马斯克先生有权对所有这些仍发行在外的基于业绩的 B 类普通股限制性股份进行投票。

In connection with the xAI Merger, we also assumed a performance stock award originally granted to Mr. Musk by xAI on November 26, 2025. In accordance with the terms of that award agreement, the award was adjusted to account for the xAI Merger and, following such adjustment, reflected Mr. Musk’s right to receive shares of our Class A common stock equal to 0.20% of the fully diluted capitalization of the Company upon achievement of each of 12 valuation milestones ranging from $1.065 trillion to $6.565 trillion, with each milestone reflecting $500 billion in additional valuation, in each case, subject to Mr. Musk’s continued employment with us. The first valuation milestone was achieved prior to the xAI Merger, and Mr. Musk was issued 25,172,695 shares of our Class A common stock in settlement of that portion of the award. On March 23, 2026, this award and the 25,172,695 shares earned upon achievement of the first valuation milestone were cancelled and replaced with a grant of 302,072,285 performance-based restricted shares of Class B common stock, which vest upon both (i) achievement of specified market capitalization milestones across 12 equal tranches ranging from $1.065 trillion to $6.565 trillion, with each milestone reflecting $500 billion in additional valuation, and (ii) the Company’s completion of non-Earth-based data centers capable of delivering 100 terawatts of compute per year, in each case, subject to Mr. Musk’s continued employment with us through the date on which achievement is certified by our board. Mr. Musk has the right to vote all of these performance-based restricted shares of Class B common stock that remain outstanding.

2026 年 1 月 4 日，我们的董事会批准对 Johnsen 先生最初于 2024 年授予的 400 万份基于业绩的股票期权进行修订。替代以超过基线的自由现金流达成情况作为归属条件，在 2025 至 2029 财年期间，每实现 $10 billion 的调整后 EBITDA，将有 371,125 份股票期权归属，按年度进行评估。就本奖励而言，调整后 EBITDA 计算为经营利润，不包括 (i) 折旧和摊销、(ii) 股份支付薪酬、(iii) 减值，以及 (iv) 重组影响。一旦某一批次的股票期权因截至某一特定财年末我们的调整后 EBITDA 业绩而获得，该等股票期权仍需在该批次获得所在财年的 12 月 31 日之后满足额外一年零一天的服务期归属要求。由于我们 2025 财年的调整后 EBITDA 业绩，没有任何股票期权获得归属。

On January 4, 2026, our board approved an amendment to Mr. Johnsen’s 4 million performance-based stock options originally granted in 2024. In lieu of vesting based on free cash flow achievement in excess of a baseline, 371,125 of the stock options will vest for each $10 billion in adjusted EBITDA achieved during the 2025 through 2029 fiscal years, assessed on an annual basis. For purposes of this award, adjusted EBITDA is calculated as income from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) impairment, and (iv) restructuring impacts. Once a tranche of the stock options have become earned as a result of our adjusted EBITDA performance as of the end of a particular fiscal year, such stock options remain subject to an additional one-year and one day service-based vesting requirement following December 31 of the fiscal year in which such tranche was earned. None of the stock options became earned on account of our 2025 Fiscal Year adjusted EBITDA performance.

#### 追回政策

#### Clawback Policy

与本次发行相关，我们采纳了一项薪酬追回（追回）政策，该政策符合实施《交易法》第 10D-1 条的纳斯达克和纳斯达克德克萨斯上市标准。

In connection with this offering, we adopted a compensation recoupment (clawback) policy that complies with the Nasdaq and Nasdaq Texas listing standards implementing Rule 10D-1 of the Exchange Act.

**高管薪酬表**

**Executive Compensation Tables**

**2025 年薪酬汇总表**

**2025 Summary Compensation Table**

下表列示了 2025 财年授予、赚取和支付给 NEO 的薪酬总额信息。

The following table presents information regarding the total compensation awarded to, earned by, and paid to the NEOs for the 2025 Fiscal Year.

**姓名和主要职位**

**Name and Principal Position**

($) 授予 ($)(1) 授予 ($)(2) 薪酬 ($)(3) 薪酬 ($)

($) Awards ($)(1) Awards ($)(2) Compensation ($)(3) Compensation ($)

Elon Musk Elon Musk

首席执行官、首席技术官及

Chief Executive Officer, Chief Technical Officer and

董事会主席 · 2025 · 54,080 · — · — · — · 54,080

Chairman of the Board · 2025 · 54,080 · — · — · — · 54,080

Gwynne Shotwell Gwynne Shotwell

总裁、首席运营

President, Chief Operating

官兼董事 · 2025 · 1,080,127 (4) · 82,969,515 · 1,727,160 · 30,095 · 85,806,897

Officer and Director · 2025 · 1,080,127 (4) · 82,969,515 · 1,727,160 · 30,095 · 85,806,897

Bret Johnsen Bret Johnsen

首席财务官 · 2025 · 825,000 · 9,013,002 · — · — · 9,838,002

Chief Financial Officer · 2025 · 825,000 · 9,013,002 · — · — · 9,838,002

__________________

__________________

(1) 本列金额代表 2025 财年授予 NEO 的股票期权在授予日的公允价值，该价值依据 FASB ASC 第 718 号主题计算，未考虑估计没收的影响。有关此计算所依据假设的更多信息，请参阅本招股说明书其他部分所包含的合并财务报表附注 15“股份支付——公允价值确定”。

(1) Amounts in this column represent the grant date fair value of stock options granted to the NEOs during the 2025 Fiscal Year calculated in accordance with FASB ASC Topic 718, disregarding the effect of estimated forfeitures. For additional information regarding the assumptions underlying this calculation, please refer to Note 15, Share-based Compensation—Fair Value Determination, to the consolidated financial statements included elsewhere in this prospectus.

(2) 本列金额代表授予 NEO 的 RSU 在授予日的公允价值，该价值依据 FASB ASC 第 718 号主题计算，未考虑估计没收的影响，并按适用日期我们 C 类普通股每股的公平市场价值确定。

(2) Amounts in this column represent the grant date fair value of RSUs granted to the NEOs calculated in accordance with FASB ASC Topic 718, disregarding the effect of estimated forfeitures, based on the fair market value of a share of our Class C common stock on the applicable date.

(3) 本列金额包括就 Shotwell 女士而言，公司为加强 Shotwell 女士个人住所安保而购置安保设备所产生的增量成本。各 NEO 在因公务乘坐公司自有航空器出行时，可能不时有私人宾客陪同；但公司不会因此类出行产生增量成本。

(3) Amounts in the column include, for Ms. Shotwell, the incremental cost to the Company of security equipment to enhance security at Ms. Shotwell’s personal residence. From time to time, each NEO may also be accompanied by personal guests on travel on Company-owned aircraft that otherwise has a business purpose; however, there is no incremental cost to the Company of such travel.

(4) 本金额包括授予 Shotwell 女士的 19,650 份 RSU 在授予日的公允价值，该等 RSU 系用于替代基本工资，其价值依据 FASB ASC 第 718 号主题计算，未考虑估计没收的影响，并按适用日期我们 C 类普通股每股的公平市场价值确定（2025 年 5 月 10 日为 $37）。更多信息请参阅上文“——薪酬讨论与分析——薪酬要素——基本工资”及下文“计划奖励授予情况”。

(4) This amount includes the grant date fair value of 19,650 RSUs granted to Ms. Shotwell in lieu of base salary, calculated in accordance with FASB ASC Topic 718, disregarding the effect of estimated forfeitures, based on the fair market value of a share of our Class C common stock on the applicable date ($37 on May 10, 2025). For additional information, please refer to “—Compensation Discussion and Analysis —Elements of Compensation—Base Salary” above and “Grants of Plan-Based Awards” below.

计划项下授予的奖励 Grants of Plan-Based Awards

下表提供了有关根据 2024 年计划在 2025 财年向每位 NEO 授予的、可购买我们 C 类普通股股份的股票期权以及代表有权获得我们 C 类普通股股份的 RSU 的信息。在 2025 财年，Musk 先生未从公司获得任何股权授予。

The following table provides information on the stock options to purchase shares of our Class C common stock and RSUs representing a right to receive shares of our Class C common stock, in each case, granted to each NEO during the 2025 Fiscal Year under the 2024 Plan. Mr. Musk did not receive any equity grants from the Company during the 2025 Fiscal Year.

**姓名**

**Name**

授予日期：股票或单位数量（#）(1) 授予：期权标的证券数量（#）(2) 期权授予的行权价格（$/股）(3) 股票和期权授予的价值（$）(4)

Date Awards: Number of Shares of Stock or Units (#)(1) Awards: Number of Securities Underlying Options (#)(2) Base Price of Option Awards ($/Sh)(3) Value of Stock and Option Awards ($)(4)

Gwynne Shotwell Gwynne Shotwell

RSU · 5/10/25 · 19,650 (5) · $727,050 RSU · 5/10/25 · 27,030 · $1,000,110 期权 · 5/10/25 · 324,325 · $37.00 · $6,136,878 期权 · 10/20/25 · 3,537,740 · $42.40 · $76,832,637

RSUs · 5/10/25 · 19,650 (5) · $727,050 RSUs · 5/10/25 · 27,030 · $1,000,110 Options · 5/10/25 · 324,325 · $37.00 · $6,136,878 Options · 10/20/25 · 3,537,740 · $42.40 · $76,832,637

Bret Johnsen Bret Johnsen

期权 · 5/10/25 · 324,325 · $37.00 · $5,939,688 期权 · 10/20/25 · 141,510 · $42.40 · $3,073,314

Options · 5/10/25 · 324,325 · $37.00 · $5,939,688 Options · 10/20/25 · 141,510 · $42.40 · $3,073,314

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(1) 本列金额代表 2025 财年授予的 RSU。有关更多信息，请参阅上文“—薪酬讨论与分析—薪酬要素—长期激励薪酬”及“薪酬讨论与分析—薪酬要素—基本工资”。

(1) Amounts in this column represent RSUs granted during the 2025 Fiscal Year. For more information, please refer to “—Compensation Discussion and Analysis—Elements of Compensation—Long-Term Incentive Compensation” and “Compensation Discussion and Analysis —Elements of Compensation—Base Salaries” above.

(2) 本列金额代表 2025 财年授予的股票期权。有关更多信息，请参阅上文“—薪酬讨论与分析—薪酬要素—长期激励薪酬”。

(2) Amounts in this column represent stock options granted during the 2025 Fiscal Year. For more information, please refer to “— Compensation Discussion and Analysis—Elements of Compensation—Long-Term Incentive Compensation” above.

(3) 2025 财年授予的每项股票期权的行权价格反映授予日我们 C 类普通股每股的公允市场价值，并依据根据《税法》第 409A 条取得的第三方估值确定。

(3) The exercise price of each stock option granted during the 2025 Fiscal Year reflects the fair market value of a share of our Class C common stock on the date of grant and was determined based on a third-party valuation obtained in accordance with Section 409A of the Code.

(4) 本列金额代表股票期权和 RSU 的授予日公允价值，依据 FASB ASC 第 718 主题计算，未考虑估计没收的影响。有关此计算所依据假设的更多信息，请参阅本招股说明书其他部分所包含经审计财务报表的附注 15“股份支付——公允价值确定”。

(4) Amounts in this column represent the grant date fair value of stock options and RSUs, calculated in accordance with FASB ASC Topic 718, disregarding the effect of estimated forfeitures. For additional information regarding the assumptions underlying this calculation, refer to Note 15, Share-based Compensation—Fair Value Determination, to the audited financial statements included elsewhere in this prospectus.

(5) 代表授予 Shotwell 女士的 RSU，用以替代其 2025 年基本工资中的 $726,923。有关更多信息，请参阅上文“—薪酬讨论与分析—薪酬要素—基本工资”。

(5) Represents the RSUs granted to Ms. Shotwell in lieu of $726,923 of her 2025 base salary. For additional information, please refer to “— Compensation Discussion and Analysis—Elements of Compensation—Base Salary” above.

财年末未兑现的股权奖励 Outstanding Equity Awards at Fiscal Year-End

下表列示了截至 2025 年 12 月 31 日我们 NEO 持有的未行使股票期权奖励的相关信息。截至 2025 年 12 月 31 日，公司无 NEO 持有未归属的 RSU 或其他未归属股票奖励。下表所反映的 C 类普通股相关奖励将在 C 类重新分类中按一比一 basis 转换为 A 类普通股相关奖励。

The following table presents information regarding the outstanding stock option awards held by our NEOs as of December 31, 2025. No NEOs held outstanding RSUs or other unvested stock awards in the Company as of December 31, 2025. Awards in respect of Class C common stock reflected in this following table will be converted into awards in respect of Class A common stock on a one-for-one basis as part of the Class C Reclassification.

**姓名**

**Name**

未行使期权对应的证券数量（#）可行使 未行使期权对应的证券数量（#）不可行使

Number of Securities Underlying Unexercised Options (#) Exercisable Number of Securities Underlying Unexercised Options (#) Unexercisable

计划奖励： · 股权激励 数量 证券 标的 未行权 未获授期权 (#)

Plan Awards: · Equity Incentive Number of Securities Underlying Unexercised Unearned Options (#)

**期权**

**Option**

行权价格($) 期权到期日

Exercise Price ($) Option Expiration Date

Elon Musk Elon Musk

B 类期权 · 344,166,650 · 8,333,350 (1) · — · $8.3998 · 2/11/31

Class B Options · 344,166,650 · 8,333,350 (1) · — · $8.3998 · 2/11/31

Gwynne Shotwell Gwynne Shotwell

C 类期权 · 27,800 · 305,550 · (2) · — · $8.3998 · 4/20/31 C 类期权 · 14,885 · 163,690 · (2) · — · $11.20 · 4/27/32 C 类期权 · — · 618,560 · (3) · — · $19.40 · 5/16/34 C 类期权 · — · 324,325 · (4) · — · $37.00 · 5/10/35 C 类期权 · — · 3,537,740 (5) · — · $42.40 · 10/20/35

Class C Options · 27,800 · 305,550 · (2) · — · $8.3998 · 4/20/31 Class C Options · 14,885 · 163,690 · (2) · — · $11.20 · 4/27/32 Class C Options · — · 618,560 · (3) · — · $19.40 · 5/16/34 Class C Options · — · 324,325 · (4) · — · $37.00 · 5/10/35 Class C Options · — · 3,537,740 (5) · — · $42.40 · 10/20/35

Bret Johnsen Bret Johnsen

C 类期权 · 711,850 · — · — · $4.40 · 4/24/30 C 类期权 · 1,019,400 · 480,600 · (2) · — · $8.3998 · 4/20/31 C 类期权 · 535,715 · — · 2,142,860 (6) · $11.20 · 4/27/32 C 类期权 · 139,285 · 375,005 · (7) · — · $15.40 · 5/1/33 C 类期权 · — · 371,135 · (3) · — · $19.40 · 5/16/34 C 类期权 · — · — · 4,000,000 (8) · $19.40 · 5/16/34 C 类期权 · — · 324,325 · (9) · — · $37.00 · 5/10/35 C 类期权 · — · 141,510 · (5) · — · $42.40 · 10/20/35

Class C Options · 711,850 · — · — · $4.40 · 4/24/30 Class C Options · 1,019,400 · 480,600 · (2) · — · $8.3998 · 4/20/31 Class C Options · 535,715 · — · 2,142,860 (6) · $11.20 · 4/27/32 Class C Options · 139,285 · 375,005 · (7) · — · $15.40 · 5/1/33 Class C Options · — · 371,135 · (3) · — · $19.40 · 5/16/34 Class C Options · — · — · 4,000,000 (8) · $19.40 · 5/16/34 Class C Options · — · 324,325 · (9) · — · $37.00 · 5/10/35 Class C Options · — · 141,510 · (5) · — · $42.40 · 10/20/35

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(1) 该等购买我们 B 类普通股股份的股票期权于 2026 年 1 月 1 日归属。

(1) These stock options to purchase shares of our Class B common stock vested on January 1, 2026.

(2) 该等购买我们 C 类普通股股份的股票期权在 2026 年 11 月 15 日前按大致相等的月度分期归属，以该 NEO 继续受雇为前提。

(2) These stock options to purchase shares of our Class C common stock vest in approximately equal monthly installments through November 15, 2026, subject to the NEO’s continued employment.

(3) 该等购买我们 C 类普通股股份的股票期权于 2026 年 5 月 15 日归属 12.5%，此后在 2029 年 11 月 15 日前按大致相等的月度分期归属，以该 NEO 继续受雇为前提。

(3) These stock options to purchase shares of our Class C common stock vest as to 12.5% on May 15, 2026 and thereafter in approximately equal monthly installments through November 15, 2029, subject to the NEO’s continued employment.

(4) 该等购买我们 C 类普通股股份的股票期权于 2027 年 5 月 15 日归属 12.5%，此后在 2030 年 11 月 15 日前按大致相等的月度分期归属，以该 NEO 继续受雇为前提。

(4) These stock options to purchase shares of our Class C common stock vest as to 12.5% on May 15, 2027 and thereafter in approximately equal monthly installments through November 15, 2030, subject to the NEO’s continued employment.

(5) 该等购买我们 C 类普通股股份的股票期权于 2027 年 9 月 30 日归属 20%，此后在 2031 年 9 月 30 日前按大致相等的月度分期归属，以该 NEO 继续受雇为前提。

(5) These stock options to purchase shares of our Class C common stock vest as to 20% on September 30, 2027 and thereafter in approximately equal monthly installments through September 30, 2031, subject to the NEO’s continued employment.

(6) 该等购买我们 C 类普通股股份的股票期权归属如下：(i) 75% 在每吨入轨成本较 2022 年 4 月该成本降低 50%、80% 和 90% 时，分三等份归属；及 (ii) 25% 在 Starlink 服务交付成本较 2022 年 4 月该成本降低 80% 和 90% 时，分两等份归属；在每种情况下，均以该 NEO 继续受雇为前提。

(6) These stock options to purchase shares of our Class C common stock vest as follows: (i) 75% vests in three equal tranches upon achievement of a 50%, 80% and 90% reduction in cost per ton to orbit from such cost in April 2022, and (ii) 25% vests in two equal tranches upon achievement of 80% and 90% reduction in Starlink service delivery costs from such costs in April 2022, in each case, subject to the NEO’s continued employment.

(7) 该等购买我们 C 类普通股股份的股票期权在 2028 年 11 月 15 日前按大致相等的月度分期归属，以该 NEO 继续受雇为前提。

(7) These stock options to purchase shares of our Class C common stock vest in approximately equal monthly installments through November 15, 2028, subject to the NEO’s continued employment.

(8) 该等购买我们 C 类普通股股份的股票期权曾以我们自 2025 年起自由现金流表现超过 $2 billion 为条件具备归属资格，以该 NEO 继续受雇为前提。2026 年，该等股票期权经修订，详情见上文“薪酬讨论与分析——其他事项——2026 年薪酬进展”。

(8) These stock options to purchase shares of our Class C common stock were eligible to vest based on our free cash flow performance exceeding $2 billion beginning in 2025, subject to the NEO’s continued employment. In 2026, these stock options were amended as described in more detail under —”Compensation Discussion and Analysis—Other Matters—2026 Compensation Developments” above.

(9) 该等购买我们 C 类普通股股份的股票期权归属如下：(i) 129,730 份自 2027 年 1 月 1 日至 2027 年 12 月 1 日按大致相等的月度分期归属；及 (ii) 194,595 份自 2028 年 1 月 1 日至 2030 年 12 月 1 日按大致相等的月度分期归属；在每种情况下，均以该 NEO 继续受雇为前提。

(9) These stock options to purchase shares of our Class C common stock vest as follows: (i) 129,730 vest in approximately equal monthly installments from January 1, 2027 through December 1, 2027 and (ii) 194,595 vest in approximately equal monthly installments from January 1, 2028 through December 1, 2030, in each case, subject to the NEO’s continued employment.

期权行权与股票归属 Option Exercises and Stock Vested

下表反映了我们的 NEO 在 2025 财年期间行使的购买 C 类普通股的股票期权，以及我们的 NEO 持有的、在 2025 年期间归属的 RSU。

The following table reflects stock options to purchase Class C common stock exercised by our NEOs during the 2025 Fiscal Years and RSUs held by our NEOs which vested during 2025.

**姓名**

**Name**

股份 · 行使时 取得的 数量（#）

Shares · Number of Acquired on Exercise (#)

**实现价值**

**Value Realized**

行使时($)(1)

on Exercise ($)(1)

股份 · 归属时 取得的 数量（#）

Shares · Number of Acquired on Vesting (#)

**实现价值**

**Value Realized**

归属时($)(2)

on Vesting ($)(2)

Elon Musk · — · — · — · — Gwynne Shotwell · 1,684,515 · 44,800,662 · 46,680 · 1,926,177 Bret Johnsen · 1,182,150 · 41,906,655 · — · —

Elon Musk · — · — · — · — Gwynne Shotwell · 1,684,515 · 44,800,662 · 46,680 · 1,926,177 Bret Johnsen · 1,182,150 · 41,906,655 · — · —

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(1) 行使股票期权时实现的价值，按行使日我们 C 类普通股每股的公允市场价值减去适用的行权价格确定。

(1) The value realized on the exercise of stock options is determined based on the fair market value of a share of our Class C common stock on the exercise date, less the applicable exercise price.

(2) RSU 归属时实现的价值，按归属日我们 C 类普通股每股的公允市场价值确定。

(2) The value realized on the vesting of RSUs is determined based on the fair market value of a share of our Class C common stock on the vesting date.

终止雇佣或控制权变更时的潜在付款 Potential Payments Upon Termination or Change in Control

我们的任何 NEO 均未签署任何雇佣协议或遣散安排，规定在雇佣终止或公司控制权变更时支付款项或提供福利。根据 RSU 授予协议的条款，若 NEO 身故，原定于其后 12 个月内归属的 RSU 将予以归属。截至 2025 年 12 月 31 日，没有任何 NEO 持有未归属的 RSU。其他任何股权授予协议均未规定在雇佣终止或公司控制权变更时提供福利。

None of our NEOs are party to an employment agreement or severance arrangement that provides for payments or benefits upon termination of employment or a change in control of the Company. Under the terms of the RSU award agreements, in the event of an NEO’s death, the RSUs scheduled to vest within the following 12-month period would become vested. No NEOs held outstanding RSUs as of December 31, 2025. No other equity award agreements provide for benefits upon termination of employment or a change in control of the Company.

**经修订和重述的 2024 年股权激励计划**

**Amended and Restated 2024 Equity Incentive Plan**

就本次发行而言，我们修订并重述了我们的 2024 年计划（下称“经修订和重述的 2024 年计划”）。经修订和重述的 2024 年计划的目的是确保并留住合资格员工、董事和顾问的服务，激励该等人员为公司成功付出最大努力，并为该等合资格获授人提供从我们 A 类普通股价值增长中获益的机会。经修订和重述的 2024 年计划允许授予股票期权（包括激励性股票期权和“非法定”股票期权）、股票增值权（“SARs”）、限制性股票、RSU 及其他股权奖励。我们在本文中统称其为“奖励”。

In connection with this offering, we amended and restated our 2024 Plan (the “A&R 2024 Plan”). The purpose of the A&R 2024 Plan is to secure and retain the services of eligible employees, directors and consultants to provide incentives for such persons to exert maximum efforts for the success of the Company and to provide a means by which such eligible recipients may be given an opportunity to benefit from increases in value of our Class A common stock. The A&R 2024 Plan allows for the grant of stock options, both incentive stock options and “nonstatutory” stock options; stock appreciation rights (“SARs”); restricted stock; RSUs; and other equity awards. We refer to these collectively herein as “Awards.”

以下对经修订和重述的 2024 年计划的描述并非完整描述，其全部内容以经修订和重述的 2024 年计划的完整文本为准，该文本将作为本招股说明书所构成部分的注册声明的附件提交。请完整阅读经修订和重述的 2024 年计划。

The following description of the A&R 2024 Plan is not intended to be complete and is qualified in its entirety by reference to the complete text of the A&R 2024 Plan, a copy of which will be filed as an exhibit to the registration statement of which this prospectus forms a part. Please read the A&R 2024 Plan in its entirety.

#### 管理

#### Administration

经修订和重述的 2024 年计划将由我们的董事会或董事会指定负责管理经修订和重述的 2024 年计划的委员会管理，我们在本文中称其为“计划管理人”。在经修订和重述的 2024 年计划条款的约束下，计划管理人将拥有广泛的管理和解释经修订和重述的 2024 年计划及据此授予的奖励的权力。计划管理人的所有决定和行动对所有人均为最终、具有约束力和决定性的。

The A&R 2024 Plan will be administered by our board or a committee thereof designated by our board to administer the A&R 2024 Plan, which we refer to herein as the “Plan Administrator.” The Plan Administrator will have broad authority, subject to the provisions of the A&R 2024 Plan, to administer and interpret the A&R 2024 Plan and Awards granted thereunder. All decisions and actions of the Plan Administrator will be final, binding and conclusive on all persons.

#### 经修订和重述的 2024 年计划项下的股票

#### Stock Subject to A&R 2024 Plan

经修订和重述的 2024 年计划项下可发行的 A 类普通股最大股数不超过 365,950,000 股（“股份储备”），包括在通过经修订和重述的 2024 年计划之前根据 2024 年计划发行的股份。股份储备在我们资本结构发生变动时将进行某些调整。根据经修订和重述的 2024 年计划发行的 A 类普通股可以是已授权但未发行或重新取得的股份，包括公司在公开市场或其他方式回购的股份。

The maximum number of shares of Class A common stock that may be issued under the A&R 2024 Plan will not exceed 365,950,000 shares (the “Share Reserve”), inclusive of shares issued under the 2024 Plan prior to the adoption of the A&R 2024 Plan. The Share Reserve is subject to certain adjustments in the event of a change in our capitalization. Shares of Class A common stock issued under the A&R 2024 Plan may be authorized but unissued or reacquired shares, including shares repurchased by the Company on the open market or otherwise.

根据我们的 2012 年股权激励计划或 2015 年计划授予的任何奖励所对应的 A 类普通股股份，若到期、终止或被没收，或被重新收购、扣留或未发行以满足预扣税义务，则该等股份将被加入股份储备。根据 A&R 2024 计划授予的任何奖励所对应的 A 类普通股股份，若到期、终止或被没收，或被重新收购、扣留或未发行以满足预扣税义务或支付行权价，则该等股份将再次可用于 A&R 2024 计划项下的发行。

Shares of Class A common stock subject to any award under our 2012 Equity Incentive Plan or the 2015 Plan that expires, terminates or is forfeited or that are reacquired, withheld or not issued to satisfy a tax withholding obligation will be added to the Share Reserve. Shares of Class A common stock subject to any award under the A&R 2024 Plan that expires, terminates or is forfeited or that are reacquired, withheld or not issued to satisfy a tax withholding obligation or payment of an exercise price will be again be available for issuance under the A&R 2024 Plan.

#### 参与资格

#### Eligibility

公司及其关联方的现任或潜在员工、非员工董事及顾问将有资格参与 A&R 2024 计划。

Current or prospective employees, non-employee directors and consultants of the Company and its affiliates will be eligible to participate in the A&R 2024 Plan.

#### 奖励类型

#### Types of Awards

股票期权。根据 A&R 2024 计划授予的股票期权可作为激励性股票期权或非法定股票期权授予，无论哪种情形，其期限均不得超过 10 年（对于授予 10% 股东的激励性股票期权，则为五年）。在遵守 A&R 2024 计划明确条款的前提下，股票期权通常可在计划管理人确定的期间内、分期或以其他方式行使。任何已授予股票期权的行权价通常不得低于授予日该期权所对应 A 类普通股的公允市场价值（对于授予 10% 股东的激励性股票期权，则为公允市场价值的 110%）。行权价可以现金或计划管理人确定的其他方式支付，包括由经纪人不可撤销地承诺从出售期权项下可发行股份的所得款项中支付该金额、交付先前持有的股份，或扣留行使时可交付的股份。

Stock Options. Stock options granted under the A&R 2024 Plan may be granted as incentive stock options or nonstatutory stock options, in either case with a term not to exceed 10 years (or five years for incentive stock options granted to 10% shareholders). Subject to the express provisions of the A&R 2024 Plan, stock options generally may be exercised over such period, in installments or otherwise, as the Plan Administrator may determine. The exercise price for any stock option granted may not generally be less than the fair market value of the Class A common stock subject to that option on the grant date (or 110% of the fair market value for incentive stock options granted to 10% shareholders). The exercise price may be paid in cash or such other method as determined by the Plan Administrator, including an irrevocable commitment by a broker to pay over such amount from a sale of the shares issuable under an option, the delivery of previously owned shares, or withholding of shares deliverable upon exercise.

股票增值权。股票增值权（SAR）在行使时代表有权获得行使时 A 类普通股的公允市场价值超过该 SAR 行权价的金额。该金额可以 A 类普通股、现金或其组合，或计划管理人酌情决定的其他任何形式的对价支付。任何 SAR 的行权价通常不得低于授予日该 SAR 所对应 A 类普通股的公允市场价值，且期限不得超过 10 年。

Stock Appreciation Rights. SARs represent, upon exercise, the right to receive the amount by which the fair market value of the Class A common stock at the time of exercise exceeds the exercise price of the SAR. This amount is payable in Class A common stock, cash, or a combination thereof, or in any other form of consideration at the Plan Administrator’s discretion. The exercise price for any SARs may not generally be less than the fair market value of the Class A common stock subject to the SAR on the grant date and may not have a term in excess of 10 years.

限制性股票和 RSU。限制性股票奖励由转让给参与者的股份构成，但须遵守相关限制，若未满足特定条件，可能导致没收。RSU 仅在满足特定条件后，才向参与者转让 A 类普通股股份、现金或其他形式的对价。计划管理人将确定适用于每项限制性股票或 RSU 奖励的限制和条件，其中可能包括业绩归属条件。

Restricted Stock and RSUs. Awards of restricted stock consist of shares of stock that are transferred to the participant subject to restrictions that may result in forfeiture if specified conditions are not satisfied. RSUs result in the transfer of shares of Class A common stock, cash or other form of consideration to the participant only after specified conditions are satisfied. The Plan Administrator will determine the restrictions and conditions applicable to each award of restricted stock or RSUs, which may include performance vesting conditions.

其他股权奖励。其他股权奖励是指全部或部分参照 A 类普通股（包括其价值增值）估值或以其他方式基于 A 类普通股的奖励。其他股权奖励可单独授予，也可与 A&R 2024 计划项下的其他奖励搭配授予。

Other Equity Awards. Other equity awards are Awards valued in whole or in part by reference to, or otherwise based, on Class A common stock, including the appreciation in value thereof. Other equity awards may be granted either alone or in tandem with other Awards under the A&R 2024 Plan.

#### 绩效标准

#### Performance Criteria

计划管理人可指定某些绩效标准，在授予或归属奖励之前必须满足该等标准。绩效目标可能因参与者、群体和期间的不同而有所差异。

The Plan Administrator may specify certain performance criteria which must be satisfied before Awards will be granted or will vest. The performance goals may vary from participant to participant, group to group, and period to period.

#### 可转让性

#### Transferability

除计划管理人另有允许外，奖励一般不可转让，但通过遗嘱或继承与分配相关法律转让的除外；每项股票期权或 SAR 在参与者生前仅可由参与者本人行使。

Except as otherwise permitted by the Plan Administrator, Awards generally are not transferable except by will or by the laws of descent and distribution, and each stock option or SAR will be exercisable during the lifetime of the participant only by the participant.

#### 追回

#### Clawback

奖励将根据我们采纳的任何追回政策予以追回，包括《交易法》第 10D-1 条所要求的任何追回政策。

Awards will be subject to recoupment in accordance with any clawback policy that we adopt, including any clawback policy required under Rule 10D-1 of the Exchange Act.

#### 修订与终止

#### Amendment and Termination

计划管理人可随时修订、暂停或终止经修订及重述的 2024 年计划；但若干列明的重大修订未经股东批准不得作出。暂停或终止经修订及重述的 2024 年计划不得损害任何未决奖励项下的权利和义务。计划管理人亦可修订任何未决奖励，但若该等修订损害参与者在相应奖励项下的权利，则须取得该参与者同意。经修订及重述的 2024 年计划已由我们的董事会就本次发行予以采纳，并将于 2034 年 12 月 10 日终止，除非我们的董事会提前终止。

The Plan Administrator may amend, suspend or terminate the A&R 2024 Plan at any time; however certain enumerated material amendments may not be made without shareholder approval. Suspension or termination of the A&R 2024 Plan may not impair the rights and obligations of any outstanding Award. The Plan Administrator may also amend any outstanding Award, subject to the participant’s consent in the event such amendment impairs such participant’s rights under such Award. The A&R 2024 Plan has been adopted by our board in connection with this offering and will terminate on December 10, 2034, unless earlier terminated by our board.

**第二份经修订及重述的 2017 年员工购股计划**

**Second Amended and Restated 2017 Employee Stock Purchase Plan**

就本次发行，我们进一步修订并重述了我们的 2017 年员工购股计划（ESPP）。经修订及重述的 2017 年 ESPP 旨在鼓励并促使我们的合资格员工通过持有我们的 A 类普通股取得对我们的所有权权益。经修订及重述的 2017 年 ESPP 及参与者据此进行购买的权利，拟符合《美国国内税收法典》第 423 条的规定。

In connection with this offering, we further amended and restated our 2017 ESPP. The purpose of the A&R 2017 ESPP is to encourage and enable our eligible employees to acquire a proprietary interest in us through the ownership of our Class A common stock. The A&R 2017 ESPP, and the rights of participants to make purchases thereunder, is intended to qualify under the provisions of Section 423 of the Code.

以下对经修订及重述的 2017 年 ESPP 的说明并非完整说明，其整体受经修订及重述的 2017 年 ESPP 完整文本的约束，该文本的副本将作为本招股说明书所构成注册声明的附件提交。请完整阅读经修订及重述的 2017 年 ESPP。

The following description of the A&R 2017 ESPP is not intended to be complete and is qualified in its entirety by reference to the complete text of the A&R 2017 ESPP, a copy of which will be filed as an exhibit to the registration statement of which this prospectus forms a part. Please read the A&R 2017 ESPP in its entirety.

#### 管理

#### Administration

经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP）将由我们的董事会或董事会指定负责管理该计划的委员会（本文称为“ESPP 管理人”）管理。ESPP 管理人对在管理 A&R 2017 ESPP 过程中可能产生的所有政策及权宜问题拥有最终决定权。ESPP 管理人可将其在 A&R 2017 ESPP 项下的职责委托给一名或多名其他人员。

The A&R 2017 ESPP will be administered by our board or a committee thereof designated by our board to administer the A&R 2017 ESPP, which we refer to herein as the “ESPP Administrator.” The ESPP Administrator has the final power to determine all questions of policy and expediency that may arise in the administration of the A&R 2017 ESPP. The ESPP Administrator may delegate its responsibilities under the A&R 2017 ESPP to one or more other persons.

#### A&R 2017 ESPP 项下可发行的股票

#### Stock Subject to A&R 2017 ESPP

根据 A&R 2017 ESPP 可发行的 A 类普通股最大股数不超过 75,000,000 股（“ESPP 股份池”），其中包括在通过经修订及重述的 2017 年计划之前根据 2017 ESPP 已发行的股份。ESPP 股份池在我们资本结构发生变化时将进行若干调整。根据 A&R 2017 ESPP 发行的 A 类普通股可以是已授权但未发行的股份，也可以是我们回购的已发行股份。在股份实际发行给参与者之前，参与者不享有股东权利。

The maximum number of shares of Class A common stock that may be issued under the A&R 2017 ESPP will not exceed 75,000,000 shares (the “ESPP Share Pool”), inclusive of shares issued under the 2017 ESPP prior to the adoption of the A&R 2017 Plan. The ESPP Share Pool is subject to certain adjustments in the event of a change in our capitalization. Shares of Class A common stock issued under the A&R 2017 ESPP may be either authorized and unissued shares or previously issued shares acquired by us. A participant does not have the rights of a shareholder until the shares are actually issued to the participant.

#### 资格；限制

#### Eligibility; Limitations

如果员工自要约日所在月份前一个日历月的最后一天起至少持续受雇于我们或我们在美国注册成立的一家关联公司，且不拥有公司或任何关联公司合计投票权 5% 或以上（依据《税法》第 423 条和第 424 条确定），则该员工有资格参与 A&R 2017 ESPP。合资格员工必须在某项要约的要约日前至少 10 个工作日登记参与该要约，且一旦登记参与某项要约，员工将自动登记参与后续要约，除非员工退出。

An employee is eligible to participate in the A&R 2017 ESPP if the employee has been continuously employed by us our one of our related corporations incorporated in the United States since at least the last day of the calendar month preceding the month in which the offering date occurs and does not own 5% or more of the combined voting power of the Company or any related corporations (as determined under Section 423 and 424 of the Code). Eligible employees must enroll in a particular offering at least 10 business days prior to the offering date of such offering, and once enrolled for an offering, employees will be automatically enrolled in subsequent offerings unless the employee withdraws.

参与者不得在任何单一日历年内购买公允价值超过 $25,000 的我们的 A 类普通股（按要约日的公允价值计算）。

A participant is not permitted to purchase shares of our Class A common stock with a fair market value in excess of $25,000 in any one calendar year (calculated based on the fair market value on the offering date).

#### 要约

#### Offerings

要约及购买期将由 ESPP 管理人确定，但须遵守《税法》第 423 条的限制。预计我们将继续采用连续六个月的购买期，购买日分别为每年 4 月 15 日和 10 月 15 日。

The offerings and purchase periods will be determined by the ESPP Administrator, subject to limitations under the Section 423 of the Code. It is expected that we will continue six-month successive purchase periods with purchase dates occurring on April 15th and October 15th of each year.

在购买期内，参与人可通过工资扣款缴纳其合格收入的 1% 至 100%（以整数百分比递增）。参与人可在要约期开始前变更其工资扣款；但在要约期内，参与人不得提高缴款比例，且最多只能下调两次（第二次下调必须降至 0%），并须遵守退出条款的规定。在每个要约期结束时，除非参与人已退出经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP），否则工资扣款将自动用于按下述购买价格购买 A 类普通股。所购股份数量以工资扣款除以适用购买价格确定，剩余资金留存于参与人账户中用于后续购买期（须遵守退出条款的规定）。

During the purchase period, a participant may contribute between 1% and 100% of their eligible earnings (in whole percentage increments) through payroll deductions. A participant may change their payroll deduction prior to the beginning of an offering; however, during an offering, a participant may not increase the contribution percentage and may only decrease it up to two times (with the second decrease required to be to 0%), subject to the withdrawal provisions. At the end of each offering period, unless the participant has withdrawn from the A&R 2017 ESPP, payroll deductions are applied automatically to purchase shares of Class A common stock at the purchase price described below. The number of shares purchased is determined by dividing the payroll deductions by the applicable purchase price, with any remaining funds held in the participant’s account for the subsequent purchase period (subject to the withdrawal provisions).

若参与人终止雇佣关系或退出某项要约（可在购买日前十个营业日之前的任何时间进行），该参与人的累计扣款将在行政上可行的情况下尽快退还予该参与人。

In the event of a participant’s termination of employment or a participant’s withdrawal from an offering (which may occur at any time prior to the ten-business day period preceding the purchase date), such participant’s accumulated deductions will be returned to the participant as soon as administratively practicable.

#### 购买价格

#### Purchase Price

在特定要约期内，根据经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP）购买股份的每股价格由员工购股计划管理人（ESPP Administrator）确定，但在任何情况下不得低于以下两者中较低者的 85%：要约日 A 类普通股的公允市场价值，或购买日 A 类普通股的公允市场价值。

The price per share at which shares are purchased under the A&R 2017 ESPP in a particular offering period is determined by the ESPP Administrator, but in no event will be less than 85% of the lower of the fair market value of the Class A common stock on the offering date or the fair market value of the Class A common stock on the purchase date.

#### 调整

#### Adjustments

若发生任何重组、资本重组、股票拆分、反向股票拆分、股票股息、特别股息或分配或类似事件，员工购股计划管理人将适当调整经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP）下可供发行的股份数量及类别、每项进行中的要约项下的购买限额以及该等股份在每项进行中的要约中的适用购买价格。

In the event of any reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends or distributions, or similar events, the ESPP Administrator will appropriately adjust the number and class of shares available under the A&R 2017 ESPP and subject to the purchase limits under each ongoing offering and the applicable purchase price of such shares in each ongoing offering.

#### 可转让性

#### Transferability

参与人不得转让经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP）项下购买 A 类普通股的权利，且该等权利在参与人在世期间仅可由参与人本人行使。

Rights to purchase Class A common stock under the A&R 2017 ESPP may not be transferred by a participant and may be exercised during a participant’s lifetime only by the participant.

#### 修订与终止

#### Amendment and Termination

经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP）经我们的董事会批准后生效。我们的董事会可随时以任何方式修订、变更或终止经修订及重述的 2017 年员工购股计划（A&R 2017 ESPP），但须遵守适用法律法规要求的股东批准。

The A&R 2017 ESPP became effective when it was approved by our board. Our board may amend, alter, or discontinue the A&R 2017 ESPP in any respect at any time, subject to shareholder approval as required by applicable laws and regulations.

董事薪酬 Director Compensation

2025 年期间，我们的非雇员董事未因其在董事会的服务而获得现金或股权报酬。Musk 先生和 Shotwell 女士未因其各自的董事服务获得任何额外报酬。

During 2025, our non-employee directors did not receive cash or equity compensation for their service on our board. Mr. Musk and Ms. Shotwell do not receive any additional compensation for their respective services as directors.

某些关系与关联人士 · 交易 以下是对某些已存在、拟存在或曾经存在的关联关系和交易的说明 已存在或我们已与我们的董事、高级管理人员、持有超过 自 2023 年 1 月 1 日起持有我们超过 5% 的股本或其关联方及直系家庭成员，且其中： • 我们曾经或将要作为参与方； • 所涉金额超过或将超过 $120,000；以及 • 我们的任何董事、高级管理人员或持有我们超过 5% 股本的持有人，或任何直系 这些个人的家庭成员或与其同住的人员，曾经或将会拥有直接或 间接重大利益。

CERTAIN RELATIONSHIPS AND RELATED PERSON · TRANSACTIONS The following is a description of certain relationships and transactions that exist, are proposed to exist or have existed or that we have entered into or propose to enter into with our directors, executive officers, holders of more than 5% of our capital stock or their affiliates and immediate family members since January 1, 2023 and where: • we have been or are to be a participant; • the amount involved exceeded or will exceed $120,000; and • any of our directors, executive officers, or holders of more than 5% of our capital stock, or any immediate family member of, or persons sharing their household with, any of these individuals, had or will have a direct or indirect material interest.

关于 xAI 合并的说明 Note Regarding the xAI Merger

2026 年 2 月 2 日，我们完成了 xAI 合并，据此我们收购了 xAI（其中包含 X）。就本节依据《S-K 条例》第 404 项所作披露而言，下文所述交易还包括 xAI 或 X Holdings 在 xAI 合并之前最初订立的若干协议和交易，前提是该等协议和交易在 xAI 合并完成后仍在持续。

On February 2, 2026, we effected the xAI Merger, pursuant to which we acquired xAI (which includes X). For the purposes of the disclosures set forth in this section pursuant to Item 404 of Regulation S-K, the transactions described below also include certain agreements and transactions originally entered into by xAI or X Holdings prior to the xAI Merger to the extent that such agreements and transactions are ongoing following the consummation of the xAI Merger.

与 Elon Musk 及关联实体的交易 Transactions with Elon Musk and Affiliated Entities

我们的创始人、首席执行官、首席技术官、董事会主席兼主要股东 Elon Musk 还担任 Tesla 的 Technoking、首席执行官兼董事，并且截至 2025 年 11 月 10 日持有 Tesla 约 20% 的股份。Musk 先生还是其他多家企业的创始人，包括 The Boring Company（一家基础设施公司）。此外，在 X 合并和 xAI 合并之前，Musk 先生曾是 xAI 和 X 各自的股东、董事和高管。我们与 Musk 先生及关联实体之间存在若干关系和/或交易，具体如下所述。

Elon Musk, our founder, Chief Executive Officer, Chief Technical Officer, Chairman of our board, and principal shareholder, also serves as the Technoking, Chief Executive Officer and director of Tesla, and is an approximately 20% shareholder of Tesla as of November 10, 2025. Mr. Musk is also the founder of several other ventures, including The Boring Company (an infrastructure company). In addition, Mr. Musk was a stockholder, director, and officer of each of xAI and X prior to the X Merger and the xAI Merger. We have certain relationships and/or transactions with Mr. Musk and affiliated entities, as described below.

#### 与 Tesla 的交易

#### Transactions with Tesla

截至 2026 年 5 月 1 日，Tesla 实益持有我们 18,990,195 股 A 类普通股，在本次发行中出售 A 类普通股生效后，占我们 A 类普通股已发行总股数的所有权权益不足 1.0%。

Tesla is the beneficial owner of 18,990,195 shares of our Class A common stock as of May 1, 2026, representing an ownership interest of less than 1.0% of the total outstanding number of shares of our Class A common stock, after giving effect to the sale of shares of Class A common stock in this offering.

Tesla 设计、开发、制造、销售和租赁纯电动汽车以及能源发电和储能系统，为其客户提供 AI 相关及增强型软件和服务。我们历来通过商业、许可和支持协议与 Tesla 开展合作。下文列示的某些金额可能在某一年度发生，而在另一年度支付。

Tesla designs, develops, manufactures, sells, and leases fully electric vehicles and energy generation and storage systems that deliver AI-related and enhanced software and services to its customers. We have historically collaborated with Tesla through commercial, licensing, and support agreements. Certain amounts presented below that may have been incurred in one year could be paid in another year.

- SpaceX 商业、许可和支持协议。我们与 Tesla 签订了若干协议，这些协议通常涉及商业、许可和支持协议以及与 Tesla 的标准化商业交易，其条款对 SpaceX 而言不低于在类似情况下通常向非关联第三方提供的条款。根据这些协议，我们于 2023 年、2024 年、2025 年以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间分别获得了 $11 million、$4 million、$147 million 和 $4.0 million 的商品和服务。

- SpaceX commercial, licensing and support agreements. We are party with Tesla to certain agreements which generally relate to commercial, licensing, and support agreements and standardized commercial transactions with Tesla done on terms no less favorable to SpaceX than those generally available to unaffiliated third parties under similar circumstances. Pursuant to those agreements, we obtained goods and services of $11 million in 2023, $4 million in 2024, $147 million in 2025, and$4.0 million from January 1, 2026 through April 30, 2026.

- xAI 商业、许可和支持协议。xAI 与 Tesla 签订了若干商业、许可和支持协议。根据这些协议，xAI 于 2024 年、2025 年以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间分别获得了 $191 million、$506 million 和 $303 million 的商品和服务（其中 $269 million 与 2026 年 4 月购买 Megapack 有关），并且 xAI 于 2025 年以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间分别确认了来自 Tesla 的 $2 million 和 $1 million 收入。

- xAI commercial, licensing and support agreements. xAI is party to certain commercial, licensing, and support agreements with Tesla. Under these agreements, xAI obtained goods and services of $191 million in 2024, $506 million in 2025, and $303 million from January 1, 2026 through April 30, 2026 ($269 million of which relates to purchases of Megapacks in April 2026), and xAI recognized revenue of $2 million in 2025 and $1 million from January 1, 2026 through April 30, 2026 from Tesla.

- X Holdings 广告协议。Tesla 已直接和间接在我们 X 平台上购买广告。这些金额在 2024 年合计 $0.5 million，2025 年合计 $4 million，以及自 1 月 1 日起的 $0.1 million，

- X Holdings advertising agreements. Tesla has directly and indirectly purchased advertising on our X platform. These amounts totaled $0.5 million in 2024, $4 million in 2025, and $0.1 million from January 1,

2026 年至 2026 年 4 月 30 日 · 。

2026 through April 30, 2026 · .

- 飞机使用。自 2016 年 4 月起，我们拥有并运营飞机，供 Musk 先生以 Tesla 首席执行官身份及 Tesla 其他人员用于商务出行，我们已就 Tesla 使用我们拥有并运营的该等飞机向 Tesla 开具发票，费率由 Tesla 和 SpaceX 确定，并遵守美国联邦航空管理局管辖此类安排的规则。就该等飞机使用，我们于 2023 年、2024 年、2025 年以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间分别向 Tesla 收取了 $1 million、$1 million、$2 million 和 $0。

- Aircraft usage. Since April 2016, we have owned and operated aircraft used by Mr. Musk, in his capacity as the Chief Executive Officer of Tesla, and other Tesla personnel for business travel, and we have invoiced Tesla for the use of such aircraft owned and operated by us at rates determined by Tesla and SpaceX, subject to rules of the Federal Aviation Administration governing such arrangements. For such aircraft use, we charged Tesla $1 million in 2023, $1 million in 2024, $2 million in 2025, and $0 from January 1, 2026 through April 30, 2026.

#### 与 The Boring Company 的交易

#### Transactions with The Boring Company

2024 年，X 与 The Boring Company（一家与 Musk 先生有关联的实体）旗下子公司签订了一份办公场地租赁协议。根据该协议，X 于 2024 年支付租赁款项 $0.1 million，于 2025 年支付 $1 million，并于 2026 年 1 月 1 日至 2026 年 4 月 30 日期间支付 $0.3 million。此外，SpaceX 于 2025 年就 The Boring Company 在德克萨斯州 Bastrop 建造隧道产生费用 $1 million。

In 2024, X entered into a lease for office space with a subsidiary owned by The Boring Company (an entity affiliated with Mr. Musk). Under this agreement, X made lease payments of $0.1 million in 2024, $1 million in 2025, and $0.3 million from January 1, 2026 through April 30, 2026. In addition, SpaceX incurred expenses of $1 million in 2025 in connection with the construction of tunnels by The Boring Company in Bastrop, Texas.

#### 与 Musk Industries LLC 的关系

#### Relationships with Musk Industries LLC

xAI 租赁了 Musk Industries LLC 拥有的一处不动产，该公司由 Musk 先生拥有。根据该协议，xAI 于 2024 年支付租赁款项 $0.5 million，于 2025 年支付 $2 million，并于 2026 年 1 月 1 日至 2026 年 4 月 30 日期间支付 $1 million。

xAI leases a real property owned by the Musk Industries LLC, which is owned by Mr. Musk. Under this agreement, xAI made lease payments of $0.5 million in 2024, $2 million in 2025, and $1 million from January 1, 2026 through April 30, 2026.

#### 向 Musk 先生提供的安保服务

#### Security Services provided to Mr. Musk

我们与一家由 Musk 先生拥有的安保公司签订了服务协议，该公司设立的目的是为其提供安保服务，包括与其对 SpaceX 的职责和为 SpaceX 所做工作相关的安保服务。SpaceX 于 2023 年就该等与 SpaceX 相关的安保服务产生费用 $2 million，于 2024 年就该等安保服务产生费用 $3 million，于 2025 年就该等安保服务产生费用 $4 million，并于 2026 年 1 月 1 日至 2026 年 4 月 30 日期间就该等安保服务产生费用 $2 million。

We are party to a services agreement with a security company owned by Mr. Musk and organized to provide security services concerning him, including in connection with his duties to and work for SpaceX. SpaceX incurred expenses of $2 million for such SpaceX-related security services in 2023, $3 million for such security services in 2024, $4 million for such security services in 2025, and $2 million for such security services from January 1, 2026 through April 30, 2026.

与 Antonio J. Gracias 及关联实体的关系 Relationship with Antonio J. Gracias and Affiliated Entities

#### 与 Valor Equity Partners 及关联实体的交易

#### Transactions with Valor Equity Partners and Affiliated Entities

我们的董事会成员 Antonio J. Gracias 先生同时担任 Valor Equity Partners（连同其关联方，合称“Valor”）的创始人、首席执行官兼首席投资官。

Mr. Antonio J. Gracias, a member of our board, also serves as the founder, CEO and Chief Investment Officer of Valor Equity Partners (together with its affiliates, “Valor”).

xAI 的若干子公司已与 Valor 签订若干设备租赁、转租赁及接入协议。该等安排包括：(i) 一份设备租赁协议，据此 xAI 的一家子公司向 Valor 租赁算力及相关设备，该协议约定该子公司将在租赁期内支付合计 $6,986 million 的现金款项；(ii) 第二份设备租赁协议，据此该子公司向 Valor 租赁若干算力及相关设备，该协议约定该子公司将在租赁期内支付合计 $6,633 million 的现金款项；以及 (iii) 第三份设备租赁协议，据此该子公司向 Valor 租赁若干算力及相关设备，该协议约定该子公司将在租赁期内支付合计 $6,587 million 的现金款项。承租人在该等协议项下的付款及履约义务由 Space Exploration Technologies Corp. 或其一家子公司提供担保。根据上述租赁协议，我们的子公司已于 2025 年支付 $885

Certain subsidiaries of xAI, have entered into certain equipment lease, sublease, and access agreements with Valor. These arrangements include (i) an equipment lease agreement under which a subsidiary of xAI leases computing and related equipment from Valor, which provides for aggregate cash payments of $6,986 million to be made by such subsidiary over the life of the lease, (ii) a second equipment lease agreement under which such subsidiary leases certain computing and related equipment from Valor, which provides for aggregate cash payments of $6,633 million to be made by such subsidiary over the life of the lease, and (iii) a third equipment lease under which such subsidiary leases certain computing and related equipment from Valor, which provides for aggregate cash payments of $6,587 million to be made by such subsidiary over the life of the lease. The lessees’ payments and performance obligations under these agreements are guaranteed by Space Exploration Technologies Corp. or one of its subsidiaries. Pursuant to the lease agreements described above, our subsidiaries have made payments of $885

百万，2025 年，以及 · 2026 年 1 月 1 日至 2026 年 4 月 30 日期间的 1,917 百万美元。 就某些 X API 服务而言，X 从 Valor 收到的付款为：2024 年 100 万美元、2025 年 100 万美元， 以及 2026 年 1 月 1 日至 2026 年 4 月 30 日的 10 万美元。

million in 2025, and · $1,917 million from January 1, 2026 through April 30, 2026. In connection with certain X API services, X received payments from Valor of $1 million in 2024, $1 million in 2025, and $0.1 million from January 1, 2026 through April 30, 2026.

与我们的董事和高管的其他交易 Other Transactions with our Directors and Executive Officers

我们通过子公司 Falcon Landing, LLC 拥有并运营三架飞机，供我们的董事、高级管理人员和员工为业务目的履行其职责时使用。其中一架飞机由 Craft Aviation Services, LLC（Mr. Musk 的关联方）进行维护和保养。我们为该飞机的维护和保养发生的费用金额在 2023 年为 $1 million,2024 年为 $1 million,2025 年为 $3 million，以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间为 $3 million。如上文所披露，我们还就 Tesla 使用我们拥有并运营的其中一架飞机向 Tesla 开具了发票，费率由 Tesla 和 SpaceX 确定，并须遵守美国联邦航空管理局管辖此类安排的规则。

We own and operate, through our subsidiary, Falcon Landing, LLC, three aircraft for use by our directors, executive officers and employees in connection with the performance of their duties for business purposes. One of the aircraft is maintained and serviced by Craft Aviation Services, LLC, an affiliate of Mr. Musk. The amount of the expenses incurred by us for the maintenance and service of this aircraft was $1 million in 2023, $1 million in 2024, $3 million in 2025, and $3 million from January 1, 2026 through April 30, 2026. As disclosed above, we have also invoiced Tesla for their use of one of the aircraft owned and operated by us at rates determined by Tesla and SpaceX, subject to rules of the Federal Aviation Administration governing such arrangements.

在某些情况下，当我们的飞机不可用时，Mr. Musk 将其个人飞机用于 SpaceX 的业务目的，并由我们向其报销，须遵守美国联邦航空管理局管辖此类安排的规则。就使用该等飞机而言，SpaceX 在 2023 年发生了 $0.1 million 的费用，2024 年为 $3 million,2025 年为 $2 million，以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间为 $0.2 million。

In certain circumstances, when our aircraft are unavailable, Mr. Musk uses his personal aircraft for SpaceX business purposes and is reimbursed by us, subject to rules of the Federal Aviation Administration governing such arrangements. In connection with the use of such aircraft, SpaceX has incurred expenses of $0.1 million in 2023, $3 million in 2024, $2 million in 2025, and $0.2 million from January 1, 2026 through April 30, 2026.

我们的总裁、首席运营官兼董事 Ms. Shotwell 和我们的首席财务官 Mr. Johnsen 共同拥有一架供其个人使用的飞机。在某些情况下，当我们的飞机均无法用于业务用途时，我们的董事和员工（包括 Ms. Shotwell 和 Mr. Johnsen）曾将该飞机用于 SpaceX 的业务目的。所有者已放弃就为我们业务目的使用该飞机收取的任何租赁费用，且我们已同意承担该飞机用于此类用途的维护、机组和运营成本，须遵守美国联邦航空管理局管辖此类安排的规则。就使用该飞机而言，SpaceX 在 2023 年发生了 $3 million 的费用，2024 年为 $3 million,2025 年为 $3 million，以及 2026 年 1 月 1 日至 2026 年 4 月 30 日期间为 $1 million。

Ms. Shotwell, our President, Chief Operating Officer and Director, and Mr. Johnsen, our Chief Financial Officer, separately co-own an aircraft for their personal use. In certain circumstances, when none of our aircraft are available for business use, our directors and employees, including Ms. Shotwell and Mr. Johnsen, have used this aircraft for SpaceX business purposes. Any leasing fees for the use of such aircraft for our business purposes have been waived by the owners, and we have agreed to assume the cost of maintenance, crew and operation of such aircraft for such use, subject to rules of the Federal Aviation Administration governing such arrangements. In connection with the use of this aircraft, SpaceX has incurred expenses of $3 million in 2023, $3 million in 2024, $3 million in 2025, and $1 million from January 1, 2026 through April 30, 2026.

投资者权利协议 Investors’ Rights Agreement

我们的股权证券的某些现有投资者（包括与 Elon Musk、Google、Valor 和 DFJ Growth 关联的实体）是日期为 2020 年 8 月 4 日的《经修订和重述的投资者权利协议》（“投资者权利协议”）的缔约方。根据投资者权利协议，该等现有投资者就其实益拥有的 A 类普通股股份（统称“可登记证券”）享有登记权。该等登记权如被行使，将要求我们根据《证券法》登记该等现有投资者的可登记证券，并将便利该等现有投资者将该等证券转售至公开市场。

Certain existing investors in our equity securities, including entities affiliated with Elon Musk, Google, Valor, and DFJ Growth, are party to an Amended and Restated Investors’ Rights Agreement, dated as of August 4, 2020 (the “Investors’ Rights Agreement”). Under the Investors’ Rights Agreement, such existing investors are entitled to registration rights with respect to shares of our Class A common stock beneficially owned by them (collectively, the “Registrable Securities”). These registration rights, if exercised, would require us to register such existing investors’ Registrable Securities under the Securities Act, and would facilitate the resale of such securities by such existing investors into the public markets.

我们将支付与根据投资者权利协议进行的登记相关的所有登记费用（承销折扣和佣金除外），但受限于有限的例外情形。

We will pay all registration expenses, other than underwriting discounts and commissions, associated with registrations effected pursuant to the Investors’ Rights Agreement, subject to limited exceptions.

#### 要求登记权

#### Demand Registration Rights

在我们首次公开发行证券的注册声明生效日（不包括以某些登记表格进行的登记或不涉及可登记证券出售的交易）起六个月后的任何时间，当时已发行可登记证券的多数持有人（为此目的不包括因转换我们某些系列优先股而可发行或已发行的股份）可要求我们在收到请求后 60 天内提交一份涵盖可登记证券要约和出售的注册声明，前提是（其中包括）预计总发行价（扣除承销折扣和销售费用后）超过 $250.0 million。此外，发起持有人可要求该等登记为承销发行，在此情况下，承销商将由发起持有人中利益占多数者选定，但须经我们合理批准。

At any time commencing six months after the effective date of the first registration statement for a public offering of our securities (other than a registration on certain registration forms or for transactions not providing for the sale of Registrable Securities), such holders of a majority of the then‑outstanding Registrable Securities, excluding for this purpose shares issuable or issued upon conversion of certain series of our preferred stock, may request that we file a registration statement within 60 days after receipt of the request covering the offer and sale of Registrable Securities, provided that, among other things, the anticipated aggregate offering price, net of underwriting discounts and selling expenses, exceeds $250.0 million. Further, the initiating holders may require that such registration be an underwritten offering, in which case the underwriter will be selected by a majority in interest of the initiating holders, subject to our reasonable approval.

#### 附带登记权

#### Piggyback Registration Rights

如果我们拟根据《证券法》登记我们的任何证券以向公众进行现金出售（不包括以某些登记表格进行的登记或不允许附带参与的交易），我们必须及时向每名可登记证券持有人发出该等拟议登记的通知，并在及时请求的情况下，登记该等持有人请求纳入的所有可登记证券，但须受协议允许的任何削减的限制。

If we propose to register any of our securities under the Securities Act for sale to the public for cash (other than on certain registration forms or for transactions that do not permit piggyback participation), we must promptly give each holder of Registrable Securities notice of such proposed registration and, upon timely request, cause to be registered all Registrable Securities that such holder requests to be included, subject to any cutbacks, as permitted by the agreement.

关联人士交易审查政策与程序 Policies and Procedures for Review of Related Person Transactions

与本招股说明书所述发行完成相关，我们将采用一项书面政策，据此，审计委员会将审查并批准或不批准与我们董事、高级管理人员以及任何类别有表决权证券 5%以上持有人及其若干家庭成员和关联方之间的某些“关联人交易”（定义见该政策，概述如下）。在批准或不批准任何此类交易时，我们预期审计委员会将考虑可获得的且被其认为相关的有关事实和情况。审计委员会中任何与所审查交易相关的关联人成员，均不得参与该交易的审议或就批准或不批准该交易进行表决。此外，根据我们政策的条款，某些交易（包括与我们高管和董事的薪酬安排）将构成预先批准的关联人交易。

In connection with the completion of this offering, we will adopt a written policy pursuant to which the audit committee will review and approve or disapprove certain “related person transactions” (as defined in the policy and summarized below) with our directors, executive officers and holders of more than 5% of any class of our voting securities and certain of their family members and affiliates. In approving or disapproving any such transaction, we expect that our audit committee will consider the relevant facts and circumstances available and deemed relevant to the audit committee. Any member of the audit committee who is a related person with respect to a transaction under review will not be permitted to participate in the deliberations or vote on approval or disapproval of the transaction. In addition, certain transactions (including compensation arrangements with our executives and directors) will constitute pre-approved related person transactions under the terms of our policy.

就本政策而言，(i)“关联人交易”是指我们或我们的任何子公司曾经、现在或将要参与的交易、安排或关系，其涉及金额超过$120,000，且任何关联人在其中曾经、现在或将要拥有直接或间接的重大利益；以及(ii)“关联人”是指：(1) 任何现在担任或在本政策适用期间内任何时候曾担任我们高级管理人员或董事的人员；(2) 我们已知的任何类别普通股 5.0%以上的实益拥有人；以及(3) 上述任何人员的任何直系家庭成员，即董事、高级管理人员或任何类别普通股 5.0%以上实益拥有人的任何子女、继子女、父母、继父母、配偶、兄弟姐妹、岳母、岳父、女婿、儿媳、姐夫或妹夫，以及与该董事、高级管理人员或任何类别普通股 5.0%以上实益拥有人共同居住的任何人员（租户或雇员除外）。

For purposes of the policy, (i) “related person transaction” is a transaction, arrangement or relationship in which we or any of our subsidiaries was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have a direct or indirect material interest; and (ii) “related person” means: (1) any person who is, or at any time during the applicable period was, one of our executive officers or one of our directors; (2) any person who is known by us to be the beneficial owner of more than 5.0% of any class of our common stock; and (3) any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, executive officer or a beneficial owner of more than 5.0% of any class of our common stock, and any person (other than a tenant or employee) sharing the household of such director, executive officer or beneficial owner of more than 5.0% of any class of our common stock.

某些受益所有人和管理层持股情况 Security Ownership of Certain Beneficial Owners and Management

下表列示了截至 2026 年 5 月 1 日我们普通股的实益所有权信息，以及经调整以反映本次发行完成及相关交易生效后的信息，涉及以下各方：

The following table sets forth certain information with respect to the beneficial ownership of our common stock as of May 1, 2026 and as adjusted to give effect to the completion of this offering and transactions related thereto, for:

- 我们所知的实益拥有我们任何类别有表决权证券 5% 以上的每个人（或关联人团体）；

- each person (or group of affiliated persons) known to us to beneficially own more than 5% of any class of our voting securities;

- 我们每位列名高管和董事；以及

- each of our named executive officers and directors; and

- 我们所有高管和董事作为一个整体。

- all of our executive officers and directors as a group.

除另有说明外，下表所列每位实益拥有人的地址均为 c/o Space Exploration Technologies Corp., 1 Rocket Road, Starbase, Texas 78521。

Unless otherwise indicated, the address of each beneficial owner listed below is c/o Space Exploration Technologies Corp., 1 Rocket Road, Starbase, Texas 78521.

表中所示本次发行前的持股比例信息基于截至 2026 年 5 月 1 日已发行的 6,932,508,000 股 A 类普通股和 5,602,790,410 股 B 类普通股，并已反映 C 类重新分类、优先股转换和 2026 年股票拆分的生效影响。表中所示本次发行后的持股比例信息基于截至 2026 年 5 月 1 日已发行的 7,488,063,555 股 A 类普通股和 5,602,790,410 股 B 类普通股，并已反映本次发行中出售 555,555,555 股 A 类普通股以及 C 类重新分类、优先股转换和 2026 年股票拆分的生效影响。

The percentage ownership information before this offering shown in the table is based on 6,932,508,000 shares of our Class A common stock and 5,602,790,410 shares of our Class B common stock outstanding as of May 1, 2026, after giving effect to the Class C Reclassification, the Preferred Conversion, and the 2026 Stock Split. The percentage ownership information after this offering shown in the table is based on 7,488,063,555 shares of our Class A common stock and 5,602,790,410 shares of our Class B common stock outstanding as of May 1, 2026, after giving effect to the sale of 555,555,555 shares of Class A common stock in this offering and to the Class C Reclassification, the Preferred Conversion, and the 2026 Stock Split.

若承销商出售的 A 类普通股超过 555,555,555 股，承销商有权向我们额外购买最多 83,333,333 股 A 类普通股。上述金额假设承销商未行使购买额外 A 类普通股的选择权。

To the extent that the underwriters sell more than 555,555,555 shares of Class A common stock, the underwriters have the option to purchase up to an additional 83,333,333 shares of Class A common stock from us. These amounts are shown assuming no exercise of the underwriters’ option to purchase additional shares of Class A common stock.

下表未反映可能通过“承销—定向股份计划”中所述的定向股份计划在本次发行中购买的任何 A 类普通股。

The following table does not reflect any of the shares of Class A common stock that may be purchased in this offering through the directed share program described in “Underwriting—Directed Share Program.”

我们根据 SEC 的规则确定实益所有权。对于在 2026 年 5 月 1 日起 60 日内可行权的期权、认股权证和权利所对应的普通股，在计算该等期权或认股权证持有人的持股比例时视为已发行并由其实益拥有，但在计算任何其他人的持股比例时不视为已发行，但所有董事和高管作为一个整体的持股比例除外

We have determined beneficial ownership in accordance with the rules of the SEC. Shares of common stock subject to options, warrants and rights that are exercisable within 60 days of May 1, 2026 are considered outstanding and beneficially owned by the person holding such options or warrants for the purpose of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person, except with respect to the percentage ownership of all directors and executive officers as a

集团 · 。 本次发行前实益拥有的股份 A 类普通股(8) · B 类普通股 · 合计投票权 A 类普通股 · B 类普通股 · 合计投票权 数量 · % · 数量 · % · % · 数量 · % · 数量 · % · % 5% 股东： Elon Musk (1) · 849,494,44012.3% · 5,569,053,07593.6% · 85.1% · 849,494,44011.3% · 5,569,053,07593.6% · 84.4%

group · . Shares Beneficially Owned Before This Offering Class A common stock(8) · Class B common stock · Combined voting power Class A common stock · Class B common stock · Combined voting power Number · % · Number · % · % · Number · % · Number · % · % 5% Shareholders: Elon Musk (1) · 849,494,44012.3% · 5,569,053,07593.6% · 85.1% · 849,494,44011.3% · 5,569,053,07593.6% · 84.4%

**列名高管及**

**Named Executive Officers and**

董事：

Directors:

Elon Musk (1) · 849,494,44012.3% · 5,569,053,07593.6% · 85.1% · 849,494,44011.3% · 5,569,053,07593.6% · 84.4% Gwynne Shotwell (2) · 5,759,610 · * · 7,113,550 · * · * · 5,759,610 · * · 7,113,550 · * · * Bret Johnsen (3) · 9,048,565 · * · — · * · * · 9,048,565 · * · — · * · * Ira Ehrenpreis (4) · 809,050 · * · 564,650 · * · * · 809,050 · * · 564,650 · * · * Randy Glein (5) · 277,800 · * · — · * · * · 277,800 · * · — · * · * Antonio J. Gracias (6) · 503,414,530 7.3% · — · * · * · 503,414,530 6.7% · — · * · * Donald Harrison · — · * · — · * · * · — · * · — · * · * Steve Jurvetson · — · * · — · * · * · — · * · — · * · * Luke Nosek (7) · 32,987,360 · * · — · * · * · 32,987,360 · * · — · * · *

Elon Musk (1) · 849,494,44012.3% · 5,569,053,07593.6% · 85.1% · 849,494,44011.3% · 5,569,053,07593.6% · 84.4% Gwynne Shotwell (2) · 5,759,610 · * · 7,113,550 · * · * · 5,759,610 · * · 7,113,550 · * · * Bret Johnsen (3) · 9,048,565 · * · — · * · * · 9,048,565 · * · — · * · * Ira Ehrenpreis (4) · 809,050 · * · 564,650 · * · * · 809,050 · * · 564,650 · * · * Randy Glein (5) · 277,800 · * · — · * · * · 277,800 · * · — · * · * Antonio J. Gracias (6) · 503,414,530 7.3% · — · * · * · 503,414,530 6.7% · — · * · * Donald Harrison · — · * · — · * · * · — · * · — · * · * Steve Jurvetson · — · * · — · * · * · — · * · — · * · * Luke Nosek (7) · 32,987,360 · * · — · * · * · 32,987,360 · * · — · * · *

全体高级管理人员和

All executive officers and

董事作为一个整体（9 人） · . · 1,401,791,35520.2% · 5,576,731,27593.7% · 86.0% · 1,401,791,35518.7% · 5,576,731,27593.7% · 85.3%

directors as a group (9 persons) · . · 1,401,791,35520.2% · 5,576,731,27593.7% · 86.0% · 1,401,791,35518.7% · 5,576,731,27593.7% · 85.3%

__________________

__________________

* 表示实益所有权或投票权低于 1%。

* Represents beneficial ownership or voting power of less than 1%.

(1) 包括 (i) 向 Musk 先生发行并由其登记持有的 1,302,072,285 股受限 B 类普通股，该等股份可由 Musk 先生投票，其归属取决于特定业绩条件及其他条件的满足；(ii) 由 2003 年 7 月 22 日设立的 Elon Musk 可撤销信托登记持有的 842,091,670 股 A 类普通股和 3,788,654,145 股 B 类普通股，Musk 先生担任该信托的受托人；(iii) 由 2017 年 12 月 12 日设立的 Musk 2017 Sprinkling Trust 登记持有的 900,495 股 B 类普通股，Musk 先生担任该信托的受托人；(iv) 由根据 2024 年 11 月 26 日协议设立的 EM 2024 GRAT-A 登记持有的 7,402,770 股 A 类普通股，Musk 先生担任该信托的受托人；(v) 由 2019 年 12 月 12 日设立的 Mission Trust 登记持有的 127,426,150 股 B 类普通股，Musk 先生担任该信托的受托人；以及 (vi) 在 2026 年 5 月 1 日后 60 天内可行权的期权获行使时可向 Musk 先生发行的 350,000,000 股 B 类普通股。所报告的金额包括 237,530 股 A 类普通股，该等股份已质押作为个人债务的担保。

(1) Includes (i) 1,302,072,285 shares of restricted 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, (ii) 842,091,670 shares of Class A common stock and 3,788,654,145 shares of Class B common stock held of record by the Elon Musk Revocable Trust dated July 22, 2003, of which Mr. Musk serves as trustee, (iii) 900,495 shares of Class B common stock held of record by the Musk 2017 Sprinkling Trust dated 12/12/2017, of which Mr. Musk serves as trustee, (iv) 7,402,770 shares of Class A common stock held of record by the EM 2024 GRAT-A under agreement dated November 26, 2024, of which Mr. Musk serves as trustee, (v) 127,426,150 shares of Class B common stock held of record by the Mission Trust dated December 12, 2019, of which Mr. Musk serves as trustee, and (vi) 350,000,000 shares of Class B common stock issuable to Mr. Musk upon exercise of options exercisable within 60 days of May 1, 2026. The reported amounts include 237,530 shares of Class A common stock pledged as security for personal indebtedness.

(2) 包括 (i) 由 Shotwell 女士登记持有的 2,472,035 股 A 类普通股和 7,113,550 股 B 类普通股；(ii) 由 QM GS 2021 Exempt Trust 登记持有的 1,556,055 股 A 类普通股，Shotwell 女士及其配偶担任该信托的受托人；(iii) 由 QM RS 2021 Exempt Trust 登记持有的 1,556,005 股 A 类普通股，Shotwell 女士及其配偶担任该信托的受托人；以及 (iv) 在 2026 年 5 月 1 日后 60 天内可行权的期权获行使时可向 Shotwell 女士发行的 175,515 股 A 类普通股。

(2) Includes (i) 2,472,035 shares of Class A common stock and 7,113,550 shares of Class B common stock held of record by Ms. Shotwell, (ii) 1,556,055 shares of Class A common stock held of record by QM GS 2021 Exempt Trust, of which Ms. Shotwell and her spouse serve as trustees, (iii) 1,556,005 shares of Class A common stock held of record by QM RS 2021 Exempt Trust, of which Ms. Shotwell and her spouse serve as trustees, and (iv) 175,515 shares of Class A common stock issuable to Ms. Shotwell upon exercise of options exercisable within 60 days of May 1, 2026.

(3) 包括 (i) 由 B & C Johnsen Holdings LLC 登记持有的 2,518,540 股 A 类普通股，Johnsen 先生及其配偶担任该公司的管理人；(ii) 由 2015 年 7 月 2 日设立的 Bret and Catherine Johnsen Family Trust 登记持有的 3,867,560 股 A 类普通股，Johnsen 先生及其配偶担任该信托的受托人；以及 (iii) 在 2026 年 5 月 1 日后 60 天内可行权的期权获行使时可向 Johnsen 先生发行的 2,662,465 股 A 类普通股。

(3) Includes (i) 2,518,540 shares of Class A common stock held of record by B & C Johnsen Holdings LLC, of which Mr. Johnsen and his spouse serve as managers, (ii) 3,867,560 shares of Class A common stock held of record by the Bret and Catherine Johnsen Family Trust dated July 2, 2015, of which Mr. Johnsen and his spouse serve as trustees, and (iii) 2,662,465 shares of Class A common stock issuable to Mr. Johnsen upon exercise of options exercisable within 60 days of May 1, 2026.

(4) 由一家可撤销信托登记持有的 809,050 股 A 类普通股和 564,650 股 B 类普通股组成，Ehrenpreis 先生及其配偶担任该信托的受托人。

(4) Consists of 809,050 shares of Class A common stock and 564,650 shares of Class B common stock held of record by a revocable trust, of which Mr. Ehrenpreis and his spouse serve as trustees.

(5) 指 Galaxy2021 Partners, LLC 登记持有的 277,800 股 A 类普通股，Glein 先生担任该公司的管理人。Glein 先生声明，除其在该等股份中的金钱利益外，其不拥有 Galaxy2021 Partners, LLC 登记持有股份的实益所有权。

(5) Represents 277,800 shares of Class A common stock held of record by Galaxy2021 Partners, LLC for which Mr. Glein serves as a manager. Mr. Glein disclaims beneficial ownership of the shares held of record by Galaxy2021 Partners, LLC, except to the extent of his pecuniary interest therein.

(6) 由以下各方登记持有的 A 类普通股组成：(i) CV Consortio A LLC 持有的 16,250,015 股，(ii) CV Consortio F LLC 持有的 5,154,650 股，(iii) CV Consortio G LLC 持有的 4,464,250 股，(iv) CV Consortio M LLC 持有的 2,375,295 股，(v) CV Consortio N LLC 持有的 4,652,600 股，(vi) KVSX I L.P. 持有的 3,648,645 股，(vii) TM33 Partner Holdings LLC 持有的 1,118,920 股，(viii) Valor Equity Partners Opportunity Fund I L.P. 持有的 911,430 股，(ix) Valor Equity Partners Opportunity Fund I-A L.P. 持有的 190,610 股，(x) Valor Equity Partners Opportunity Fund I-B L.P. 持有的 1,576,525 股，(xi) Valor Equity Partners VI L.P. 持有的 20,529,605 股，(xii) Valor Equity Partners VI-A L.P. 持有的 495,880 股，(xiii) Valor Equity Partners VI-B L.P. 持有的 13,152,840 股，(xiv) Valor IV Space Holdings, LLC 持有的 52,569,550 股，(xv) Valor M33 II L.P. 持有的 39,793,000 股，(xvi) Valor M33 IV L.P. 持有的 22,066,800 股，(xvii) Valor M33 V L.P. 持有的 77,810,800 股，（xviii）Valor M33 VI L.P. 持有的 8,939,445 股，(xix) Valor M33 L.P. 持有的 31,083,705 股，(xx) Valor R&D Series LLC 持有的 7,552,000 股，(xxi) Valor Space Holdings, LLC 持有的 97,883,000 股，(xxii) Valor V Space Holdings, L.P. 持有的 34,051,100 股，（xxiii）Valor VII Space Holdings, L.P. 持有的 1,179,245 股，(xxiv) VG 1.0 L.P. 持有的 20,497,155 股，(xxv) VG 2.0 L.P. 持有的 4,272,795 股，(xxvi) VG AI Holdings L.P. 持有的 783,920 股，（xxvii）VGX 1.0 L.P. 持有的 27,462,910 股，（xxviii）VOF Space Holdings L.P. 持有的 669,600 股，(xxix) VSV II XAI Holdings L.P. 持有的 1,197,160 股，以及 (xxx) VX Holdings L.P. 持有的 1,081,080 股（合称“Valor 实体”）。凭借其在 Valor 实体或 Valor 实体普通合伙人中的职务，Antonio J. Gracias 可能被视为拥有 Valor 实体登记持有股份的实益所有权。Gracias 先生声明，除其在该等股份中的金钱利益外，其不拥有各 Valor 实体登记持有股份的实益所有权。本脚注中确定的各 Valor 实体及 Antonio Gracias 的地址均为 c/o Valor Equity Partners, 320 North Sangamon Street, Suite 1200, Chicago, IL 60607。

(6) Consists of shares of Class A common stock held of record by the following: (i) 16,250,015 shares held by CV Consortio A LLC, (ii) 5,154,650 shares held by CV Consortio F LLC, (iii) 4,464,250 shares held by CV Consortio G LLC, (iv) 2,375,295 shares held by CV Consortio M LLC, (v) 4,652,600 shares held by CV Consortio N LLC, (vi) 3,648,645 shares held by KVSX I L.P., (vii) 1,118,920 shares held by TM33 Partner Holdings LLC, (viii) 911,430 shares held by Valor Equity Partners Opportunity Fund I L.P., (ix) 190,610 shares held by Valor Equity Partners Opportunity Fund I-A L.P., (x) 1,576,525 shares held by Valor Equity Partners Opportunity Fund I-B L.P., (xi) 20,529,605 shares held by Valor Equity Partners VI L.P., (xii) 495,880 shares held by Valor Equity Partners VI-A L.P., (xiii) 13,152,840 shares held by Valor Equity Partners VI-B L.P., (xiv) 52,569,550 shares held by Valor IV Space Holdings, LLC, (xv) 39,793,000 shares held by Valor M33 II L.P., (xvi) 22,066,800 shares held by Valor M33 IV L.P., (xvii) 77,810,800 shares held by Valor M33 V L.P., (xviii) 8,939,445 shares held by Valor M33 VI L.P., (xix) 31,083,705 shares held by Valor M33 L.P., (xx) 7,552,000 shares held by Valor R&D Series LLC, (xxi) 97,883,000 shares held by Valor Space Holdings, LLC, (xxii) 34,051,100 shares held by Valor V Space Holdings, L.P., (xxiii) 1,179,245 shares held by Valor VII Space Holdings, L.P., (xxiv) 20,497,155 shares held by VG 1.0 L.P., (xxv) 4,272,795 shares held by VG 2.0 L.P., (xxvi) 783,920 shares held by VG AI Holdings L.P., (xxvii) 27,462,910 shares held by VGX 1.0 L.P., (xxviii) 669,600 shares held by VOF Space Holdings L.P., (xxix) 1,197,160 shares held by VSV II XAI Holdings L.P., and (xxx) 1,081,080 shares held by VX Holdings L.P. (collectively, “Valor Entities”). By virtue of his position with the Valor Entities or the general partners of the Valor Entities, Antonio J. Gracias may be deemed to have beneficial ownership of the shares held of record by the Valor Entities. Mr. Gracias disclaims beneficial ownership of the shares held of record by each of the Valor Entities, except to the extent of his pecuniary interest therein. The address for each of the Valor Entities identified in this footnote and Antonio Gracias is c/o Valor Equity Partners, 320 North Sangamon Street, Suite 1200, Chicago, IL 60607.

(7) 包括 (i) Nosek 先生登记持有的 24,987,340 股 A 类普通股，以及 (ii) Nosek Capital, LLC 登记持有的 8,000,020 股 A 类普通股，Nosek 先生担任该公司的管理成员。所报告的金额包括 2,381,000 股 A 类普通股，该等股份已质押作为个人债务的担保。

(7) Includes (i) 24,987,340 shares of Class A common stock held of record by Mr. Nosek and (ii) 8,000,020 shares of Class A common stock held of record by Nosek Capital, LLC, for which Mr. Nosek is the managing member. The reported amounts include 2,381,000 shares of Class A common stock pledged as security for personal indebtedness.

(8) 表中与 A 类普通股相关的金额不包括表中所列人士实益拥有的 B 类普通股股份。B 类普通股每股可由持有人随时选择转换为一股我们的 A 类普通股。此外，除某些例外情况外，B 类普通股每股在发生任何 B 类普通股股份或该股份的任何法定或实益权益的出售时，将自动转换为一股 A 类普通股，详见“股本说明——普通股——转换”。实益所有权依据 SEC 规则确定，该规则通常将所有权归属于对相关证券拥有或共享投票权或投资权的人士。可在 60 天内因转换已发行 B 类普通股而获得的 A 类普通股股份被视为实益拥有。非已发行但计入各该人士实益所有权的证券，就计算该人士所拥有该类已发行证券百分比而言被视为已发行，但就计算任何其他人士所拥有证券类别百分比而言不被视为已发行。除该等脚注中所述外，并在适用时受夫妻共同财产法约束，表中列名人士对其显示为实益拥有的所有证券拥有唯一投票权和投资权。此外，如“股本说明——投票权”所述，受我们章程条款约束，我们 A 类普通股每股持有人有权每股一票，我们 B 类普通股每股持有人有权每股十票。我们 B 类普通股持有人作为单独类别投票，有权选举授权董事总人数的 51%（向上取整至最接近的整数）。

(8) The amounts in the table with respect to Class A Common Stock do not include the shares of Class B Common Stock beneficially owned by the persons listed therein. Each share of Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. In addition, subject to certain exceptions, each share of Class B common stock will convert automatically into one share of Class A common stock upon any sale of such share of Class B common stock or any legal or beneficial interest in such share, as described in “Description of Capital Stock—Common Stock—Conversion.” Beneficial ownership is determined in accordance with the rules of the SEC, which generally attribute ownership to persons who have or share voting or investment power with respect to the relevant securities. Shares of Class A Common Stock that may be acquired within 60 days upon conversion of outstanding Class B Common Stock are deemed to be beneficially owned. Securities not outstanding, but included in the beneficial ownership of each such person, are deemed to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by such person, but are not deemed to be outstanding for the purpose of computing the percentage of the class(es) of securities owned by any other person. Except as indicated in these footnotes, and subject to community property laws where applicable, the persons named in the table have sole voting and investment power with respect to all securities shown as beneficially owned by them. Moreover, as described in “Description of Capital Stock—Voting Rights,” subject to the terms of our charter, each holder of our Class A common stock is entitled to one vote per share, and each holder of our Class B common stock is entitled to ten votes per share. Holders of our Class B common stock, voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number).

股本说明 Description of Capital Stock

以下关于公司股本以及章程和细则（各自在本次发行完成时生效）的概述并不旨在完整，其全部内容受制于适用法律规定以及我们的章程和细则，该等章程和细则已作为本招股说明书所构成注册声明的附件提交。为理解我们普通股和优先股的重大条款，您应完整阅读我们的章程和细则。就本节而言，“普通股”一词指我们的 A 类、B 类和 C 类普通股。

The following summary of the Company’s capital stock and charter and bylaws (each as in effect upon completion of this offering) does not purport to be complete and is qualified in its entirety by reference to the provisions of applicable law and to our charter and bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part. To understand the material terms of our common stock and preferred stock, you should read our charter and our bylaws in their entirety. For purposes of this section, the term “common stock” refers to our Class A, Class B, and Class C common stock.

一般事项 General

本次发行完成后，公司的授权股本将由 36,132,150,000 股 A 类普通股（每股面值$0.001）组成，其中 7,380,196,910 股将为已发行且流通在外；6,125,000,000 股 B 类普通股（每股面值$0.001），其中 5,695,668,265 股将为已发行且流通在外；10,000,000,000 股 C 类普通股（每股面值$0.001），其中无股份为已发行且流通在外；以及 2,400,000,000 股优先股（每股面值$0.001），其中无股份为已发行且流通在外。

Upon completion of this offering, the authorized capital stock of the Company will consist of 36,132,150,000 shares of Class A common stock, par value $0.001 per share, of which 7,380,196,910 shares will be issued and outstanding, 6,125,000,000 shares of Class B common stock, par value $0.001 per share, of which 5,695,668,265 shares will be issued and outstanding, 10,000,000,000 shares of Class C common stock, par value $0.001 per share, of which no shares will be issued and outstanding, and 2,400,000,000 shares of preferred stock, par value $0.001 per share, of which no shares will be issued and outstanding.

普通股 Common Stock

#### 投票权

#### Voting Rights

一般规定

General

根据我们章程的规定，我们 A 类普通股的每位持有人每股享有 1 票投票权；我们 B 类普通股的每位持有人每股享有 10 票投票权；我们 C 类普通股的持有人将不享有投票权。一般而言，对于需由公司股东投票表决的事项，我们所有类别有投票权普通股的持有人将作为一个单一类别共同投票。尽管有前述规定，我们的章程将规定：(i) 如下文进一步所述，(1) 我们 B 类普通股的持有人作为单独类别投票，有权选举获授权董事总人数的 51%（向上取整至最接近的整数）；以及 (2) 罢免 Musk 先生在其董事会及领导职务（首席执行官兼董事会主席）需要至少持有 B 类普通股已发行股份多数投票权的持有人作为单独类别投票批准；以及 (ii) 除任何其他所需投票外，根据我们的章程，批准以下事项需要 B 类普通股作为单独类别投票批准：(1) 对我们的章程作出的任何会改变 B 类普通股权利、权力、优先权和特权的修订（包括与 B 类董事相关的修订）；以及 (2) 我们章程中所述的某些合并、兼并或出售。除此之外，各类普通股将无权进行任何单独的类别投票，因为我们的章程将规定选择退出 TBOC 下原本要求的类别投票。

Subject to the terms of our charter, each holder of our Class A common stock is entitled to one vote per share; each holder of our Class B common stock is entitled to ten votes per share; and the holders of our Class C common stock will have no voting rights. Generally speaking, with respect to matters to be voted on by shareholders of the Company, the holders of all classes of our voting common stock will vote together as a single class. Notwithstanding the foregoing, our charter will provide that (i) as further described below, (1) holders of our Class B common stock, voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number); and (2) removal of Mr. Musk from his board and leadership roles (Chief Executive Officer and Chairman of our board) requires the approval of the holders of at least a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a class; and (ii) in addition to any other required vote, under our charter, the approval of the Class B common stock, voting separately as a class, is required to approve (1) any amendment to our charter that would make any change in the rights, powers, preferences and privileges of the Class B common stock (including with respect to Class B Directors); and (2) certain combinations, mergers or sales, as described in our charter. Otherwise, classes of common stock will not be entitled to any separate class votes, as our charter will provide for an opt-out from class votes that would otherwise be required under the TBOC.

董事的选举与罢免

Election and Removal of Directors

关于董事选举，我们的章程将规定：(i) 只要有任何 B 类普通股股份仍为流通在外，B 类普通股持有人作为单独类别单独投票，有权选举授权董事总人数的 51%（向上取整至最接近的整数）；以及 (ii) 我们所有类别的有表决权普通股持有人作为单一类别共同投票，有权选举其余董事（“普通股董事”）。B 类董事可由持有 B 类普通股流通在外股份至少多数表决权的持有人作为单独类别单独投票，以肯定性表决方式随时或无故罢免。B 类董事出现的空缺，包括因董事会新设董事席位而产生的空缺，可根据我们章程的条款，由持有 B 类普通股流通在外股份至少多数表决权的持有人作为单独类别单独投票，或由其余 B 类董事（而非任何其他人士）以肯定性表决方式随时填补。普通股董事可由持有有表决权普通股流通在外股份至少多数表决权的持有人作为单一类别共同投票，以肯定性表决方式随时或无故罢免。普通股董事出现的空缺，包括因董事会新设董事席位而产生的空缺，可根据我们章程的条款，由持有有表决权普通股流通在外股份至少多数表决权的持有人作为单一类别共同投票，或由其余董事以肯定性表决方式随时填补。

With respect to the election of directors, our charter will provide that (i) holders of our Class B common stock, voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number) for so long as any shares of Class B common stock remain outstanding; and that (ii) holders of all classes of our voting common stock, voting together as a single class, are entitled to elect the remaining directors (the “Common Stock Directors”). Class B Directors may be removed with or without cause by the affirmative vote of the holders of at least a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a class. Vacancies occurring with respect to the Class B Directors, including as a result of newly created directorships on the board, may be filled at any time by the affirmative vote of the holders of at least a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a class, or by the remaining Class B Directors, and not any other persons, subject to the terms of our charter. Common Stock Directors may be removed with or without cause by the affirmative vote of the holders of at least a majority of the voting power of the outstanding shares of voting common stock, voting together as a single class. Vacancies occurring with respect to the Common Stock Directors, including as a result of newly created directorships on the board, may be filled at any time by the affirmative vote of the holders of at least a majority of the voting power of the outstanding shares of voting common stock, voting together as a single class, or by the remaining directors, subject to the terms of our charter.

本次发行完成后，Musk 先生将继续担任我们的首席执行官、首席技术官和董事会主席。尽管有上一段的规定，根据我们章程的条款，只有在持有我们 B 类普通股流通在外股份至少多数表决权的持有人作为单独类别单独投票批准的情况下，Musk 先生方可被免去董事会职务以及其首席执行官和董事会主席的领导职务。

Upon completion of this offering, Mr. Musk will continue to serve as our Chief Executive Officer, Chief Technical Officer and Chairman of the board. Notwithstanding the preceding paragraph, pursuant to the terms of our charter, Mr. Musk will only be subject to removal from the board and from his Chief Executive Officer and Chairman of the board leadership positions with the approval of the holders of at least a majority of the voting power of the outstanding shares of our Class B common stock, voting separately as a class.

尽管有上述规定，上述各项表决权均受限于未来可能授予任何一类或多类优先股持有人的权利（如适用）。

Notwithstanding the above, each of the voting rights described above will be subject to the rights that may be granted in the future to the holders of any one or more series of preferred stock, as applicable.

#### 股息

#### Dividends

在受限于公司届时流通在外的全部类别和系列股本中享有股息优先权的持有人的优先权利的前提下，A 类普通股、B 类普通股和 C 类普通股股份的持有人有权获得董事会不时宣布的股息。向 A 类普通股、B 类普通股和 C 类普通股股份持有人支付的任何股息将按比例、以同等优先顺位、同权同序（pari passu）基准支付。

Subject to the prior rights of holders of all classes and series of the Company’s capital stock at the time outstanding having prior rights as to dividends, the holders of shares of Class A common stock, Class B common stock and Class C common stock will be entitled to receive such dividends as may be declared from time to time by the board. Any dividends paid to the holders of shares of Class A common stock, Class B common stock and Class C common stock will be paid pro rata, on an equal priority, pari passu basis.

#### 解散和清算

#### Dissolution and Liquidation

在公司清算、解散或停业清理时，A 类普通股、B 类普通股和 C 类普通股的持有人有权按比例分享在清偿负债及当时已发行的任何公司股本清算优先权后剩余的全部资产。

Upon the Company’s liquidation, dissolution or winding up, holders of shares of Class A common stock, Class B common stock and Class C common stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any then outstanding shares of capital stock of the Company.

#### 转换

#### Conversion

我们的 A 类普通股和 C 类普通股持有人不享有转换权。每股 B 类普通股可由持有人选择随时转换为一股我们的 A 类普通股。此外，除章程中规定的某些不构成“转让”（定义见下文）的例外情形以及某些“允许的转让”（概述如下）情形外，任何 B 类普通股股份或该股份的任何法律或实益权益的任何出售、出让、设押、转让、让与、质押、抵押、赠与或其他任何形式的转让或处置，无论是否有偿、无论自愿或非自愿或依法律实施，包括但不限于通过委托或其他方式对该股份表决控制权的转让或就此订立有约束力的协议（每一项均称为“转让”），该等 B 类普通股股份将自动转换为一股 A 类普通股。

Holders of our Class A common stock and Class C common stock do not have conversion rights. Each share of Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. In addition, subject to certain exceptions specified in the charter that do not constitute a “Transfer” (as defined below) and other than in the case of certain “permitted transfers” (as summarized below), each share of Class B common stock will convert automatically into one share of Class A common stock upon any sale, assignment, encumbrance, transfer, conveyance, hypothecation, pledge, gift, or other transfer or disposition of any kind of such share of Class B common stock or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law, including, without limitation, the transfer of, or entering into a binding agreement with respect to, voting control over such share by proxy or otherwise (each, a “Transfer”).

就我们的章程而言，“允许的转让”将包括向以下各方及由以下各方进行的转让：(i) B 类普通股的登记持有人；(ii) 每一位向某些“允许的实体”（定义见章程）转让 B 类普通股股份或股权奖励（包括任何可行权或可转换为 B 类普通股股份的期权或认股权证）的自然人；(iii) 第 (i) 和 (ii) 项所述股东的一名或多名家庭成员；(iv) 由某些合格股东（定义见章程）拥有的某些其他信托、普通合伙企业、有限合伙企业、有限责任公司、公司或其他实体，包括某些允许的非营利组织；以及 (v) 向为慈善组织利益设立的善意信托的某些转让（对该等信托的出资可在联邦所得税、遗产税、赠与税和隔代转移税目的下扣除）、向某些退休账户的转让以及为某些遗产或继承规划目的的转让。“允许的受让人”将包括在构成“允许的转让”的转让中受让 B 类普通股股份的受让人。

For purposes of our charter, “permitted transfers” will include transfers to and from (i) the registered holders of Class B common stock; (ii) each natural person who transferred shares of Class B common stock or equity awards (including any option or warrant exercisable or convertible into shares of Class B common stock) to certain “permitted entities” (as defined in the charter); (iii) one or more family members of shareholders specified in clauses (i) and (ii); (iv) certain other trusts, general partnerships, limited partnerships, limited liability companies, corporations, or other entities owned by certain qualified shareholders (as defined in the charter), including certain permitted non-for-profits; as well as (v) certain transfers to bona fide trusts for the benefit of a charitable organization, contributions to which are deductible for federal income, estate, gift and generation skipping transfer tax purposes, to certain retirement accounts, and for certain estate or succession planning purposes. “Permitted Transferees” will include a transferee of shares of Class B common stock received in a Transfer that constitutes a “permitted transfer.”

#### 无优先认购权或其他权利

#### No Preemptive or Other Rights

公司 A 类普通股、B 类普通股和 C 类普通股的持有人不享有优先认购权、认购权、赎回权或偿债基金。

Holders of the Company’s Class A common stock, Class B common stock, and Class C common stock do not have preemptive, subscription, redemption rights, or sinking fund.

#### 增发股份

#### Issuance of Additional Shares

我们可随时或不时发行额外的已授权 A 类普通股、B 类普通股和 C 类普通股股份，但须遵守我们章程、公司章程细则和得克萨斯州法律的适用规定。我们的章程将规定，额外的 B 类普通股股份未来只能向马斯克先生、其家庭成员及我们章程允许的某些实体发行。

We may issue additional authorized shares of Class A common stock, Class B common stock and Class C common stock at any time or from time to time, subject to applicable provisions of our charter, our bylaws and Texas law. Our charter will provide that additional shares of Class B common stock may only be issued in the future to Mr. Musk, his family members and certain entities permitted under our charter.

优先股 Preferred Stock

我们的章程授权董事会，在适用法律及任何证券交易所规定的任何限制的约束下，无需股东进一步批准，即可不时设立并发行一个或多个系列的优先股。每一系列优先股将具有董事会确定的权力、名称、优先权及相对权利、参与权、选择权或其他权利（如有），包括投票权，以及其资格、限制或约束（如有），以及构成该系列的股份数量。任何优先股的发行都可能产生降低我们 A 类普通股市场价格的效果。

Our charter authorizes our board, subject to any limitations prescribed by applicable law and any stock exchange, without further shareholder approval, to establish and to issue from time to time one or more series of preferred stock. Each series of preferred stock will have the powers, designations, preferences and relative, participation, optional or other rights, if any, including voting rights, and the qualifications, limitations or restrictions thereof, if any, and the number of shares constituting the series, as determined by the board. Any issuance of preferred stock could have the effect of decreasing the market price of our Class A common stock.

我们的章程、细则和得克萨斯州法律条款的反收购效果 Anti-takeover Effects of Provisions of Our Charter, our Bylaws and Texas Law

德克萨斯州法律的某些条款以及我们的公司章程和章程细则包含的条款可能使以下交易更加困难：通过要约收购、代理权争夺或其他方式收购我们；或罢免我们的现任高管和董事。这些条款还可能具有阻止我们管理层变动的效果。这些条款有可能使股东原本可能认为符合其最佳利益或符合我们最佳利益的交易更难完成或受到阻挠，包括可能导致我们的 A 类普通股股票市场价格出现溢价的交易。

Some provisions of Texas law, and our charter and our bylaws contain provisions that could make the following transactions more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise; or removal of our incumbent officers and directors. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that shareholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares of Class A common stock.

如下文所概述，这些条款预计将抑制强制性的收购做法和不充分的收购要约。这些条款还旨在鼓励寻求取得我们控制权的人首先与我们进行协商。我们认为，增强保护所带来的益处以及我们与提出不友好或未经请求的收购或重组我们提议的一方进行协商的潜在能力，超过了抑制这些提议所带来的不利之处，因为除其他原因外，对这些提议进行协商可能会改善其条款。

These provisions, as summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection and our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.

#### 德克萨斯州法律下的反收购法规

#### Anti-takeover statute under Texas law

我们将受《德克萨斯州商业组织法典》（TBOC）第 21.606 条的约束，该条一般禁止像本公司这样在本发行完成后成为公开持股的德克萨斯州公司，在特定情况下，在该人成为关联股东（定义见 TBOC）之日起三年内与关联股东进行业务合并，除非：

We will be subject to Section 21.606 of the TBOC, which in general, prohibits a publicly held Texas corporation, like the Company after the completion of this offering, from engaging, under certain circumstances, in a business combination with an affiliated shareholder (as defined in the TBOC) for a period of three years following the date the person became an affiliated shareholder unless:

- 董事会在关联股东取得股份之日之前批准了该业务合并或导致该股东成为关联股东的交易；或

- the board approved either the business combination or the transaction that resulted in the shareholder becoming an affiliated shareholder before the affiliated shareholder’s share acquisition date; or

- 在该交易之日或之后，业务合并经董事会批准，并在为该目的召开的、距关联股东取得股份之日不少于六个月的股东年会上或特别会议上，经至少三分之二的非由该关联股东或其任何关联方或联系人实益拥有的已发行有表决权股份的赞成票授权，而非通过书面同意方式授权。

- at or subsequent to the date of the transaction, the business combination is approved by the board and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting shares not beneficially owned by the affiliated shareholder or any of its affiliates or associates at a meeting of shareholders called for that purpose not less than six months after the affiliated shareholder’s share acquisition date.

#### 我们公司章程和章程细则中可能具有反收购效果的条款

#### Provisions of our charter and our bylaws that may have an anti-takeover effect

B 类董事的选举

Election of Class B Directors

如上所述，我们的公司章程将规定，我们 B 类普通股的持有人作为单独类别投票，有权选举授权董事总人数的 51%（向上取整至最接近的整数）。在

As discussed above, our charter will provide that holders of our Class B common stock, voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number). Upon

本次发行完成后，Musk 先生将实益拥有 · 849,494,440 股我们的 A 类普通股 和 5,569,053,075 股我们的 B 类普通股（包括 350,000,000 股 B 类普通股 标的期权），约占我们已发行股份合计投票权的 84.4%

completion of this offering, Mr. Musk will beneficially own · 849,494,440 shares of our Class A common stock and 5,569,053,075 shares of our Class B common stock (including 350,000,000 shares of Class B common stock underlying options), representing approximately 84.4% of the combined voting power of our outstanding shares of

有表决权普通股。作为我们已发行 B 类普通股多数股份的持有人，Musk 先生将能够选举、罢免或填补 B 类董事的任何空缺。因此，Musk 先生将有权控制需要股东批准的事项的结果，包括董事会选举，以及我们的业务和事务。这可能产生推迟、延迟或阻止针对本公司的敌意收购或控制权或管理层变更的效果。

voting common stock. As the holder of a majority of our outstanding shares of Class B common stock, Mr. Musk will be able to elect, remove or fill any vacancy among the Class B Directors. As a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including election of the board, and our business and affairs. This may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management, of the Company.

无累积投票制

No cumulative voting

我们的章程将不允许在董事选举中采用累积投票制。

Our charter will not permit cumulative voting in the election of directors.

股东特别会议

Special meetings of shareholders

我们的章程将规定，股东特别会议可由董事会主席、首席执行官、总裁（在 TBOC 要求的范围内）、我们的董事会、我们的创始人或持有本公司届时已发行且有权在会议上就拟议行动投票的股本股份不少于 50%（或 TBOC 下可设定的最高持股比例）的股东召集。

Our charter will provide that special meetings of shareholders may be called by the chairman of the board, the chief executive officer, the president (to the extent required by the TBOC), our board, our founder or by shareholders holding not less than 50% (or the highest percentage of ownership that may be set under the TBOC) of the Company’s then outstanding shares of capital stock entitled to vote on the proposed action at the meeting.

股东以书面同意方式采取行动

Shareholder action by written consent

我们的章程将规定，任何须在任何年度或特别股东会议上采取的行动，如经签署一份或多份书面同意，载明所采取的行动，且该等同意由持有不少于在有权就该行动投票的全部股份均出席并投票的会议上授权或采取该行动所需最低票数的已发行股份持有人签署，则可不经会议、无需事先通知且无需投票而采取。我们的章程还将规定，任何须由 B 类普通股持有人作为单独类别投票采取或允许采取的行动，如经签署一份或多份书面同意，载明所采取的行动，且该等同意由持有不少于在有权就该行动投票的全部 B 类普通股均出席并投票的会议上授权或采取该行动所需最低票数的已发行 B 类普通股持有人签署，则可不经会议、无需事先通知且无需投票而采取。

Our charter will provide that any action required to be taken at any annual or special meeting of the shareholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of stock entitled to vote thereon were present and voted. Our charter will also provide that any action required or permitted to be taken by the holders of Class B common stock, voting separately as a class, may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding Class B common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of Class B common stock entitled to vote thereon were present and voted.

股东会议、提名和提案的提前通知要求

Requirements for advance notification of shareholder meetings, nominations and proposals

我们的章程将规定有关股东提案和董事选举候选人提名的提前通知程序。为使任何事项在会议前被“适当提出”，股东（Musk 先生及其许可受让人除外）必须遵守该等提前通知程序并向我们提供某些信息。

Our bylaws will establish advance notice procedures with respect to shareholder proposals and the nomination of candidates for election as a director. In order for any matter to be “properly brought” before a meeting, a shareholder (other than Mr. Musk and his permitted transferees) must comply with such advance notice procedures and provide us with certain information.

TBOC 第 21.373 条允许“全国性上市公司”修订其治理文件，以选择对拟向该公司股东提交提案（董事提名及与股东会议进行相关的程序性决议除外）以供股东会议批准的股东施加持股要求。若“全国性上市公司”选择受 TBOC 第 21.373 条约束，则一名股东或一组股东只有在满足以下条件时，方可向该公司股东提交提案以供股东会议批准：(i) 该股东或该组股东持有（按提案提交之日确定）市值至少为 $1,000,000 或占公司有表决权股份 3% 的有表决权股份；(ii) 在会议日期之前连续持有该等股份至少六个月，并在会议整个期间持续持有；且 (iii) 征集持有至少占有权在股东会议上就该提案投票的股份表决权 67% 的股份持有人。就本段而言，“有表决权股份”指赋予其持有人就该提案投票权利的股份。我们的章程将采纳这些提交股东提案的要求，并自本次发行完成之日起立即生效，届时我们将符合“全国性上市公司”的资格。

Section 21.373 of the TBOC permits a “nationally listed corporation” to amend its governing documents to elect to impose stock ownership requirements on shareholders seeking to submit a proposal on a matter (other than director nominations and procedural resolutions ancillary to the conduct of a shareholder meeting) to the shareholders of such corporation for approval at a shareholder meeting. If a “nationally listed corporation” elects to be governed by Section 21.373 of the TBOC, a shareholder or group of shareholders may submit a proposal on a matter to the shareholders of such corporation for approval at a meeting of shareholders only if such shareholder or group of shareholders (i) holds an amount of voting shares (determined as of the date of submission of the proposal) equal to at least $1,000,000 in market value or 3% of the corporation’s voting shares, and (ii) holds such amount for a continuous period of at least six months before the date of the meeting and throughout the entire duration of the meeting and (iii) solicits the holders of shares representing at least 67% of the voting power of shares entitled to vote on the proposal at the shareholder meeting. For the purpose of this paragraph, “voting shares” means shares that entitle the holder of the shares to vote on the proposal. Our bylaws will adopt these requirements for submitting a shareholder proposal to go into effect immediately upon the completion of this offering, when we will qualify as a “nationally listed corporation.”

已授权但未发行的股份

Authorized but unissued shares

如上所述，我们已授权但未发行的普通股和优先股通常可在未经股东批准的情况下用于未来发行。TBOC 不要求任何已授权股份的发行须经股东批准。然而，纳斯达克和 Nasdaq Texas 的上市要求规定，某些发行若等于或超过当时已发行表决权的 20% 或当时已发行普通股股数的 20%，则须经股东批准。我们可能出于多种公司目的发行额外股份，包括为筹集额外资本而进行的未来公开发行、公司收购和员工福利计划。

As mentioned above, our authorized but unissued shares of common stock and preferred stock will generally be available for future issuance without the approval of our shareholders. The TBOC does not require shareholder approval for any issuance of authorized shares. However, the Nasdaq and Nasdaq Texas listing requirements require shareholder approval of certain issuances equal to or exceeding 20% of the then-outstanding voting power or the then-outstanding number of shares of common stock. We may issue additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans.

公司机会 Corporate Opportunities

根据我们的公司章程，在适用法律允许的最大范围内，我们将放弃本公司或其子公司对不时向董事会任何成员或董事会观察员或列席人员提供的某些商业机会（如公司章程所规定）所享有的任何权益或期待权益，或获得参与该等商业机会的机会的权益，无论任何该等人士是否为本公司及其各自关联方（本公司和其子公司除外）（合称“商业机会豁免方”）的雇员，即使该商业机会属于若给予机会我们或我们的子公司可能会合理地被认定本会寻求、或本有能力或意愿寻求的商业机会，且任何商业机会豁免方均无义务向我们提供任何该等商业机会，也不对我们或我们的任何子公司或任何股东承担责任，包括因作为董事、高级管理人员、控股股东或其他身份违反任何信义义务或其他义务而承担责任，并且我们将就任何声称该等人士因以下事实而对我们或我们的股东负有违反信义义务责任的索赔，对每一商业机会豁免方作出赔偿：(i) 未提供任何该等商业机会，(ii) 寻求、获取或利用任何该等商业机会，或 (iii) 将任何该等商业机会指示、出售、转让或转移给另一人士或实体，但如该人士为本公司董事或高级管理人员，则该商业机会系明确且仅以其作为本公司雇员、董事、董事会观察员或列席人员或股东的身份向该商业机会豁免方提供、或由其获取、创设或开发、或以其他方式为其所持有的情形除外。

Under our charter, to the fullest extent permitted by applicable law, we will renounce any interest or expectancy of the Company or its subsidiaries in, or in being offered an opportunity to participate in, certain business opportunities (as specified in our charter) that are from time to time presented to any member of the board or board observer or attendee, regardless of whether any such person is an employee of the Company and their respective affiliates (other than the Company and its subsidiaries) (together, the “Business Opportunities Exempt Party”), even if the business opportunity is one that we or our subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no Business Opportunities Exempt Party shall have any duty to present any such business opportunity to us or be liable to us or any of our subsidiaries or any shareholder, including for breach of any fiduciary or other duty, as a director or officer or controlling shareholder or otherwise, and we shall indemnify each Business Opportunities Exempt Party against any claim that such person is liable to us or our shareholders for breach of any fiduciary duty, by reason of the fact that such person (i) fails to present any such business opportunity, (ii) pursues, acquires or exploits any such business opportunity, or (iii) directs, sells, assigns or transfers any such business opportunity to another person or entity, unless, in the case of a person who is our director or officer, such business opportunity is presented to, or acquired, created or developed by, or otherwise comes into the possession of, such Business Opportunities Exempt Party expressly and solely in his or her capacity as an employee, director, board observer or attendee, or shareholder of the Company.

专属法院与审判地及仲裁、放弃陪审团审判 Exclusive Forum and Venue and Arbitration, Jury Trial Waiver

我们的章程将规定，除非公司以书面形式同意选择替代法院，否则对于以下各方之间所有争议（“内部争议”）的提起、裁决和审理，专属且排他的法院应为商事法院：(i) 一名或多名股东与 (ii) 公司或其董事、高级管理人员或控制人，或公司所发行证券的任何承销商（或其控制人）之间，涉及以下任何事项：(1) 任何派生诉讼，即代表公司提起的民事争议；(2) 任何基于公司治理、治理文件或内部事务的诉讼；(3) 任何基于州或联邦证券法或贸易监管法的诉讼；(4) 任何基于某人以股东、控制人、董事、高级管理人员或公司其他管理官员身份作出的被指控作为或不作为的诉讼；(5) 任何基于一名或多名股东、控制人、董事、高级管理人员或其他管理官员被指控违反其以该等身份对公司或其任何股东所负义务的诉讼；(6) 寻求要求公司股东、控制人、董事、高级管理人员或其他管理官员对公司义务承担责任的诉讼，但基于该被要求承担责任之人以非股东或管理官员身份签署的书面合同而产生的责任除外；以及 (7) 任何根据 TBOC 产生的诉讼。请仔细阅读“风险因素——与我们公司结构、A 类普通股所有权及本次发行相关的风险——TBOC 和我们的章程包含可能限制股东就董事或高级管理人员以公司董事或高级管理人员身份作出的某些作为或不作为对其提起诉讼的能力的条款，包括派生诉讼的最低持股要求以及商业判断规则的推定”、“风险因素——与我们公司结构、A 类普通股所有权及本次发行相关的风险——我们的章程将对寻求提交股东批准提案的股东施加最低持股和征集要求，这可能限制我们股东将事项提交股东会议的能力”，以及“风险因素——与我们公司结构、A 类普通股所有权及本次发行相关的风险——我们的章程对我们股东提起的法律诉讼或程序的地点、审判地和程序施加限制，包括强制仲裁的某些要求。这些条款可能限制我们股东主张某些索赔的能力和/或增加这样做的成本，也可能影响我们股东在此类法律诉讼或程序中可获得的程序、权利和救济。”

Our bylaws will provide that, unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for any of the filing, adjudication and trial of all disputes (“Internal Disputes”) between (i) one or more shareholders and (ii) the Company or its directors, officers, or controlling persons, or any underwriter of securities issued by the Company (or controlling person thereof) relating to any of the following: (1) any derivative proceeding, meaning a civil dispute brought in the right of the Company; (2) any action based on the governance, governing documents, or internal affairs of the Company; (3) any action based on state or federal securities or trade regulation laws; (4) any action based on the alleged act(s) or omission(s) by a person in its capacity as a shareholder, controlling person, director, officer, or other managerial official of the Company; (5) any action based on the alleged breach(es) by one or more shareholders, controlling persons, directors, officers, or other managerial officials of a duty owed, in his or her capacity as such, to the Company or to any shareholder thereof; (6) an action seeking to hold a shareholder, controlling person, director, officer, or other managerial official of the Company liable for an obligation of the Company, other than on account of a written contract signed by the person to be held liable in a capacity other than as a shareholder or managerial official; and (7) any action arising out of the TBOC, will be the Business Court. Please read carefully “Risk Factors—Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock and This Offering—The TBOC and our charter include provisions that may limit shareholders’ ability to bring a cause of action against our directors or officers for certain acts or omissions in their capacity as directors or officers of the Company, including minimum share ownership for derivative proceedings and the presumption of the business judgment rule,” “Risk Factors—Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock and This Offering—Our bylaws will impose minimum stock ownership and solicitation requirements on shareholders seeking to submit proposals for shareholder approval, which could limit the ability of our shareholders to bring matters before a meeting of shareholders,” and “Risk Factors—Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock and This Offering—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. 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.”

我们的章程将进一步规定，在有管辖权的法院（即拥有属人管辖权和属事管辖权的法院）以终局且不可上诉的判决拒绝将内部争议移交商事法院的情况下，且仅在该情况下，该等内部争议（下称“其他争议”）无论争议金额多少，均应专属且终局地通过仲裁解决，仲裁由国际商会（“ICC”）在德克萨斯州休斯顿进行，依据 ICC《规则》（下称“仲裁规则”）的快速程序条款（该等规则可能不时更新）进行。如法院拒绝将内部争议移交商事法院，但该法院其后被认定对该等内部争议不具有属人管辖权或属事管辖权，则仲裁条款将不会被触发，因为该等诉讼应予驳回并随后在有管辖权的法院提起。

Our bylaws will further provide that to the extent, and solely to the extent, that a court of competent jurisdiction (which is a court that possesses personal and subject matter jurisdiction) declines in a final and unappealable judgment to transfer an Internal Dispute to the Business Court (such Internal Dispute, an “Other Dispute”), such Other Dispute, irrespective of the amount in dispute, shall be exclusively and finally settled by arbitration before the International Chamber of Commerce (“ICC”) in Houston, Texas, conducted under the Expedited Procedure Provisions of the Rules (the “Arbitration Rules”) of the ICC as those rules may be periodically updated. If a court declines to transfer an Internal Dispute to the Business Court, but such court is later held not to have personal or subject matter jurisdiction with respect to such Internal Dispute, the arbitration provision would not be triggered because such action would be required to be dismissed and subsequently brought in a court of competent jurisdiction.

我们的章程将就仲裁作出如下规定：

Our bylaws will provide the following for arbitration:

- 对于金额为 $5 million 或以下的请求，仲裁庭由一名仲裁员组成；对于金额超过 $5 million 的请求，由三名仲裁员组成的仲裁庭审理，且我们的章程将规定仲裁庭成员的选定程序。ICC 费用和仲裁员费用将依据 ICC 费用及仲裁员费用表确定，该费用表可能根据请求的性质和金额适用。

- The tribunal will include one arbitrator for claims of $5 million or less or a panel of three arbitrators for claims exceeding $5 million, and our bylaws will specify procedures governing the selection of the panel. The ICC fees and arbitrator(s) fees will be governed by the ICC fee and arbitrator fee schedule as may apply depending on the nature and amount of the claim.

- 如在任何三年期间内，因相同或类似行为、交易或事件产生的超过三项请求被提交仲裁，则除最先提交的请求外，其余所有请求均应中止，直至该最先提交的请求获得终局解决。在此情况下，本公司和提出该等请求的每名股东应平均分担 ICC 费用和仲裁员费用。但是，如任何股东一方或多方最终就其全部请求获得胜诉，本公司应就该股东一方或多方已支付的 ICC 费用和仲裁员费用向其予以补偿。

- If more than three claims arising from the same or similar conduct, transaction, or occurrence are submitted to arbitration within any three-year period, all but the first-filed claim shall be stayed pending final resolution of that first-filed claim. In such circumstance, the Company and each shareholder asserting such a claim shall bear equal shares of the ICC fees and arbitrator(s) fees. However, if any shareholder party or parties are ultimately successful on all of their claims, the Company shall reimburse the successful shareholder party or parties for the ICC fees and arbitrator(s) fees paid by such shareholder party or parties.

- 如任何股东在任何三年期间内提交超过三项请求，则本公司仅支付与前三项请求相关的 ICC 费用和仲裁员费用。但是，如任何股东一方或多方最终就其全部请求获得胜诉，本公司应就该股东一方或多方已支付的 ICC 费用和仲裁员费用向其予以补偿。

- If more than three claims are submitted by the same shareholder(s) within any three-year period, then the Company shall pay the ICC fees and arbitrator(s) fees associated with the first three claims only. However, if any shareholder party or parties are ultimately successful on all of their claims, the Company shall reimburse the successful shareholder party or parties for the ICC fees and arbitrator(s) fees paid by such shareholder party or parties.

- 如提交仲裁的任何请求被仲裁庭认定为无实质意义、缺乏合理理由，或出于恶意或缠讼等不当目的，本公司有权追偿其为抗辩该等请求而发生的合理律师费和成本，包括任何 ICC 费用和仲裁员费用。

- If any claim submitted to arbitration is determined by the tribunal to be frivolous, without reasonable cause, or for an improper purpose such as bad faith or vexatious litigation, the Company shall be entitled to recover its reasonable attorney’s fees and costs incurred in defending against such claim, including any ICC fees and arbitrator(s) fees.

- 仲裁庭的权限受制于与德克萨斯州法院法官权限相同的限制。仲裁庭无权作出以下裁决：(i) 超出《德克萨斯州仲裁法》项下仲裁庭权限的裁决；(ii) 包含州法或联邦法上的可撤销错误（包括关于证据可采性的错误）或明显错误的事实认定的裁决；或 (iii) 适用未在适用的德克萨斯州或联邦法律中明确规定的诉讼事由或提供未在适用的德克萨斯州或联邦法律中明确规定的救济的裁决。仲裁庭适用《私人证券诉讼改革法》所规定的诉答和证据开示限制，对于适用的请求具有强制性，且不构成根据德克萨斯州或联邦法律拒绝听取与争议相关和/或重要的证据。

- The tribunal’s authority is subject to the same limits as the authority of a judge in a Texas court of law. The tribunal does not have authority to issue an award that (i) exceeds the tribunal’s authority under the Texas Arbitration Act; (ii) contains a reversible error of state or federal law, including as to the admissibility of evidence, or a clearly erroneous finding of fact; or (iii) applies a cause of action or provides a remedy not expressly provided for under applicable Texas or federal law. The tribunal’s application of the pleading and discovery limitations imposed by the Private Securities Litigation Reform Act is mandatory for applicable claims and shall not constitute a refusal to hear evidence pertinent and/or material to the controversy under Texas or federal law.

- 根据《德克萨斯州仲裁法》，对仲裁庭裁决的司法审查范围包括《德克萨斯州民事实践与救济法典》第 171.088 条和第 171.091 条所规定的撤销、变更和更正的一般理由，并扩展至超出《德克萨斯州民事实践与救济法典》原本可用的范围，包括审查裁决是否：(i) 包含州法或联邦法上的可撤销错误（包括关于证据可采性的错误）或明显错误的事实认定；或 (ii) 适用未在适用的德克萨斯州或联邦法律中明确规定的诉讼事由或提供未在适用的德克萨斯州或联邦法律中明确规定的救济。对仲裁庭的裁决以及事实认定和法律结论，应按照与德克萨斯州法院作出的上述裁决及支持性事实认定和法律结论相同的审查标准进行审查。

- Pursuant to the Texas Arbitration Act, the scope of judicial review of the tribunal’s award includes the ordinary grounds for vacatur, modification, and correction imposed by the Texas Civil Practice & Remedies Code §§ 171.088 and 171.091, and is expanded beyond what is otherwise available under the Texas Civil Practice & Remedies Code to include review of whether the award: (i) contains a reversible error of state or federal law, including as to the admissibility of evidence, or a clearly erroneous finding of fact; or (ii) applies a cause of action or provides a remedy not expressly provided for under applicable Texas or federal law. The arbitral tribunal’s award and the findings of fact and conclusions of law shall be reviewable upon the same standards of review as if said award and supporting findings of fact and conclusions of law were entered by a Texas court.

- 任何寻求确认、撤销、变更、更正或以其他方式质疑仲裁庭裁决的诉讼，均应提交至商事法院。在任何此类诉讼中，各方应在适用法律允许的最大范围内，对所有法院文件进行密封提交。

- Any action seeking to confirm, vacate, modify, correct, or otherwise challenge the tribunal’s award shall be brought in the Business Court. In any such action, the parties shall file all court filings under seal, to the fullest extent allowed by applicable law.

我们的章程将进一步规定，在有管辖权的法院以终局且不可上诉的判决认定其他争议应排他且终局地通过仲裁解决的要求全部或部分不可执行的范围内（且仅在该范围内），对于被认定不受强制仲裁约束的该等其他争议，唯一且排他的管辖法院和审判地应为美国德克萨斯州南区联邦地区法院休斯顿分院（“联邦法院”）；或者，如果有管辖权的法院以终局且不可上诉的判决认定联邦法院对任何该等其他争议缺乏管辖权，则该等其他争议的唯一且排他的管辖法院和审判地应为德克萨斯州哈里斯县的州地区法院。

Our bylaws will further provide that to the extent, and solely to the extent, that a court of competent jurisdiction determines in a final and unappealable judgment that the requirement that Other Disputes be exclusively and finally settled by arbitration is unenforceable in whole or part, the sole and exclusive forum and venue for such Other Disputes which are determined not to be subject to mandatory arbitration shall be the United States District Court for the Southern District of Texas, Houston Division (the “Federal Court”), or if a court of competent jurisdiction determines in a final and unappealable judgment that the Federal Court lacks jurisdiction over any such Other Dispute, the sole and exclusive forum and venue for such Other Dispute shall be the state district courts of Harris County, Texas.

我们的章程将进一步规定，其他争议将根据所主张的请求，适用德克萨斯州法或联邦法。

Our bylaws will further provide that Other Disputes will be governed either by Texas state law or federal law, depending on the claim asserted.

我们的章程还将规定：

Our bylaws will also provide that:

- 公司及公司的每一位股东、董事和高级管理人员不可撤销且无条件地放弃，任何购买或以其他方式取得或持有公司股票权益的个人或实体应被视为已不可撤销且无条件地放弃，其在任何与上述内部争议相关的法律诉讼或程序中可能享有的由陪审团审理的任何权利。

- The Company and each shareholder, director, and officer of the Company irrevocably and unconditionally waives, and any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived, any right it may have to a trial by jury in any legal action or proceeding relating to Internal Disputes described above.

- 除公司选择外，内部争议不得作为集体诉讼提起，也不得合并或联合审理。

- Internal Disputes may not be brought as a class, or consolidated or joined, except at the Company’s option.

尽管我们认为这些条款将通过为特定类型的诉讼和程序提供德克萨斯州法律适用上更高的一致性而使我们受益，但这些条款可能具有抑制或增加针对我们的董事、高级管理人员、其他管理官员、员工和代理人提起诉讼的成本的效果。然而，在未来的法律程序中，法院有可能裁定我们章程中旨在要求某些争议适用专属法院、放弃陪审团审理权利或要求股东索赔进行仲裁的这些条款的全部或部分不适用、违宪或在其他方面不可执行。

Although we believe these provisions will benefit us by providing increased consistency in the application of Texas law for the specified types of actions and proceedings, the provisions may have the effect of discouraging or increasing the costs of lawsuits against our directors, officers, other managerial officials employees and agents. However, it is possible that, in connection with a future legal proceeding, a court could rule that all or a portion of these provisions in our bylaws purporting to require an exclusive forum for certain disputes, to waive the right to a jury trial or to require arbitration for shareholder claims are inapplicable, unconstitutional or otherwise unenforceable.

派生诉讼的持股要求 Stock Ownership Requirement for Derivative Suits

我们的章程将规定，就《得克萨斯州商业组织法典》（TBOC）第 21.552(a)(3) 条而言，股东或股东集团为以公司名义提起或维持派生诉讼所需的持股门槛为公司已发行股份的 3%。只要公司任何普通股仍在全国性证券交易所上市交易，或公司主动选择受 TBOC 21.419 管辖且股东人数达到 500 名或以上，该条款将持续适用。

Our bylaws will specify that the required ownership threshold for a shareholder or group of shareholders to institute or maintain a derivative proceeding in the right of the Company for purposes of Section 21.552(a)(3) of the TBOC will be 3% of the outstanding shares of the Company. This provision will continue to apply so long as any shares of the Company’s common stock are listed for trading on a national securities exchange or the Company affirmatively elects to be governed by TBOC 21.419 and has 500 or more shareholders.

高管和董事的责任限制与赔偿 Limitations on Liability and Indemnification of Officers and Directors

我们的公司章程将包含一项条款，免除我们的董事和高级管理人员因其以董事或高级管理人员身份作出的作为或不作为而承担的金钱损害赔偿责任，但以下情形除外：(i) 违反对公司或其股东的忠实义务；(ii) 非善意的作为或不作为，构成该人员对公司义务的违反，或涉及故意不当行为或明知违反适用法律；(iii) 董事或高级管理人员从中获得不当利益的交易，无论该利益是否源于该人员在其职责范围内采取的行动；或 (iv) 适用法规明确规定董事或高级管理人员应承担责任的行为或不作为（例如不当分配）。我们的公司章程还将规定，如果 TBOC 未来被修订以授权进一步免除或限制董事和高级管理人员的个人责任的公司行为，则董事和高级管理人员的责任将在经如此修订的 TBOC 所允许的最大范围内予以免除或限制。

Our charter will include a provision eliminating the liability of our directors and officers for monetary damages for an act or omission by the person in the person’s capacity as a director or officer, respectively, except for: (i) a breach of the duty of loyalty to the Company or its shareholders; (ii) an act or omission not in good faith that constitutes a breach of duty of the person to the Company or involves intentional misconduct or a knowing violation of applicable law; (iii) a transaction from which the director or officer obtains an improper benefit, regardless of whether the benefit resulted from an action taken within the scope of the person’s duties; or (iv) an act or omission for which the liability of a director or officer is expressly provided by an applicable statute (such as wrongful distributions). Our charter also will provide that if the TBOC is amended in the future to authorize corporate action further eliminating or limiting of the personal liability of directors and officers, the liability of directors and officers will be eliminated or limited to the fullest extent permitted by the TBOC as so amended.

对上述条款的任何修订、废止或修改均仅具有前瞻性效力，且不会影响对董事或高级管理人员在任何该等修订、废止或修改之前发生的作为或不作为所享有的任何责任限制。

Any amendment, repeal or modification of these provisions will be prospective only and would not affect any limitation on liability of a director or officer for acts or omissions that occurred prior to any such amendment, repeal or modification.

我们的章程还规定，我们将在 TBOC 所允许的最大范围内对我们的董事和高级管理人员进行赔偿并预付费用，但如果在最终确定该个人无权根据 TBOC 或赔偿协议获得赔偿的情况下，须予以返还。我们的章程还将允许我们代表任何高级管理人员、董事、员工或其他代理人就其以我们的高级管理人员、董事、员工或代理人身份采取行动所产生的任何责任购买保险，无论 TBOC 是否允许赔偿。我们打算与我们现任和未来的每一位董事和高级管理人员签订赔偿协议。该等协议将要求我们就这些个人因其向我们提供服务而可能产生的责任进行赔偿，并预付因其可能有权获得赔偿的任何针对他们的诉讼程序所产生的费用。在 TBOC 允许的情况下，由于该等协议预计将获得我们股东的批准，该等协议可能要求在某些情况下向受赔偿人进行赔偿或支付费用，而根据 TBOC 或我们的公司章程或章程细则的规定，我们在该等情况下本无权这样做。我们认为，将载入我们公司章程的责任限制条款以及赔偿协议将有助于我们继续吸引和留住合格人士担任董事和高级管理人员。

Our bylaws also provide that we will indemnify and advance expenses to our directors and officers to the fullest extent permitted by the TBOC, subject to reimbursement in the event it is ultimately determined that the individual was not entitled to indemnification under the TBOC or the indemnification agreement. Our bylaws also will permit us to purchase insurance on behalf of any officer, director, employee, or other agent for any liability arising out of that person’s actions as our officer, director, employee or agent, regardless of whether the TBOC would permit indemnification. We intend to enter into indemnification agreements with each of our current and future directors and officers. These agreements will require us to indemnify these individuals against liability that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. As permitted by the TBOC, because these agreements are expected to be approved by our shareholders, the agreements may require indemnification or payment of expenses in favor of the indemnitee in certain circumstances in which we would not otherwise have the power to do so under the provisions of the TBOC or our charter or bylaws. We believe that the limitation of liability provision that will be in our charter and the indemnification agreements will facilitate our ability to continue to attract and retain qualified individuals to serve as directors and officers.

我们的章程将规定，公司明确选择受《得克萨斯州商业组织法典》（TBOC）第 21.419 条及其任何后续条款的约束。由于公司将拥有一类在全国性证券交易所上市的有表决权普通股（我们的 A 类普通股），第 21.419 条也将被视为适用于公司。根据 TBOC 第 21.419 条，在就公司业务的任何事项采取或不采取任何行动时，公司董事或高管被推定 (i) 出于善意、(ii) 在知情的基础上、(iii) 为促进公司利益，且 (iv) 遵守法律和公司章程文件。此外，除非索赔人反驳上述一项或多项推定，且索赔人证明 (A) 董事或高管的作为或不作为构成对该人士作为董事或高管的一项或多项义务的违反，且 (B) 该违反涉及欺诈、故意不当行为、越权行为或明知违反法律，否则公司及其任何股东均不得因该人士以此种身份作出的任何作为或不作为对该董事或高管提起诉讼。

Our bylaws will provide that the Company affirmatively elects to be governed by Section 21.419 of the TBOC and any successor provision thereto. Because the Company will have a class of voting common stock (our Class A common stock) listed on a national securities exchange, Section 21.419 will also be deemed to apply to the Company. Under Section 21.419 of the TBOC, in taking or declining to take any action on any matters of a corporation’s business, a director or officer of the Company is presumed to act (i) in good faith, (ii) on an informed basis, (iii) in furtherance of the interests of the Company, and (iv) in obedience to the law and the Company’s governing documents. In addition, neither the Company nor any of its shareholders has a cause of action against the director or officer as a result of any act or omission in the person’s capacity as such unless the claimant rebuts one or more of the foregoing presumptions and it is proven by the claimant that (A) the director’s or officer’s act or omission constitutes a breach of one or more of the person’s duties as a director or officer and (B) the breach involved fraud, intentional misconduct, an ultra vires act or a knowing violation of law.

利益冲突保护 Protection for Conflicts of Interest

TBOC 第 21.418 条规定，在公司有表决权普通股于全国性证券交易所上市交易的任何时间，公司董事和高级管理人员不就仅因该董事或高级管理人员在合同或交易中拥有利益而提出的、指控其因订立、授权或履行该合同或交易而违反义务的索赔向公司或其股东承担责任，除非该索赔依据上文所述 TBOC 第 21.419 条应予允许。由于公司将有一类有表决权普通股（我们的 A 类普通股）在全国性证券交易所上市，TBOC 第 21.418 条将被视为适用于公司。

Section 21.418 of the TBOC provides that, at any time a corporation’s voting common stock is listed for trading on a national securities exchange, the corporation’s directors and officers will not be liable to the corporation or its shareholders for claims alleging a breach of duty arising from the making, authorization, or performance of a contract or transaction solely because the director or officer had an interest in the transaction unless the claim would be permitted under Section 21.419 of the TBOC as described above. Because the Company will have a class of voting common stock (our Class A common stock) listed on a national securities exchange, Section 21.418 of the TBOC will be deemed to apply to the Company.

登记权 Registration Rights

有关我们 A 类普通股注册权的说明，请参见“某些关系及关联人士交易——投资者权利协议”。

For a description of registration rights with respect to our Class A common stock, see “Certain Relationships and Related Person Transactions—Investors’ Rights Agreement.”

过户代理与登记机构 Transfer Agent and Registrar

我们 A 类普通股的过户代理及登记机构为 Fidelity Stock Transfer Solutions LLC。其地址为 245 Summer Street, Boston, Massachusetts 02210，电话号码为 (617) 563-5800。

The transfer agent and registrar for our Class A common stock is Fidelity Stock Transfer Solutions LLC. Its address is 245 Summer Street, Boston, Massachusetts 02210, and its phone number is (617) 563-5800.

上市 Listing

我们已获准在纳斯达克和纳斯达克得克萨斯以股票代码“SPCX”上市我们的 A 类普通股。

We have been approved to list our Class A common stock on Nasdaq and Nasdaq Texas under the symbol “SPCX.”

未来可出售的股份 Shares Eligible for Future Sale

在本次发行之前，我们的 A 类普通股不存在公开市场。未来在公开市场出售我们的 A 类普通股，或此类股份在公开市场可供出售，可能对我们 A 类普通股不时 prevailing 的市场价格产生不利影响。如下文所述，由于合同和法律对转售的限制，本次发行后不久可供出售的股份数量有限。然而，在此类限制失效后，公开市场大量出售我们的 A 类普通股，或市场认为可能发生此类出售，可能对届时我们 A 类普通股 prevailing 的市场价格以及我们在我们认为适当的时间和价格筹集股权相关资本的能力产生不利影响。

Prior to this offering, there has been no public market for our Class A common stock. Future sales of our Class A common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect the market price of our Class A common stock prevailing from time to time. As described below, only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of a substantial number of shares of our Class A common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price of our Class A common stock at such time and our ability to raise equity-related capital at a time and price we deem appropriate.

受限股份的出售 Sales of Restricted Shares

本次发行完成后，基于截至 March 我们已发行普通股的股数

Upon the completion of this offering, based on the number of shares of our common stock outstanding as of March

31, 2026，我们将合计拥有已发行在外 · 7,380,196,910 股 A 类普通股 和 5,695,668,265 股 B 类普通股：(i) 本次发行中出售 555,555,555 股 A 类 普通股，(ii) C 类重新分类，以及 (iii) 优先股转换。在这些 股份中，本次发行中出售的所有 A 类普通股均可自由交易，无需根据《证券法》进行限制或进一步 登记，除非该等股份由我们的任何“关联方”持有（该术语的定义见 《证券法》第 144 条）。 所有在本次发行交割前已发行的 A 类普通股（包括可因转换我们的 B 类普通股而发行的任何股份）， 包括由 Musk 先生及其他现有投资者持有的股份，均 将被视为第 144 条所定义的“受限证券”。该等受限证券系在

31, 2026, we will have outstanding an aggregate of · 7,380,196,910 shares of Class A common stock and 5,695,668,265 shares of Class B common stock, after giving effect to (i) the sale of 555,555,555 shares of Class A common stock in this offering, (ii) the Class C Reclassification, and (iii) the Preferred Conversion. Of these shares, all shares of Class A common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless the shares are held by any of our “affiliates” as such term is defined in Rule 144 under the Securities Act. All shares of Class A common stock (including any shares issuable upon conversion of our Class B common stock) outstanding prior to the closing of this offering, including shares held by Mr. Musk and other existing investors, will be deemed “restricted securities” as such term is defined under Rule 144. The restricted securities were issued in

私募交易中取得，且只有在根据《证券法》进行注册，或符合《证券法》第 144 条或第 701 条规定的注册豁免条件时，才可公开出售，该等规则概述如下。受限证券亦可依据《证券法》S 条例第 904 条在美国境外向非美国人士出售。

private transactions and are eligible for public sale only if registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which rules are summarized below. Restricted securities may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act.

由于下文所述的锁定期协议和市场禁售协议，并在遵守该等协议以及《证券法》第 144 条和第 701 条规定（包括就关联方所持股份而言的第 144 条成交量限制）的前提下，根据公司可获得的信息，该等受限证券将按如下方式可在公开市场出售（假设 2026 年 3 月 31 日之后未行使未行使的股票期权，且未结算 RSU 和 RSA）：

As a result of the lock-up and market standoff agreements described below, and subject to such agreements and the provisions of Rules 144 and 701 under the Securities Act (including, with respect to shares held by affiliates, Rule 144 volume limitations), based on information available to the Company, these restricted securities will be available for sale in the public market as follows (assuming no exercise of outstanding stock options subsequent to March 31, 2026 and no settlement of RSUs and RSAs):

**可在公开市场出售的最早日期**

**Earliest Date Available for Sale in the Public Market**

紧随首次财报发布日（定义见下文）之后在纳斯达克第二个完整交易日

The second full trading day on Nasdaq immediately following the First Earnings Release Date (as defined below)

代表受 180 天锁定期约束的股份，最多 911.5 百万股 A 类普通股，该日解除锁定期和市场禁售协议项下的限制。不包括《证券法》第 144 条所定义“关联方”持有的股份。

representing the shares subject to the 180-day lock-up Up to 911.5 million shares of Class A common stock, period released from restrictions under the lock-up and market standoff agreements on such date. Excludes shares held by “affiliates” as such term is defined in Rule 144 under the Securities Act.

如果在本招股说明书封面页所列首次财报发布日（含当日）之前的连续十个交易日中至少有五个交易日，我们 A 类普通股在纳斯达克的报告收盘价至少比本招股说明书封面页所列的首次公开发行价格高出 30%，则在首次财报发布日之后的第二个完整交易日，最多 455.8 百万股额外 A 类普通股（「额外解禁股份」），即在该日根据锁定期及市场禁售协议解除限制的受 180 天锁定期约束的股份。不包括《证券法》第 144 条所定义的「关联方」所持有的股份。

If the reported closing price of our Class A common stock on Nasdaq is at least 30% greater than the public offering price set forth on the cover page of this prospectus for at least five of the ten consecutive trading days ending on, and including, the First Earnings Release Date, the second full trading day immediately after the First Earnings Release Date Up to 455.8 million additional shares of Class A common stock (the “Additional Release Shares”), representing the shares subject to the 180-day lock-up period released from restrictions under the lock-up and market standoff agreements on such date. Excludes shares held by “affiliates” as such term is defined in Rule 144 under the Securities Act.

2026 年 8 月 20 日（本招股说明书日期后第 70 天）

August 20, 2026 (70th day after the date of this prospectus)

最多 319.0 百万股 A 类普通股，占受 180 天锁定期约束股份的 7%。不包括《证券法》第 144 条所定义“关联方”持有的股份。

Up to 319.0 million shares of Class A common stock, representing 7% of the shares subject to the 180-day lock-up period. Excludes shares held by “affiliates” as such term is defined in Rule 144 under the Securities Act.

2026 年 9 月 9 日（本招股说明书日期后第 90 天），占受 180 天锁定期约束股份的 7%。不包括《证券法》第 144 条所定义“关联方”持有的股份。2026 年 9 月 10 日（本招股说明书日期后第 91 天）

September 9, 2026 (90th day after the date of this prospectus)representing 7% of the shares subject to the 180-day lock-up period. Excludes shares held by “affiliates” as such term is defined in Rule 144 under the Securities Act. September 10, 2026 (91st day after the date of this prospectus)

最多 59.1 百万股 A 类普通股，占《证券法》第 144 条所定义“关联方”持有的、受 180 天锁定期约束且在该日期之前已解除锁定期及市场禁售协议限制的股份。

Up to 59.1 million shares of Class A common stock, representing the shares subject to the 180-day lock-up period held by “affiliates” as such term is defined in Rule 144 under the Securities Act and released from restrictions under the lock-up and market standoff agreements prior to such date.

2026 年 9 月 24 日（本招股说明书日期后第 105 天）

September 24, 2026 (105th day after the date of this prospectus)

最多 328.4 百万股 A 类普通股，占受 180 天锁定期约束股份的 7%。

Up to 328.4 million shares of Class A common stock, representing 7% of the shares subject to the 180-day lock-up period.

2026 年 10 月 9 日（本招股说明书日期后第 120 天）

October 9, 2026 (120th day after the date of this prospectus)

最多 328.4 百万股 A 类普通股，占受 180 天锁定期约束股份的 7%。

Up to 328.4 million shares of Class A common stock, representing 7% of the shares subject to the 180-day lock-up period.

2026 年 10 月 24 日（本招股说明书日期后第 135 天）

October 24, 2026 (135th day after the date of this prospectus)

最多 328.4 百万股 A 类普通股，占受 180 天锁定期约束股份的 7%。

Up to 328.4 million shares of Class A common stock, representing 7% of the shares subject to the 180-day lock-up period.

在我们公开发布截至 2026 年 9 月 30 日止季度的季度财务业绩后，纳斯达克第二个完整交易日 · 最多 1.3 十亿股 A 类普通股，占受 180 天 锁定期约束股份的 28%。

The second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the quarter ended September 30, 2026 · Up to 1.3 billion shares of Class A common stock, representing 28% of the shares subject to the 180-day lock-up period.

2026 年 12 月 8 日（本招股说明书日期后第 180 天）

December 8, 2026 (180th day after the date of this prospectus)

最多 (i) 328.4 百万股 A 类普通股（若额外解禁股份在首个财报发布日解禁）或 (ii) 最多 797.6 百万股（若额外解禁股份未在首个财报发布日解禁），在每种情况下均代表受 180 天锁定期约束的剩余股份。

Up to (i) 328.4 million shares of Class A common stock if the Additional Release Shares were released on the First Earnings Release Date or (ii) up to 797.6 million shares if the Additional Release Shares were not released on the First Earnings Release Date, in each case representing the remaining shares subject to the 180-day lock-up period.

纳斯达克第二个完整交易日，即在我们公开发布截至 2026 年 12 月 31 日止季度的季度财务业绩后紧接的第二个完整交易日 · 最多 351.9 百万股 A 类普通股，占受延长锁定期约束股份（马斯克先生除外）的 20%。

The second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the quarter ended December 31, 2026 · Up to 351.9 million shares of Class A common stock, representing 20% of the shares subject to the extended lock-up period (other than Mr. Musk).

2027 年 3 月 18 日（本招股说明书日期后第 280 天）

March 18, 2027 (280th day after the date of this prospectus)

最多 176.0 百万股 A 类普通股，占受延长锁定期约束股份（马斯克先生除外）的 10%。

Up to 176.0 million shares of Class A common stock, representing 10% of the of the shares subject to the extended lock-up period (other than Mr. Musk).

纳斯达克第二个完整交易日，即在我们公开发布截至 2027 年 3 月 31 日止季度的季度财务业绩后紧接的第二个完整交易日 · 最多 351.9 百万股 A 类普通股，占受延长锁定期约束股份（马斯克先生除外）的 20%。

The second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the quarter ended March 31, 2027 · Up to 351.9 million shares of Class A common stock, representing 20% of the of the shares subject to the extended lock-up period (other than Mr. Musk).

2027 年 5 月 17 日（本招股说明书日期后第 340 天）

May 17, 2027 (340th day after the date of this prospectus)

最多 176.0 百万股 A 类普通股，占受延长锁定期约束股份（马斯克先生除外）的 10%。

Up to 176.0 million shares of Class A common stock, representing 10% of the shares subject to the extended lock-up period (other than Mr. Musk).

2027 年 6 月 12 日（本招股说明书日期后第 366 天）

June 12, 2027 (366th day after the date of this prospectus)

最多 351.9 百万股 A 类普通股，占受延长锁定期约束股份（马斯克先生除外）的 20%。

Up to 351.9 million shares of Class A common stock, representing 20% of the shares subject to the extended lock-up period (other than Mr. Musk).

2027 年 6 月 12 日（本招股说明书日期后第 366 天）

June 12, 2027 (366th day after the date of this prospectus)

最多 6.4 十亿股 A 类普通股，占马斯克先生持有的全部股份（包括 B 类普通股转换后可发行的 A 类普通股，其中包含 350 百万股作为期权标的的 B 类普通股）。

Up to 6.4 billion shares of Class A common stock, representing all shares held by Mr. Musk (including Class A common stock issuable upon conversion of Class B common stock, which includes 350 million shares of Class B common stock underlying options).

紧接在我们公开发布截至 2027 年 6 月 30 日止季度的季度财务业绩后的第二个完整交易日 · 最多 351.9 百万股 A 类普通股，占受延长锁定期约束的剩余股份。

The second full trading day immediately following the public release of our quarterly financial results for the quarter ended June 30, 2027 · Up to 351.9 million shares of Class A common stock, representing the remaining shares subject to the extended lock-up period.

锁定期与市场禁售协议 Lock-Up and Market Standoff Agreements

马斯克先生已与承销商达成一致，自本招股说明书之日起 366 天期间内，其拥有的全部股份均受下文所述限制的约束；且若干股东已同意，在截至 2027 年 6 月 30 日止季度的财务业绩公布之前，其拥有的若干股份受下文所述限制的约束（受本招股说明书“承销—锁定期协议”一节所述定时自动解禁的约束）。合计而言，受上述限制超过一年的股份总计 7.8 billion 股（包括马斯克先生拥有的 100% 股份），约占我们已发行股份的 60%（在本次发行生效后）。马斯克先生持有的股份将不受任何提前解禁条款的约束。

Mr. Musk has agreed with the underwriters, that during a period of 366 days after the date of this prospectus, all of the shares owned by him are subject to the restrictions described in the paragraph below; and certain shareholders have agreed that, until the release of our financial results for the quarter ending June 30, 2027, certain shares owned by them are subject to the restrictions described in the paragraph below (subject to timed automatic releases described in the “Underwriting—Lock-up Agreements” section of this prospectus). Together, the shares subject to these restrictions for over one year include an aggregate of 7.8 billion shares (including 100% of the shares owned by Mr. Musk), representing approximately 60% of our shares outstanding (after giving effect to this offering). Shares held by Mr. Musk will not be subject to any early release provisions.

未经 Goldman Sachs & Co. LLC（代表承销商）事先书面同意（受若干例外情形约束），股东及马斯克先生不得（亦不得促使其任何直接或间接关联方）要约、出售、订立出售合同、质押、授予任何购买期权、权利或认股权证、购买任何出售期权或合同、出借或以其他方式直接或间接转让或处置（直接或间接）、从事任何旨在或合理预期可能导致或造成出售、出借、质押或其他处置的交易或安排，或转让任何所有权经济后果的全部或部分（直接或间接），无论任何该等交易或安排（或据此提供的工具）是否以交付我们的普通股或该等其他证券、现金或其他方式结算，亦不得就我们的任何普通股或任何可转换为、可交换为或代表有权获得我们普通股的证券的登记提出任何要求或行使任何权利，或以其他方式公开宣布任何从事或促成上述任何行动、活动、交易或安排的意图。

Shareholders and Mr. Musk may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of Goldman Sachs & Co. LLC, on behalf of the underwriters, subject to certain exceptions, offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of (directly or indirectly), engage in any hedging or other transaction or arrangement which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge, or other disposition, or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of our common stock or such other securities, in cash or otherwise, or make any demand for or exercise any right with respect to the registration of, any shares of our common stock or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock, or otherwise publicly announce any intention to engage in or cause any such action, activity, transaction or arrangement described above.

此外，我们普通股的所有剩余股份，以及可转换为、可交换为或代表有权获得我们普通股的证券，均受多项其他条款的约束，这些条款规定了自本招股说明书之日起 180 天内对其在我们股权中的权益的出售、卖空、转让、对冲、质押或其他处置的限制（受定时自动解禁的约束），依据的是若干不同的协议和安排。

In addition, all of the remaining shares of our common stock, and securities convertible into, exchangeable for or that represent the right to receive our common stock, are subject to a variety of other terms governing restrictions on the sale, short sale, transfer, hedging, pledging, or other disposition of their interests in our equity, pursuant to a number of different agreements and arrangements, for 180 days from the date of this prospectus (subject to timed automatic releases).

有关这些转让限制及相关解禁和例外的更多信息，请参见标题为“承销—锁定期协议”的章节。Goldman Sachs & Co. LLC 可在任何时候解禁上述任何证券，但须遵守适用要求。

See the section titled “Underwriting—Lock-up Agreements” for more information about these Transfer restrictions and related releases and exceptions. Goldman Sachs & Co. LLC may release any of the securities described above at any time, subject to applicable requirements.

登记权 Registration Rights

本次发行完成后，合计约 12.2 亿股 A 类普通股（包括 B 类普通股转换后可发行的 A 类普通股）的持有人将就该等股份根据《证券法》进行注册享有若干权利。该等 A 类普通股根据《证券法》进行注册后，将使得该等股份在该注册声明生效后立即具备根据《证券法》在公开市场不受限制转售的资格，但须受适用于关联方的若干限制约束。有关该等注册权的说明，请参见“特定关系及关联人士交易——投资者权利协议”。

After the completion of this offering, holders of an aggregate of approximately 12.2 billion shares of our Class A common stock (including Class A common stock issuable upon conversion of Class B common stock) will be entitled to certain rights with respect to the registration of such shares under the Securities Act. The registration of these shares of our Class A common stock under the Securities Act would result in these shares becoming eligible for resale in the public market without restriction under the Securities Act immediately upon the effectiveness of such registration statement, subject to certain limitations applicable to affiliates. See “Certain Relationships and Related Person Transactions—Investors' Rights Agreement” for a description of these registration rights.

员工福利计划的转售储架登记 Resale Shelf Registration For Employee Benefit Plans

本次发行完成后，我们将登记依据各项历史股权激励计划已发行的 A 类普通股的回售。该等股份将以 S-8 表格进行登记。该等股份的回售登记将使得该等股份在该登记声明生效后立即具备在公开市场回售的资格，且不受《证券法》限制，但须遵守适用于任何关联方的某些限制及任何适用的锁定期协议。

After completion of this offering, we will register the resale of shares of our Class A common stock that have been issued pursuant to various historical equity compensation plans. Such shares will be registered on Form S-8. The resale registration of these shares will result in the shares becoming immediately eligible for resale in the public market without restriction under the Securities Act immediately upon the effectiveness of such registration statement, subject to certain limitations applicable to any affiliates and any applicable lock-up agreements.

Rule 144 Rule 144

一般而言，根据现行有效的《证券法》第 144 条规则，某人（或其股份被合并计算的人士）在出售前三个月内任何时候均不被视为我们的关联方，且其实益拥有第 144 条规则所指的限制性证券至少六个月（包括前手非关联持有人的任何连续持有期），则该人士有权出售该等股份，但仅限于(i)我们已受《交易法》上市公司报告要求约束至少 90 天，且(ii)须有关于我们的当前公开信息可供查阅。非关联人士（在过去至少三个月内一直为非关联方）实益拥有第 144 条规则所指的限制性证券至少一年的，有权出售该等股份，而无须遵守第 144 条规则的规定（包括在我们已受《交易法》上市公司报告要求约束至少 90 天之前）。

In general, under Rule 144 under the Securities Act as currently in effect, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, but only (i) once we have been subject to the public company reporting requirements of the Exchange Act for at least 90 days and (ii) subject to the availability of current public information about us. A non-affiliated person (who has been unaffiliated for at least the past three months) who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144 (including before we have been subject to the public company reporting requirements of the Exchange Act for at least 90 days).

自本招股说明书构成其一部分的注册声明生效之日起 90 天后，被视为我们关联方且实益拥有第 144 条规则所指的限制性证券合计至少 12 个月的人士（或其股份被合并计算的人士），有权在任何三个月期间内出售不超过以下两者中较大者的股份数量：

Beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, a person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least 12 total months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of

- 届时已发行的 A 类普通股股份数量的 1%，在本发行完成后将约等于 73.8 百万股；或

- 1% of the number of shares of our Class A common stock then outstanding, which will equal approximately73.8 million shares immediately after the completion of this offering; or

- 在就此类出售提交 Form 144 通知之前的四个日历周内，通过 Nasdaq 和 Nasdaq Texas 报告的我们 A 类普通股的平均每周交易量。

- the average weekly trading volume of our Class A common stock reported through Nasdaq and Nasdaq Texas during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

我们的“关联方”或代表我们的“关联方”出售股份的人士根据第 144 条规则进行的此类出售，还须遵守某些出售方式规定、通知要求以及关于我们的当前公开信息可供查阅的要求。

Such sales under Rule 144 by our “affiliates” or persons selling shares on behalf of our “affiliates” are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

S 条例 Regulation S

《证券法》下的 S 条例（“S 条例”）规定，任何人拥有的普通股均可在美国境内无需注册而出售，前提是该出售系在离岸交易中完成，且未在美国境内进行定向销售努力（该等术语的定义见 S 条例），并须满足某些其他条件。一般而言，这意味着我们的 A 类普通股可在特定情形下于美国境外出售，而无需在美国境内进行注册。

Regulation S under the Securities Act (“Regulation S”) provides that ordinary shares owned by any person may be sold without registration in the United States, provided that the sale is effected in an offshore transaction and no directed selling efforts are made in the United States (as these terms are defined in Regulation S), subject to certain other conditions. In general, this means that our Class A common stock may be sold outside the United States under certain circumstances without registration in the United States being required.

701 规则 Rule 701

一般而言，根据《证券法》第 701 条规则，我们的任何员工、董事、高级管理人员、顾问或咨询人在本次发行生效日之前，因补偿性股票或期权计划或其他书面协议向我们购买股份的，有权在本次发行生效日之后 90 天依据第 144 条规则出售该等股份，而无需遵守第 144 条规则的持有期要求，且对于非关联方而言，无需遵守第 144 条规则的公开信息、数量限制或通知备案规定。SEC 已表示，第 701 条规则将适用于发行人在其受《交易法》报告要求约束之前授予的典型股票期权，以及行使该等期权所获得的股份，包括在招股说明书日期之后行使所获得的股份。

In general, under Rule 701 under the Securities Act, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirement of Rule 144 and, in the case of non-affiliates, without having to comply with the public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

员工计划下发行的股票 Stock Issued Under Employee Plans

我们拟根据《证券法》提交一份 S-8 表格注册声明，以注册根据我们经修订和重述的 2024 年计划及经修订和重述的 2017 年员工购股计划（ESPP）可发行的股票，并注册根据我们其他股权计划项下未兑现奖励可发行的股票。该 S-8 表格注册声明预计将在本招股说明书所构成的注册声明生效日期之后提交，并将在提交时立即生效。因此，根据该注册声明注册的 A 类普通股股份将在生效日期之后可在公开市场出售，除非该等股份受限于我们施加的归属限制或上述锁定期和市场禁售限制。

We intend to file a registration statement on Form S-8 under the Securities Act to register stock issuable under our A&R 2024 Plan and A&R 2017 ESPP and to register stock issuable pursuant to outstanding awards under our other Equity Plans. This registration statement on Form S-8 is expected to be filed following the effective date of the registration statement of which this prospectus is a part and will be effective immediately upon filing. Accordingly, shares of Class A common stock registered under such registration statement will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us or the lock-up and market standoff restrictions described above.

A 类普通股 A Common Stock

以下讨论概述了非美国持有人（定义见下文）购买、持有和处置本公司 A 类普通股股份在重大美国联邦所得税方面的后果。本讨论并未涵盖可能对特定纳税人因其特殊情况而相关的美国联邦所得税所有方面（包括对净投资收入征收的医疗保险附加税以及替代性最低税的影响），也未涵盖受特殊税务规则约束的纳税人(包括“受控外国公司”、“被动外国投资公司”、为规避美国联邦所得税而累积收益的公司、免税组织或政府组织、金融机构、选择将其证券按市值计价的人、根据经修订的 1986 年《国内税收法典》（以下简称“《法典》”）第 451 条须将收入应计时间与财务报表保持一致的人、将本公司 A 类普通股作为对冲、跨式或其他风险降低策略的一部分或作为转换交易或其他综合投资的一部分持有的人、根据行使任何员工股票期权或其他作为补偿方式而持有或获得本公司 A 类普通股的人、税收合格退休计划、《法典》第 897(l)(2)条所定义的“合格外国养老基金”或其全部权益均由合格外国养老基金持有的实体、证券或货币经纪商或交易商、美国侨民、前美国公民或居民，或合伙企业或其他在美国联邦所得税目的下被视为合伙企业的实体或安排)。

The following discussion is a summary of the material U.S. federal income tax consequences of the purchase, ownership, and disposition of shares of our Class A common stock by a Non-U.S. Holder (as defined below). This discussion does not address all aspects of U.S. federal income taxation that may be relevant to particular taxpayers in light of their special circumstances (including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax) or to taxpayers subject to special tax rules (including a “controlled foreign corporation,” a “passive foreign investment company,” a company that accumulates earnings to avoid U.S. federal income tax, a tax-exempt organization or a governmental organization, a financial institution, a person that elects to mark their securities to market, a person required to conform the timing of income accruals to financial statements pursuant to Section 451 of the Internal Revenue Code of 1986, as amended (the “Code”), a person holding our Class A common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment, a person who holds or receives our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation, a tax-qualified retirement plan, a “qualified foreign pension fund” as defined in Section 897(l)(2) of “Code” or an entity all of the interests of which are held by qualified foreign pension funds, a broker or dealer in securities or currencies, a U.S. expatriate, a former U.S. citizen or resident, or a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes).

除本文件另有明确规定外，本讨论不涉及美国联邦所得税以外的任何美国联邦税务方面，也不涉及任何州、地方或外国税务方面。此外，本讨论仅涉及在本次发行中购买本公司 A 类普通股并将本公司 A 类普通股作为资本资产持有的非美国持有人的美国联邦所得税后果。

Except as specifically provided herein, this discussion does not address any aspect of U.S. federal taxation other than U.S. federal income taxation or any aspect of state, local or foreign taxation. In addition, this discussion deals only with U.S. federal income tax consequences to a Non-U.S. Holder that acquires our Class A common stock in this offering and holds our Class A common stock as a capital asset.

本讨论基于《法典》、据此颁布的《财政部条例》、司法判决以及美国国税局（以下简称“IRS”）已公布的裁定和行政公告，且均以本文件日期生效的版本为准。这些权威依据可能发生变化或受到不同解释。任何此类变化或不同解释可能以具有追溯效力的方式适用，从而可能对本公司 A 类普通股的非美国持有人产生不利影响。我们未曾且不会就下述事项向 IRS 寻求任何裁定。我们无法保证 IRS 或法院不会就购买、持有和处置本公司 A 类普通股的税务后果采取与下述讨论相反的立场，也无法保证法律的变化不会显著改变我们在本摘要中描述的税务考量。

This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the Internal Revenue Service (the “IRS”), in each case, in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our Class A common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. We cannot assure that the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our Class A common stock, or that a change in law will not alter significantly the tax considerations that we describe in this summary.

“非美国持有人”是指作为我们 A 类普通股受益所有人的个人、公司（或就美国联邦所得税目的被视为公司的其他实体）、信托或遗产，且就美国联邦所得税目的不属于以下情形：

A “Non-U.S. Holder” is a beneficial owner of our Class A common stock that is an individual, corporation (or other entity treated as a corporation for U.S. federal income tax purposes), trust or estate that is not, for U.S. federal income tax purposes:

- 美国公民或居民的个人；

- an individual who is a citizen or resident of the United States;

- 在美国或美国任何州（包括哥伦比亚特区）法律下设立或组织的公司；

- a corporation created or organized in or under the laws of the United States or any State thereof (including the District of Columbia);

- 其收入无论来源如何均须缴纳美国联邦所得税的遗产；或

- an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

- 其管理受美国境内法院的主要监督、且一名或多名美国人有权控制其所有重大决定的信托，或根据适用的财政部法规作出有效选择被视为美国人的信托。

- a trust, the administration of which is subject to the primary supervision of a court within the United States and for which one or more U.S. persons have the authority to control all substantial decisions, or that has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

如果就美国联邦所得税目的被视为合伙企业的合伙企业、实体或安排持有我们的 A 类普通股，合伙人的美国联邦所得税待遇通常取决于合伙人的身份及合伙企业的活动。持有我们 A 类普通股的合伙企业及该等合伙企业的合伙人应就投资我们 A 类普通股的美国联邦所得税及其他税务后果咨询其税务顾问。

If a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the U.S. federal income tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A common stock and partners in such partnerships should consult their tax advisors concerning the U.S. federal income and other tax consequences of investing in our Class A common stock.

本关于美国联邦所得税考虑因素的讨论仅供一般信息参考，不构成税务建议。潜在持有人应就购买、持有和处置我们 A 类普通股对其产生的美国联邦所得税后果，以及任何美国联邦非所得税、州、地方和非美国所得税、赠与税、遗产税及其他税法适用问题，咨询其税务顾问。

THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF PURCHASING, OWNING, AND DISPOSING OF OUR CLASS A COMMON STOCK, AS WELL AS THE APPLICATION OF ANY U.S. FEDERAL NON-INCOME, STATE, LOCAL AND NON-U.S. INCOME, GIFT, ESTATE AND OTHER TAX LAWS.

分配 Distributions

如“股息政策”一节所述，我们预计在可预见的未来不会就我们的 A 类普通股向持有人宣布或支付股息。但是，如果我们确实就我们的 A 类普通股进行现金或财产分配（某些按比例进行的股票分配除外），则该等分配在从我们当期或累计收益及利润（按美国联邦所得税原则确定）中支付的范围内，将被视为股息。就美国联邦所得税目的不被视为股息的金额，将被视为免税的资本返还，并首先用于冲减非美国持有人的 A 类普通股股份的计税基础，但不得低于零。任何超出部分将被视为非美国持有人出售或交换其 A 类普通股股份的资本利得，其税务处理如下文“——A 类普通股的出售或处置”所述。

As described in the section titled “Dividend Policy,” we do not anticipate declaring or paying dividends to holders of our Class A common stock in the foreseeable future. However, if we do make distributions of cash or property on our Class A common stock (other than certain pro rata distributions of our stock), such distributions will be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Amounts not treated as dividends for U.S. federal income tax purposes will be treated as a tax-free return of capital and first be applied against and reduce a Non-U.S. Holder’s tax basis in its shares of our Class A common stock, but not below zero. Any excess will be treated as capital gain from the sale or exchange of the Non-U.S. Holder’s shares of Class A common stock taxable as described below under “—Sale or Disposition of Class A Common Stock.”

在受下文关于备用预扣税和 FATCA 的讨论约束的前提下，向非美国持有人支付的、与该非美国持有人在美国境内开展贸易或业务无实际关联的 A 类普通股股息，一般应按 30%的税率或适用的所得税条约可能规定的较低税率缴纳美国联邦所得税预扣税，前提是该非美国持有人提供有效的 IRS Form W-8BEN 或 W-8BEN-E（或其他适用文件），证明其符合享受较低条约税率的资格。该等证明必须在支付股息之前提供给适用的预扣义务人，并须定期更新。未及时提供所需文件、但根据所得税条约有资格享受较低预扣税率的非美国持有人，可通过向 IRS 提交适当的退税申请，获得任何超额预扣金额的退税或抵免。非美国持有人应就其根据适用所得税条约享有的优惠待遇及申请该等条约优惠的方式咨询其税务顾问。

Subject to the discussion below on backup withholding and FATCA, dividends paid to a Non-U.S. Holder of our Class A common stock that are not effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States will generally be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate. These certifications must be provided to the applicable withholding agent prior to the payment of dividends and must be updated periodically. A Non-U.S. Holder that does not timely furnish the required documentation, but is eligible for a reduced rate of withholding tax under an income tax treaty, may obtain a refund or credit of any excess amounts withheld by filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under an applicable income tax treaty and the manner of claiming the benefits of such treaty.

与非美国持有人在美国境内开展贸易或业务有实际关联的股息（且若适用所得税条约有要求，归属于该持有人在美国维持或曾维持的常设机构或固定基地的股息）不适用上述预扣税，而是按适用的美国联邦所得税累进税率，以净所得为基础缴纳美国联邦所得税。为使有实际关联的股息免于适用上述预扣税，非美国持有人须提供正式填写并妥善签署的 IRS W-8ECI 表格，证明该股息与非美国持有人在美国境内开展贸易或业务有实际关联。非美国持有人如为公司，其收到的股息若与其在美国境内开展贸易或业务有实际关联，可能需缴纳额外的“分支机构利润税”，税率为 30% 或适用所得税条约规定的较低税率。非美国持有人应就任何可能规定不同规则的适用税收条约咨询其税务顾问。

Dividends that are effectively connected with a Non-U.S. Holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States) are not subject to the withholding tax described above but instead are subject to U.S. federal income tax on a net income basis at applicable graduated U.S. federal income tax rates. In order for its effectively connected dividends to be exempt from the withholding tax described above, a Non-U.S. Holder will be required to provide a duly completed and properly executed IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States. Dividends received by a Non-U.S. Holder that is a corporation that are effectively connected with its conduct of a trade or business within the United States may be subject to an additional “branch profits tax” at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

A 类普通股的出售或处置 Sale or Disposition of Class A Common Stock

在受限于下文关于备用预扣税和 FATCA 的讨论的前提下，非美国持有人通常无需就出售、交换或以其他方式处置我们的 A 类普通股股份所确认的任何收益缴纳美国联邦所得税或预扣税，除非：

Subject to the discussion below on backup withholding and FATCA, a Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on any gain recognized upon the sale, exchange or other taxable disposition of shares of our Class A common stock, unless:

- 该等收益与该非美国持有人在美国境内开展的贸易或业务存在实际关联，且（如该非美国持有人有权主张协定优惠，并遵守适用的证明及其他要求）可归属于该非美国持有人在美国境内维持的常设机构或固定基地；

- such gain is effectively connected with the conduct by such Non-U.S. Holder of a trade or business within the United States and, if the Non-U.S. Holder is entitled to claim treaty benefits (and the Non-U.S. Holder complies with applicable certification and other requirements), is attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder within the United States;

- 该非美国持有人为在处置的纳税年度内在美国境内停留 183 天或以上的非居民外国人个人，且满足某些其他条件；或

- such Non-U.S. Holder is a nonresident alien individual who is present in the United States for 183 days or more in the taxable year of disposition and certain other conditions are met; or

- 我们在截至处置之日止的五年期间与该非美国持有人持有我们的 A 类普通股股份的期间两者中较短者的任何时间内，是或曾经是美国联邦所得税目的下的“美国不动产控股公司”。

- we are or have been a “United States real property holding corporation” for U.S. federal income tax purposes at any time within the shorter of the five-year period ending on the date of disposition or the period that such Non-U.S. Holder held shares of our Class A common stock.

上述第一项要点所述的非美国持有人，将就其出售或其他处置所取得的收益，以与该非美国持有人为《税法》所定义的美国人士相同的方式纳税。此外，如上述第一项要点所述的任何非美国持有人为公司，则该非美国持有人实现的收益可能需按 30% 的税率或适用所得税协定可能规定的较低税率缴纳额外的“分支机构利润税”。上述第二项要点所述的非美国个人持有人，将就其出售或其他应税处置所取得的收益按 30%（或适用所得税协定可能规定的较低税率）的税率纳税，该等收益可用美国来源的资本损失予以抵销，即使该个人不被视为美国居民，前提是该非美国持有人已就该等损失及时申报美国联邦所得税申报表。

A Non-U.S. Holder described in the first bullet point immediately above will be subject to tax on the gain derived from the sale or other disposition in the same manner as if the Non-U.S. Holder were a U.S. person as defined under the Code. In addition, if any Non-U.S. Holder described in the first bullet point immediately above is a corporation, the gain realized by such Non-U.S. Holder may be subject to an additional “branch profits tax” at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. An individual Non-U.S. Holder described in the second bullet point immediately above will be subject to a 30% (or such lower rate as may be specified by an applicable income tax treaty) tax on the gain derived from the sale or other taxable disposition, which gain may be offset by U.S. source capital losses even though the individual is not considered a resident of the United States, provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

一般而言，如果一家公司的美国不动产权益的公允市场价值等于或超过其全球不动产权益以及其在贸易或业务中使用或持有的其他资产的公允市场价值总和的 50%（均按美国联邦所得税目的确定），则该公司即为“美国不动产持有公司”（“USRPHC”）。我们认为我们目前不是、且预计不会成为美国联邦所得税目的下的 USRPHC。然而，由于我们是否为 USRPHC 取决于我们的美国不动产权益相对于我们业务资产的公允市场价值，因此无法保证我们不是 USRPHC 或未来不会成为 USRPHC。即使我们成为 USRPHC，只要我们的 A 类普通股在成熟证券市场（按适用法规的含义）定期交易，且该非美国持有人在下述期间中较短者内的任何时间均未拥有且不被视为（直接、间接或推定）拥有我们已发行 A 类普通股的 5% 以上——该期间为截至处置之日止的五年期间与该持有人持有期中较短者——则该非美国持有人不会因我们的 USRPHC 身份而就出售、交换或其他应税处置我们的 A 类普通股缴纳美国联邦所得税。各非美国持有人应就其在我们是或将成为 USRPHC 的情况下可能对其产生的后果咨询其税务顾问。

Generally, a corporation is a “United States real property holding corporation” (“USRPHC”) if the fair market value of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business (all as determined for U.S. federal income tax purposes). We believe we are not and do not anticipate becoming a USRPHC for U.S. federal income tax purposes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our business assets, there can be no assurances that we are not a USRPHC or will not become one in the future. Even if we became a USRPHC, a Non-U.S. Holder would not be subject to U.S. federal income tax on a sale, exchange, or other taxable disposition of our Class A common stock by reason of our status as USRPHC so long as our Class A common stock is regularly traded on an established securities market (within the meaning of the applicable regulations) and such Non-U.S. Holder does not own and is not deemed to own (directly, indirectly or constructively) more than 5% of our outstanding Class A common stock at any time during the shorter of the five year period ending on the date of disposition and such holder’s holding period. Each Non-U.S. Holder should consult its tax advisor regarding the possible consequences to them if we are, or were to become, a USRPHC.

信息报告要求与备用预扣税 Information Reporting Requirements and Backup Withholding

向非美国持有人支付的股息或处置所得款项金额、该非美国持有人的姓名和地址以及预扣税款金额（如有）通常将向 IRS 申报。该等申报表的副本也可能根据特定条约或协定的规定提供给该非美国持有人所在国家的税务机关。非美国持有人通常需要提供适当的证明（通常为适用的 IRS 表格 W-8BEN、W-8BEN-E 或 W-8ECI），以证明该非美国持有人并非美国人士或符合豁免条件，从而避免就我们支付的 A 类普通股股息或处置 A 类普通股所得款项被适用备用预扣税。备用预扣税并非额外税款。根据备用预扣税规则预扣的任何金额，只要及时向 IRS 提供所需信息，将允许作为该非美国持有人美国联邦所得税纳税义务的退款或抵免。各非美国持有人应就其适用的信息申报规则和备用预扣税咨询其税务顾问。

The amount of dividends or proceeds paid to a Non-U.S. Holder, the name and address of the Non-U.S. Holder and the amount of tax, if any, withheld generally will be reported to the IRS. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides. A Non-U.S. Holder generally will be required to provide proper certification (usually on an IRS Form W-8BEN, W-8BEN-E or W-8ECI, as applicable) to establish that the Non-U.S. Holder is not a U.S. person or otherwise qualifies for an exemption in order to avoid backup withholding tax with respect to our payment of dividends on, or the proceeds from the disposition of, our Class A common stock. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against that Non-U.S. Holder’s U.S. federal income tax liability provided the required information is timely furnished to the IRS. Each Non-U.S. Holder should consult its tax advisor regarding the application of the information reporting rules and backup withholding to it.

向外国账户付款的额外预扣税 Additional Withholding Tax on Payments Made to Foreign Accounts

根据《税法》第 1471 条至第 1474 条、据此颁布的财政部条例及其他官方指引（通常称为“FATCA”），某些类型的向非美国金融机构及某些其他非美国实体支付的款项可能被征收预提税。具体而言，对于我们向“外国金融机构”或“非金融外国实体”（各自定义见《税法》）支付的 A 类普通股股息，或（在受限于下文所述拟议财政部条例的前提下）出售或以其他方式处置 A 类普通股所得的毛收入，可能被征收 30% 的预提税，除非适用例外情形。位于与美国签有管辖 FATCA 的政府间协议之司法管辖区的外国金融机构可能适用不同规则。

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code, the Treasury Regulations promulgated thereunder and other official guidance (commonly referred to as “FATCA”) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a “foreign financial institution” or a “non-financial foreign entity” (each as defined in the Code), unless applicable exceptions apply. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

根据适用的财政部条例及行政指引，FATCA 项下的预提税一般适用于我们 A 类普通股的股息支付。但是，根据拟议的财政部条例（在最终财政部条例颁布之前，纳税人可依赖该拟议条例），该预提税将不适用于出售、交换、赎回或以其他方式应税处置我们 A 类普通股所得的毛收入。无法保证拟议的财政部条例将按现有形式最终定稿。

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. However, under proposed Treasury Regulations (on which taxpayers may rely until final Treasury Regulations are issued), this withholding tax will not apply to the gross proceeds from the sale, exchange, redemption or other taxable disposition of our Class A common stock. There can be no assurance that the proposed Treasury Regulations will be finalized in their present form.

各非美国持有人应就其投资我们 A 类普通股所涉及的 FATCA 影响咨询其税务顾问。

Each Non-U.S. Holder should consult its tax advisor regarding the effects of FATCA on its investment in our Class A common stock.

上述关于美国联邦所得税考虑因素的讨论并非税务建议。各潜在投资者应就购买、持有和处置我们 A 类普通股所涉及的特定美国联邦、州、地方及非美国税务后果咨询其税务顾问，包括适用法律、政府间协议或税收协定任何拟议变更所产生的后果。

THE PRECEDING DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS NOT TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING, AND DISPOSING OF OUR CLASS A COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS, INTERGOVERNMENTAL AGREEMENTS, OR TAX TREATIES.

承销 Underwriting

根据本招股说明书日期签署的承销协议所载条款并受其条件约束，下列承销商（由 Goldman Sachs & Co. LLC、Morgan Stanley & Co. LLC、BofA Securities, Inc.、Citigroup Global Markets Inc. 和 J.P. Morgan Securities LLC 担任代表）已分别同意购买，且我们已同意分别向其出售下列数量的 A 类普通股：

Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus, the underwriters named below, for whom Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as representatives, have severally agreed to purchase, and we have agreed to sell to them, severally, the number of shares of Class A common stock indicated below:

**名称**

**Name**

股份数

Shares

Goldman Sachs & Co. LLC (1) · 111,111,111 Morgan Stanley & Co. LLC (2) · 111,111,111 BofA Securities, Inc. (3) · 83,333,333 Citigroup Global Markets Inc. (4) · 83,333,333 J.P. Morgan Securities LLC (5) · 83,333,333 Barclays Capital Inc. (6) · 11,111,111 Deutsche Bank Securities Inc. (7) · 11,111,111 RBC Capital Markets, LLC (8) · 11,111,111 UBS Securities LLC (9) · 11,111,111 Wells Fargo Securities, LLC (10) · 11,111,111 Banco BTG Pactual S.A. – Cayman Branch · 2,314,815 ING Bank N.V. · 2,314,815 Macquarie Capital (USA) Inc. · 2,314,815 Mirae Asset Securities Co., Ltd. · 2,314,815 Mizuho Securities USA LLC (11) · 2,314,815 Santander US Capital Markets LLC (12) · 2,314,815 Cantor Fitzgerald & Co. (13) · 2,314,815 Needham & Company, LLC · 2,314,815 Raymond James & Associates, Inc. (14) · 2,314,815 SG Americas Securities, LLC (15) · 2,314,814 Stifel, Nicolaus & Company, Incorporated (16) · 2,314,815 William Blair & Company, L.L.C. · 2,314,815 合计 · 555,555,555

Goldman Sachs & Co. LLC (1) · 111,111,111 Morgan Stanley & Co. LLC (2) · 111,111,111 BofA Securities, Inc. (3) · 83,333,333 Citigroup Global Markets Inc. (4) · 83,333,333 J.P. Morgan Securities LLC (5) · 83,333,333 Barclays Capital Inc. (6) · 11,111,111 Deutsche Bank Securities Inc. (7) · 11,111,111 RBC Capital Markets, LLC (8) · 11,111,111 UBS Securities LLC (9) · 11,111,111 Wells Fargo Securities, LLC (10) · 11,111,111 Banco BTG Pactual S.A. – Cayman Branch · 2,314,815 ING Bank N.V. · 2,314,815 Macquarie Capital (USA) Inc. · 2,314,815 Mirae Asset Securities Co., Ltd. · 2,314,815 Mizuho Securities USA LLC (11) · 2,314,815 Santander US Capital Markets LLC (12) · 2,314,815 Cantor Fitzgerald & Co. (13) · 2,314,815 Needham & Company, LLC · 2,314,815 Raymond James & Associates, Inc. (14) · 2,314,815 SG Americas Securities, LLC (15) · 2,314,814 Stifel, Nicolaus & Company, Incorporated (16) · 2,314,815 William Blair & Company, L.L.C. · 2,314,815 Total · 555,555,555

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(1) Goldman Sachs & Co. LLC 的关联方（包括 Goldman Sachs Canada Inc. 和 Goldman Sachs Bank Europe SE）可在美国境外司法管辖区销售股份。

(1) Affiliates of Goldman Sachs & Co. LLC, including Goldman Sachs Canada Inc. and Goldman Sachs Bank Europe SE, may sell shares in jurisdictions outside the United States.

(2) Morgan Stanley & Co. LLC 的关联方（包括 Morgan Stanley Canada Limited 和 Morgan Stanley Europe SE）可在美国境外司法管辖区销售股份。

(2) Affiliates of Morgan Stanley & Co. LLC, including Morgan Stanley Canada Limited and Morgan Stanley Europe SE, may sell shares in jurisdictions outside the United States.

(3) BofA Securities, Inc. 的关联方（包括 Merrill Lynch Canada Inc.）可在美国境外司法管辖区销售股份。

(3) Affiliates of BofA Securities, Inc., including Merrill Lynch Canada Inc., may sell shares in jurisdictions outside the United States.

(4) Citigroup Global Markets Inc. 的关联方（包括 Citigroup Global Markets Canada Inc. 和 Citigroup Global Markets Europe AG）可在美国境外司法管辖区销售股份。

(4) Affiliates of Citigroup Global Markets Inc., including Citigroup Global Markets Canada Inc. and Citigroup Global Markets Europe AG, may sell shares in jurisdictions outside the United States.

(5) J.P. Morgan Securities LLC 的关联方（包括 J.P. Morgan Securities Canada Inc. 和 J.P. Morgan SE）可在美国境外司法管辖区销售股份。

(5) Affiliates of J.P. Morgan Securities LLC, including J.P. Morgan Securities Canada Inc. and J.P. Morgan SE, may sell shares in jurisdictions outside the United States.

(6) Barclays Capital Inc. 的关联方（包括 Barclays Capital Canada Inc.）可在美国境外司法管辖区销售股份。

(6) Affiliates of Barclays Capital Inc., including Barclays Capital Canada Inc., may sell shares in jurisdictions outside the United States.

(7) Deutsche Bank Securities Inc. 的关联方（包括 Deutsche Bank Aktiengesellschaft）可在美国境外司法管辖区销售股份。

(7) Affiliates of Deutsche Bank Securities Inc., including Deutsche Bank Aktiengesellschaft, may sell shares in jurisdictions outside the United States.

(8) RBC Capital Markets, LLC 的关联方（包括 RBC Dominion Securities Inc.）可能在美国以外的司法管辖区出售股份。

(8) Affiliates of RBC Capital Markets, LLC, including RBC Dominion Securities Inc., may sell shares in jurisdictions outside the United States.

(9) UBS Securities LLC 的关联方（包括 UBS AG 和 UBS Securities Canada Inc.）可能在美国以外的司法管辖区出售股份。

(9) Affiliates of UBS Securities LLC, including UBS AG and UBS Securities Canada Inc., may sell shares in jurisdictions outside the United States.

(10) Wells Fargo Securities, LLC 的关联方（包括 Wells Fargo Securities Canada, Ltd.）可能在美国以外的司法管辖区出售股份。

(10) Affiliates of Wells Fargo Securities, LLC, including Wells Fargo Securities Canada, Ltd., may sell shares in jurisdictions outside the United States.

(11) Mizuho Securities USA LLC 的关联方（包括 Mizuho Securities Canada Inc.）可能在美国以外的司法管辖区担任承销商。

(11) Affiliates of Mizuho Securities USA LLC, including Mizuho Securities Canada Inc., may act as underwriters in jurisdictions outside the United States.

(12) Santander US Capital Markets LLC 的关联方（包括 Banco Santander, S.A.）可能在美国以外的司法管辖区出售股份。

(12) Affiliates of Santander US Capital Markets LLC, including Banco Santander, S.A., may sell shares in jurisdictions outside the United States.

(13) Cantor Fitzgerald & Co. 的关联方（包括 Cantor Fitzgerald Canada Corporation）可能在美国以外的司法管辖区出售股份。

(13) Affiliates of Cantor Fitzgerald & Co., including Cantor Fitzgerald Canada Corporation, may sell shares in jurisdictions outside the United States.

(14) Raymond James & Associates, Inc. 的关联方（包括 Raymond James Ltd.）可能在美国以外的司法管辖区出售股份。

(14) Affiliates of Raymond James & Associates, Inc., including Raymond James Ltd., may sell shares in jurisdictions outside the United States.

(15) SG Americas Securities, LLC 的关联方（包括 Société Générale S.A. 和 Société Générale Capital Canada Inc.）可能在美国以外的司法管辖区出售股份。

(15) Affiliates of SG Americas Securities, LLC, including Société Générale S.A. and Société Générale Capital Canada Inc., may sell shares in jurisdictions outside the United States.

(16) Stifel, Nicolaus & Company, Incorporated 的关联方（包括 Stifel Nicolaus Canada Inc.）可能在美国以外的司法管辖区出售股份。

(16) Affiliates of Stifel, Nicolaus & Company, Incorporated, including Stifel Nicolaus Canada Inc., may sell shares in jurisdictions outside the United States.

承销商与代表方分别统称为“承销商”和“代表方”。承销商在承接我方股份且未发生先前出售的前提下，发售 A 类普通股股份。承销协议规定，各承销商支付并接受本招股说明书所发售 A 类普通股股份交付的义务，须经其法律顾问对若干法律事项的批准并满足若干其他条件。若承销商承接任何 A 类普通股股份，则有义务承接并支付本招股说明书所发售的全部 A 类普通股股份。但是，承销商无须承接或支付下文所述承销商超额配售选择权所涵盖的股份。承销商发售 A 类普通股股份，须以其收到并接受所发售股份为前提，并受承销商全部或部分拒绝任何订单的权利约束。

The underwriters and the representatives are collectively referred to as the “underwriters” and the “representatives,” respectively. The underwriters are offering the shares of Class A common stock subject to their acceptance of such shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of Class A common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of Class A common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters’ option to purchase additional shares described below. The offering of the shares of Class A common stock by the underwriters is subject to their receipt and acceptance of the shares being offered and subject to the underwriters’ right to reject any order in whole or in part.

承销商初步拟按本招股说明书封面所列的发售价格向公众直接发售部分 A 类普通股股份，并按不高于公开发售价格每股 A 类普通股 $0.41 的折让价向若干交易商发售部分股份。在 A 类普通股股份首次发售后，代表方可不时变更发售价格及其他销售条款。在美国境外进行的 A 类普通股销售可由承销商的关联方进行。

The underwriters initially propose to offer part of the shares of Class A common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers at a price that represents a concession not in excess of $0.41 per share of Class A common stock under the public offering price. After the initial offering of the shares of Class A common stock, the offering price and other selling terms may from time to time be varied by the representatives. Sales of Class A common stock made outside of the United States may be made by affiliates of the underwriters.

我们已授予承销商一项选择权，可于本招股说明书日期后 30 天内行使，按本招股说明书封面所列公开发行价格额外购买最多 83,333,333 股 A 类普通股。在该选择权被行使的范围内，各承销商将有义务（受若干条件约束）按其在上一表格中名称旁所列股数占上一表格中全体承销商名称旁所列 A 类普通股总股数的相同比例，购买额外 A 类普通股。

We have granted to the underwriters an option, exercisable for 30 days after the date of this prospectus, to purchase up to 83,333,333 additional shares of Class A common stock at the public offering price listed on the cover page of this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of Class A common stock as the number listed next to the underwriter’s name in the preceding table bears to the total number of shares of Class A common stock listed next to the names of all underwriters in the preceding table.

ING Bank N.V.、Banco BTG Pactual S.A. – Cayman Branch 及 Mirae Asset Securities Co., Ltd. 并非在 SEC 注册的经纪自营商，因此，除遵守适用的美国法律法规外，不得在美国境内或向美国人士销售任何 A 类普通股。

ING Bank N.V., Banco BTG Pactual S.A. – Cayman Branch and Mirae Asset Securities Co., Ltd. are not broker-dealers registered with the SEC and therefore may not make sales of any shares of Class A common stock in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations.

下表列示了每股及合计公开发行价格、承销折扣及佣金，以及扣除费用前向我们支付的募集资金净额。表中金额分别假设未行使及全额行使

The following table shows the per share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the

承销商购买最多额外 · 83,333,333 股 A 类普通股 · 的选择权。

underwriters’ option to purchase up to an additional · 83,333,333 shares of Class A common stock · .

**合计**

**Total**

每股 · 未行使 · 全额行使 公开发行价格 · $135.00 · $ 74,999,999,925 · $ 86,249,999,880 我们应付的承销折扣及佣金 (1) · $0.90 / $0.00 · $500,000,000 · $500,000,000 扣除费用前向我们支付的募集资金 · $134.10 / $135.00 · $ 74,499,999,925 · $ 85,749,999,880

Per Share · No Exercise · Full Exercise Public offering price · $135.00 · $ 74,999,999,925 · $ 86,249,999,880 Underwriting discounts and commissions to be paid by us (1) · $0.90 / $0.00 · $500,000,000 · $500,000,000 Proceeds, before expenses, to us · $134.10 / $135.00 · $ 74,499,999,925 · $ 85,749,999,880

__________________

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(1) 对于根据超额配售选择权出售的任何 A 类普通股，承销商将不会获得任何折扣或佣金。

(1) The underwriters will not receive any discount or commission on any shares of our Class A common stock sold pursuant to the over- allotment option.

我们应付的预计发行费用（不包括承销折扣及佣金）约为 $55 million。我们已同意就本次发行与金融业监管局（Financial Industry Regulatory Authority）进行清算相关的合理费用向承销商报销，最高不超过 $200,000。承销佣金及费用，以及 FINRA 规则 5110 项下的所有报酬项目，合计将不超过发行募集资金总额的 5%。本次发行完成后，承销商法律顾问已同意将其获悉的与承销报酬项目有关的任何新信息告知 FINRA。

The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are approximately $55 million . We have agreed to reimburse the underwriters for their reasonable expenses relating to clearance of this offering with the Financial Industry Regulatory Authority up to $200,000. Underwriting commissions and expenses, as well as all items of compensation under FINRA Rule 5110, will not exceed 5% of the gross offering proceeds. Following the completion of this offering, underwriters’ counsel has agreed to inform FINRA of any new information of which it has become aware regarding items of underwriting compensation.

承销商已告知我们，其不打算向全权委托账户的销售超过其发售的 A 类普通股总股数的 5%。

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total number of shares of Class A common stock offered by them.

我们已获准将 A 类普通股在 Nasdaq 及 Nasdaq Texas 上市，交易代码为“SPCX”。

We have been approved to list our Class A common stock on Nasdaq and Nasdaq Texas under the trading symbol “SPCX.”

除承销商向散户投资者作出的配售外，我们目前预计，经我们请求，本次发行的部分 A 类普通股将通过作为销售组成员的 Charles Schwab & Co., Inc.、Fidelity Brokerage Services LLC 及 National Financial Services LLC 旗下部门 Fidelity Capital Markets、Robinhood Financial, LLC 和 SoFi Securities LLC，经由其各自的在线经纪平台向散户投资者发售。我们还预计，部分 A 类普通股将通过 Morgan Stanley 旗下的 E*TRADE 向散户投资者发售，Morgan Stanley 是本次发行承销商之一 Morgan Stanley & Co. LLC 的关联方。这些平台与我们无关联。通过这些平台进行的购买将受各销售组成员设定的条款、条件和要求约束。通过上述平台在本次发行中购买我们 A 类普通股的任何交易，均将与本次发行中的其他任何购买（包括机构和大型投资者的购买）以相同的首次公开发行价格、在同一时间进行。销售组成员的平台及销售组成员应用程序上的信息不构成本招股说明书的一部分，

In addition to allocations made to retail investors by the underwriters, we currently anticipate that certain of the shares of Class A common stock offered hereby will, at our request, be offered to retail investors through Charles Schwab & Co., Inc., Fidelity Brokerage Services LLC and Fidelity Capital Markets, a division of National Financial Services LLC, Robinhood Financial, LLC, and SoFi Securities LLC, as selling group members, via their respective online brokerage platforms. We also anticipate that certain of the shares of Class A common stock will be offered to retail investors through E*TRADE by Morgan Stanley , an affiliate of Morgan Stanley & Co. LLC, one of the underwriters of this offering. These platforms are not affiliated with us. Purchases through these platforms will be subject to the terms, conditions and requirements set by each selling group member. Any purchase of our Class A common stock in this offering through these platforms will be at the same initial public offering price, and at the same time, as any other purchases in this offering, including purchases by institutions and other large investors. The selling group members’ platforms and information on the selling group members’ applications do not form a part of

亦未通过援引方式纳入本招股说明书 · 。

nor are they incorporated by reference into this prospectus · .

锁定期协议 Lock-up Agreements

我们已与承销商达成一致，在本招股说明书日期后 180 天期间（“锁定期”）内，未经 Goldman Sachs & Co. LLC（代表承销商）事先书面同意，除特定例外情形外，我们不会 (a) 要约、出售、订立出售合同、质押、授予任何购买选择权、进行任何卖空或以其他方式直接或间接转让或处置，或向 SEC 提交与我们的任何普通股或与我们的普通股实质上相似的其他证券（包括但不限于购买我们普通股的任何选择权或认股权证，或可转换为或可交换为普通股或代表收取普通股权利的任何证券，或任何该等实质上相似的证券（“锁定证券”））有关的《证券法》项下的注册声明，或公开披露进行上述任何行为的意图，或 (b) 订立任何互换或其他协议，将我们任何普通股或该等其他证券所有权的任何经济后果全部或部分转移给另一方，无论上述 (a) 或 (b) 项所述的任何此类交易是否以交付我们的普通股或该等其他证券、现金或其他方式结算（本次发行中出售的股份，或根据本次发行之日存在的员工股票期权计划，或在本次发行之日已发行的可转换或可交换证券转换或交换时发行的股份除外）。

We have agreed with the underwriters that during the period of 180 days after the date of this prospectus (the “lock-up period”), without the prior written consent of Goldman Sachs & Co. LLC, on behalf of the underwriters, subject to certain exceptions, we will not (a) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating to, any shares of our common stock or other securities substantially similar to our common stock, including but not limited to any options or warrants to purchase shares of our common stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, common stock or any such substantially similar securities (“lock-up securities”), or publicly disclose the intention to do any of the foregoing, or (b) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of our common stock or such other securities, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of our common stock or such other securities, in cash or otherwise (other than the shares sold in this offering or pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of this offering).

该等限制不适用于：(a) 本次发行中出售的股份；(b) 本公司因行使（包括任何净额行使）期权或认股权证、限制性股票单位或类似股权奖励的归属与结算（包括任何净额结算）或证券的重新分类或转换而发行普通股，且上述各项均于本协议签署之日尚未行使完毕并在本文件中予以载明；(c) 本公司根据本文件所述员工福利计划向本公司员工、高级管理人员、董事、顾问或咨询人员授予或发行，或由其行使或结算（以现金、本公司普通股或其他方式）期权、股票增值权、限制性股票奖励、限制性股票单位、业绩股票奖励或任何其他类型的股权奖励或安排，或本公司根据本文件所述员工购股计划发行普通股；(d) 本公司就本文件所述任何员工福利计划向 SEC 提交一份或多份 S-8 表格或任何后续表格的注册声明；(e) 本公司股东、高级管理人员或董事根据《交易法》第 10b5-1 条规则就本公司普通股转让设立或修订交易计划；但前提是 (i) 该计划未规定在锁定期内转让本公司普通股（除非锁定期协议条款另有允许），且 (ii) 若本公司须就设立或修订该计划作出《交易法》项下的公告或备案（如有），或本公司自愿作出该等公告或备案，则该等公告或备案应包含一项声明，说明在该股东、高级管理人员或董事受约束的任何锁定期内，不得根据该计划转让本公司普通股；(f) 代表本公司员工出售本公司普通股，以支付该员工股权奖励根据本文件所述员工福利计划归属、行使或结算时应缴纳的预扣税款；(g) 就收购任何人士的股权或资产、本公司或其子公司以任何方式收购任何许可、使用权、业务、财产、资产、产品、技术或人士（无论通过合并、股票或股权购买、资产购买或其他方式，在一项或一系列交易中），包括根据本公司就该等交易承继的员工福利计划，或就合资企业、商业关系或其他战略或合作性公司交易或联盟，出售、交换或发行本公司普通股或可转换为本公司普通股或可行使或可交换为本公司普通股的证券（包括但不限于期权、限制性股票、限制性股票单位或认股权证），或订立出售、交换或发行该等证券的协议，或就上述事项作出任何公告或提交相关注册声明。

These restrictions do not apply to: (a) the shares sold in this offering, (b) the issuance by us of our common stock upon the exercise (including any net exercise) of an option or warrant, the vesting and settlement (including any net settlement) of restricted stock units or similar equity awards or the reclassification or conversion of a security, in each case outstanding on the date hereof and identified herein, (c) the grant or issuance by us, or exercise or settlement (in cash, shares of our common stock, or otherwise), of options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock awards or any other type of equity award or arrangement to our employees, officers, directors, advisors or consultants pursuant to our employee benefit plans described herein or the issuance by us of our common stock pursuant to our employee stock purchase plan described herein, (d) the filing by us of one or more registration statements with the SEC on Form S-8 or any successor form thereto with respect to any of our employee benefit plans described herein, (e) the establishment or amendment of a trading plan on behalf of our shareholders, officers or directors pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock; provided that (i) such plan does not provide for the transfer of our common stock during the lock-up period (except to the extent otherwise allowed pursuant to the terms of a lock-up agreement) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of, or voluntarily made by, us regarding the establishment or amendment of such plan, such announcement or filing shall include a statement to the effect that no transfer of our common stock may be made under such plan during any lock-up period to which such shareholder, officer or director is bound, (f) sales of our common stock on behalf of our employees to satisfy the withholding taxes payable upon the vesting, exercise or settlement of such employee’s equity awards pursuant to our employee benefit plans described herein, (g) the sale, exchange, or issuance of, or entry into an agreement to sell, exchange, or issue, our common stock or any securities convertible into or exercisable or exchangeable for our common stock (including, without limitation, options, restricted stock, restricted stock units, or warrants) in connection with any acquisition of the equity interests or assets of any person, the acquisition by the Company or its subsidiary by any means of any license, right to use, business, properties, assets, products, technologies or person, in one or a series of transactions (whether by means of merger, stock or equity purchase, asset purchase or otherwise), including pursuant to an employee benefit plan assumed by us in connection with such transaction, or in connection with joint ventures, commercial relationships or other strategic or collaborative corporate transactions or alliances, or any announcement or filing of a registration statement related thereto.

本次发行前已发行的全部普通股股份，均须就本次发行遵守下述转让限制（定义见下文）。股东（包括我们的创始人）未经高盛有限责任公司代表承销商事先书面同意，不得（也不得促使或指示其任何关联方）：(a) 要约、出售、订立出售合同、质押、授予任何购买期权、权利或认股权证、购买任何出售期权或合同、出借或以其他方式转让或处置（直接或间接）任何普通股股份，或任何购买普通股股份的期权、权利或认股权证，或任何可转换为、可交换为或代表有权收取普通股股份的证券（该等普通股股份、期权、权利、认股权证或其他证券，统称“锁定证券”），包括但不限于该锁定方现在拥有或此后获得的任何该等锁定证券；(b) 进行任何对冲或其他交易或安排（包括但不限于任何卖空，或购买或出售、或订立任何看跌或看涨期权或其组合、远期、互换或任何其他衍生交易或工具，无论其如何描述或定义），该等交易或安排旨在或合理预期会导致或产生对任何锁定证券的全部或部分、直接或间接的出售、贷款、质押或其他处置（无论由该锁定方或该锁定方以外的其他人进行），或转让任何锁定证券所有权的任何经济后果，无论任何该等交易或安排（或其项下规定的工具）是否将通过交付我们的普通股或该等其他证券、现金或其他方式结算（就本节而言，任何该等出售、贷款、质押或其他处置，或经济后果的转让，均为“转让”）；(c) 就任何锁定证券的登记提出任何要求或行使任何权利；或 (d) 以其他方式公开宣布任何从事或促使采取上述 (a)、(b) 或 (c) 项所述任何行动、活动、交易或安排的意图。

All shares of our common stock outstanding immediately prior to this offering will be subject to restrictions on Transfer (as defined below) in connection with this offering as follows. Shareholders (including our founder) may not (and may not cause or direct any of their affiliates to), without the prior written consent of Goldman Sachs & Co. LLC, on behalf of the underwriters: (a) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of (directly or indirectly) any shares of our common stock, or any options, rights, or warrants to purchase any shares of our common stock or any securities convertible into, exchangeable for or that represent the right to receive shares of our common stock (such shares of our common stock, options, rights, warrants or other securities, collectively, the “lock-up securities”), including without limitation any such lock-up securities now owned or hereafter acquired by such lock-up party, (b) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge, or other disposition (whether by such lock-up party or someone other than such lock-up party), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any lock-up securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of our common stock or such other securities, in cash or otherwise (for purposes of this section, any such sale, loan, pledge, or other disposition, or transfer of economic consequences, a “Transfer”), (c) make any demand for or exercise any right with respect to the registration of any lock-up securities, or (d) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (a), (b) or (c) above.

锁定证券的转让限制不适用于：

The restrictions on Transfer of the lock-up securities do not apply to the:

a. 锁定期方转让锁定期证券：(i) 作为一项或多项善意赠与或慈善捐赠，或出于善意的遗产规划目的，包括但不限于向慈善组织或教育机构转让；(ii) 因死亡而依遗嘱、遗嘱文件或无遗嘱继承；(iii) 若锁定期方为自然人，向其直系家庭成员、其他受抚养人，或为锁定期方或锁定期方直系家庭的直接或间接利益而向任何信托、合伙企业、有限责任公司或其他实体转让，或若锁定期方为信托，则向该信托的委托人、受托人或受益人，或该信托的委托人、受托人或受益人的遗产转让；(iv) 向锁定期方及锁定期方直系家庭为全部已发行权益证券或类似权益的法定及实益拥有人的公司、合伙企业、有限责任公司或其他实体转让；(v) 向根据上述第(a)(i)至(iv)项允许进行处置或转让的人或实体的代名人或托管人转让；(vi) 若锁定期方为公司、合伙企业、有限责任公司、信托或其他商业实体，(A) 向作为锁定期方关联方的另一公司、合伙企业、有限责任公司、信托或其他商业实体转让，或向任何投资基金或其他实体转让，而该基金或实体控制、受控于、管理或受管理于、提供咨询或接受咨询、提供副咨询或接受副咨询，或与锁定期方或锁定期方关联方处于共同控制之下，或 (B) 作为锁定期方向其股东、现任或前任合伙人、成员、管理人、受益人或其他权益持有人，或向其关联方的该等股东、合伙人、成员、管理人、受益人或其他权益持有人，或向任何该等股东、合伙人、成员、管理人、受益人或其他权益持有人的遗产进行分配、转让或其他处置的一部分；(vii) 依法律运作，例如依据适格家庭关系令、离婚和解协议、离婚判决或分居协议，或法院或监管机构的其他命令；(viii) 向我们或我们任何子公司转让，系因该员工或服务提供者死亡、残疾或终止雇佣（在每种情况下，针对该员工或服务提供者）；(ix) 若锁定期方并非我们的高级管理人员或董事，亦非持有我们普通股 10%或以上的股东，则与锁定期方转让其普通股股份相关，该等股份系 (A) 在本发行中从承销商处取得，或 (B) 在本发行定价日之后通过公开市场交易取得；(x) 向我们转让，系与限制性股票单位、期权、认股权证、交换权、转换权或其他购买或以其他方式取得普通股股份的权利的归属、结算或行使相关（在每种情况下，包括通过“净额”或“无现金”行使、结算或类似程序），该等权利已归属、将归属或计划在适用锁定期内到期或自动归属，包括为满足因授予、归属、结算或行使该等限制性股票单位、期权、认股权证、交换权、转换权或其他权利而到期的任何税务义务（包括预扣税和预估税）或汇款款项而向我们进行的任何转让，或与可转换证券的转换相关，在所有这些第(x)项情况下，系依据股票激励计划、长期激励计划或其他股权奖励计划或安排授予的股权奖励，或依据可转换或可交换证券的条款（如适用），均如本文所述，但前提是锁定期方在该等归属、结算、行使或转换时收到的任何证券必须受锁定期协议条款的约束；(xi) 在“卖出补足”或类似公开市场交易中，为满足因行使、归属和/或结算锁定期方持有并依据股票激励计划、长期激励计划或其他股权奖励计划或安排发行的股权奖励（包括期权和限制性股票单位）而产生的任何行权价或税务预扣义务，均如本文所述，但前提是锁定期方在实施本条规定后保留的任何普通股股份必须受锁定期协议条款的约束；(xii) 向我们或我们任何子公司转让，系依据我们或任何该等子公司有权回购股份或对转让该等股份享有优先购买权的协议；(xiii) 向我们或我们任何子公司转让，系依据股份或其他可转换为股份或可行使为股份的证券持有人有权要求我们或该子公司回购该等股份或其他可转换为股份或可行使为股份的证券的协议；(xiv) 向我们转让，系与我们对我们已发行权益证券的要约收购或经我们董事会批准的其他回购交易相关；(xv) 在某些情况下，向任何第三方质押权人转让，系在善意交易中作为担保，以担保该第三方（或其关联方或指定人）与锁定期方和/或其关联方之间于本发行日生效的贷款或类似融资安排项下的义务，或锁定期方和/或其关联方采取的任何其他行动，以允许该质押权人通过出售、转让、挪用或以其他方式处置锁定期证券来强制执行其在该安排项下的担保权益；(xvi) 共同基金或其关联方持有的极少量股份；或 (xvii) 经 Goldman Sachs & Co. LLC 代表承销商事先书面同意；但前提是 (A) 对于上述第(a)(i)、(ii)、(iii)、(iv)、(v)和(vi)项，该等转让或分配不得涉及有偿处置；(B) 对于上述第(a)(i)、(ii)、(iii)、(iv)、(v)、(vi)、(vii)和(xv)项，转让或分配的条件是受赠人、受遗赠人、受让人或分配对象（视情况而定）必须签署并交付适用于适用锁定期剩余期间的锁定期协议；(C) 对于上述第(a)(ii)、(iii)、(iv)、(v)和(vi)项，任何一方（包括但不限于任何赠与人、受赠人、受遗赠人、转让人、受让人、分配人或分配对象）均不得被要求或主动进行任何根据《交易法》提交的、报告锁定期证券实益所有权减少的申报、报告或公告，且不得与该等转让或分配相关主动进行；(D) 对于上述第(a)(i)、(vii)、(viii)、(ix)、(x)、(xi)、(xii)、(xiii)、(xiv)和(xv)项，不得与该等转让或分配相关主动进行任何根据《交易法》提交的申报、报告或公告，且若在适用锁定期内与该等转让或分配相关，法律要求进行任何报告锁定期证券实益所有权减少的该等申报、报告或公告，则该等申报、报告或公告必须在其脚注中明确说明 (A) 该等转让或分配的情形，以及 (B) 对于依据上述第(a)(i)或(vii)项进行的转让或分配，受赠人、受遗赠人、受让人或分配对象已同意受锁定期协议约束；

a. Transfer by the lock-up party of the lock-up securities: (i) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes, including without limitation to charitable organizations or educational institutions, (ii) upon death by will, testamentary document or intestate succession, (iii) if the lock-up party is a natural person, to any member of the lock-up party’s immediate family, to other dependents or to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party or, if the lock-up party is a trust to a trustor, trustee or beneficiary of the trust or the estate of a trustor, trustee or beneficiary of such trust, (iv) to a corporation, partnership, limited liability company or other entity of which the lock-up party and the immediate family of the lock-up party are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a)(i) through (iv) above, (vi) if the lock-up party is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate of the lock-up party, or to any investment fund or other entity which fund or entity is controlling, controlled by, managing or managed by, advises or is advised by, sub-advises or is sub-advised by or under common control with the lock-up party or affiliates of the lock-up party or (B) as part of a distribution, transfer or other disposition by the lock-up party to its stockholders, current or former partners, members, managers, beneficiaries or other equityholders of the lock-up party or its affiliates or to the estate of any such stockholders, partners, members, manager, beneficiaries or other equityholders, (vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or other order of a court or regulatory agency, (viii) to us from our or any of our subsidiaries’ employee or service provider upon death, disability or termination of employment, in each case, of such employee or service provider, (ix) if the lock-up party is not our officer or director or a stockholder holding 10% or more of our common stock, in connection with a Transfer of the lock-up party’s shares of common stock acquired (A) from the underwriters in this offering or (B) in open market transactions after the pricing date of this offering, (x) to us in connection with the vesting, settlement or exercise of restricted stock units, options, warrants, exchange, conversion or other rights to purchase or otherwise acquire shares of common stock (including, in each case, by way of “net” or “cashless” exercise, settlement or similar procedure) that are vested, vest or are scheduled to expire or automatically vest during the applicable lock-up period, including any transfer to us for the purpose of satisfying any tax obligations (including withholdings and estimated taxes) or remittance payments due as a result of the grant, vesting, settlement or exercise of such restricted stock units, options, warrants, exchange, conversion or other rights, or in connection with the conversion of convertible securities, in all such cases of this clause (x) pursuant to equity awards granted under a stock incentive plan, long-term incentive plan or other equity award plan or arrangement, or pursuant to the terms of convertible or exchangeable securities, as applicable, each as described herein, provided that any securities received by the lock-up party upon such vesting, settlement, exercise or conversion must be subject to the terms of a lock-up agreement, (xi) in “sell to cover” or similar open market transactions to satisfy any exercise price or tax withholding obligations as a result of the exercise, vesting and/or settlement of equity awards (including options and restricted stock units) held by the lock-up party and issued pursuant to a stock incentive plan, long-term incentive plan or other equity award plan or arrangement, each as described herein, provided that, any shares of common stock retained by the lock-up party after giving effect to this provision must be subject to the terms of a lock-up agreement, (xii) to us or any of our subsidiaries pursuant to an agreement under which we or any such subsidiary have the option to repurchase shares or a right of first refusal with respect to transfer of such shares, (xiii) to us or any of our subsidiaries pursuant to an agreement under which the holder of shares or other securities convertible into or exercisable for shares has the option to require us or such subsidiary to repurchase such shares or other securities convertible into or exercisable for shares, (xiv) to us in connection with a tender offer by us for outstanding equity securities or other repurchase transaction by us that is approved by our board of directors, (xv) in certain cases, to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to a lending or similar financing arrangement effective on the date of this offering between such third party (or its affiliates or designees) and the lock-up party and/or its affiliates, or otherwise any action by the lock-up party and/or its affiliates to permit such pledgee to enforce its security interest under such arrangement by selling, transferring, appropriating or otherwise disposing of the lock-up securities, (xvi) a de minimis amount of shares held by mutual funds or their affiliates, or (xvii) the prior written consent of Goldman Sachs & Co. LLC on behalf of the underwriters; provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, such transfer or distribution must not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi), (vii) and (xv) above, it is a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, must sign and deliver a lock-up agreement for the balance of the applicable lock-up period (C) in the case of clauses (a)(ii), (iii), (iv), (v), and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Exchange Act or other public filing, report or announcement reporting a reduction in beneficial ownership of lock-up securities must be required or must be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv) and (xv) above, no filing under the Exchange Act or other public filing, report or announcement must be voluntarily made in connection with such transfer or distribution, and if any such filing, report or announcement reporting a reduction in beneficial ownership of lock-up securities must be legally required in connection with such transfer or distribution during the applicable lock-up period, such filing, report or announcement must clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clauses (a)(i) or (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement;

b. 订立或修订符合《交易法》第 10b5-1 条规则要求的书面计划，涉及锁定期一方转让锁定期证券，前提是当时经我们允许，但该计划所涉证券在适用的锁定期届满前不得转让（锁定期协议允许的除外），且在该适用锁定期内，不得就该计划的设立自愿作出任何公告、报告或向《交易法》项下提交任何文件，或作出任何其他公开备案、报告或公告（无论由锁定期一方、我们或任何其他方作出或代表其作出），亦不得以其他方式披露该计划的设立；若在该适用锁定期内依法须作出任何该等备案、报告或公告，则该等备案、报告或公告必须明确表明，该计划所涉证券在该适用锁定期届满前不得依据该计划转让；

b. entry into or amendment of a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the Transfer of the lock-up securities of the lock-up party, if then permitted by us, provided that none of the securities subject to such plan may be Transferred until after the expiration of the applicable lock-up period, other than as permitted by the lock-up agreement, and no public announcement, report or filing under the Exchange Act, or any other public filing, report or announcement, must be voluntarily made (whether by or on behalf of the lock-up party, us or any other party) regarding, or that otherwise discloses, the establishment of such plan during the applicable lock-up period, and if any such filing, report or announcement must be legally required during the applicable lock-up period, such filing, report or announcement must clearly indicate that that none of the securities subject to such plan may be Transferred pursuant to such plan until after the expiration of the applicable lock-up period;

c. (i) 锁定期一方依据经我们董事会批准、向我们全体股本持有人作出且涉及控制权变更的善意第三方要约收购、合并、兼并或其他类似交易转让锁定期证券，以及 (ii) 订立任何锁定期、投票或类似协议，据此锁定期一方可同意就上述第 (i) 项所述交易转让、出售、要约出售或以其他方式处置普通股股份或可转换为普通股或可行使或可交换为普通股的其他证券；但若该要约收购、合并、兼并或其他类似交易未能完成，则锁定期证券仍须受锁定期限制约束；

c. (i) Transfer by the lock-up party of the lock-up securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by our board of directors and made to all our holders of capital stock involving a change of control, and (ii) entry into any lock-up, voting or similar agreement pursuant to which the lock-up party may agree to transfer, sell, tender or otherwise dispose of shares of common stock or such other securities convertible into or exercisable or exchangeable for common stock in connection with a transaction described in clause (i) above; provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the lock-up securities must remain subject to the lock-up restrictions;

d. 锁定期一方向我们转让锁定期证券，涉及 (i) 与本发售完成相关的我们已发行优先股转换为普通股股份，或 (ii) 任何类别的普通股或锁定期证券的任何股份转换为另一类别普通股股份的转换、重分类、赎回、交换，但依据第 (i) 或 (ii) 项在该等转换、重分类、赎回或交换时收到的任何该等普通股股份或锁定期证券须受锁定期协议条款约束；以及

d. Transfer by the lock-up party of the lock-up securities to us in connection with (i) the conversion of our outstanding preferred stock into shares of common stock in connection with the consummation of this offering or (ii) the conversion, reclassification, redemption, exchange of any shares of any class of common stock or lock-up securities into shares of another class of common stock, provided that any such shares of common stock or lock-up securities received upon such conversion, reclassification, redemption or exchange pursuant to clause (i) or (ii) must be subject to the terms of a lock-up agreement; and

e. 依据我们或我们子公司的股票激励计划、长期激励计划、股票购买计划或其他股权奖励计划或安排（均如本文件所述）以现金方式行使任何购买任何锁定期证券的期权，以及锁定期一方在该等行使时从我们处收到锁定期证券，但相关锁定期证券须受锁定期协议条款约束。

e. exercise of any option to purchase any lock-up securities pursuant to any of our or our subsidiaries’ stock incentive plan, long-term incentive plan, stock purchase plan or other equity award plan or arrangement, each as described herein, on a cash basis, and the receipt by the lock-up party from us of lock-up securities upon such exercise, provided that the underlying lock-up securities must be subject to the terms of a lock-up agreement.

我们的创始人已与承销商达成一致，其拥有的全部普通股股份在本招股说明书日期后第 366 个交易日收盘后立即之前，均受上述限制约束。此外，我们的创始人可以进行许可转让（定义见我们的公司章程），但须遵守上文第 a 段第 (A)、(B) 和 (D) 项所述的限制。我们创始人的股份在锁定期内不受任何提前解禁条款的约束。

Our founder has agreed with the underwriters that all of the shares of our common stock owned by him are subject to the restrictions described above until immediately after the close of the trading day on the 366th day after the date of this prospectus. In addition, our founder may make Permitted Transfers (as defined in our charter), subject to the restrictions described in clauses (A), (B), and (D) of paragraph a. above. Our founder’s shares are not subject to any early release provisions during the lock-up period.

我们的若干股东已与承销商达成一致，其拥有的若干普通股股份在紧接我们截至 2027 年 6 月 30 日止季度的季度财务业绩公开发布后的第二个完整交易日开始之前，均受上述限制约束（该期间称为“延长锁定期”），但须遵守下文所述的特定提前解禁条款。

Several of our shareholders have agreed with the underwriters that certain shares of our common stock owned by them are subject to the restrictions described above until the beginning of the second full trading day immediately following public release of our quarterly financial results for the quarter ended June 30, 2027 (such period of time, the “extended lock-up period”), subject to specified early release provisions described below.

受延长锁定期约束的股份，连同我们创始人持有的股份（受 366 天锁定期约束），合计约占 7.8 billion 股普通股，或超过本次发行前我们已发行股份的 63%。

The shares subject to the extended lock-up period, together with the shares held by our founder (which are subject to a 366-day lock-up period), represent approximately 7.8 billion shares of common stock, or greater than 63% of our shares outstanding immediately prior to this offering.

对于受延长锁定期约束的股份（不包括我们创始人持有的股份），自 2027 年第一季度起，将按如下方式自动提前解除转让限制：

For those shares subject to the extended lock-up period (which does not include shares held by our founder), there are automatic early releases from the restrictions on Transfer commencing in the first quarter of 2027 as follows:

a. 在我们截至 2026 年 12 月 31 日止季度的季度财务业绩（就此而言，不包括“快报”数字或初步、部分盈利数据）公开发布后纳斯达克第二个完整交易日或之后，最多可转让 20% 的股份；

a. on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the quarter ended December 31, 2026, up to 20% of the shares may be Transferred;

b. 在 2027 年 3 月 18 日（即本招股说明书日期后 280 天）或之后，最多可额外转让 10% 的股份；

b. on or after March 18, 2027 (the date that is 280 days after the date of this prospectus), up to an additional 10% of the shares may be Transferred;

c. 在我们截至 2027 年 3 月 31 日止季度的季度财务业绩（就此而言，不包括“快报”数字或初步、部分盈利数据）公开发布后纳斯达克第二个完整交易日或之后，最多可额外转让 20% 的股份；

c. on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the quarter ended March 31, 2027, up to an additional 20% of the shares may be Transferred;

d. 在 2027 年 5 月 17 日（即本招股说明书日期后 340 天）或之后，最多可额外转让 10% 的股份；

d. on or after May 17, 2027 (the date that is 340 days after the date of this prospectus), up to an additional 10% of the shares may be Transferred;

e. 在 2027 年 6 月 12 日（即本招股说明书日期后 366 天）或之后，最多可额外转让 20% 的股份；以及

e. on or after June 12, 2027 (the date that is 366 days after the date of this prospectus), up to an additional 20% of the shares may be Transferred; and

f. 在我们截至 2027 年 6 月 30 日止季度的季度财务业绩（就此而言，不包括“快报”数字或初步、部分盈利数据）公开发布后纳斯达克第二个完整交易日或之后，全部股份均可转让。

f. on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the quarter ended June 30, 2027, all of the shares may be Transferred.

我们所有其他已发行普通股股份在本招股说明书日期后第 180 个交易日收盘后立即之前，均受上述转让限制约束（该期间称为“180 天锁定期”），但须遵守下文所述的提前解禁条款。

All other outstanding shares of our common stock are subject to the Transfer restrictions described above until immediately after the close of the trading day on the 180th day after the date of this prospectus (such period of time, the “180-day lock-up period”), subject to the early release provisions described below.

对于受 180 天锁定期约束的该等股份，自 2026 年第三季度起，转让限制将按如下方式自动提前解除：

For those shares subject to the 180-day lock-up period, there are automatic early releases from the restrictions on Transfer commencing in the third quarter of 2026 as follows:

a. 在我们公开披露截至 2026 年 6 月 30 日止季度的季度财务业绩（就此而言，不包括“快报”数字或初步的、部分盈利数据）后，纳斯达克第二个完整交易日或之后（该日期称为“首次业绩发布日”），最多 20% 的股份可被转让；

a. on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the quarter ended June 30, 2026 (such date, the “First Earnings Release Date”), up to 20% of the shares may be Transferred;

b. 如果在截至并包括首次业绩发布日止的连续十个交易日中至少有五个交易日，我们 A 类普通股在纳斯达克的报告收盘价至少比本招股说明书封面所载的首次公开发行价格高出 30%，则在首次业绩发布日之后的第二个完整交易日或之后，最多可额外转让 10% 的股份；

b. if the reported closing price of our Class A common stock on Nasdaq is at least 30% greater than the public offering price set forth on the cover page of this prospectus for at least five of the ten consecutive trading days ending on, and including, the First Earnings Release Date, on or after the second full trading day immediately after the First Earnings Release Date, up to an additional 10% of the shares may be Transferred;

c. 在 2026 年 8 月 20 日、2026 年 9 月 9 日、2026 年 9 月 24 日、2026 年 10 月 9 日、2026 年 10 月 24 日（分别为本招股说明书日期后第 70 天、90 天、105 天、120 天和 135 天）各自当日或之后，最多可额外转让 7% 的股份；

c. up to an additional 7% of the shares may be Transferred on or after each of August 20, 2026, September 9, 2026, September 24, 2026, October 9, 2026, October 24, 2026 (the dates that are 70 days, 90 days, 105 days, 120 days, and 135 days, respectively, after the date of this prospectus);

d. 在我们公开披露截至 2026 年 9 月 30 日止季度的季度财务业绩（就此而言，不包括“快报”数字或初步的、部分盈利数据）后，纳斯达克第二个完整交易日或之后，最多可额外转让 28% 的股份；以及

d. on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for the quarter ended September 30, 2026, up to an additional 28% of the shares may be Transferred; and

e. 在 2026 年 12 月 8 日（本招股说明书日期后第 180 天）或之后，所有股份均可被转让。

e. on or after December 8, 2026 (the date that is 180 days after the date of this prospectus), all of the shares may be Transferred.

为便利我们 A 类普通股的发行，承销商（由 Morgan Stanley & Co. LLC 担任稳定市场代理人）可从事旨在稳定、维持或以其他方式影响我们 A 类普通股价格的交易。具体而言，承销商可出售超过其在承销协议项下有义务购买的 A 类普通股股份，从而形成空头头寸。若空头头寸不超过承销商根据超额配售选择权可购买的股份数量，则该卖空为补平卖空。承销商可通过行使超额配售选择权或在公开市场购买股份来平补补平卖空。在确定用于平补补平卖空的股份来源时，承销商将考虑（其中包括）我们 A 类普通股的公开市场价格与超额配售选择权项下可购买价格之间的比较。承销商亦可出售超过超额配售选择权数量的 A 类普通股股份，从而形成裸空头头寸。承销商必须通过在公开市场购买 A 类普通股股份来平补任何裸空头头寸。若承销商担心定价后我们 A 类普通股的公开市场价格可能面临下行压力，从而可能对本次发行中购买 A 类普通股股份的投资者产生不利影响，则更有可能形成裸空头头寸。作为便利本次发行的额外手段，承销商可在公开市场出价购买 A 类普通股股份，以稳定我们 A 类普通股的价格。该等活动可能使我们的 A 类普通股市场价格高于独立市场水平或维持在该水平，或阻止或延缓我们 A 类普通股市场价格的下跌。承销商无义务从事该等活动，并可随时终止任何该等活动。

In order to facilitate the offering of our Class A common stock, the underwriters, with Morgan Stanley & Co. LLC acting as stabilization agent, may engage in transactions that stabilize, maintain or otherwise affect the price of our Class A common stock. Specifically, the underwriters may sell more shares of Class A common stock than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under the option to purchase additional shares. The underwriters can close out a covered short sale by exercising the option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of our Class A common stock compared to the price available under the option to purchase additional shares. The underwriters may also sell shares of Class A common stock in excess of the option to purchase additional shares, creating a naked short position. The underwriters must close out any naked short position by purchasing shares of Class A common stock in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our Class A common stock in the open market after pricing that could adversely affect investors who purchase shares of Class A common stock in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of Class A common stock in the open market to stabilize the price of our Class A common stock. These activities may raise or maintain the market price of our Class A common stock above independent market levels or prevent or retard a decline in the market price of our Class A common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

我们与承销商已同意就某些责任（包括《证券法》项下的责任）相互赔偿。

We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.

电子格式的招股说明书可在参与本次发行的一家或多家承销商或任何销售团成员维护的网站上提供。代表可同意向承销商分配一定数量的 A 类普通股股份，以供其出售给其网上经纪账户持有人。互联网分销将由代表按与其他分配相同的基础分配给可能进行互联网分销的承销商。

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of Class A common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to the underwriters that may make internet distributions on the same basis as other allocations.

承销商及其各自的关联方均为提供全方位服务的金融机构，从事各类业务，可能包括证券交易、商业与投资银行业务、财务顾问、投资管理、投资研究、自营投资、对冲、融资及经纪业务。部分承销商及其各自的关联方不时为我们提供并可能在未来继续提供各类财务顾问与投资银行服务，并就此收取或将要收取惯常的费用与开支。部分承销商及其各自的关联方过去曾是、目前是、并可能在未来成为我们的客户，相关交易均按公平交易原则进行。此外，Morgan Stanley & Co. LLC 就收购 xAI 事宜向我们提供了顾问服务。Goldman Sachs & Co. LLC、Morgan Stanley & Co. LLC、BofA Securities, Inc.、Citigroup Global Markets Inc. 及 J.P. Morgan Securities LLC 的关联方担任 SpaceX Bridge Loan 项下的贷款方或行政代理。Barclays Capital Inc.、Deutsche Bank Securities Inc.、RBC Capital Markets, LLC、UBS Securities LLC 及 Wells Fargo Securities, LLC 的关联方为 SpaceX Bridge Loan 项下的贷款方。BofA Securities, Inc.、Citigroup Global Markets Inc.、Goldman Sachs & Co. LLC、Morgan Stanley & Co. LLC、Barclays Capital Inc.、Deutsche Bank Securities Inc.、Wells Fargo Securities, LLC、RBC Capital Markets, LLC 及 UBS Securities LLC 的关联方为 SpaceX Credit Facility 项下的贷款方。Citigroup Global Markets Inc.、Goldman Sachs & Co. LLC 及 Morgan Stanley & Co. LLC 的关联方担任联合银团代理；Barclays Capital Inc.、Deutsche Bank Securities Inc. 及 Wells Fargo Securities, LLC 的关联方担任联合文件代理；BofA Securities, Inc.、Citigroup Global Markets Inc.、Goldman Sachs & Co. LLC 及 Morgan Stanley & Co. LLC 的关联方担任联合牵头安排行；BofA Securities, Inc.、Citigroup Global Markets Inc.、Goldman Sachs & Co. LLC、Morgan Stanley & Co. LLC、Barclays Capital Inc.、Deutsche Bank Securities Inc. 及 Wells Fargo Securities, LLC 的关联方担任联合账簿管理人；BofA Securities, Inc. 的关联方担任 SpaceX Credit Facility 项下的行政代理。

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses. Certain of the underwriters and their respective affiliates have in the past been, are currently, and may in the future be, our customers in arm’s length transactions. In addition, Morgan Stanley & Co. LLC advised us in connection with the acquisition of xAI. Affiliates of Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC serve as lenders or administrative agents under the SpaceX Bridge Loan. Affiliates of Barclays Capital Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are lenders under the SpaceX Bridge Loan. Affiliates of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Wells Fargo Securities, LLC, RBC Capital Markets, LLC and UBS Securities LLC are lenders under the SpaceX Credit Facility. Affiliates of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC serve as co-syndication agents; affiliates of Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC serve as co-documentation agents; affiliates of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC serve as joint lead arrangers; affiliates of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC serve as joint bookrunners; and an affiliate of BofA Securities, Inc. serves as administrative agent under the SpaceX Credit Facility.

此外，在其各项业务活动的日常过程中，承销商及其各自的关联方可能为其自身账户及客户账户进行或持有广泛多样的投资，并积极交易债务和权益证券（或相关衍生证券）及金融工具（包括银行贷款），且可能随时持有此类证券和工具的多头或空头头寸，或就此提供贷款或其他融资，或以该等证券和工具作为担保。此类投资和证券活动可能涉及我们的证券和工具。承销商及其各自的关联方还可能就此等证券或工具提出投资建议，或发布或表达独立的研究观点，并可能随时持有或建议客户获取此类证券和工具的多头或空头头寸。

In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions, or provide loans or other financing on or secured by, in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

发行定价 Pricing of the Offering

在本次发行之前，我们的 A 类普通股不存在公开市场。首次公开发行价格由我们与承销商代表协商确定。在确定首次公开发行价格时考虑的因素包括：当前市场状况、我们及我们所在行业的整体未来前景、我们近期的历史财务和经营业绩、我们管理层的评估，以及结合上述因素对从事与我们类似业务的公司的市场估值所进行的考量。

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price has been determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price were prevailing market conditions, our future prospects and those of our industry in general, our historical financial and operating performance in recent periods, an assessment by our management and the consideration of the above factors in relation to market valuation of companies engaged in activities similar to ours.

定向股份计划 Directed Share Program

应我们的要求，承销商已预留最多百分之五的本次招股说明书发售的 A 类普通股股份，通过定向股份计划按首次公开发行价格向特定员工及由我们高级管理人员酌情选定的人员出售，其中可能包括与我们存在业务关系的各方以及我们高级管理人员的亲友。若上述人员购买，该等股份将不受锁定期限制。向公众发售的 A 类普通股股份数量将减去向上述人员出售的预留股份数量。上述人员未购买的任何预留股份将由承销商按与本次招股说明书发售的其他 A 类普通股股份相同的基础向公众发售。我们已同意就定向股份计划预留股份的销售事宜，赔偿承销商及其关联方因特定责任和费用（包括《证券法》项下的责任）而遭受的损失。本次发行的承销商之一 Morgan Stanley & Co. LLC 及其关联方将管理全球定向股份计划。

At our request, the underwriters have reserved up to five percent of the shares of Class A common stock offered by this prospectus for sale at the initial public offering price through a directed share program to certain employees and persons selected based on the discretion of our executive officers, which may include parties with whom we have a business relationship and friends and family of our executive officers. If purchased by these persons, these shares 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 by the number of reserved shares sold to these persons. Any reserved shares not purchased by these persons 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. We have agreed to indemnify the underwriters and their affiliates against certain liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the shares reserved for the directed share program. Morgan Stanley & Co. LLC, an underwriter in this offering, and its affiliates will administer the global directed share program.

美国境外发行 Offerings Outside the United States

本次发行包括在澳大利亚、加拿大部分省份和地区、欧洲经济区部分成员国、日本、瑞士和英国的公开发行。我们目前不打算在任何该等司法管辖区的任何交易所上市我们的 A 类普通股。

This offering includes public offerings in Australia, certain provinces and territories of Canada, certain member states of the European Economic Area, Japan, Switzerland, and the United Kingdom. We do not currently intend to list our Class A common stock on any exchange in such jurisdictions.

在适用法律允许的范围内，承销商可以在美国、澳大利亚、加拿大、欧洲经济区、日本、瑞士和英国以外的地区发售我们的 A 类普通股。承销商可以使用一个或多个关联方在美国境外发售和出售股份。除通过在该司法管辖区适用证券法下正式注册的经纪商或交易商，或在可获得此类注册要求豁免的情况下，我们的 A 类普通股不会在任何司法管辖区发售或出售。

Subject to applicable law, the underwriters may offer shares of our Class A common stock outside of the United States, Australia, Canada, the European Economic Area, Japan, Switzerland and the United Kingdom. The underwriters may use one or more affiliates in order to offer and sell shares outside of the United States. No shares of our Class A common stock will be offered or sold in any jurisdiction except by or through brokers or dealers duly registered under the applicable securities laws of that jurisdiction, or in circumstances where any exemption from such registration requirements is available.

出售限制 Selling Restrictions

#### 阿根廷

#### Argentina

根据经修订的阿根廷《第 17,811 号公开发行法》，A 类普通股未获阿根廷国家证券委员会（Comisión Nacional de Valores）批准在阿根廷公开发行，且不得公开出售。因此，在阿根廷进行的任何交易均须以非公开方式进行。

The shares of Class A common stock are not authorized for public offering in Argentina by the Comisión Nacional de Valores pursuant to Argentine Public Offering Law No. 17,811, as amended, and they shall not be sold publicly. Therefore, any transaction carried out in Argentina must be made privately.

#### 澳大利亚

#### Australia

本招股说明书不构成《2001 年公司法》（“《公司法》”）第 6D.2 章项下的招股说明书、产品披露声明或其他披露文件，亦不意图包含《公司法》项下招股说明书、产品披露声明或其他披露文件所要求的信息。

This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under Chapter 6D.2 of the Corporations Act 2001 (the “Corporations Act”), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

根据本招股说明书在澳大利亚发出的任何 A 类普通股要约，仅可向以下人士（“豁免投资者”）发出：属于《公司法》第 708(8)条含义内的“成熟投资者”、属于《公司法》第 708(11)条含义内的“专业投资者”的人士，或依据《公司法》第 708 条所载的一项或多项豁免另行发出，从而使得在无需根据《公司法》第 6D 章向投资者披露的情况下发出 A 类普通股要约属合法行为。

Any offer in Australia of the shares of Class A common stock made pursuant to this prospectus may only be made to persons (the “Exempt Investors”) who are “sophisticated investors” (within the meaning of section 708(8) of the Corporations Act), “professional investors” (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares of Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

豁免投资者根据本招股说明书在澳大利亚认购的 A 类普通股，在本次发行配发日期后的 12 个月内不得在澳大利亚发出出售要约，但依据《公司法》第 708 条项下的豁免或其他规定无需根据《公司法》第 6D 章向投资者披露的情形，或该要约系依据符合《公司法》第 6D 章的披露文件发出的情形除外。任何依据本招股说明书取得 A 类普通股的人士均须遵守该等澳大利亚转售限制。

The shares of Class A common stock applied for by Exempt Investors in Australia pursuant to this prospectus must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise, or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring the shares of Class A common stock pursuant to this prospectus must observe such Australian on-sale restrictions.

在澳大利亚的公开募股将依据一份单独的招股说明书（“澳大利亚招股说明书”）进行，该招股说明书符合《公司法》的要求，并将提交澳大利亚证券和投资委员会。任何希望参与本次发行的非豁免投资者必须依据澳大利亚招股说明书，通过随附于澳大利亚招股说明书的申请表格进行申请。

The public offering in Australia will be made pursuant to a separate prospectus (“Australian Prospectus”) which complies with the requirements of the Corporations Act and will be lodged with the Australian Securities and Investments Commission. Any non-Exempt Investor who wishes to participate in the offering must apply pursuant to the Australian Prospectus, through an application form which accompanies the Australian Prospectus.

本招股说明书仅包含一般性信息，并未考虑任何特定人士的投资目标、财务状况或特定需求。其不包含任何证券推荐或金融产品建议。在作出投资决定之前，投资者需考虑本招股说明书中的信息是否适合其需求、目标和情况，并在必要时就该等事项寻求专家意见。

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances and, if necessary, seek expert advice on those matters.

#### 巴西

#### Brazil

A 类普通股股份的发售和出售未曾且将不会在巴西证券委员会（Comissão de Valores Mobiliários，简称“CVM”）注册，因此，不会以任何根据 2022 年 7 月 13 日第 160 号 CVM 决议（经修订）构成在巴西公开发售的方式，或根据巴西法律法规构成未经授权分销的方式进行。A 类普通股股份将获准在巴西境外的有组织证券市场交易，且仅可向巴西专业投资者（按适用 CVM 法规的定义）发售，该等投资者仅可通过巴西境外账户购买 A 类普通股股份，并在巴西境外以非巴西货币结算。禁止在巴西受监管证券市场交易 A 类普通股股份。

The offer and sale of the shares of Class A common stock have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or “CVM”) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated 13 July 2022, as amended, or unauthorized distribution under Brazilian laws and regulations. The shares of Class A common stock will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire the shares of Class A common stock through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of the shares of Class A common stock on regulated securities markets in Brazil is prohibited.

#### 智利

#### Chile

本招股说明书发售的 A 类普通股股份未在证券登记处（Registro de Valores）登记，亦不受智利证券和保险委员会（Superintendencia de Valores y Seguros de Chile）监管。本招股说明书及与 A 类普通股股份发售相关的其他发售材料不构成在智利共和国对 A 类普通股股份的公开发售或认购或购买要约，但依据《智利证券市场法》（Ley de Mercado de Valores）第 4 条含义范围内的私募发行向个别确定的购买人发售除外（即并非“面向广大公众或公众的某一行业或特定群体”的要约）。

The shares of Class A common stock offered by this prospectus are not registered in the Securities Registry (Registro de Valores) or subject to the control of the Chilean Securities and Exchange Commission (Superintendencia de Valores y Seguros de Chile). This prospectus and other offering materials relating to the offer of the shares of Class A common stock do not constitute a public offer of, or an invitation to subscribe for or purchase, the shares of Class A common stock in the Republic of Chile, other than to individually identified purchasers pursuant to a private offering within the meaning of Article 4 of the Chilean Securities Market Act (Ley de Mercado de Valores) (an offer that is not “addressed to the public at large or to a certain sector or specific group of the public”).

#### 哥伦比亚

#### Colombia

A 类普通股股份未曾且将不会在由哥伦比亚金融监管局（Superintendencia Financiera de Colombia，简称“SFC”）维护的哥伦比亚国家证券和发行人登记处（Registro Nacional de Valores y Emisores - RNVE）注册，因此，A 类普通股股份不得在哥伦比亚公开发售或交付。但是，A 类普通股股份可依据哥伦比亚法规（2010 年第 2555 号法令）规定的私募豁免在哥伦比亚发售，根据该规定，如要约面向少于一百(100)名特定人士，则应视为私募发行（2010 年第 2555 号法令第 6.1.1.1.1 条）。本材料仅由我们负责，未经 SFC 审阅或授权，且不得在哥伦比亚公开分发。在作出投资决策时，所有投资者，包括可能不时购买 A 类普通股股份的任何哥伦比亚投资者，必须依赖其自身对本次发售条款及 A 类普通股股份的审查，包括所涉优点和风险。

The shares of Class A common stock have not been and will not be registered with the Colombian National Registry of Securities and Issuers (Registro Nacional de Valores y Emisores - RNVE) maintained by the Financial Superintendence of Colombia (Superintendencia Financiera de Colombia; the “SFC”) and, therefore, the shares of Class A common stock may not be publicly offered or delivered in Colombia. However, the shares of Class A common stock may be offered in Colombia under Colombian law pursuant to the private placement exemption set forth in the Colombian regulation (Decree 2555 of 2010), in accordance of which an offering shall be deemed a private placement if it is addressed to fewer than one hundred (100) specific persons (article 6.1.1.1.1, Decree 2555 of 2010). These materials are solely our responsibility and have not been reviewed or authorized by the SFC and may not be publicly distributed in Colombia. In making an investment decision, all investors, including any Colombian investor who may acquire shares of the Class A common stock from time to time, must rely on their own examination of the terms of the offering and shares of the Class A common stock, including the merits and risks involved.

#### 迪拜

#### Dubai

本招股说明书涉及根据迪拜金融服务管理局（下称“DFSA”）《发售证券规则》进行的“豁免发售”。本招股说明书仅拟向 DFSA《发售证券规则》所规定类型的人士分发。不得交付给任何其他人士，亦不得由任何其他人士依赖。DFSA 无责任审阅或核实与豁免发售相关的任何文件。DFSA 未批准本招股说明书，亦未采取措施核实本招股说明书所载信息，且对本招股说明书不承担任何责任。本招股说明书所涉及的 A 类普通股可能缺乏流动性，或其转售可能受到限制。A 类普通股的潜在购买者应自行对 A 类普通股进行尽职调查。如您不理解本招股说明书的内容，应咨询经授权的财务顾问。

This prospectus relates to an “Exempt Offer” in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the “DFSA”). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of Class A common stock to which this prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the shares of Class A common stock should conduct their own due diligence on the shares of Class A common stock. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

#### 欧洲经济区

#### European Economic Area

就欧洲经济区（EEA）各成员国（各称“相关成员国”）而言，除以下情形外，未在任何相关成员国发售或将发售任何 A 类普通股：(i)欧洲招股说明书所拟在德国、丹麦、法国、荷兰、挪威、西班牙和瑞典进行的欧洲公开发售（前提是该招股说明书已获主管机关批准，并已通知丹麦、法国、荷兰、挪威、西班牙和瑞典各自的主管机关，且均已根据《招股说明书条例》予以公布）；以及(ii)对于除欧洲公开发售中所发售的 A 类普通股以外的任何股份，在任何相关成员国根据《招股说明书条例》下列豁免情形随时进行的发售：

In relation to each Member State of the EEA (each, a “Relevant State”), no shares of Class A common stock have been offered or will be offered in that Relevant State, except for (i) the European public offering in Germany, Denmark, France, the Netherlands, Norway, Spain and Sweden contemplated by the European prospectus (once the prospectus has been approved by a competent authority and notified to the respective competent authority of each of Denmark, France, the Netherlands, Norway, Spain and Sweden and published, in each case in accordance with the Prospectus Regulation) and (ii) with respect to any shares other than the shares of Class A common stock offered in the European public offering in any Relevant State at any time under the following exemptions under the Prospectus Regulation:

- 向《招股说明书条例》第 2 条所定义的任何合格投资者发售；

- to any qualified investor as defined under Article 2 of the Prospectus Regulation;

- 向少于 150 名自然人或法人（《招股说明书条例》第 2 条所定义的合格投资者除外）发售，但须就任何该等发售事先取得代表的同意；或

- to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

- 属于《招股说明书条例》第 1(4)条适用范围的其他任何情形，

- in any other circumstances falling within the scope of application of Article 1(4) of the Prospectus Regulation,

前提是任何该等 A 类普通股的发售均不要求我们或任何承销商根据《招股说明书条例》第 3 条发布招股说明书，或根据《招股说明书条例》第 23 条补充招股说明书；且每位初始取得 A 类普通股的人士或任何发售对象将被视为已向我们及承销商各自声明、保证并同意，其属于《招股说明书条例》第 2 条第(e)点所指的合格投资者。

provided that no such offer of shares of Class A common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires the shares of Class A common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of us and the underwriters that it is a qualified investor within the meaning of Article 2 point (e) of the Prospectus Regulation.

若向《招股说明书条例》第 5(1) 条所指的金融中介机构发售任何 A 类普通股股份，则各金融中介机构亦将被视为已声明、保证并同意，其在本次发售中取得的 A 类普通股股份并非以非自主决定方式代表他人取得，亦非为向可能引致向公众发售 A 类普通股股份的情形下的人士发售或转售而取得，但其在相关成员国向所定义的合格投资者发售或转售，或已就每一项该等拟议发售或转售取得承销商事先同意的情形除外。

In the case of any shares of Class A common stock being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that the shares of Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of the shares of Class A common stock to the public, other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

就本条款而言，在任何相关成员国与 A 类普通股股份相关的“向公众发售”一词，指以任何形式和任何方式传达有关发售条款及拟发售的 A 类普通股股份的充分信息，以使投资者能够决定购买或认购该等 A 类普通股股份。

For the purposes of this provision, the expression an “offer to the public” in relation to the shares of Class A common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for the shares of Class A common stock.

#### 印度

#### India

本招股说明书未曾且将不会作为招股说明书向印度任何公司注册处登记。本招股说明书未曾且将不会由印度任何监管机构（包括印度证券交易委员会、印度任何公司注册处或印度任何证券交易所）审阅或批准。本招股说明书及本次 A 类普通股股份的发售不构成、亦不应被解释为在印度向公众发出的任何证券的邀请、要约或出售。除遵守印度适用法律法规（包括经修订的《2013 年公司法》）下的私募豁免外，A 类普通股股份未曾且将不会在印度向公众或公众任何成员发售或出售。本招股说明书严格仅限收件人本人使用，且本招股说明书及 A 类普通股股份的发售均无意直接或间接导致 A 类普通股股份可供除收到邀请或要约者以外的人士认购或购买。各投资者均被视为已确认、声明并同意，其根据印度适用法律、规则和法规有资格投资于 A 类普通股股份，无需取得任何事先批准，且印度任何法律、规则或法规均未禁止或阻止其取得、拥有或出售 A 类普通股股份。

This prospectus has not been and will not be registered as a prospectus with any registrar of companies in India. This prospectus has not been and will not be reviewed or approved by any regulatory authority in India, including the Securities and Exchange Board of India, any registrar of companies in India or any stock exchange in India. This prospectus and this offering of the shares of Class A common stock are not and should not be construed as an invitation, offer or sale of any securities to the public in India. Other than in compliance with the private placement exemptions under applicable laws and regulations in India, including the Companies Act, 2013, as amended, the shares of Class A common stock have not been, and will not be, offered or sold to the public or any member of the public in India. This prospectus is strictly personal to the recipient and neither this prospectus nor the offering of the shares of Class A common stock is calculated to result, directly or indirectly, in the shares of Class A common stock becoming available for subscription or purchase by persons other than those receiving the invitation or offer. Each investor is deemed to have acknowledged, represented and agreed that it is eligible to invest in the shares of Class A common stock under applicable laws, rules and regulations in India, without the requirement to obtain any prior approval, and that it is not prohibited or prevented under any law, rule or regulation in India from acquiring, owning or selling the shares of Class A common stock.

#### 印度尼西亚

#### Indonesia

本招股说明书不构成、亦无意构成依据印度尼西亚 1995 年第 8 号《资本市场法》在印度尼西亚进行的公开发行。本招股说明书不得在印度尼西亚共和国境内分发，A 类普通股股份亦不得在印度尼西亚共和国境内、或向无论居住于何地的印度尼西亚公民、或向印度尼西亚居民，以构成印度尼西亚共和国法律项下公开发行的方式要约或出售。

This prospectus does not, and is not intended to, constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. This prospectus may not be distributed in the Republic of Indonesia and the shares of Class A common stock may not be offered or sold in the Republic of Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesia residents, in a manner which constitutes a public offering under the laws of the Republic of Indonesia.

#### 以色列

#### Israel

在以色列国，本招股说明书不应被视为依据 5728—1968 年《以色列证券法》向公众要约购买 A 类普通股股份；该法要求，招股说明书须在符合 5728—1968 年《以色列证券法》第 15 条若干规定的情况下予以发布并经以色列证券管理局授权，其中包括：(i) 该要约仅向不超过 35 名投资者作出、分发或定向发出（须满足若干条件）（“定向投资者”），或 (ii) 该要约仅向 5728—1968 年《以色列证券法》第一附录所界定的若干合格投资者作出、分发或定向发出（须满足若干条件）（“合格投资者”）。合格投资者不计入定向投资者人数，并可在 35 名定向投资者之外另行获邀购买证券。我们未曾且将不会采取任何会要求其依据 5728—1968 年《以色列证券法》发布招股说明书的行动。除向合格投资者及最多 35 名定向投资者外，我们未曾且将不会在以色列国境内向任何人分发本招股说明书，或作出、分发或定向发出认购我们 A 类普通股的要约。

In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of Class A common stock under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728–1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the “Addressed Investors”), or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to certain conditions (the “Qualified Investors”). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We have not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our Class A common stock to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

合格投资者可能须提交书面证据，证明其符合《5728—1968 年以色列证券法》第一附录所载的定义。特别是，作为向其发售 A 类普通股股份的一项条件，我们可能要求每位合格投资者向我们和/或任何代表我们行事的人作出如下陈述、保证及证明：(i) 其属于《5728—1968 年以色列证券法》第一附录所列类别之一的投资者；(ii) 《5728—1968 年以色列证券法》第一附录中关于合格投资者的哪一类别适用于其；(iii) 其将遵守《5728—1968 年以色列证券法》及其项下颁布的法规中与本次发售 A 类普通股股份相关的所有规定；(iv) 在遵守《5728—1968 年以色列证券法》所规定的豁免的前提下，向其发行的 A 类普通股股份：(a) 为其自身账户持有；(b) 仅用于投资目的；且 (c) 并非以在以色列国境内转售为目的而发行，但依照《5728—1968 年以色列证券法》的规定进行的转售除外；以及 (v) 其愿意提供关于其合格投资者身份的进一步证据。收件投资者可能须就其身份提交书面证据，并可能须签署及提交一份声明，其中除其他事项外，载明收件投资者的姓名、地址及护照号码或以色列身份证号码。

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered shares of Class A common stock, that Qualified Investors will each represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with the offer to be issued shares of Class A common stock; (iv) that the shares of Class A common stock that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor’s name, address and passport number or Israeli identification number.

#### 马来西亚

#### Malaysia

与本招股说明书所发售的 A 类普通股股份的要约和出售相关的任何招股说明书或其他发售材料或文件，均未且不会依据《2007 年资本市场与服务法》提交马来西亚证券委员会（下称“马来西亚委员会”）登记以取得其批准。因此，本招股说明书及与 A 类普通股股份的要约或出售、或认购或购买邀请相关的任何其他文件或材料，不得向马来西亚境内人士传播或分发，A 类普通股股份亦不得直接或间接向马来西亚境内人士要约或出售，或作为认购或购买邀请的标的，但以下情形除外：(i) 经马来西亚委员会批准的封闭式基金；(ii) 资本市场服务牌照持有人；(iii) 以本人身份取得 A 类普通股股份的人士，且该要约的条款规定每笔交易取得 A 类普通股股份的对价不低于 RM250,000（或等值外币）；(iv) 个人净资产总额或与其配偶的联合净资产总额超过 RM3 百万（或等值外币）的个人，但不包括该个人主要居所的价值；(v) 在前十二个月内年度总收入超过 RM300,000（或等值外币）的个人；(vi) 与其配偶在前十二个月内年度总收入合计为 RM400,000（或等值外币）的个人；(vii) 根据最近经审计账目净资产总额超过 RM10 百万（或等值外币）的公司；(viii) 净资产总额超过 RM10 百万（或等值外币）的合伙企业；(ix) 《2010 年纳闽金融服务与证券法》所定义的银行持牌人或保险持牌人；(x) 《2010 年纳闽金融服务与证券法》所定义的伊斯兰银行持牌人或回教保险（takaful）持牌人；以及(xi) 马来西亚委员会可能指定的任何其他人士；但前提是，在上述(i)至(xi)各类情形中，A 类普通股股份的分发须由从事证券交易业务的资本市场服务牌照持有人进行。本招股说明书在马来西亚的分发受马来西亚法律约束。本招股说明书不构成、亦不得用于根据《2007 年资本市场与服务法》须向马来西亚委员会登记招股说明书的任何证券的公开发行或发行、认购或购买要约、或认购或购买邀请。

No prospectus or other offering material or document in connection with the offer and sale of shares of Class A common stock offered by this prospectus has been or will be registered with the Securities Commission of Malaysia (the “Malaysian Commission”) for the Malaysian Commission’s approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed-end fund approved by the Malaysian Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires shares of Class A common stock, as principal, if the offer is on terms that the shares if Class A common stock may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in each of the preceding categories (i) to (xi), the distribution of the shares of Class A common stock is made by a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, or invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Malaysian Commission under the Capital Markets and Services Act 2007.

#### 墨西哥

#### Mexico

A 类普通股股份未曾且将不会在墨西哥国家银行和证券委员会（Comisión Nacional Bancaria y de Valores，简称“CNBV”）维护的墨西哥国家证券登记处（Registro Nacional de Valores，简称“RNV”）登记，因此不得在墨西哥公开发售或出售，亦不得在墨西哥进行中介活动。但是，A 类普通股股份仅可依据《墨西哥证券市场法》（Ley del Mercado de Valores）第 8 条及其项下法规规定的私募豁免，以私募方式在墨西哥向符合机构投资者或合格投资者资格的投资者发售和出售。本招股说明书所载信息仅由我们负责，未经 CNBV 审阅或批准，不得在墨西哥公开分发。在作出投资决策时，所有投资者（包括可能不时取得 A 类普通股股份的任何墨西哥投资者）必须依赖其自身对我们、本次发售条款及 A 类普通股股份的审查，包括其中的优点和风险。

The shares of Class A common stock have not been and will not be registered with the Mexican National Securities Registry (Registro Nacional de Valores or the “RNV”) maintained by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, or the “CNBV”), and therefore, may not be offered or sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico. However, the shares of Class A common stock may only be offered and sold in Mexico on a private placement basis to investors that qualify as institutional or qualified investors pursuant to the private placement exemption set forth in Article 8 of the Mexican Securities Market Law (Ley del Mercado de Valores) and regulations thereunder. The information contained in this prospectus is solely our responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor, who may acquire the shares of Class A common stock from time to time, must rely on their own examination of us and the terms of this offering and the shares of Class A common stock, including the merits and risks involved.

#### 新西兰

#### New Zealand

本文件未根据《2013 年金融市场行为法》（“FMC 法”）向任何新西兰监管机构登记、备案或经其批准。A 类普通股股份仅可在新西兰向以下人士发售或出售（或为在新西兰发售之目的而配发）：

This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The shares of Class A common stock may only be offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:

- 属于 FMC 法附表一第 37 条所指投资业务的人士；

- is an investment business within the meaning of clause 37 of Schedule I of the FMC Act;

- 符合 FMC 法附表一第 38 条投资活动标准的人士；

- meets the investment activity criteria in clause 38 of Schedule I of the FMC Act;

- 属于 FMC 法附表一第 39 条所指大型主体的人士；

- is large within the meaning of clause 39 of Schedule I of the FMC Act;

- 属于 FMC 法附表一第 40 条所指政府机构的人士；或

- is a government agency within the meaning of clause 40 of Schedule I of the FMC Act; or

- 属于 FMC 法附表一第 41 条所指合格投资者的人士。

- is an eligible investor within the meaning of clause 41 of Schedule I of the FMC Act.

#### 秘鲁

#### Peru

A 类普通股股份及本文件所载信息未在秘鲁公开营销或发售，且不会向秘鲁公众分发或促使向其分发。秘鲁关于公开发行的证券法律法规不适用于本次发售，因此其中规定的披露义务在潜在投资者收购 A 类普通股股份之前或之后均不适用于本公司或 A 类普通股股份的出售方。A 类普通股股份及本文件所载信息未曾且将不会提交秘鲁资本市场监管机构（Superintendencia del Mercado de Valores，简称“SMV”）审阅、确认、批准或以任何方式报送，亦未在 SMV 的证券市场公共登记处（Registro Público del Mercado de Valores）登记。因此，A 类普通股股份不得在秘鲁境内发售或出售，除非任何该等发售或出售符合秘鲁法律法规项下的私募发行规定并遵守其中关于私募发行的条款。

The shares of Class A common stock and the information contained herein are not being publicly marketed or offered in Peru and will not be distributed or caused to be distributed to the general public in Peru. Peruvian securities laws and regulations on public offerings will not be applicable to this offering and therefore, the disclosure obligations set forth therein will not be applicable to the Company or the sellers of the shares of Class A common stock before or after their acquisition by prospective investors. The shares of Class A common stock and the information contained herein have not been and will not be reviewed, confirmed, approved or in any way submitted to the Superintendencia del Mercado de Valores (Peruvian capital market regulator) (the “SMV”), nor have they been registered with the SMV’s Securities Market Public Registry (Registro Público del Mercado de Valores). Accordingly, the shares of Class A common stock cannot be offered or sold within Peruvian territory except to the extent any such offering or sale qualifies as a private offering under Peruvian law and regulations and complies with the provisions on private offerings set forth therein.

#### 菲律宾

#### Philippines

本次发行或出售的 A 类普通股股份未曾且将不会依据菲律宾《证券监管法典》（“SRC”）在菲律宾证券交易委员会注册。未来在菲律宾境内对 A 类普通股股份的任何发行或出售，均须遵守 SRC 项下的注册要求，除非该等发行或出售属于 SRC 项下豁免注册的交易。

The shares of Class A common stock being offered or sold have not been and will not be registered with the Philippine Securities and Exchange Commission under the Securities Regulation Code of the Philippines (the “SCR”). Any future offer or sale of the shares of Class A common stock within the Philippines is subject to the registration requirements under the SRC unless such offer or sale qualifies as a transaction exempt from the registration under the SRC.

因此，本招股说明书及与 A 类普通股股份的发行或出售、或认购或购买要约相关的任何其他文件或材料，不得在菲律宾境内传阅或分发，且 A 类普通股股份不得向菲律宾境内人士发行或出售，亦不得作为认购或购买要约的标的，但以下情形除外：(i) 向合格投资者发行或出售，且该等交易属于 SRC 注册要求的豁免交易；及 (ii) 由在菲律宾获准进行该等发行或出售的人士进行。

Accordingly, this prospectus, and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the shares of Class A common stock, may not be circulated or distributed in the Philippines, and the shares of Class A common stock may not be offered or sold, or be made the subject of an invitation for subscription or purchase, to persons in the Philippines, other than (i) to qualified investors in transactions that are exempt from the registration requirements of the SRC; and (ii) by persons licensed to make such offers or sales in the Philippines.

#### 卡塔尔

#### Qatar

在卡塔尔国，本招股说明书所载的要约系应特定拟接收人的请求和主动，以排他方式向其作出，仅供其个人使用，且在任何情况下均不得被解释为向公众出售 A 类普通股股份的一般性要约，或试图在卡塔尔国以银行、投资公司或其他身份开展业务。本招股说明书及基础证券未经卡塔尔中央银行、卡塔尔金融中心监管局或卡塔尔国任何其他监管机构批准或发牌。本招股说明书所载信息仅可在为评估本次发行之目的且确有知悉需要的情况下，与卡塔尔国境内的任何第三方分享。接收人不得超出本招股说明书条款的范围向卡塔尔国境内的第三方分发本招股说明书，否则应由该接收人承担责任。

In the State of Qatar, the offer contained in this prospectus is made on an exclusive basis to the specifically intended recipient thereof, upon that person’s request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of the shares of Class A common stock to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar Central Bank or the Qatar Financial Center Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in the State of Qatar on a need to know basis for the purpose of evaluating the offering. Any distribution of this prospectus by the recipient to third parties in the State of Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

#### 沙特阿拉伯

#### Saudi Arabia

除向依据沙特阿拉伯资本市场管理局（“CMA”）董事会于 2017 年 12 月 27 日通过的第 3-123-2017 号决议（经修订）发布的《证券发行与持续义务规则》所允许的人士外，本招股说明书不得在沙特阿拉伯王国境内分发。CMA 对本招股说明书的准确性或完整性不作任何陈述，并对因本招股说明书的任何部分或依赖其任何部分而产生的或招致的任何损失明确不承担任何责任。本次发行的 A 类普通股股份的潜在购买者应自行就与 A 类普通股股份相关的信息的准确性进行尽职调查。如您不理解本招股说明书的内容，应咨询经授权的财务顾问。

This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the Saudi Arabian Capital Market Authority (the “CMA”) pursuant to resolution number 3-123-2017 dated 27 December 2017, as amended. The CMA does not make any representation as to the accuracy or completeness of this prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the shares of Class A common stock offered hereby should conduct their own due diligence on the accuracy of the information relating to the shares of Class A common stock. If you do not understand the contents of this prospectus, you should consult an authorized financial adviser.

#### 新加坡

#### Singapore

本招股说明书未作为招股说明书向新加坡金融管理局注册。因此，A 类普通股不得在新加坡向任何人士发出要约或出售，或作为认购或购买邀请的标的，本招股说明书或与 A 类普通股的要约或出售、或认购或购买邀请有关的任何其他文件或材料，亦不得直接或间接在新加坡向任何人士传阅，但以下情形除外：(i) 依据新加坡《2001 年证券与期货法》（经不时修订或修正，简称“SFA”）第 274 条向机构投资者（SFA 第 4A 条所定义）发出；或 (ii) 依据并按照 SFA 第 275 条规定的条件向合格投资者（SFA 第 4A 条所定义）发出。

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of Class A common stock may not be offered or sold, or made the subject of an invitation for subscription or purchase, nor may this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the shares of Class A common stock be circulated, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the “SFA”)) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

#### 南非

#### South Africa

由于南非证券法的限制，本次 A 类普通股发行不构成在南非的“公开发售”（该术语定义见经修订或重新颁布的《南非公司法》第 71 号（2008 年）（简称《南非公司法》））。因此，本文件不构成、亦无意构成为依据《南非公司法》编制并注册的“注册招股说明书”（该术语定义见《南非公司法》），且未经南非公司与知识产权委员会或南非任何其他监管机构批准和/或备案。A 类普通股不在南非或向南非地址的人士发出要约，且该要约不得在南非或向南非地址的人士转让、出售、放弃或交付，除非适用第 96(1) 条规定的下列豁免之一：

Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the South African Companies Act)) is being made in connection with the issue of the shares of Class A common stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a “registered prospectus” (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed with, the South African Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The shares of Class A common stock are not offered, and the offer should not be transferred, sold, renounced, or delivered in South Africa or to a person with an address in South Africa, unless one or other of the following exemptions stipulated in section 96(1) applies:

第 96(1)(a) 条 要约、转让、出售、放弃或交付的对象为：

Section 96(1)(a) the offer, transfer, sale, renunciation or delivery is to:

i. 其日常业务或部分日常业务为以主事人或代理人身份从事证券交易的人士；

i. persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or agent;

ii. 南非公共投资公司；

ii. the South African Public Investment Corporation;

iii.受南非储备银行监管的人士或实体；

iii.persons or entities regulated by the Reserve Bank of South Africa;

iv. 南非法律下的授权金融服务提供商；

iv. authorized financial service providers under South African law;

v. 南非法律下被认可为金融机构的机构；

v. financial institutions recognized as such under South African law;

vi. (iii)、(iv) 或 (v) 项所述任何人士或实体的全资子公司，以授权投资组合管理人身份为养老基金行事，或以集合投资计划管理人身份行事（在每种情况下均须依据南非法律正式注册）；或

vi. a wholly-owned subsidiary of any person or entity contemplated in (iii), (iv) or (v), acting as agent in the capacity of an authorized portfolio manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law); or

vii.(i) 至 (vi) 项所述人士的任何组合；

vii.any combination of the person in (i) to (vi);

第 96(1)(b) 条 对于任何作为主事人行事的单一收件人，A 类普通股的计划收购总成本等于或大于 ZAR 1,000,000，或依据《南非公司法》第 96(2)(a) 条通过《南非政府公报》公告颁布的更高金额。

Section 96(1)(b) the total contemplated acquisition cost of the shares of Class A common stock, for any single addressee acting as a principal is equal to or greater than ZAR 1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act.

本招股说明书中提供的信息不应被视为 2002 年《南非金融咨询与中介服务法》所定义的“建议”。

Information made available in this prospectus should not be considered as “advice” as defined in the South African Financial Advisory and Intermediary Services Act 2002.

#### 韩国

#### South Korea

本招股说明书发售的 A 类普通股股份未曾且将不会根据韩国《金融投资服务与资本市场法》及其项下的法令和法规（以下简称“FSCMA”）进行登记，且该等 A 类普通股股份已经并将在韩国作为 FSCMA 项下的私募发行进行发售。除与上述私募发行相关的情形外，以及除韩国适用法律法规（包括 FSCMA 和韩国《外汇交易法》及其项下的法令和法规（以下简称“FETL”））另有允许外，A 类普通股股份不得在韩国境内或向韩国任何居民直接或间接地发售、出售或交付，亦不得为直接或间接再发售或转售之目的而向任何人发售或出售。A 类普通股股份未在世界任何证券交易所上市，包括但不限于韩国的韩国交易所。此外，A 类普通股股份的购买方将遵守与购买 A 类普通股股份相关的所有适用监管要求（包括但不限于 FETL 项下的要求）。通过购买 A 类普通股股份，相关持有人将被视为陈述并保证，如其位于韩国或为韩国居民，其系依据韩国适用法律法规购买该等 A 类普通股股份。

The shares of Class A common stock offered by this prospectus have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the “FSCMA”), and the shares of Class A common stock have been and will be offered in Korea as a private placement under the FSCMA. Except in connection with the aforementioned private placement and except as otherwise permitted under the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the “FETL”), none of the shares of Class A common stock may be offered, sold or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea. The shares of Class A common stock have not been listed on any of securities exchanges in the world including, without limitation, the Korea Exchange in Korea. Furthermore, the purchaser of the shares of Class A common stock will comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of shares of Class A common stock. By the purchase of shares of Class A common stock, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares of Class A common stock pursuant to the applicable laws and regulations of Korea.

#### 瑞士

#### Switzerland

除依据上述瑞士公开发行外，A 类普通股股份不得在瑞士公开发售。此外，A 类普通股将不会在瑞士任何交易场所上市。

Except pursuant to the Swiss public offering described above, the shares of Class A common stock may not be publicly offered in Switzerland. In addition, the Class A common stock will not be listed on any trading venue in Switzerland.

除上述瑞士公开发行的情形外，A 类普通股股份仅可在瑞士境内或向瑞士直接或间接地(i)向符合瑞士《金融服务法》（“FinSA”）含义内专业客户资格的任何投资者发售、出售或宣传，或(ii)在属于 FinSA 第 36 条规定的任何其他情形下发售、出售或宣传。

Other than in the context of the Swiss public offering described above, the shares of Class A common stock may only be offered, sold or advertised, directly or indirectly, in or into Switzerland (i) to any investor that qualifies as a professional client within the meaning of the Swiss Financial Services Act ("FinSA") or (ii) in any other circumstances falling within Article 36 FinSA.

本文件不构成 FinSA 含义内的招股说明书，且未曾并将不会依据 FinSA 第 51 条向瑞士审核机构提交、送交其审核或经其批准。本文件不符合 FinSA 含义内适用于招股说明书的信息披露要求。本文件不得在瑞士公开分发或以其他方式公开提供。

This document does not constitute a prospectus within the meaning of the FinSA and has not been and will not be filed with, or reviewed or approved by, a Swiss review body pursuant to Article 51 FinSA. This document does not comply with the disclosure requirements applicable to a prospectus within the meaning of the FinSA. This document may not be publicly distributed or otherwise made publicly available in Switzerland.

#### 台湾

#### Taiwan

A 类普通股股份未曾且将不会依据相关证券法律法规向台湾金融监督管理委员会办理登记，且不得在台湾境内通过公开发行方式，或在构成台湾《证券交易法》所定义、须经台湾金融监督管理委员会登记或核准的要约的情形下，出售、发行或要约出售。台湾境内任何人士或实体均未被授权就在台湾发行和出售 A 类普通股股份作出要约、出售、提供建议或以其他方式充当中介。

The shares of Class A common stock have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the shares of Class A common stock in Taiwan.

#### 泰国

#### Thailand

本招股说明书不构成、亦无意构成在泰国的公开发行。A 类普通股股份不得向泰国境内人士要约或出售，除非该等要约系依据适用法律下的豁免核准及备案要求作出，或系在不构成泰国《1992 年证券交易法》所指向公众要约出售 A 类普通股股份的情形下作出，且无须获得泰国证券交易委员会办公室的核准。

This prospectus does not, and is not intended to, constitute a public offering in Thailand. The shares of Class A common stock may not be offered or sold to persons in Thailand, unless such offering is made under the exemptions from approval and filing requirements under applicable laws, or under circumstances which do not constitute an offer for sale of the shares Class A common stock to the public for the purposes of the Securities and Exchange Act of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission of Thailand.

#### 阿拉伯联合酋长国

#### United Arab Emirates

A 类普通股股份未曾且目前并未在阿拉伯联合酋长国（包括迪拜国际金融中心）公开发行、出售、推广或宣传，但符合阿拉伯联合酋长国（及迪拜国际金融中心）关于 A 类普通股股份发行、要约和出售的法律的情形除外。此外，本招股说明书不构成在阿拉伯联合酋长国（包括迪拜国际金融中心）的证券公开发行，亦无意构成公开发行。本招股说明书未经阿拉伯联合酋长国中央银行、证券和商品管理局、金融服务监管局或迪拜金融服务局批准或备案。

The shares of Class A common stock have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of the shares of Class A common stock. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority or the Dubai Financial Services Authority.

#### 英国

#### United Kingdom

本招股说明书系基于以下前提编制：A 类普通股股份的要约属于《2024 年公开发行与上市交易条例》（“POATRs”）附表 1 第 1 部分所列例外情形之一，因此不会为 POATRs 之目的编制或发布招股说明书。本招股说明书不构成 POATRs 所指的招股说明书。

This prospectus has been prepared on the basis that the offering of the shares of Class A common stock falls within one of the exceptions specified in Part 1 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (the “POATRs”) and, accordingly, there will not be a prospectus prepared or published for the purposes of the POATRs. This prospectus does not constitute a prospectus for the purposes of the POATRs.

各承销商均已声明并同意，其未曾且将不会在英国向公众就要约标的为本招股说明书的 A 类普通股股份作出要约，但可作出以下要约：

Each underwriter has represented and agreed that it has not made and will not make an offer of the shares of Class A common stock which are the subject of this prospectus to the public in the United Kingdom, except that it may make an offer:

- 在任何时间向 POATRs 附表 1 第 15 段所定义的任何合格投资者作出要约；

- at any time to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

- 在任何时间向英国境内少于 150 名人士（POATRs 附表 1 第 15 段所定义的合格投资者除外）作出要约，但须事先取得我们为任何该等要约所指定的相关承销商的同意；或

- at any time to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom subject to obtaining the prior consent of the relevant underwriters nominated by us for any such offer; or

- 在 POATRs 附表 1 第 1 部分所涵盖的任何其他情形下的任何时间。

- at any time in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

就本条款而言，与英国 A 类普通股股份相关的“向公众要约”一语，指以任何形式、通过任何方式传达有关要约条款及拟要约的 A 类普通股股份的充分信息，以使投资者能够决定是否购买或认购该等 A 类普通股股份。

For the purposes of this provision, the expression an “offer to the public” in relation to the shares of Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for the shares of Class A common stock.

法律事项 Legal Matters

本招股说明书所发售 A 类普通股股份的有效性将由位于德克萨斯州休斯顿的 Gibson, Dunn & Crutcher LLP 为我们出具法律意见。与本次发售相关的某些法律事项将由位于纽约州纽约市的 Davis Polk & Wardwell LLP 为承销商出具法律意见。

The validity of the shares of Class A common stock offered by this prospectus will be passed upon for us by Gibson, Dunn & Crutcher LLP, Houston, Texas. Certain legal matters in connection with this offering will be passed upon for the underwriters by Davis Polk & Wardwell LLP, New York, New York.

专家 Experts

本招股说明书中包含的截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的财务报表以及截至 2025 年 12 月 31 日止三年期间各年度的财务报表，系依据独立注册会计师事务所 PricewaterhouseCoopers LLP 的报告（该报告包含一段与公司重大关联方交易有关的解释性段落，详见合并财务报表附注 18）列入本招股说明书，并基于该事务所作为审计与会计专家的权威意见。

The financial statements as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP (which contains an explanatory paragraph relating to the Company’s significant transactions with related parties, as described in Note 18 to the consolidated financial statements), an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

您可以在何处找到更多信息 Where You Can Find Additional Information

我们已依据《证券法》向 SEC 提交了 S-1 表格注册声明，涉及本招股说明书所发售的 A 类普通股股份。本招股说明书构成注册声明的一部分，但不包含注册声明或其附件和附表中列载的全部信息。有关我们及本招股说明书所发售 A 类普通股股份的更多信息，请参阅完整的注册声明，包括随其提交的附件和附表。本招股说明书概述了作为附件提交的若干合同和其他文件的某些条款，我们提请阁下参阅该等文件。由于该等摘要可能不包含阁下认为重要的全部信息，阁下应审阅该等文件的全文。

We have filed with the SEC a registration statement on Form S-1 under the Securities Act relating to the shares of our Class A common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules thereto. For more information regarding us and the shares of our Class A common stock offered by this prospectus, we refer you to the full registration statement, including the exhibits and schedules filed therewith. This prospectus summarizes certain provisions of certain contracts and other documents filed as exhibits to which we refer you. Because the summaries may not contain all of the information that you may find important, you should review the full text of those documents.

SEC 维护着一个网站 www.sec.gov，其中包含向 SEC 电子申报的发行人提交的报告、信息声明及其他信息。本招股说明书构成其一部分的我们的注册声明可从 SEC 网站下载。由于本次发售，我们将受《交易法》报告要求的约束，并将向 SEC 提交或提供定期报告及其他信息。我们打算向股东提供或使其可获取包含我们按照 GAAP 编制的经审计合并财务报表的年度报告。我们还打算向股东提供或使其可获取包含我们未经审计中期财务信息的季度报告，涵盖每个财年的前三个财季。我们的网站位于 www.spacex.com。本次发售完成后，我们打算在向 SEC 电子提交或提供定期报告及其他信息后，在合理可行的情况下尽快通过我们的网站免费提供该等报告及其他信息。我们网站所载或通过链接或其他方式与之关联的信息不构成本招股说明书或本招股说明书构成其一部分的注册声明的一部分，亦未通过引用并入其中。我们可能不时使用我们的网站 www.ir.spacex.com 或我们的 X 账户，为《公平披露规则》（Regulation FD）之目的公开提供信息。

The SEC maintains a website at www.sec.gov that contains reports, information statements and other information regarding issuers that file electronically with the SEC. Our registration statement, of which this prospectus constitutes a part, can be downloaded from the SEC’s website. As a result of the offering, we will become subject to the reporting requirements of the Exchange Act and will file with or furnish to the SEC periodic reports and other information. We intend to furnish or make available to our shareholders annual reports containing our audited consolidated financial statements prepared in accordance with GAAP. We also intend to furnish or make available to our shareholders quarterly reports containing our unaudited interim financial information, for the first three fiscal quarters of each fiscal year. Our website is located at www.spacex.com. Following the completion of this offering, we intend to make our periodic reports and other information filed with or furnished to the SEC available, free of charge, through our website, as soon as reasonably practicable after those reports and other information are electronically filed with or furnished to the SEC. 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. We may use our website www.ir.spacex.com or our X account to make information publicly available for purposes of Regulation FD from time to time.

财务报表索引 Index to Financial Statements

**页**

**Page**

**Space Exploration Technologies Corp.**

**Space Exploration Technologies Corp.**

经审计合并财务报表

Audited Consolidated Financial Statements

独立注册公共会计师事务所报告 · F-2 截至 2025 年和 2024 年 12 月 31 日的合并资产负债表 · F-4 截至 2025 年、2024 年和 2023 年 12 月 31 日止年度的合并经营报表 · F-5 截至 2025 年 12 月 31 日止年度的合并综合收益（亏损）报表， 2024 年和 2023 年

Report of Independent Registered Public Accounting Firm · F-2 Consolidated Balance Sheets as of December 31, 2025 and 2024 · F-4 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023 · F-5 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024, and 2023

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度的可赎回可转换优先股和股东权益合并报表

Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders' Equity for

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度 截至 2025 年、2024 年和 2023 年 12 月 31 日止年度的合并现金流量表 · F-8 合并财务报表附注 · F-10

the Years Ended December 31, 2025, 2024, and 2023 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 · F-8 Notes to Consolidated Financial Statements · F-10

未经审计合并财务报表

Unaudited Consolidated Financial Statements

截至 2026 年 3 月 31 日和 2025 年 12 月 31 日的合并资产负债表 · F-63 截至 2026 年和 2025 年 3 月 31 日止三个月的合并经营报表 · F-64 截至 2026 年和 2025 年 3 月 31 日止三个月的合并综合亏损报表 · 2025

Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 · F-63 Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 · F-64 Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2026 and · 2025

截至 2026 年和 2025 年 3 月 31 日止三个月的可赎回可转换优先股和股东权益合并报表

Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders' Equity for

截至 2026 年 3 月 31 日及 2025 年 3 月 31 日的三个月 截至 2026 年 3 月 31 日及 2025 年 3 月 31 日的三个月合并现金流量表 · F-67 合并财务报表附注 · F-69

the Three Months Ended March 31, 2026 and 2025 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 · F-67 Notes to Consolidated Financial Statements · F-69

**独立注册公共会计师事务所报告**

**Report of Independent Registered Public Accounting Firm**

致 Space Exploration Technologies Corp. 董事会及股东

To the Board of Directors and Shareholders of Space Exploration Technologies Corp.

#### 对财务报表的意见

#### Opinion on the Financial Statements

我们已审计了随附的 Space Exploration Technologies Corp. 及其子公司（以下简称“公司”）截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的合并资产负债表，以及截至 2025 年 12 月 31 日止三年期间各年度的相关合并经营报表、综合收益（亏损）表、可赎回可转换优先股及股东权益表和现金流量表，包括相关附注（统称为“合并财务报表”）。我们认为，合并财务报表在所有重大方面公允反映了公司截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的财务状况，以及截至 2025 年 12 月 31 日止三年期间各年度的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated balance sheets of Space Exploration Technologies Corp. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of redeemable convertible preferred stock and shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

会计原则变更

Change in AccountingPrinciple

如合并财务报表附注 2 所述，公司于 2024 年变更了其数字资产的会计处理方式。

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for digital assets in 2024.

#### 意见基础

#### Basis for Opinion

这些合并财务报表由公司管理层负责。我们的责任是在审计的基础上对公司的合并财务报表发表意见。我们是一家在美国公众公司会计监督委员会（PCAOB）注册的会计师事务所，并须根据美国联邦证券法律以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立性。

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准对这些合并财务报表执行了审计。这些标准要求我们计划和执行审计，以就合并财务报表是否不存在由于错误或舞弊导致的重大错报获取合理保证。

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

我们的审计包括执行程序以评估合并财务报表是否存在由于错误或舞弊导致的重大错报风险，以及执行应对这些风险的程序。此类程序包括在测试基础上检查有关合并财务报表中金额和披露的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价合并财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### 与关联方的重大交易

#### Significant Transactions with Related Parties

如合并财务报表附注 18 所述，公司与关联方签订了重大交易。

As discussed in Note 18 to the consolidated financial statements, the Company has entered into significant transactions with related parties.

#### 关键审计事项

#### Critical Audit Matters

下文所述关键审计事项系本期对合并财务报表审计中产生的事项，该事项已传达或要求传达给审计委员会，且(i)涉及对合并财务报表具有重要性的账目或披露，以及(ii)涉及我们特别具有挑战性、主观性或复杂性的判断。关键审计事项的传达不以任何方式改变我们对合并财务报表整体的意见，且我们通过下文传达关键审计事项，并非就该关键审计事项或其所涉及的账目或披露提供单独意见。

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidatedfinancial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

收入确认——对按时间确认的某些合同完工总成本的估计

Revenue Recognition – Estimate of Total Cost at Completion for Certain Contracts Recognized Over Time

如合并财务报表附注 2 和附注 3 所述，公司在截至 2025 年 12 月 31 日止年度内，在太空与连接业务板块分别确认收入$4.1 billion 和$11.4 billion，其中一部分涉及采用成本比成本投入法按时间确认的合同。在成本比成本投入法下，公司根据迄今发生的成本（如材料和人工工时）相对于完工总估计成本确认收入。为每项履约义务制定完工总估计成本需要管理层运用重大判断，包括有关以下方面的假设：(i)发射时间安排、人工工时、被认定为可多次发射重复使用的运载火箭的共享成本分摊，以及太空合同项下运载火箭和航天器预期技术变化；以及(ii)人工工时、卫星生产中使用的共享成本分摊、卫星材料成本，以及连接合同项下卫星预期技术变化。公司以累计基础确认合同收入或完工成本估计的变动以及由此产生的合同利润变动。

As described in Notes 2 and 3 to the consolidated financial statements, the Company recognized revenue of $4.1 billion and $11.4 billion for the year ended December 31, 2025 within the Space and Connectivity segments, respectively, a portion of which related to contracts recognized over time using the cost-to-cost input method. Under the cost-to-cost input method, the Company records revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at completion. Developing the estimated total cost at completion for each performance obligation requires the use of significant management judgment, including assumptions regarding (i) launch timing, labor hours, allocation of shared costs for launch vehicles that have been identified as reusable for multiple launches, as well as expected technological changes to launch vehicles and spacecraft for Space contracts, and (ii) labor hours, allocation of shared costs used in the production of satellites, satellite material costs, as well as expected technological changes to satellites for Connectivity contracts. The Company recognizes changes in estimated contract revenue or costs at completion and the resulting changes in contract profit on a cumulative basis.

我们认定执行与收入确认——对按时间确认的某些合同完工总成本的估计相关的程序为关键审计事项的主要考虑因素是：(i)管理层在制定完工总估计成本时作出的重大判断，包括逐合同作出的重大判断和假设；以及(ii)审计师在执行程序及评价与管理层完工总估计成本（包括估计人工工时）相关的审计证据时的高度判断、主观性和工作量。

The principal considerations for our determination that performing procedures relating to revenue recognition – estimate of total cost at completion for certain contracts recognized over time is a critical audit matter are (i) the significant judgment by management in developing the estimate of total cost at completion, including significant judgments and assumptions on a contract by contract basis, and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s estimate of total cost at completion, including estimated labor hours.

就相关事项执行的程序及评价审计证据，与我们形成对合并财务报表整体意见相关。这些程序包括（其中包括）：(i) 测试管理层使用的与迄今实际成本相关的底层数据的完整性和准确性；(ii) 测试管理层编制完工总成本估计的流程，包括以抽样方式评价管理层针对每份合同所考虑的某些重大判断和假设（包括估计工时）的合理性。评价与完工总成本估计相关的重大判断和假设，涉及评价管理层使用的重大判断和假设是否合理，考量因素包括：(i) 管理层过往预测的准确性；(ii) 支持上述相关假设的证据；(iii) 会计政策的一贯应用；以及 (iv) 及时识别可能需要修改先前估计的情形。

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing the completeness and accuracy of underlying data used by management related to actual costs to date, (ii) testing management’s process for developing the estimate of total cost at completion, including evaluating on a test basis, the reasonableness of certain significant judgments and assumptions considered by management specific to each contract, including estimated labor hours. Evaluating the significant judgments and assumptions related to the estimates of total cost at completion involved evaluating whether the significant judgments and assumptions used by management were reasonable considering (i) management’s historical forecasting accuracy; (ii) evidence to support the relevant aforementioned assumptions; (iii) the consistent application of accounting policies; and (iv) the timely identification of circumstances which may require a modification to a previous estimate.

/s/PricewaterhouseCoopers LLP

/s/PricewaterhouseCoopers LLP

加利福尼亚州洛杉矶

Los Angeles, California

2026 年 3 月 30 日，但涉及合并财务报表附注 1 所述同一控制下实体重组的影响及股票拆分的影响，以及合并财务报表附注 19 所述可报告分部变更的，日期为 2026 年 5 月 7 日

March 30, 2026, except for the effects of the reorganization of entities under common control and the effects of the stock split discussed in Note 1 to the consolidated financial statements and the change in reportable segments discussed in Note 19 to the consolidated financial statements, as to which the date is May 7, 2026

我们自 2012 年起担任本公司的审计师。

We have served as the Company’s auditor since 2012.

**Space Exploration Technologies Corp. 合并资产负债表（单位：百万美元，每股数据除外）**

**Space Exploration Technologies Corp. Consolidated Balance Sheets (in million s, except per share data)**

**12 月 31 日，**

**December 31,**

2025 · 2024 资产 流动资产 现金及现金等价物 · $24,747 · $11,385 有价证券 · — · 800 应收账款，扣除截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的信用损失准备 $39 和 $119 后， 分别为 · 1,579 · 1,052 存货 · 2,416 · 2,003 预付费用及其他流动资产 · 2,210 · 868 流动资产合计 · 30,952 · 16,108 物业、厂房及设备，净额(a) · 42,602 · 21,147 融资租赁使用权资产 · 1,260 · 1,686 无形资产，净额 · 1,548 · 2,211 数字资产 · 1,637 · 1,749 商誉 · 11,809 · 11,129 递延所得税资产 · 141 · 696 其他资产 · 2,130 · 2,336 资产总计 · $92,079 · $57,062 负债、可赎回可转换优先股及股东权益 流动负债 应付账款 · 11,792 · 4,413 递延收入，流动 · 6,111 · 5,498 债务及融资租赁，流动（截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的关联方金额分别为 $455 和 $-） 分别为) · 928 · 372 应计费用及其他流动负债 · 2,569 · 1,508 流动负债合计 · 21,400 · 11,791 长期负债 递延收入，扣除流动部分 · 6,005 · 4,681 债务及融资租赁，扣除流动部分（截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的关联方金额分别为 $4,052 和 $-） 分别为) · 21,968 · 13,421 其他负债 · 1,381 · 1,365 负债合计 · 50,754 · 31,258 承诺及或有事项（附注 17） 可赎回可转换优先股 可赎回可转换优先股，面值 $0.001；已发行 2,351 股和 1,997 股；截至 2025 年 12 月 31 日和 2024 年 12 月 31 日 分别有 2,046 股和 1,748 股流通在外 · 38,752 · 20,941 股东权益 A 类普通股，面值 $0.001；已发行 2,036 股和 1,832 股；截至 2025 年 12 月 31 日和 2024 年 12 月 31 日分别有 1,954 股和 1,832 股流通在外 · 3 · 2 B 类普通股，面值 $0.001；截至 2025 年 12 月 31 日和 2024 年 12 月 31 日 已发行并流通在外 644 股和 768 股 · 1 · 1 C 类普通股，面值 $0.001；截至 2025 年 12 月 31 日和 2024 年 12 月 31 日 已发行并流通在外 482 股和 421 股 · 0 · 0 D 类普通股，面值 $0.0001；截至 2025 年 12 月 31 日和 2024 年 12 月 31 日 无已发行并流通在外的股份 · — · — 资本公积 · 37,706 · 35,865 累计亏损 · (37,035) · (32,098) 累计其他综合收益 · 1,898 · 1,093 股东权益合计 · 2,573 · 4,863 负债、可赎回可转换优先股及股东权益总计 · $92,079 · $57,062

2025 · 2024 Assets Current assets Cash and cash equivalents · $24,747 · $11,385 Marketable securities · — · 800 Accounts receivable, net of allowance for credit losses of $39 and $119 at December 31, 2025 and 2024, respectively · 1,579 · 1,052 Inventory · 2,416 · 2,003 Prepaid expenses and other current assets · 2,210 · 868 Total current assets · 30,952 · 16,108 Property, plant, and equipment, net(a) · 42,602 · 21,147 Finance lease right-of-use assets · 1,260 · 1,686 Intangible assets, net · 1,548 · 2,211 Digital assets · 1,637 · 1,749 Goodwill · 11,809 · 11,129 Deferred tax assets · 141 · 696 Other assets · 2,130 · 2,336 Total assets · $92,079 · $57,062 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity Current liabilities Accounts payable · 11,792 · 4,413 Deferred revenue, current · 6,111 · 5,498 Debt and finance leases, current (related party of $455 and $- at December 31, 2025 and 2024, respectively) · 928 · 372 Accrued expenses and other current liabilities · 2,569 · 1,508 Total current liabilities · 21,400 · 11,791 Long-term liabilities Deferred revenue, net of current · 6,005 · 4,681 Debt and finance leases, net of current (related party of $4,052 and $- at December 31, 2025 and 2024, respectively) · 21,968 · 13,421 Other liabilities · 1,381 · 1,365 Total liabilities · 50,754 · 31,258 Commitments and contingencies (Note 17) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $0.001; 2,351 and 1,997 shares issued; 2,046 and 1,748 shares outstanding as of December 31, 2025 and 2024, respectively · 38,752 · 20,941 Shareholders’ equity Class A common stock, par value $0.001; 2,036 and 1,832 shares issued; 1,954 and 1,832 shares outstanding as of December 31, 2025 and 2024, respectively · 3 · 2 Class B common stock, par value $0.001; 644 and 768 shares issued and outstanding as of December 31, 2025 and 2024, respectively · 1 · 1 Class C common stock, par value $0.001; 482 and 421 shares issued and outstanding as of December 31, 2025 and 2024, respectively · 0 · 0 Class D common stock, par value $0.0001; no shares issued and outstanding as of December 31, 2025 and 2024, respectively · — · — Additional paid-in capital · 37,706 · 35,865 Accumulated deficit · (37,035) · (32,098) Accumulated other comprehensive income · 1,898 · 1,093 Total shareholders’ equity · 2,573 · 4,863 Total liabilities, redeemable convertible preferred stock, and shareholders’ equity · $92,079 · $57,062

__________________

__________________

(a) 有关关联方安排的更多详情，请参见附注 18“关联方交易”。

(a) Refer toNote 18, Related Party Transactions for additional details on related party arrangements.

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 合并经营报表（单位：百万美元，每股数据除外）**

**Space Exploration Technologies Corp. Consolidated Statements of Operations (in million s, except per share data)**

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 收入 · $18,674 · $14,015 · $10,387 成本与费用 收入成本 · 9,451 · 7,996 · 6,110 研发 · 8,643 · 3,464 · 2,105 销售、一般及行政 · 2,644 · 1,813 · 1,665 重组费用 · 487 · 213 · 237 减值 · 38 · 63 · 3,775 成本与费用合计 · 21,263 · 13,549 · 13,892 经营利润（亏损） · (2,589) · 466 · (3,505) 利息费用(关联方金额分别为 $66、$- 和 $-，对应 2025 年、2024 年和 2023 年 12 月 31 日) · (1,945) · (1,580) · (1,693) 利息收入 · 492 · 371 · 249 其他收入（费用），净额 · (177) · 985 · (42) 所得税前利润（亏损） · (4,219) · 242 · (4,991) 所得税费用（收益） · 718 · (549) · (363) 净利润（亏损） · $(4,937) · $791 · $(4,628) 归属于股东的净利润（亏损）- 基本 · $(4,937) · $18 · $(4,628) 归属于股东的净利润（亏损）- 稀释 · $(4,937) · $21 · $(4,628)

2025 · 2024 · 2023 Revenue · $18,674 · $14,015 · $10,387 Costs and expenses Cost of revenue · 9,451 · 7,996 · 6,110 Research and development · 8,643 · 3,464 · 2,105 Selling, general, and administrative · 2,644 · 1,813 · 1,665 Restructuring charges · 487 · 213 · 237 Impairment · 38 · 63 · 3,775 Total costs and expenses · 21,263 · 13,549 · 13,892 Income (loss) from operations · (2,589) · 466 · (3,505) Interest expense (related party of $66, $-, and $- for December 31, 2025, 2024, and 2023, respectively) · (1,945) · (1,580) · (1,693) Interest income · 492 · 371 · 249 Other income (expense), net · (177) · 985 · (42) Income (loss) before income taxes · (4,219) · 242 · (4,991) Provision for (benefit from) income taxes · 718 · (549) · (363) Net income (loss) · $(4,937) · $791 · $(4,628) Net income (loss) attributable to shareholders - basic · $(4,937) · $18 · $(4,628) Net income (loss) attributable to shareholders - diluted · $(4,937) · $21 · $(4,628)

普通股股东 common shareholders

基本 · $(1.69) · $0.01 · $(1.68) 稀释 · $(1.69) · $0.00 · $(1.68)

Basic · $(1.69) · $0.01 · $(1.68) Diluted · $(1.69) · $0.00 · $(1.68)

每股普通股 per share of common stock

基本 · 2,926 · 2,848 · 2,759 稀释 · 2,926 · 9,956 · 2,759

Basic · 2,926 · 2,848 · 2,759 Diluted · 2,926 · 9,956 · 2,759

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 合并综合收益（亏损）表（单位：百万）**

**Space Exploration Technologies Corp. Consolidated Statements of Comprehensive Income (Loss) (in million s)**

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 净利润（亏损） · $(4,937) · $791 · $(4,628)

2025 · 2024 · 2023 Net income (loss) · $(4,937) · $791 · $(4,628)

其他综合收益（亏损） Other comprehensive income (loss)

外币折算调整变动，税后净额 · 805 · (391) · 222 有价证券未实现收益（亏损），税后净额 · 0 · (1) · 1 其他综合收益（亏损） · 805 · (392) · 223 综合收益（亏损） · $(4,132) · $399 · $(4,405)

Change in foreign currency translation adjustments, net of tax · 805 · (391) · 222 Unrealized gains (losses) on marketable securities, net of tax · 0 · (1) · 1 Other comprehensive income (loss) · 805 · (392) · 223 Comprehensive income (loss) · $(4,132) · $399 · $(4,405)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 可赎回可转换优先股及股东权益合并报表（单位：百万）**

**Space Exploration Technologies Corp. Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity (in million s)**

可赎回可转换优先股 股票 股数 · 金额 · 股数 · 金额 · 额外 实收资本 累计 赤字 累计 其他 综合 收入 股东权益 · 合计 股权 2022 年 12 月 31 日余额 · 136 · $7,239 · 2,742 · $3 · $35,275 · $(28,757) · $1,262 · $7,783 股份支付薪酬 · — · 3 · — · — · 784 · — · — · 784 可赎回可转换优先股的发行 · 750 · 750 · — · — · — · — · — · — 已发行普通股，扣除代扣税款后的净额 · — · — · 249 · 0 · (41) · — · — · (41) 普通股回购 · — · — · (11) · 0 · (170) · — · — · (170) 净亏损 · — · — · — · — · — · (4,628) · — · (4,628) 其他综合收益（亏损） · — · — · — · — · — · — · 223 · 223 2023 年 12 月 31 日余额 · 886 · $7,992 · 2,980 · $3 · $35,848 · $(33,385) · $1,485 · $3,951 因采用 ASU 而对前期进行的调整 · 2023-08 · — · — · — · — · — · 496 · — · 496 股份支付薪酬 · — · — · — · — · 914 · — · — · 914 发行可赎回可转换优先股 · 862 · 13,001 · — · — · — · — · — · — 已发行普通股，扣除代扣税款后的净额 · — · — · 75 · 0 · 72 · — · — · 72 普通股及可赎回可转换优先股的回购 · 0 · (21) · (46) · 0 · (1,000) · — · — · (1,000)

Redeemable Convertible Preferred Stock Shares · Amount · Shares · Amount · Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Shareholders’ · Total Equity Balances at December 31, 2022 · 136 · $7,239 · 2,742 · $3 · $35,275 · $(28,757) · $1,262 · $7,783 Share-based compensation · — · 3 · — · — · 784 · — · — · 784 Issuance of redeemable convertible preferred stock · 750 · 750 · — · — · — · — · — · — Common stock issued, net of tax withholding · — · — · 249 · 0 · (41) · — · — · (41) Repurchase of common stock · — · — · (11) · 0 · (170) · — · — · (170) Net loss · — · — · — · — · — · (4,628) · — · (4,628) Other comprehensive income (loss) · — · — · — · — · — · — · 223 · 223 Balances at December 31, 2023 · 886 · $7,992 · 2,980 · $3 · $35,848 · $(33,385) · $1,485 · $3,951 Adjustment for prior periods from adoption of ASU · 2023-08 · — · — · — · — · — · 496 · — · 496 Share-based compensation · — · — · — · — · 914 · — · — · 914 Issuance of redeemable convertible preferred stock · 862 · 13,001 · — · — · — · — · — · — Common stock issued, net of tax withholding · — · — · 75 · 0 · 72 · — · — · 72 Repurchase of common and redeemable convertible preferred stock · 0 · (21) · (46) · 0 · (1,000) · — · — · (1,000)

可赎回可转换优先股转换

Conversion of redeemable convertible preferred stock

为普通股

to common stock

0 · (31) · 14 · 0 · 31 · — · — · 31 净利润 · — · — · — · — · — · 791 · — · 791 其他综合收益（亏损） · — · — · — · — · — · — · (392) · (392) 2024 年 12 月 31 日余额 · 1,748 · $20,941 · 3,023 · $3 · $35,865 · $(32,098) · $1,093 · $4,863 股权激励费用 · — · — · — · — · 2,087 · — · — · 2,087 发行可赎回可转换优先股 · 299 · 17,898 · — · — · — · — · — · — 发行普通股，扣除代扣税款 · — · — · 97 · 1 · 740 · — · — · 741 回购普通股 · — · — · (69) · 0 · (1,125) · — · — · (1,125) 可赎回可转换优先股转换为普通股 · (1) · (87) · 28 · 0 · 87 · — · — · 87 业务合并中的权益转移 · — · — · 0 · 0 · 52 · — · — · 52 净亏损 · — · — · — · — · — · (4,937) · — · (4,937) 其他综合收益（亏损） · — · — · — · — · — · — · 805 · 805 2025 年 12 月 31 日余额 · 2,046 · $38,752 · 3,079 · $4 · $37,706 · $(37,035) · $1,898 · $2,573

0 · (31) · 14 · 0 · 31 · — · — · 31 Net income · — · — · — · — · — · 791 · — · 791 Other comprehensive income (loss) · — · — · — · — · — · — · (392) · (392) Balances at December 31, 2024 · 1,748 · $20,941 · 3,023 · $3 · $35,865 · $(32,098) · $1,093 · $4,863 Share-based compensation · — · — · — · — · 2,087 · — · — · 2,087 Issuance of redeemable convertible preferred stock · 299 · 17,898 · — · — · — · — · — · — Common stock issued, net of tax withholding · — · — · 97 · 1 · 740 · — · — · 741 Repurchase of common stock · — · — · (69) · 0 · (1,125) · — · — · (1,125) Conversion of redeemable convertible preferred stock to common stock · (1) · (87) · 28 · 0 · 87 · — · — · 87 Transfer of equity in business combination · — · — · 0 · 0 · 52 · — · — · 52 Net loss · — · — · — · — · — · (4,937) · — · (4,937) Other comprehensive income (loss) · — · — · — · — · — · — · 805 · 805 Balances at December 31, 2025 · 2,046 · $38,752 · 3,079 · $4 · $37,706 · $(37,035) · $1,898 · $2,573

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 合并现金流量表（单位：百万）**

**Space Exploration Technologies Corp. Consolidated Statements of Cash Flows (in million s)**

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

经营活动产生的现金流量 Cash flows from operating activities

净利润（亏损） · $(4,937) · $791 · $(4,628) 将净利润（亏损）调节为经营活动提供的净现金： 折旧和摊销 · 6,701 · 3,824 · 2,635 股权激励费用 · 1,947 · 784 · 679 无形资产减值 · — · — · 3,775 递延所得税 · 626 · (675) · (409) 数字资产未实现（收益）损失 · 112 · (955) · — 固定资产减值及处置损失，净额 · 88 · 135 · 36 债务折价及发行成本摊销 · 93 · 84 · 212 其他 · 66 · 115 · 214 经营性资产和负债变动 应收账款 · (543) · (347) · 345 存货 · (413) · (309) · (72) 预付费用及其他资产 · (673) · (328) · 41 应付账款 · 709 · 472 · 220 递延收入 · 1,929 · 1,876 · 1,695 经营租赁负债，净额 · (56) · (37) · (15) 其他负债 · 1,136 · 346 · (208) 经营活动提供的净现金 · $6,785 · $5,776 · $4,520

Net income (loss) · $(4,937) · $791 · $(4,628) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization · 6,701 · 3,824 · 2,635 Share-based compensation · 1,947 · 784 · 679 Intangible asset impairment · — · — · 3,775 Deferred income taxes · 626 · (675) · (409) Unrealized (gain) loss on digital assets · 112 · (955) · — Impairment and loss on disposal of fixed assets, net · 88 · 135 · 36 Amortization of debt discount and issuance costs · 93 · 84 · 212 Other · 66 · 115 · 214 Changes in operating assets and liabilities Accounts receivable · (543) · (347) · 345 Inventory · (413) · (309) · (72) Prepaid expenses and other assets · (673) · (328) · 41 Accounts payable · 709 · 472 · 220 Deferred revenue · 1,929 · 1,876 · 1,695 Operating lease liabilities, net · (56) · (37) · (15) Other liabilities · 1,136 · 346 · (208) Net cash provided by operating activities · $6,785 · $5,776 · $4,520

投资活动产生的现金流量 Cash flows from investing activities

购置物业、厂房及设备(其中关联方金额分别为 $666、$171 和 $11，对应 2025 年、2024 年和 2023 年 12 月 31 日，

Purchases of property, plant, and equipment (related party of $666, $171, and $11 for December 31, 2025, 2024, and 2023,

分别) · (20,737) · (11,163) · (4,415) 资本化利息 · (169) · — · — 产品返利所得款项 · 118 · — · — 购买有价证券 · (611) · (3,542) · (3,535) 有价证券到期 · 548 · 3,712 · 2,731 出售有价证券所得款项 · 1,457 · 193 · 333 对联营公司的投资 · (86) · — · — 其他投资活动净额 · (95) · 4 · 19 投资活动所用现金净额 · $(19,575) · $(10,796) · $(4,867)

respectively) · (20,737) · (11,163) · (4,415) Capitalized interest · (169) · — · — Proceeds from product rebates · 118 · — · — Purchases of marketable securities · (611) · (3,542) · (3,535) Maturities of marketable securities · 548 · 3,712 · 2,731 Proceeds from sales of marketable securities · 1,457 · 193 · 333 Investments in unconsolidated affiliates · (86) · — · — Other investing activities, net · (95) · 4 · 19 Net cash used in investing activities · $(19,575) · $(10,796) · $(4,867)

筹资活动产生的现金流量 Cash flows from financing activities

融资租赁本金偿还 · (295) · (154) · — 债务及其他融资义务所得款项 · 16,055 · — · — 债务发行费用支付 · (66) · — · — 债务及其他融资义务偿还 · (6,858) · (77) · (112) 股本发行所得款项，扣除发行费用 · 18,807 · 13,101 · 774 员工股权奖励计划所得款项 · 328 · 224 · 141

Principal repayments on finance leases · (295) · (154) · — Proceeds from debt and other financing obligations · 16,055 · — · — Payment of debt issuance costs · (66) · — · — Repayments on debt and other financing obligations · (6,858) · (77) · (112) Proceeds from issuance of capital stock, net of issuance costs · 18,807 · 13,101 · 774 Proceeds from employee equity award plans · 328 · 224 · 141

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 回购普通股及可赎回可转换优先股的付款 · (1,125) · (1,021) · (170) 与股权奖励净额结算相关的已缴税款 · (496) · (243) · (211) 融资活动提供的现金净额 · $26,350 · $11,830 · $422 汇率变动对现金及现金等价物的影响 · 63 · 1 · (2) 现金及现金等价物和受限现金的净变动 · 13,623 · 6,811 · 73 年初现金及现金等价物和受限现金 . 11,501 4,690 4,617 年末现金及现金等价物和受限现金 · $25,124 · $11,501 · $4,690

2025 · 2024 · 2023 Payments for repurchase of common and redeemable convertible preferred stock · (1,125) · (1,021) · (170) Taxes paid related to net share settlement of equity award · (496) · (243) · (211) Net cash provided by financing activities · $26,350 · $11,830 · $422 Effect of exchange rate changes on cash and cash equivalents · 63 · 1 · (2) Net change in cash and cash equivalents and restricted cash · 13,623 · 6,811 · 73 Cash and cash equivalents and restricted cash, beginning of year . 11,501 4,690 4,617 Cash and cash equivalents and restricted cash, end of year · $25,124 · $11,501 · $4,690

现金流量信息的补充披露 Supplemental disclosures of cash flow information

支付以下各项的现金：

Cash paid for the following:

利息，扣除资本化利息后净额 · $1,476 · $1,500 · $1,365 所得税，净额 · $154 · $134 · $45

Interest, net of interest capitalized · $1,476 · $1,500 · $1,365 Income taxes, net · $154 · $134 · $45

活动 activities

资本化计入物业、厂房及设备的股权激励费用

Share-based compensation capitalized in property, plant, and

设备净额 · $154 · $132 · $108 计入应付账款的物业、厂房及设备购置 · $7,088 · $2,481 · $505

equipment, net · $154 · $132 · $108 Acquisition of property, plant, and equipment included in accounts payable · $7,088 · $2,481 · $505

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of theseconsolidated financial statements .

Space Exploration Technologies Corp. Space Exploration Technologies Corp.

合并财务报表 · 附注 （表格单位：百万美元，每股数据除外）

NOTES TO THE · CONSOLIDATED FINANCIAL STATEMENTS (tables in millions, except per share data)

附注 1 - 业务性质 Note 1 - Nature of Business

#### 业务描述

#### Description of Business

Space Exploration Technologies Corp. 及其全资子公司（合称“公司”或“SpaceX”）经营三个业务板块——(i) 太空板块设计、制造并发射可重复使用火箭，以前所未有的规模提供高频次、可靠且经济实惠的太空进入能力；(ii) 连接板块运营一个由数千颗低地球轨道 Starlink 卫星驱动的全球高速、低延迟宽带网络，通过我们的 Starlink 产品为数百万消费者、企业和政府客户提供连接服务；以及 (iii) AI 板块运营一个垂直整合的 AI 平台，涵盖前沿大语言模型 Grok、面向消费者和企业客户的 AI 解决方案、X——一个实时信息、娱乐和言论自由平台——以及 AI 算力基础设施。

Space Exploration Technologies Corp. and its wholly owned subsidiaries, collectively referred to as the “Company” or “SpaceX,” operate three segments – (i) the Space segment designs, manufactures, and launches reusable rockets to provide high cadence, reliable, and affordable access to space at unprecedented scale, (ii) the Connectivity segment operates a worldwide high-speed, low-latency broadband network powered by thousand s of Starlink satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers through our Starlink offering, and (iii) theAI segment operates a vertically integrated AI platform spanning a frontier LLM Grok, AI solutions for consumer and enterprise customers, X — a real-time information, entertainment, and free speech platform — and AI computational infrastructure.

SpaceX 正通过其 Falcon 运载火箭和 Dragon 飞船拓展太空技术和载人航天的边界，目前正在开发 Starship，这是一种完全可重复使用的运输系统，旨在将乘员、货物、卫星和数据中心运送至地球轨道、月球、火星及更远的地方。

SpaceX is advancing the boundaries of space technology and human spaceflight through its Falcon launch vehicles and Dragon spacecraft and is currently developing Starship, a fully reusable transportation system that is designed to carry crew, cargo, satellites, and data centers to Earth orbit, the Moon, Mars, and beyond.

SpaceX 运营 Starlink，为全球客户提供高速、低延迟的宽带互联网服务，包括居住在地球上一些最偏远地区的客户。公司还为移动用户提供卫星到移动设备的短信和语音服务（称为“Starlink Mobile”）。

SpaceX operates Starlink which delivers high-speed, low-latency broadband internet to customers around the globe, including to those who live in some of the most remote places on Earth. The Company also provides access to satellite-to-mobile texting and voice services to mobile users (referred to as “Starlink Mobile”).

SpaceX 运营一个名为 X（前身为 Twitter）的全球公共对话平台，以及 Grok 系列文本和多模态 AI 模型，个人用户可通过 x.com 等在线平台访问，企业客户可将其用于研究、生产力和决策应用。

SpaceX operates a global platform for public conversation known as X (formerly known as Twitter) as well as the Grok suite of text and multi-modal AI models, accessible to individual users via online platforms such as x.com and to enterprise clients for applications in research, productivity, and decision-making.

公司总部位于德克萨斯州 Starbase。SpaceX 于 2002 年 3 月 14 日在特拉华州注册成立，并于 2024 年 2 月 14 日转换为根据德克萨斯州法律组建的公司。

The Company ’s corporate headquarters is located in Starbase, Texas. SpaceX was incorporated in the state of Delaware on March 14, 2002 and converted into a corporation organized under the laws of the State of Texas on February 14, 2024.

2026 年 5 月 4 日，公司对其已授权、已发行和流通的 A 类、B 类和 C 类普通股实施了五拆一的股票拆分（“2026 年股票拆分”）。SpaceX 可赎回可转换优先股的转换率已按比例调整以反映 2026 年股票拆分。所有股份和每股信息均已追溯调整，以反映所列示所有期间的 2026 年股票拆分。

On May 4, 2026, the Company effected a five-for-one forward stock split of its authorized, issued, and outstanding shares of Class A, Class B, and Class C Common Stock (“2026 Stock Split”). The conversion rate of SpaceX Redeemable Convertible Preferred Stock was proportionately adjusted to factor in the 2026 Stock Split. All share and per share information has been retroactively adjusted to reflect the 2026 Stock Split for all periods presented.

2026 年 2 月 2 日，公司完成了对 X.AI Holdings Corp.（“xAI”）的收购，据此 xAI 成为公司的全资子公司（“xAI 合并”）。在 xAI 合并之前，xAI 于 2025 年 3 月 28 日完成了对 X Holdings Corp.（“X”）和 X.AI Corp. 的收购，其中 X 和 X.AI Corp. 成为 xAI 的全资子公司（“X 合并”，与 xAI 合并合称“合并”）。X.AI Corp 于 2023 年 3 月开始运营，Twitter, Inc.（“Twitter”）于 2022 年 10 月被 Elon Musk 先生收购。各次合并均通过换股方式实施。

On February 2, 2026, the Company completed its acquisition of X.AI Holdings Corp. (“xAI”), pursuant to which xAI became a wholly-owned subsidiary of the Company (“xAI Merger”). Prior to the xAI Merger, on March 28, 2025, xAI completed its acquisition of X Holdings Corp. (“X”) and X.AI Corp., in which X and X.AI Corp. became wholly-owned subsidiaries of xAI (“X Merger”, and collectively with xAI Merger, “Mergers”). X.AI Corp began operations in March 2023 and Twitter, Inc. (“Twitter”) was acquired by Mr. Elon Musk in October 2022. The Mergers were each effected through a share exchange.

上述合并已作为同一控制下实体的重组进行会计处理，因为在本次合并财务报表所列报的各年度内，Elon Musk 先生通过其在公司、xAI 和 X 各自持有的多数投票权益，对上述每一实体均拥有控制性财务权益。公司合并财务报表的编制旨在反映各实体净资产在所有列报期间按历史账面价值进行的追溯合并。未确认任何新的商誉或其他无形资产，且各实体之间所有历史关联方交易均已在合并中抵销。所有列报期间的股本及股东权益反映的是历史 SpaceX 股本及股东权益的延续，并与 X 和 xAI 在同一控制下合并的历史股本及股东权益相结合，并按实施上述合并所采用的相应换股比例进行调整，但 xAI 的历史可赎回可转换优先股除外。本列报方式构成报告主体的变更。更多详情请参见附注 13“可赎回可转换优先股及股东权益”。

The Mergers have been accounted for as reorganizations of entities under common control as Mr. Elon Musk had a controlling financial interest in the Company, xAI and X through his majority voting interest in each such entity during the years presented in these consolidated financial statements. The Company’s consolidated financial statements have been prepared to reflect the retrospective combination of the net assets of the entities at their historical carrying amounts for all periods presented. No new goodwill or other intangible assets have been recorded and all historical related party transactions between the entities have been eliminated in consolidation. The capital stock and shareholders’ equity for all periods presented reflects a continuation of the historical SpaceX capital stock and shareholders’ equity, combined with the historical capital stock and shareholders’ equity of X and xAI merged under common control, as adjusted by the respective exchange ratios used to effect the Mergers, except for xAI’s historical redeemable convertible preferred stock. This presentation constitutes a change in reporting entity. Refer to Note 13, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.

由于合并财务报表已在所有列报期间反映了同一控制下实体的重组，故未单独提供 xAI 和 X 的财务报表。

As the consolidated financial statements already reflect the reorganization of entities under common control for all periods presented, separate financial statements of xAI and X are not provided.

附注 2 - 重要会计政策摘要 Note 2 - Summary of Significant Accounting Policies

#### 列报基础

#### Basis of Presentation

合并财务报表按照美国（“美国”）公认会计原则（“GAAP”）列报。

The consolidated financial statements are presented in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”).

#### 合并原则

#### Principles of Consolidation

合并财务报表包括公司及其全资子公司的账目。所有公司间余额和交易已在合并中抵销。

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

#### 估计的使用

#### Use of Estimates

按照美国 GAAP 编制合并财务报表要求管理层作出估计和假设，这些估计和假设会影响合并财务报表日资产和负债的 reported 金额、或有资产和负债的披露，以及报告期内收入和费用的 reported 金额。实际结果可能与这些估计存在差异。需要作出重大判断和使用估计的金额包括：采用成本法（cost-to-cost）投入法随时间确认的收入、与递延所得税资产相关的估值备抵的确定及税务负债的估计、超额和过时存货的准备、使用寿命不确定的无形资产和商誉的公允价值、物业、厂房和设备的可使用年限、租赁负债增量借款利率的确定、诉讼和和解费用，以及股权激励的估值和假设。公司持续将估计与历史经验和当前趋势进行比较，以此作为判断资产和负债账面价值的基础。此外，公司聘请估值专家协助进行权益工具的估值。

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities, reserves for excess and obsolete inventory, fair value of indefinite-lived intangible assets and goodwill, useful lives of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and current trends, which forms the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation specialists to assist in the valuation of equity instruments.

#### 供应商风险集中

#### Concentration of Supplier Risk

公司太空、连接和 AI 板块所需的关键投入品中的某些材料和产品仅可从有限数量的供应商处获得，包括独家或有限来源供应商；且公司的直接芯片供应商依赖于集中的先进半导体制造设施群体。公司认为，对于许多（但并非全部）此类产品和服务，存在替代供应商。如果这些供应商无法及时以公司可接受的价格、质量水平和数量交付产品的必要组件，或者这些供应商所依赖的材料或产品供应中断，可能会对公司满足客户需求和合同义务、执行增长战略或按预期管理其费用或时间表的能力产生不利影响，进而可能对公司的财务状况和经营业绩产生不利影响。

Certain materials and products that are key inputs in the Company’s Space, Connectivity, and AI segments are available from a limited number of suppliers, including sole or limited-source suppliers; and the Company’s direct chip suppliers are dependent on a concentrated group of advanced semiconductor fabrication facilities. The Company believes that alternative suppliers are available for many, but not all, of these products and services. The inability of these suppliers to deliver necessary components of the products in a timely manner and at prices, quality levels, and volumes acceptable to the Company, or interruptions in supply of materials or products on which these suppliers rely, could have an adverse effect on the Company’s ability to meet customer demands and contractual obligations, to execute on its growth strategy, or to manage its expenses or timelines as expected, which could adversely impact the Company’s financial condition and operating results.

#### 现金及现金等价物和受限现金

#### Cash and Cash Equivalents and Restricted Cash

现金及现金等价物包括主要位于美国的高质量金融机构的支票账户、货币市场账户和定期存款中的现金。所有在购买日原始到期期限为三个月或以内的高流动性投资均被视为现金等价物。公司持有某些提取或使用受到限制的现金及现金等价物。受限现金及现金等价物通常存放于独立的专用账户中，用于为与各类客户、保险及设施租赁协议相关的信用证提供担保。

Cash and cash equivalents consist of cash in checking accounts, money market accounts, and certificates of deposit at high quality financial institutions primarily in the U.S. All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. The Company maintains certain cash and cash equivalents for which the withdrawal or use is restricted. The restricted cash and cash equivalents are generally held in separate, dedicated accounts required to secure letters of credit related to various customer, insurance, and facility lease agreements.

如合并现金流量表所示，公司的现金及现金等价物和受限现金总额如下：

The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 现金及现金等价物 · $24,747 · $11,385 · $4,620 计入预付费用及其他流动资产的受限现金 · 182 · 23 · 28 计入其他资产的受限现金 · 195 · 93 · 42

2025 · 2024 · 2023 Cash and cash equivalents · $24,747 · $11,385 · $4,620 Restricted cash included in prepaid expenses and other current assets · 182 · 23 · 28 Restricted cash included in other assets · 195 · 93 · 42

合并现金流量表中所列示的合计 Total as presented in the consolidated statements of cash

flows · $25,124 · $11,501 · $4,690

flows · $25,124 · $11,501 · $4,690

#### 有价证券

#### Marketable Securities

公司的有价证券主要由美国政府债务证券、定期存款和存款凭证构成，并被分类为可供出售或持有至到期进行会计处理。管理层在购买时确定其投资的分类，并在每个资产负债表日重新评估分类。当公司具有明确意图和能力持有至到期时，有价证券被分类为持有至到期，并按成本计量。公司的可供出售有价证券投资按公允价值记录，任何未实现利得和损失（扣除税项后）作为股东权益中累计其他综合收益（亏损）的组成部分列报，直至实现。出售可供出售有价证券的已实现利得和损失计入其他收入（费用）净额。有价证券的利息计入利息收入。

The Company’s marketable securities consist primarily of debt securities of the U.S. Government, time deposits and certificates of deposits, and are classified and accounted for as either available-for-sale or held-to-maturity. Management determines the classification of its investments at the time of purchase and reevaluates the classification at each balance sheet date. Marketable securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity and are carried at cost. The Company’s available-for-sale investments in marketable securities are recorded at fair value, with any unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses on the sale of available-for-sale marketable securities are recorded in Other income (expense), net. Interest on marketable securities is included in Interest income .

公司根据每项工具的基础合同到期日将其有价证券分类为短期或长期。自资产负债表日起 12 个月或以内到期的有价证券分类为短期，自资产负债表日起超过 12 个月到期的有价证券

The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less from the balance sheet date are classified as short-term, and maturities greater than 12 months from the balance sheet date are

分类为长期并计入其他资产 · 。

classified as long-term and included in Other assets · .

#### 应收账款、未开票应收款及信用损失准备

#### Accounts Receivable, Unbilled Receivables, and Allowance for Credit Losses

公司在正常业务过程中向客户提供信用，并逐案进行信用评估。公司通常不获取抵押品或其他担保来担保应收账款。已开票应收款按账面金额扣除信用损失准备后记录，且不计息。未开票应收款主要由在资产负债表日尚不可按合同开票的合同所确认的收入构成。

The Company extends credit in the normal course of business to its customers and performs credit evaluations on a case-by-case basis. The Company generally does not obtain collateral or other security to secure accounts receivable. Billed receivables are recorded at their carrying amount, net of allowance for credit losses, and do not bear interest. Unbilled receivables is comprised principally of revenue recognized on contracts that are not contractually billable at the balance sheet date.

信用损失准备通过坏账费用计提建立，该费用记录在合并经营报表的销售、一般及管理费用中。公司通过考虑多项因素来确定信用损失准备的充足性，包括：发票账龄、每位客户的预期付款能力和收款历史、客户特定信息，以及可能影响客户付款能力的当前经济状况。应收账款在被视为不可收回时予以核销。

The allowance for credit losses is established through a provision for bad debt expense which is recorded in Selling, general, and administrative expense in the consolidated statements of operations. The Company determines the adequacy of its allowance for credit losses by considering a number of factors including: age of invoices, each customer’s expected ability to pay and collection history, customer-specific information, and current economic conditions that may impact a customer’s ability to pay. Accounts receivable are written off when they are deemed uncollectible.

#### 公允价值计量

#### Fair Value Measurement

财务会计准则委员会（“FASB”）会计准则汇编（“ASC”）第 820 主题“公允价值计量”规定，公允价值是退出价格，即市场参与者在有序交易中出售资产所能收到或转移负债所应支付的价格。因此，公允价值是一种基于市场的计量，应当根据市场参与者在为资产或负债定价时所使用的假设来确定。三层级公允价值层级优先规定计量公允价值时应使用哪些输入值，其构成如下：

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement, states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of:

第一层级 · 可观察输入值，例如活跃市场中的报价

Level I · Observable inputs such as quoted prices in active markets

第二层级 除活跃市场中的报价之外、可直接或间接观察到的输入值

Level II Inputs other than quoted prices in active markets that are observable either directly or indirectly

第三层级 几乎或完全没有市场数据的不可观察输入值

Level IIIUnobservable inputs for which there is little or no market data

公允价值层级要求在确定公允价值时，如有可观察市场数据，则应使用该等数据。公司的金融资产仅包括以公允价值进行经常性计量和记录的现金等价物、若干受限现金账户、数字资产和可出售证券。公司其他金融工具（包括现金、应收账款和应付账款）的账面金额因期限较短而近似于公允价值。融资义务的账面价值近似于公允价值，依据是自该等安排初始订立之日起利率保持相对稳定，和/或相关负债余额总体上不重大。

The fair value hierarchy requires the use of observable market data when available in determining fair value. The Company’s financial assets only include cash equivalents, certain restricted cash accounts, digital assets and marketable securities that are measured and recorded at fair value on a recurring basis. The carrying amounts of the Company’s other financial instruments, including cash, accounts receivable, and accounts payable approximate fair value because of their short maturities. The carrying value of financing obligations approximate fair value based on the interest rate remaining relatively consistent from the dates these arrangements were initially entered into and/or the overall materiality of the related liability balances.

#### 运载火箭与航天器

#### Launch Vehicles and Spacecraft

公司拥有四类运载火箭——Falcon 9、Falcon Heavy、Dragon 和 Starship。Falcon 9 和 Falcon Heavy 由以下重要部件构成：助推器（也称为第一级）、第二级、Merlin 发动机和整流罩。助推器、整流罩和 Merlin 发动机可重复使用，归类为物业、厂房及设备净额。第二级不可重复使用，在发射用于时点收入交易或分配用于时段收入交易之前，作为存货记录。Dragon 由一个完全可重复使用的太空舱构成，归类为物业、厂房及设备净额。Starship 是一种完全可重复使用的火箭，由助推器、飞船和 Raptor 发动机构成，目前处于开发阶段。Starship 的大部分成本在发生时计入研发费用。

The Company has four types of launch vehicles - Falcon 9, Falcon Heavy, Dragon, and Starship. Falcon 9 and Falcon Heavy are comprised of the following significant components: boosters (also known as first stages), second stages, Merlin engines, and fairings. Boosters, fairings, and Merlin engines are reusable and are classified as Property, plant, and equipment, net. The second stages are not reusable and are recorded as inventory until they are launched for point-in-time revenue transactions or assigned for over-time revenue transactions. Dragon is composed of a fully reusable capsule that is classified as Property, plant, and equipment, net. Starship is a fully reusable rocket composed of boosters, ships, and Raptor engines and is currently in the development stage. A majority of Starship costs are expensed to Research and development as incurred.

#### 存货

#### Inventory

存货主要包括用于生产运载火箭和 Starlink Kits 的原材料和在制品，以及待发射的 Starlink Kits、Falcon 9 和 Falcon Heavy 第二级的产成品。

Inventory consists primarily of raw materials and work-in-progress used in the production of launch vehicles and Starlink Kits, and finished goods for Starlink Kits, Falcon 9 and Falcon Heavy second stages awaiting launch.

存货采用标准成本或加权平均法计算，该方法近似于按先进先出法计算的实际成本，并按成本与可变现净值孰低列示。公司根据对未来需求以及设计、技术或其他变化的假设，就估计的陈旧或不可销售存货，在合并经营报表的“收入成本”中记录存货减记。

Inventory is computed using standard cost or weighted average, which approximates actual cost on a first-in, first-out basis and is stated at the lower of cost or net realizable value. The Company records inventory write-downs in Cost of revenue in the consolidated statements of operations for estimated obsolescence or unmarketable inventories based upon assumptions about future demand and design, and technological or other changes.

#### 物业、厂房及设备，净额

#### Property, Plant, and Equipment, net

物业、厂房及设备按成本减累计折旧列示。折旧采用直线法，在资产的估计可使用年限内计提，但飞行器除外，飞行器按每架飞行器的预期平均飞行次数计提。租赁改良按估计可使用年限与相关租赁期中较短者计提折旧。管理层定期与工程及运营团队复核这些可使用年限估计，并在获得更多数据时予以修订。

Property, plant, and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets except flight vehicles, which is computed based on the expected number of average flights for each flight vehicle. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease term. Management periodically reviews these useful life estimates with engineering and operations teams and revises them as additional data becomes available.

本公司基于工程研究、历史在轨表现、推进剂寿命、使用模式、各代设计改进以及向更新卫星技术过渡的计划，估计其卫星资产的可使用年限。本公司估计宽带卫星的可使用年限为五年，第一代移动卫星的可使用年限为三年。

The Company estimates the useful lives of its satellite assets based on engineering studies, historical on-orbit performance, propellant life, utilization patterns, design enhancements across generations, and planned transitions to newer satellite technology. The Company estimates broadband satellites to have a five-year useful life and the first generation mobile satellites to have a three-year useful life.

本公司基于三项关键标准估计其飞行器硬件的预期飞行次数：(1)持续具备成功回收并翻新硬件以用于额外飞行的能力；(2)在翻新成本下降及敏感性分析的支持下，将硬件用于增量飞行持续具备经济可行性；以及(3)客户对重复使用硬件的接受程度，以本公司的发射计划表为证。

The Company estimates the expected flights for its flight vehicle hardware based on three key criteria: (1) the continued ability to successfully recover and refurbish the hardware for additional flights, (2) the continued economic feasibility of using the hardware on incremental flights, supported by declining refurbishment costs and sensitivity analyses, and (3) customer acceptance for reflown hardware as evidenced by the Company’s launch manifest.

不延长相关资产寿命的维护和修理支出在发生时计入费用，而提升资产功能、产出或预期寿命的重大翻新、更新和改良则予以资本化，并在确定的可使用年限内按比例计提折旧。

Expenditures for maintenance and repairs that do not extend the lives of the respective assets are expensed as incurred while significant refurbishment, renewals, and enhancements that increase the functionality, output or expected life of an asset are capitalized and depreciated ratably over the identified useful life.

卫星包括建造卫星的成本（零部件、人工和分摊的间接费用），以及太空业务板块为将卫星发射入轨而发生的资本化发射成本，其中包括飞行器硬件成本的分摊。

Satellites include costs to build the satellites (parts, labor, and allocated overhead) as well as capitalized launch costs incurred by the Space segment to launch the satellites to orbit, which include an allocation of the flight vehicle hardware costs.

本公司将某些物业、厂房及设备，净额的重大购置或建造相关的某些利息成本予以资本化。本公司在为使资产达到预定用途所必需的活动开始后，开始资本化符合条件的利息成本。在无与重大长期建设项目相关的特定借款的情况下，本公司使用资产准备达到预定用途期间的累计支出平均金额以及根据本公司该期间加权平均借款利率得出的资本化率计算符合条件的利息资本化。本公司对已基本完工并达到预定用途的任何部分停止资本化。资本化利息被视为资产历史成本的一部分，并在相关资产的估计可使用年限内计提折旧。

The Company capitalizes certain interest costs associated with significant acquisition or construction of certain Property, plant, and equipment, net. The Company begins to capitalize qualified interest cost once activities necessary to get the asset ready for its intended use have commenced. The Company calculates qualified interest capitalization using the average amount of accumulated expenditures during the period the asset is being prepared for its intended use and a capitalization rate which is derived from the Company’s weighted average borrowing rate during such time, in the absence of specific borrowings related to the significant long term construction projects. The Company ceases capitalization on any portions substantially completed and ready for their intended use. Capitalized interest is considered a part of the assets’ historical cost, and depreciates over the estimated useful lives of the underlying assets.

公司在可辨认现金流量在很大程度上独立于其他资产和负债现金流量的最低层级上评估其不动产、厂房及设备资产的减值。每当发生事件或情况表明某项资产或资产组的账面价值可能无法收回时，公司即对不动产、厂房及设备进行减值复核。如果估计的未来现金流量低于该资产或资产组的账面价值，则在其账面价值超过估计公允价值的范围内确认减值费用。常规资产处置、报废、网关退役及其他经常性运营损失，根据资产性质计入收入成本或销售、一般及管理费用，或者，如果该减值被认为超出正常经营过程，则计入减值。

The Company evaluates impairment of its Property, plant, and equipment assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company reviews Property, plant, and equipment for impairment whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable. If estimated future cash flows are less than the carrying value of the asset or asset group, an impairment charge is recognized to the extent its carrying value exceeds its estimated fair value. Routine asset disposals, scrapping, gateway decommissions, and other recurring operational losses are charged to Cost of revenue or Selling, general, and administrative expenses depending on the nature of the assets, or to impairment if the impairment is considered to be outside the normal course of business.

公司不动产、厂房及设备净额的估计使用寿命如下：

The estimated useful lives of the Company’s Property, plant, and equipment, net are as follows:

**分类**

**Classification**

服务器及网络设备 · 5 - 6 年 卫星 · 3 - 5 年 机器及设备 · 3 - 10 年 飞行器硬件 · 5 - 25 次飞行 数据中心基础设施 · 20 - 25 年 发射场 · 7 - 20 年 建筑物及改良 · 30 年 租赁物改良 · 7 - 20 年或租赁期中较短者

Servers and networking equipment · 5 - 6 years Satellites · 3 - 5 years Machinery and equipment · 3 - 10 years Flight vehicle hardware · 5 - 25 flights Data center infrastructure · 20 - 25 years Launch sites · 7 - 20 years Buildings and improvements · 30 years Leasehold improvements · Shorter of 7 - 20 years or the life of the lease

#### 租赁

#### Leases

公司主要在美国以各种经营租赁和融资租赁方式租赁设施、公司办公室、数据中心及制造设备。此外，公司还就其位于世界各地的卫星网关站点签订各种租赁协议。

The Company leases facilities, corporate offices, data centers, and manufacturing equipment primarily in the U.S. under various operating and finance leases. In addition, the Company enters into various lease agreements for its satellite gateway sites throughout the world.

公司在协议开始时确定该安排是否为租赁或包含租赁。如果存在租赁，任何合同期限超过十二个月的租赁安排均分类为经营租赁或融资租赁。融资租赁通常是指允许公司在资产的估计使用寿命内基本充分利用或支付该资产全部成本的租赁。所有其他不符合融资租赁分类任何标准的租赁均分类为经营租赁。

The Company determines whether an arrangement is or contains a lease at inception. If a lease exists, any lease arrangements with contractual terms longer than twelve months are classified as either an operating or finance lease. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases that do not meet any of the criteria for finance lease classification are classified as operating leases.

租赁期限为十二个月或以下的租赁不在合并资产负债表上记录，并在合并经营报表中于租赁期内按直线法计入费用。

Leases with a lease term of twelve months or less are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term in the consolidated statements of operations .

某些租赁协议包含授予公司续租或延长租赁期限或提前终止租赁的选择权。在确定租赁期限时，除非在租赁开始日认为合理确定会被行使，否则公司不包含续租或提前终止选择权。

Certain lease agreements include options that grant the Company the ability to renew or extend the lease term, or early terminate the lease. When determining the lease term, the Company does not include renewal or early termination options unless they are deemed to be reasonably certain of being exercised at the lease commencement date.

在租赁开始日，公司确认一项租赁负债，按固定未来最低租赁付款额的现值计量，并确认一项使用权资产，金额等于租赁负债，并根据预付及应计租金、租赁激励和初始直接成本进行调整。公司已选择实务简化处理，不拆分租赁组成部分和非租赁组成部分。经营租赁费用在租赁期内按直线法确认，其成本根据经营租赁的性质，在合并经营报表中作为收入成本、研发费用或销售、一般及管理费用的一部分列示。融资租赁成本由单独的利息组成部分和摊销组成部分构成。融资租赁的利息组成部分计入合并经营报表中的利息费用，融资租赁的摊销组成部分根据融资租赁的性质计入合并经营报表中的收入成本、研发费用或销售、一般及管理费用。

Upon lease commencement, the Company recognizes a lease liability measured at the present value of the fixed future minimum lease payments and a right-of-use asset for an amount equal to the lease liability, adjusted by prepaid and accrued rent, lease incentives, and initial direct costs. The Company has elected the practical expedient to not separate lease and non-lease components. Operating lease expense is recognized on a straight-line basis over the lease term, with the cost presented as a component of Cost of revenue, Research and development, or Selling, general, and administrativeexpenses in the consolidated statements of operations depending on the nature of the operating lease. Finance lease cost is composed of a separate interest component and amortization component. The interest component of a finance lease is included in Interest expense in the consolidated statements of operations and the amortization component of a finance lease is included in Cost of revenue, Research and development, or Selling, general, and administrative expenses in the consolidated statements of operations depending on the nature of the finance lease.

公司的租赁通常不提供租赁内含利率的信息。因此，公司采用增量借款利率计算未来租赁义务的现值。公司的增量借款利率估计为在类似条款和付款条件下、以担保为基础、且在租赁资产所在经济环境中的利率近似值。

The Company’s leases generally do not provide information about the rate implicit in the lease. Therefore, the Company utilizes an incremental borrowing rate to calculate the present value of future lease obligations. The Company ’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

#### 商誉和使用寿命不确定的无形资产

#### Goodwill and Indefinite-Lived Intangible Assets

商誉指企业合并中购买价格超过所取得可辨认资产和所承担负债公允价值的部分。商誉和使用寿命不确定的无形资产不进行摊销，而是每年于 10 月 1 日进行减值测试，并在事件和情况表明资产可能发生减值时更频繁地进行测试。可能表明商誉和其他使用寿命不确定的无形资产发生减值、从而触发减值评估的事件包括但不限于：不利的经济市场状况、行业长期前景下滑的状况、实体特定的财务表现不佳、资产用途的变化以及其他不利的法律和监管事件。商誉在报告单元层面进行减值测试。

Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and the liabilities assumed in connection with a business combination. Goodwill and indefinite-lived intangible assets are not amortized but rather, are tested for impairment annually on October 1 and more frequently if events and circumstances indicate that the asset might be impaired. Events that could indicate impairment of goodwill and other indefinite-lived intangible assets that trigger an impairment assessment include, but are not limited to, adverse economic market conditions, long-term declining industry outlook conditions, entity-specific financial underperformance, changes in the use of the asset, and other adverse legal and regulatory events. Goodwill is tested for impairment at the reporting unit level.

公司可选择采用定性评估，以评价报告单元或使用寿命不确定的无形资产的公允价值是否很可能低于其账面价值，若如此，公司则进行定量测试。当定量评估导致账面价值超过公允价值时，确认减值。报告单元的估计公允价值基于折现未来现金流量以及使用指导性上市公司法的市场法确定。

The Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value and if so, the Company performs a quantitative test. Impairment is recognized when the quantitative assessment results in the carrying value exceeding the fair value . The reporting unit’s estimated fair value is determined on the basis of discounted future cash flows and market approach using the guideline public company method .

公司进行了年度商誉减值测试，截至 2025 年、2024 年和 2023 年 12 月 31 日止年度未发现商誉减值。有关使用寿命不确定的无形资产的更多讨论，请参见附注 6“无形资产与商誉”。

The Company conducted its annual goodwill impairment test and no goodwill impairments were identified for the years ended December 31, 2025, 2024, and 2023. Refer to Note 6, Intangible Assets and Goodwill for additional discussion on indefinite-lived intangible assets.

#### 数字资产

#### Digital Assets

公司对其数字资产（由比特币构成）拥有所有权和控制权，并利用且预计将继续利用第三方托管人持有其比特币。

The Company has ownership of and control over its digital assets, which consist of bitcoin, and utilizes, and expects to continue to utilize, third-party custodians to hold its bitcoin.

公司根据其认定为比特币主要市场的活跃交易所的报价（第一级输入值）确定并记录其比特币的公允价值。比特币的成本按个别认定法确定。已实现和未实现的损益计入公司合并经营报表中的其他收入（费用）

The Company determines and records the fair value of its bitcoin based on quoted prices on the active exchange that the Company has determined is the principal market for bitcoin (Level I inputs). The cost of bitcoin is based upon the specific identification method. Realized and unrealized gains and losses are recorded to Other income (expense),

在公司合并经营报表中的净额 · 。 公司采用《会计准则更新第 2023-08 号——无形资产——商誉及其他——加密 资产（子主题 350-60）》（“ASU 2023-08”），自 2024 年 1 月 1 日起以修改后的追溯法生效。该

net in the Company’s consolidated statements of operations · . The Company adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60) (“ASU 2023-08”), using a modified retrospective approach effective January 1, 2024. The

因采纳 ASU 2023-08 而对公司 2024 年 1 月 1 日合并资产负债表产生的累计影响如下：

cumulative effect of the changes made on the Company’s January 1, 2024 consolidated balance sheet for the adoption of ASU 2023-08 were as follows:

**余额截至**

**Balance at**

2023 年 12 月 31 日采用 ASU 2023-08，2024 年 1 月 1 日

December 31, 2023 adoption of ASU January 1, 20242023-08

资产 Assets

数字资产 · $299 · $496 · $794

Digital assets · $299 · $496 · $794

股东权益 Shareholders’ Equity

累计亏损 · $(4,664) · $496 · $(4,168)

Accumulated deficit · $(4,664) · $496 · $(4,168)

#### 或有损失

#### Loss Contingencies

公司目前涉及、且未来可能涉及在正常经营过程中产生的法律诉讼、索赔、调查以及政府问询和调查。当公司认为很可能已发生损失且金额或区间能够合理估计时，公司确认负债。如果公司确定其可能发生损失且该损失或损失区间能够估计，则在重大性范围内披露可能的损失。确定可能性和估计金额均需要作出重大判断。公司定期审阅这些计提金额，并相应调整以反映谈判、和解、裁决、法律顾问意见及最新信息的影响。法律费用在发生时计入费用。

The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, investigations, and government inquiries and investigations arising in the ordinary course of business. The Company records a liability when it believes that it is both probable that a loss has been incurred and the amount or range can be reasonably estimated. If the Company determines there is a reasonable possibility that it may incur a loss and the loss or range of loss can be estimated, it discloses the possible loss to the extent material. Significant judgment is required to determine both probability and the estimated amount. The Company reviews these provisions on a regular basis and adjusts these provisions accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Legal fees are expensed as incurred.

#### 合资企业与投资

#### Joint Ventures and Investments

公司已对合资企业进行战略投资。公司对每项投资进行评估，以确定被投资方是否为可变利益实体，如是，则进一步确定公司是否为该可变利益实体的主要受益人。公司已确定，截至 2025 年 12 月 31 日，不存在需要纳入公司合并财务报表合并范围的可变利益实体。公司对非合并关联方的投资主要为无 readily determinable 公允价值的非市场化权益证券。公司对非合并关联方的每项投资采用权益法核算、公允价值核算，或在同一发行人相同或类似投资发生可观察交易时、或在发生减值时，将非市场化权益证券的账面价值调整为公允价值（称为计量替代方法）。对非合并关联方的投资计入合并资产负债表中的其他资产。公司非市场化权益证券的利得和损失在合并经营报表的其他收入（费用）净额中确认。更多详情请参见附注 9“对非合并关联方的投资”。

The Company has made strategic investments in joint ventures. The Company evaluates each investment to determine if the investee is a variable interest entity, and, if so, whether the Company is the primary beneficiary of the variable interest entity. The Company has determined, as of December 31, 2025, there were no variable interest entities required to be consolidated in the Company’s consolidated financial statements. The Company’s investments in unconsolidated affiliates are primarily non-marketable equity securities without readily determinable fair values. The Company accounts for each of its investments in unconsolidated affiliates either under equity method accounting, fair value, or by adjusting the carrying value of its non-marketable equity securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment (referred to as the measurement alternative). The investments in unconsolidated affiliates are included within Other assets on the consolidated balance sheets. Gains and losses on the Company’s non-marketable equity securities are recognized in Other income (expense), net in the consolidated statements of operations. Refer to Note 9, Investments in unconsolidated affiliates for additional details.

#### 收入确认

#### Revenue Recognition

下文按分部描述公司的重要收入确认政策。

Below describes the Company’s significant revenue recognition policies by segment.

太空分部

Space Segment

公司太空分部的收入主要来自：(i) 发射服务，即利用 Falcon 9 和 Falcon Heavy 为商业和政府客户将有效载荷部署至预定轨道；以及 (ii) 发射与开发，即利用 Falcon 9、Falcon Heavy、Starship 和 Dragon 为政府机构太空计划开发航天器并提供发射和任务服务。

The Company’s Space segment generates revenue primarily through (i) Launch Services for the deployment of payloads to their intended orbits for both commercial and government customers utilizing Falcon 9 and Falcon Heavy, and (ii) Launch and Development for the development of spacecraft and provision of launch and mission services for government agency space programs utilizing Falcon 9, Falcon Heavy, Starship, and Dragon.

太空收入来自固定价格合同，该等合同涉及为商业客户和政府机构太空项目开发和提供发射服务，以将航天器及其他有效载荷部署至预定轨道。本公司在控制权转移给客户时确认收入，确认方式为“随时间”或“在某一时点”。对于发射与开发合同，当本公司在该合同上的履约行为形成了一项无替代用途的资产，且本公司对迄今已完成的履约享有可强制执行收款权时，本公司随时间确认收入。本公司采用成本比成本投入法计量该等合同的履约进度，因为本公司认为这是衡量履约义务完成情况最恰当的计量方法。在成本比成本投入法下，本公司根据迄今已发生的成本（如材料和人工工时）相对于完工时估计总成本的比例确认收入。对于在某一时点确认收入的发射服务合同，由于飞行硬件具有可互换性且独特工程成本极小，收入和成本予以递延，直至客户的航天器发射或部署至预定轨道时才予确认。

Space revenue is derived from fixed-price contracts related to the development and provision of launch services for the deployment of spacecraft and other payloads to its intended orbit for both commercial customers and governmental agency space programs. The Company recognizes revenue as control is transferred to the customer, either “over time” or at a “point in time”. The Company recognizes revenue over time for Launch and Development contracts when the Company’s performance on the contract creates an asset with no alternative use and when the Company has an enforceable right to payment for performance to date. The Company measures progress on these contracts using the cost-to-cost input method, as the Company believes this represents the most appropriate measure towards satisfaction of its performance obligation. Under the cost-to-cost input method, the Company records revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at completion. For Launch Services contracts where revenue is recognized at a point in time, due to the interchangeability of flight hardware and minimal unique engineering costs, revenue and costs are deferred and not recognized until the launch or deployment of the customer’s spacecraft to its intended orbit.

本公司的合同较为复杂，要求本公司估计合同期内履约的总成本，并计量每项履约义务的完工进度。编制每项履约义务的完工估计总成本需要运用重大管理层判断，包括关于发射时间、人工工时、被认定为可多次发射重复使用的运载火箭共享成本分摊，以及运载火箭和航天器预期技术变化的假设。本公司对估计合同收入或完工成本的变化以及由此产生的合同利润变化按累计基础予以确认。

The Company’s contracts are complex and require the Company to estimate total costs to perform over the term of the contracts, as well as the measurement of progress towards completion for each performance obligation. Developing the estimated total cost at completion for each performance obligation requires the use of significant management judgment, including assumptions regarding launch timing, labor hours, allocation of shared costs for launch vehicles that have been identified as reusable for multiple launches, as well as expected technological changes to launch vehicles and spacecraft. The Company recognizes changes in estimated contract revenue or costs at completion and the resulting changes in contract profit on a cumulative basis.

连接业务板块

Connectivity Segment

本公司的连接业务板块主要通过向 156 个市场的消费者以及企业和政府客户提供宽带和 Starlink Mobile 服务产生收入。

The Company’s Connectivity segment generates revenue primarily through broadband and Starlink Mobile services to consumers, and enterprise and government customers throughout 156 markets.

本公司与 Starlink 客户签订的合同几乎全部包含多项履约义务。该等履约义务通常包括(i)通过 Starlink 提供的宽带服务，以及(ii)销售 Starlink Kit（含终端）。对于包含多项履约义务的客户合同，如果各项履约义务可明确区分，本公司对各项履约义务分别进行会计处理。交易价格根据各项履约义务的单独售价分摊至各项履约义务。本公司基于该商品或服务在单独基础上向类似地区的类似客户单独销售的价格确定单独售价。Starlink Mobile 服务仅有一项履约义务。

Substantially all of the Company’s contracts with Starlink customers contain multiple performance obligations. These performance obligations typically include (i) the broadband services provided through Starlink and (ii) the sale of the Starlink Kit (inclusive of the terminal). For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is allocated to each performance obligation based on its standalone selling price. The Company determines the standalone selling price based on the price at which the good or service is sold separately on a standalone basis to similar customers in similar locations. Starlink Mobile services have one performance obligation.

公司提供宽带和 Starlink Mobile 服务的履约义务在客户同时取得并消耗所提供利益的过程中随时间推移予以履行。公司通过以下方式产生服务收入：(i) 要求客户预付或按月定期付款的固定价格服务，或 (ii) 根据 Starlink 宽带实际数据使用量计价的变动价格服务。公司就宽带和 Starlink Mobile 服务向客户收取的预付款项计入公司合并资产负债表中的递延收入，收入在订阅期内按比例确认或根据实际数据使用量确认。公司的合同通常为按月签订，就此类经常性客户确认的收入等于当月开票金额。

The Company’s performance obligation to provide broadband and Starlink Mobile services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The Company generates service revenue by (i) fixed price services that require advanced or recurring monthly payments by the customer or (ii) variable priced services based on actual data usage of the Starlink broadband. The amounts received from customers for advanced payment for broadband and Starlink Mobile service are included in deferred revenue on the Company’s consolidated balance sheets and revenue is recognized either ratably over the subscription term or based on actual data usage. The Company’s contracts are generally month to month and the revenue recognized for these recurring customers is equal to the amount billed in that month.

公司提供 Starlink Kit 及其他相关硬件的履约义务在控制权转移给客户的时点予以履行。在几乎所有情况下，控制权于 Starlink Kit 及其他相关硬件交付给客户时转移给客户，或在某些企业客户的情形下，于安装完成时转移。Starlink Kit 收入按扣除销售退回和拒付后的净额列报。运输和装卸费用计入交易价格。公司将运输和装卸活动作为履约活动而非单独的履约义务予以确认。

The Company’s performance obligation to provide the Starlink Kit and other related hardware is satisfied at the point in time when control is transferred to the customer. In almost all circumstances, control passes to the customer upon delivery of the Starlink Kit and other related hardware to the customer, or in the instance of certain enterprise customers, when it is installed. Starlink Kit revenue is reported net of sales returns and chargebacks. Shipping and handling charges are included in the transaction price. The Company recognizes shipping and handling activities as fulfillment activities and not as a separate performance obligation.

对于 Starshield 业务中具有长期性质的某些合同，公司采用成本比成本投入法随时间推移确认收入。公司根据迄今已发生的成本（如材料和人工工时）相对于完工时估计总成本的比例确认收入。

The Company recognizes revenue over time for certain contracts related to the Starshield business that are long-term in nature using the cost-to-cost input method. The Company records revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at completion.

公司的 Starshield 合同较为复杂，要求公司估计合同期内履行合同的总成本，并计量每项履约义务的完工进度。确定每项履约义务完工时的估计总成本需要管理层作出重大判断，包括关于人工工时、卫星生产中使用的共享成本分摊、卫星材料成本以及卫星预期技术变化的假设。公司对完工时估计合同收入或成本的变化以及由此产生的合同利润变化按累计基础予以确认。

The Company’s Starshield contracts are complex and require the Company to estimate the total costs to perform over the term of the contracts, as well as the measurement of progress towards completion for each performance obligation. Developing the estimated total cost at completion for each performance obligation requires the use of significant management judgment, including assumptions regarding labor hours, allocation of shared costs used in the production of satellites, satellite material costs, as well as expected technological changes to satellites. The Company recognizes changes in estimated contract revenue or costs at completion and the resulting changes in contract profit on a cumulative basis.

AI 板块

AI Segment

AI 板块通过销售广告以及提供 AI 解决方案和基础设施服务产生收入，后者包括 (i) 订阅产品、(ii) 数据许可安排，以及 (iii) 对 Grok 模型的 API 访问。

The AI segment generates revenue from the sale of advertising and from AI solutions and infrastructure services, which include (i) subscription offerings, (ii) data licensing arrangements, and (iii) API access to Grok models.

广告收入在广告投放的期间确认，其证据是用户以符合广告主所选互动标准的方式与广告进行互动。本公司评估在涉及第三方时其是作为主要责任人还是代理人。对于通过其 X 平台直接销售的广告产品，本公司在向广告主转让之前控制特定广告服务，负责投放广告，并满足广告主的互动标准。因此，本公司作为主要责任人，按总额确认收入。对于通过供给侧平台（“SSP”）合作伙伴销售的广告，本公司按广告总支出的一定比例分成。SSP 合作伙伴在向广告主转让之前控制广告库存，主要负责履行对广告主的履约义务，并拥有定价自主权。因此，本公司作为代理人，按净额确认收入。

Revenue from advertising is recognized in the period in which the advertising is delivered, as evidenced by a user engaging with the ad in a manner that satisfies the advertiser’s selected engagement criteria. The Company evaluates whether it acts as principal or agent when third parties are involved. For advertising products sold directly through its X platform, the Company controls the specified ad services prior to transfer to the advertiser, is responsible for serving the advertisements, and fulfills the advertiser’s engagement criteria. Accordingly, it acts as principal and recognizes revenue on a gross basis. For advertising sold through supply side platform (“SSP”) partners, the Company receives a percentage share of gross advertising spend. The SSP partner controls the advertising inventory prior to its transfer to the advertisers, is primarily responsible for fulfilling the performance obligation to the advertiser, and has discretion in pricing. As a result, the Company acts as agent and recognizes revenue on a net basis.

订阅收入在订阅期内按比例确认。

Subscription revenue is recognized ratably over the period of the subscription term.

数据许可安排授予客户在特定期限内通过开发者渠道访问、搜索和分析本公司在 X 平台上的历史及实时知识产权（“IP”）的权利。此类安排可能包含单项履约义务（历史 IP 在某一时点履行，未来 IP 在一段时间内履行）或分别履行的多项履约义务。对于具有固定月费和单项未来 IP 履约义务的安排，收入在本公司提供数据的期间按直线法确认。当此类安排包含多项履约义务时，本公司基于可直接观察的单独交易确定单独售价，在各履约义务之间按相对比例分摊收入，并在各履约义务履行时确认收入。对于某些数据许可安排，本公司根据客户利用其数据从下游客户处产生的销售额向客户收费。对于具有最低保证和单项未来 IP 履约义务的安排，最低保证在相关期间按直线法确认。对于具有最低保证和两项或多项履约义务的安排，本公司基于可直接观察的单独交易确定单独售价，在各履约义务之间按相对比例分摊收入，并在每项履约义务履行时确认收入。超过最低保证的任何特许权使用费（如有）在合同期内按直线法、以累计追补的方式确认。

Data licensing arrangements grant customers a right to access, search, and analyze the Company’s historical and real-time intellectual property (“IP”) on the X platform through the developer channel for a defined period. These arrangements may contain a single performance obligation (satisfied at a point in time for historical IP or over time for future IP) or multiple performance obligations satisfied separately. For arrangements with a fixed monthly fee and a single future IP performance obligation, revenue is recognized on a straight-line basis over the period in which the Company provides the data. When such arrangements contain multiple performance obligations, the Company allocates revenue on a relative basis between the performance obligations based on standalone selling price based on directly observable standalone transactions and recognizes revenue as the performance obligations are satisfied. For certain data licensing arrangements, the Company charges customers based on the amount of sales they generate from downstream customers using its data. For arrangements with a minimum guarantee and a single future IP performance obligation, the minimum guarantee is recognized on a straight-line basis over the period. For arrangements with a minimum guarantee and two or more performance obligations, the Company allocates revenue on a relative basis between the performance obligations based on standalone selling price based on directly observable standalone transactions and recognizes revenue as each performance obligation is satisfied. Any royalties in excess of minimum guarantees, if any, are recognized over the contract term, on a straight-line, on a cumulative catch-up basis.

就公司的 API 服务而言，主要履约义务是随时准备向客户提供平台访问权限，以便通过基于 token 的输入处理数据并利用算力小时生成输出。对于提供随时可用访问权限的订阅安排，收入在合同期内按直线法分期确认。对于基于用量的安排，收入在服务被消耗时（即处理 token 或使用算力小时时）确认。

For the Company’s API services, the primary performance obligation is to stand ready to provide customers with access to the platform to process data through token-based inputs and utilize compute hours for outputs. Revenue is recognized ratably on a straight-line basis over the contract term for subscription arrangements that provide stand-ready access. For usage-based arrangements, revenue is recognized as the services are consumed (i.e., as tokens are processed or compute hours are utilized).

对于所有分部，公司将信用卡销售的支付处理费计入收入成本。从客户收取并上缴政府机构的税费不计入交易价格。当摊销期限为一年或更短时，公司在综合经营报表的销售、一般及管理费用中将销售佣金于发生时费用化。

For all segments, the Company records payment processing fees for its credit card sales within Cost of revenue. Taxes collected from customers and remitted to government authorities are not included in the transaction price. The Company expenses sales commissions as incurred when the amortization period is one year or less within Selling, general, and administrative expenses in the consolidated statements of operations .

#### 收入成本

#### Cost of Revenue

收入成本包括材料成本、折旧和摊销、运输和装卸、支付处理费、关税和税费、收入分成成本、基础设施成本、分摊间接费用以及员工薪酬成本（包括工资、福利和股份支付薪酬）。基础设施成本主要包括火箭、套件和卫星制造设施成本，以及与公司托管设施相关的数据中心成本，其中包括租赁和托管成本、相关支持和维护成本、能源和带宽成本以及公有云托管成本。

Cost of revenue includes the cost of materials, depreciation and amortization, shipping and handling, payment processor fees, customs and duties, revenue share costs, infrastructure costs, allocated overhead, and employee compensation costs (including salaries, benefits, and share-based compensation). Infrastructure costs consist primarily of rocket, kit, and satellite manufacturing facilities and data center costs related to the Company’s colocated facilities, which include lease and hosting costs, related support and maintenance costs, energy and bandwidth costs, and public cloud hosting costs.

#### Starlink 套件保修

#### Warranty on Starlink Kits

公司为 Starlink 套件提供一至两年的标准产品保修。公司有义务维修或更换有缺陷的 Starlink 套件。在确认收入时，将未来保修成本的估计数作为收入成本的一个组成部分入账。影响保修义务的因素包括历史及当前产品故障率和纠正产品故障所产生的成本。保修费用及相关负债对综合财务报表不重大。

The Company offers a standard product warranty for a period of one to two years on Starlink Kits. The Company has an obligation to either repair or replace the defective Starlink Kit. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of Cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates and costs incurred in correcting product failures. Warranty expenses and related liabilities are not material to the consolidated financial statements.

#### 研发费用

#### Research and Development Expenses

公司资助多个研发项目，其成本于发生时费用化。研发（“R&D”）费用包括材料成本、员工薪酬成本（包括工资、福利和股份支付薪酬）、承包商薪酬费用、云计算费用、数据服务、设备租赁费用、研发设备折旧以及分摊间接费用。研发成本还包括与通过工程服务为公司产品开发功能和模块相关的某些费用，公司保留相关知识产权。

The Company sponsors various research and development projects, whose costs are expensed as incurred. Research and development (“R&D”) expenses consist of cost of materials, employee compensation costs (including salaries, benefits, and share-based compensation), contractor compensation expenses, cloud computing expenses, data services, equipment lease expenses, depreciation for R&D equipment and allocated overhead. R&D costs also include certain expenses related to the development of features and modules created through engineering services for the Company’s products, where the Company retains the associated intellectual property.

#### 软件开发成本

#### Software Development Costs

公司将根据本地部署永久许可协议进行营销的软件开发成本费用化。在确立技术可行性之前发生的成本作为研究与开发费用计入费用。由于公司开发周期的性质，技术可行性通常在产品可供全面发布前不久才实现。截至 2025 年、2024 年和 2023 年 12 月 31 日止年度的所有软件开发成本均在发生时计入费用。

The Company expenses software development costs marketed under on-premise perpetual license agreements. Costs incurred prior to the establishment of technological feasibility are expensed as research and development costs. Due to the nature of the Company’s development cycle, technological feasibility typically occurs shortly before the product is available for general release. All software development costs for the years ended December 31, 2025, 2024, and 2023 were expensed as incurred.

#### 股份支付

#### Share-Based Compensation

附有服务和/或业绩条件的股票期权、限制性股票单位（RSU）和限制性股票奖励（RSA）以及员工购股计划（ESPP）的公允价值在授予日或发行日进行估计。RSU、RSA 和 ESPP 的公允价值根据授予日公司普通股的公允价值确定，股票期权的公允价值采用 Black-Scholes 期权定价模型确定。Black-Scholes 期权定价模型需要输入公司普通股的公允价值、无风险利率、预期奖励期限和预期股价波动率等参数。

The fair value of stock options, restricted share units (“RSUs”) and restricted share awards (“RSAs”) with service and/or performance conditions and the employee share purchase plan (“ESPP”) are estimated on the grant or offering date. The fair value of RSUs, RSAs, and ESPP is determined based on the fair value of the Company’s common stock on the date of grant and the fair value of stock options is determined using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires inputs such as the fair value of the Company’s common stock, risk-free interest rate, expected award term and expected share price volatility.

附有业绩条件的权益奖励的股份支付费用在奖励归属很可能发生的必要服务期内确认。仅附有服务条件的权益奖励的股份支付费用按直线法确认，附有业绩条件的权益奖励按分级归属法确认。公司按实际发生情况核算没收，而非按估计基础核算。

Share-based compensation expense for equity awards with performance conditions is recognized over the requisite service period when the vesting of the award becomes probable. Share-based compensation expense is recognized on a straight-line basis for equity awards with only a service condition and on a graded vesting basis for equity awards with a performance condition. The Company accounts for forfeitures as they occur rather than on an estimated basis.

授予公司 CEO 的附有市场、服务和业绩条件的奖励的公允价值及衍生服务期，在授予日采用蒙特卡洛模拟模型进行估计。蒙特卡洛模拟模型需要输入公司普通股的公允价值、无风险利率、预期奖励期限、预期股份稀释和预期股价波动率等参数。这些输入具有主观性且通常需要判断，根据估值日可获得的最佳信息针对每项奖励单独确定。对于这些奖励，在业绩条件很可能实现之前不确认股份支付费用。一旦业绩条件达成，股份支付费用按与很可能实现的业绩条件相关的必要服务期进行记录。

The fair value and derived service period of awards granted to the Company’s CEO with market, service, and performance conditions are estimated on the grant date using a Monte Carlo simulation model. A Monte Carlo simulation model requires inputs such as fair value of the Company’s common stock, the risk-free interest rate, expected award term, expected share dilution and expected share price volatility. These inputs, which are subjective and generally require judgment, are unique to each award based on the best available information at the valuation date. For these awards, share-based compensation expense is not recognized until the performance condition is probable. Once the performance condition is met, share-based compensation is recorded based on the requisite service period associated with the probable performance condition.

#### 广告费用

#### Advertising Expense

公司将主要为推广 Starlink 服务而发生的广告和其他促销支出在发生时计入费用。截至 2025 年、2024 年和 2023 年 12 月 31 日止年度，计入合并经营报表销售、一般及管理费用中的广告费用分别为 $69 million、$31 million 和 $29 million。

The Company expenses the cost of advertising and other promotional expenditures to primarily market Starlink services as incurred. For the years ended December 31, 2025, 2024, and 2023, advertising expenses included in Selling, general, and administrative expenses on the consolidated statements of operations are $69 million, $31 million, and $29 million, respectively.

#### 归属于普通股股东的每股普通股净利润（亏损）

#### Net Income (Loss) per Share of Common Stock Attributable to Common Shareholders

归属于普通股股东的每股净收益（亏损）采用参与证券所要求的两类法计算。在该方法下，净收益按普通股股东与参与证券各自获得分红的权利进行分配，视同该期间全部收益均已分配。公司若干系列的可赎回可转换优先股被视为参与证券，原因是当普通股宣布分红时，该等优先股有权按转换后基准获得分红。该等证券不参与净亏损的分配。公司各类普通股具有相同的经济权利，因此各类普通股的每股净收益（亏损）相同。据此，公司就所有类别普通股列示单一的每股净收益（亏损）。

Net income (loss) per share attributable to common shareholders is computed using the two-class method required for participating securities. Under this method, net income is allocated to common shareholders and participating securities based on their respective rights to receive dividends as if all earnings for the period had been distributed. Certain series of the Company’s redeemable convertible preferred stock are considered participating securities because they are entitled to receive dividends on an as-converted basis if and when dividends are declared on common stock. These securities do not participate in net losses. The Company’s classes of common stock have identical economic rights, resulting in the same net income (loss) per share for each class. Accordingly, the Company presents a single net income (loss) per share for all classes of common stock.

稀释每股净（亏损）收益按(i)两类法与(ii)转换后法两者中更具稀释性的方法计算。在计算归属于普通股股东的稀释每股净收益（亏损）时，若未行使的股权激励奖励（包括股票期权和限制性股票单位）具有稀释影响，则采用库存股法将其潜在稀释股份计入。

Diluted net (loss) income per share is computed based on the more dilutive of (i) the two-class method or (ii) the if-converted method. Potentially dilutive shares from outstanding share-based compensation awards, including stock options and restricted stock units, are included when calculating diluted net income (loss) per share of attributable to common shareholders using the treasury stock method when their effect is dilutive.

有关公司优先股和普通股的更多详情，请参见附注 13“可赎回可转换优先股与股东权益”。

Refer to Note 13, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details of the Company’s preferred and common stock.

#### 所得税

#### Income Taxes

公司按照 ASC 主题 740《所得税》（“ASC 740”）的规定，采用资产负债法核算所得税。在该方法下，递延所得税资产和负债按照已颁布的税率，就所记录资产和负债的账面基础与计税基础之间的暂时性差异的影响予以确认。ASC 740 还要求，若递延所得税资产净额的部分或全部很可能无法实现，则应以估值备抵减少递延所得税资产。公司于每年年末评估其实现递延所得税资产的能力，并在必要时计提估值备抵。用于评估实现可能性的因素可能包括对未来应纳税所得额的预测、现有应纳税暂时性差异的未来转回，以及可用于实现递延所得税资产净额的可用税务筹划策略。

The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC Topic 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Company’s ability to realize deferred tax assets is assessed at each year-end and a valuation allowance is established if necessary. The factors used to assess the likelihood of realization may include forecasts of future taxable income, future reversal of existing taxable temporary differences, and available tax planning strategies that could be implemented to realize net deferred tax assets.

公司适用 ASC 740-10 的规定，该规定要求公司仅在税务立场基于其技术依据很可能在审查后得以维持时，方可在合并财务报表中确认该税务立场的影响。公司将与不确定税务立场相关的利息和罚款计入所得税费用。

The Company applies the provisions of ASC 740-10, which requires the Company to recognize in the consolidated financial statements the impact of a tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.

2023 年 12 月，FASB 发布了 ASU 第 2023-09 号《所得税披露的改进（主题 740）》（“ASU 2023-09”）。ASU 2023-09 要求披露报告主体实际税率调节表的分解信息以及已缴所得税的额外信息。本公司自 2025 年 1 月 1 日起以未来适用法采用该 ASU。有关新增要求披露内容，请参见附注 16“所得税”。

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740) (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The Company adopted this ASU on a prospective basis effective January 1, 2025. Refer to Note 16, Income Taxes for the inclusion of new disclosures required.

#### 投资税收抵免

#### Investment Tax Credits

当有合理保证表明该抵免将会收到且本公司将遵守协议或法定要求中规定的条件时，本公司确认投资税收抵免。本公司将与资本相关的抵免记录为合并资产负债表内物业、厂房及设备净额的减项，并在相应取得资产的使用寿命内确认折旧费用的减少。

The Company recognizes investment tax credits when there is reasonable assurance that the credit will be received and the Company will comply with the conditions specified in the agreement or statutory requirements. The Company records capital-related credits as a reduction to Property, plant, and equipment, net within the consolidated balance sheets and recognizes a reduction to depreciation expense over the useful life of the corresponding acquired asset.

#### 外币

#### Foreign Currency

本公司的报告货币为美元（“U.S.”美元）。本公司根据各国际子公司的主要经营货币确定其功能货币和报告货币。若功能货币并非美元，本公司就当期损益与资产负债表所适用的不同汇率所产生的折算差额确认累计折算调整。对于各子公司，本公司对其月度损益适用月度平均功能货币汇率，并对资产负债表适用月末功能货币汇率进行折算。

The reporting currency of the Company is the United States (“U.S.”) dollar. The Company determines the functional and reporting currency of each of its international subsidiaries based on the primary currency in which they operate. If the functional currency is not the U.S. dollar, the Company recognizes a cumulative translation adjustment created by the different rates the Company applies to current period income or loss and the balance sheet. For each subsidiary, the Company applies the monthly average functional exchange rate to its monthly income or loss and the month-end functional currency rate to translate the balance sheet .

外币交易损益系汇率变动对以非功能货币计价交易的影响所致。交易损益在合并经营报表的其他收入（费用）净额中确认。净外币交易收益（亏损）

Foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions denominated in currencies other than the functional currency. Transaction gains and losses are recognized in Other income (expense), net in the consolidated statements of operations. Net foreign currency transaction gains (losses)

对合并财务报表不重大 · 。

were not material to the consolidated financial statements · .

#### 近期会计公告

#### Recent Accounting Pronouncements

2024 年 11 月，FASB 发布了 ASU 第 2024-03 号《利润表费用的分解（子主题 220-40）》。该 ASU 要求在相关利润表项目内分解披露特定费用类别，包括存货采购、员工薪酬、折旧和摊销。该 ASU 还要求披露销售费用总额以及销售费用的定义。该 ASU 对 2026 年 12 月 15 日之后开始的年度期间以及 2027 年 12 月 15 日之后开始的财年内的中期期间生效。采用该 ASU 时，可对未来适用法应用于该 ASU 生效日期之后报告期间所发布的合并财务报表，或追溯适用于合并财务报表中所列示的任何或全部前期。一旦采用，该 ASU 很可能导致合并财务报表中纳入所要求的额外披露。本公司目前正在评估该 ASU 的规定。

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. This ASU will likely result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company is currently evaluating the provisions of this ASU.

2025 年 7 月，FASB 发布了 ASU 第 2025-05 号《金融工具——信用损失（主题 326）：应收账款和合同资产信用损失的计量》。本次更新中的修订提供了一项实务简便方法，允许主体在估计当前分类的应收账款和合同资产的预期信用损失时，假设资产负债表日的状况在资产整个存续期内保持不变。本次更新对 2025 年 12 月 15 日之后开始的年度期间生效，包括这些财年内的中期期间。采用该 ASU 可在其生效日期之后的报告期间前瞻性应用。允许提前采用。公司目前正在评估该 ASU 的规定，并预计该 ASU 不会对合并财务报表产生重大影响。

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements .

2025 年 9 月，FASB 发布了 ASU 第 2025-06 号《无形资产——商誉及其他——内部使用软件（子主题 350-40）：内部使用软件会计处理的针对性改进》。该 ASU 通过删除 ASC 350-40 中所有关于规定性和顺序性软件开发阶段（称为“项目阶段”）的引用，简化了资本化指引。该 ASU 对 2027 年 12 月 15 日之后开始的年度期间以及这些财年内的中期期间生效。采用该 ASU 可在其生效日期之后的报告期间前瞻性应用；或采用基于各项目状态以及软件成本是否在采用日期之前资本化的修改过渡方法；或对合并财务报表中列示的任何或所有前期进行追溯应用。允许提前采用。公司目前正在评估该 ASU 的规定，并预计该 ASU 不会对合并财务报表产生重大影响。

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU simplifies the capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout ASC 350-40. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date; or follow a modified transition approach that is based on the status of the respective projects and whether software costs were capitalized before the date of adoption; or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.

2025 年 12 月，FASB 发布了 ASU 第 2025-10 号《政府补助（主题 832）：企业主体收到的政府补助的会计处理》。该 ASU 在 GAAP 中确立了关于企业主体收到的政府补助会计处理的权威指引，明确了适当的会计处理，旨在减少实务中的多样性，并提高企业主体之间应用的一致性。该 ASU 对 2028 年 12 月 15 日之后开始的年度报告期间以及这些年度报告期间内的中期报告期间生效。采用该 ASU 可采用修改前瞻法、修改追溯法或追溯法。允许提前采用。公司目前正在评估该 ASU 的规定，并预计该 ASU 不会对合并财务报表产生重大影响。

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU establishes authoritative guidance in GAAP about accounting for government grants received by business entities, clarifies the appropriate accounting, in an effort to reduce diversity in practice, and increase consistency of application across business entities. The ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Adoption of this ASU can be applied a modified prospective approach, a modified retrospective approach, or a retrospective approach. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.

附注 3 - 收入 Note 3 - Revenue

按产品和服务分类的收入明细如下：

Revenue disaggregated by products and services is as follows:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 产品 · $1,510 · $1,470 · $1,093 服务 · 17,164 · 12,545 · 9,294 总收入 · $18,674 · $14,015 · $10,387

2025 · 2024 · 2023 Products · $1,510 · $1,470 · $1,093 Services · 17,164 · 12,545 · 9,294 Total revenues · $18,674 · $14,015 · $10,387

产品收入全部归属于互联业务板块。

All of products revenue is attributable to the Connectivity segment.

按类型和板块分类的收入明细如下：

Revenue disaggregated by type and segment is as follows:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 发射服务 · $2,576 · $2,584 · $1,964 发射与开发 · 1,510 · 1,212 · 1,593 太空 · 4,086 · 3,796 · 3,557 消费 · 7,208 · 4,830 · 2,817 企业与政府 (1) · 4,179 · 2,769 · 1,052 互联 · 11,387 · 7,599 · 3,869 广告 · 1,844 · 1,728 · 2,323 AI 解决方案与基础设施 · 1,357 · 892 · 638 AI · 3,201 · 2,620 · 2,961 总收入 · $18,674 · $14,015 · $10,387

2025 · 2024 · 2023 Launch Services · $2,576 · $2,584 · $1,964 Launch & Development · 1,510 · 1,212 · 1,593 Space · 4,086 · 3,796 · 3,557 Consumer · 7,208 · 4,830 · 2,817 Enterprise & Government (1) · 4,179 · 2,769 · 1,052 Connectivity · 11,387 · 7,599 · 3,869 Advertising · 1,844 · 1,728 · 2,323 AI Solutions & Infrastructure · 1,357 · 892 · 638 AI · 3,201 · 2,620 · 2,961 Total revenues · $18,674 · $14,015 · $10,387

___________________

___________________

(1) 企业与政府收入包括来自 Starlink Mobile 服务产品的收入。

(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.

#### 递延收入

#### Deferred revenue

递延收入在公司履约之前收到或应收现金付款时予以记录。递延收入主要与太空协议以及互联业务的企业和政府合同相关。截至 2024 年 12 月 31 日的递延收入总额为 $10,179 million，其中 $4,080 million 已于截至 2025 年 12 月 31 日的年度内确认为收入。截至 2025 年 12 月 31 日的递延收入总额为 $12,116 million。

Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance. Deferred revenue primarily relates to Space agreements and Connectivity enterprise and government contracts. Total deferred revenue as of December 31, 2024 was $10,179 million, of which $4,080 million was recognized as revenue for the year ended December 31, 2025. Total deferred revenue as of December 31, 2025 was $12,116 million .

Revenue recognized during the years ended December 31, · 2024 and 2023 that were included in the deferred revenue 各期初的余额分别为 $3,414 million 和 $2,691 million。

Revenue recognized during the years ended December 31, · 2024 and 2023 that were included in the deferred revenue balance at the beginning of each period was $3,414 million and $2,691 million, respectively.

#### 积压订单

#### Backlog

公司的积压订单代表尚待履行的客户履约义务的交易价格。积压订单金额随新合同或现有合同的增加而增加，并随现有合同收入的确认而减少。合同在达成可强制执行协议时计入积压订单。积压订单不包括在交付时开票并确认的履约义务相关金额、不构成重大权利的可选购买，以及受约束的任何可变对价估计金额。截至 2025 年 12 月 31 日，积压订单总额为 $28,377 百万，其中 $12,116 百万于 2025 年 12 月 31 日确认为递延收入。预计约 32% 将在一年内确认，约 53% 将在 2027 年和 2028 年确认，其余 15% 将在其后确认。

The Company’s backlog represents the transaction price of performance obligations to customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable agreement has been reached. Backlog does not include amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights and any estimated amounts of variable consideration that are subject to constraint. Backlog totaled $28,377 million as of December 31, 2025, of which $12,116 million was recognized as deferred revenue at December 31, 2025. Approximately 32% is expected to be recognized within one year, and approximately 53% to be recognized in 2027 and 2028, with the remaining 15% to be recognized thereafter.

#### 风险集中

#### Concentration of risk

来自重要客户的合并收入如下：

Consolidated revenue from a significant customer is as follows:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 客户 A · 20.9 % · 24.2 % · 25.2 %

2025 · 2024 · 2023 Customer A · 20.9 % · 24.2 % · 25.2 %

来自该客户的收入涉及全部三个分部。在截至 2025 年、2024 年和 2023 年 12 月 31 日的年度内，没有其他客户占合并收入的 10% 以上。

Revenue from this customer relates to all three segments. No other customers represented more than 10% of consolidated revenue during the years ended December 31, 2025, 2024 and 2023 .

附注 4 - 存货 Note 4 - Inventory

存货由以下各项构成：

Inventory consists of the following:

**12 月 31 日，**

**December 31,**

2025 · 2024 原材料 · $1,030 · $923 在产品 · 803 · 730 产成品 · 583 · 350 存货 · $2,416 · $2,003

2025 · 2024 Raw materials · $1,030 · $923 Work-in-progress · 803 · 730 Finished goods · 583 · 350 Inventory · $2,416 · $2,003

附注 5 - 物业、厂房及设备净额 Note 5 - Property, Plant, and Equipment, Net

物业、厂房及设备净额由以下各项构成：

Property, plant, and equipment, net consist of the following:

**12 月 31 日，**

**December 31,**

2025 · 2024 服务器及网络设备 · $22,694 · $6,892 卫星 · 11,949 · 7,591 机器及设备 · 6,343 · 5,343 数据中心基础设施 · 2,960 · 224 发射场 · 2,404 · 2,121 土地、建筑物及改良(1) · 1,876 · 913 飞行器硬件 · 1,689 · 1,577 租赁物改良 · 784 · 1,019 在建工程 · 4,604 · 3,007 物业、厂房及设备 · 55,303 · 28,687 减：累计折旧 · (12,701) · (7,540) 物业、厂房及设备净额 · $42,602 · $21,147

2025 · 2024 Servers and networking equipment · $22,694 · $6,892 Satellites · 11,949 · 7,591 Machinery and equipment · 6,343 · 5,343 Data center infrastructure · 2,960 · 224 Launch sites · 2,404 · 2,121 Land, buildings and improvements (1) · 1,876 · 913 Flight vehicle hardware · 1,689 · 1,577 Leasehold improvements · 784 · 1,019 Construction-in-progress · 4,604 · 3,007 Property, plant, and equipment · 55,303 · 28,687 Less: Accumulated depreciation · (12,701) · (7,540) Property, plant, and equipment, net · $42,602 · $21,147

__________________

__________________

(1) 土地不属于应计提折旧的资产。

(1) Land is not a depreciable asset.

在建工程主要包括尚未投入使用的设施及设备的持续建设与扩建以及 AI 基础设施。

Construction in progress is primarily comprised of ongoing construction and expansion of the facilities and equipment as well as AI infrastructure that has not yet been placed in service.

截至 2025 年 12 月 31 日、2024 年及 2023 年各年度的折旧费用分别为 · 5,915 百万美元、2,977 百万美元 和 $1,897 million。 对于重大长期建设项目（例如 AI 基础设施数据中心），在建设期间利息予以资本化。 截至 2025 年 12 月 31 日止年度，公司资本化了 $169 million 的利息，

Depreciation expense for the years ended December 31, 2025, · 2024 and 2023 was $5,915 million, $2,977 million and $1,897 million respectively. Interest is capitalized during the construction period for significant long term construction projects, such as the AI infrastructure data centers. For the year ended December 31, 2025, the Company capitalized $169 million of interest,

该金额已计入上文的在建工程金额中。截至下列各年度止期间未资本化任何利息

which is included in Construction-in-progress amounts above. No interest was capitalized during the years ended

2024 年 12 月 31 日与 · 2023 年 · 。 截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，公司分别确认了 $38 million 和 $63 million 的减值费用，分别与(i)太空板块受损飞行器的核销，以及(ii) 连接板块被废弃的生产线和受损卫星硬件相关。这些费用反映在 合并经营报表中的减值项目内。截至 2023 年 12 月 31 日止年度，减值项目中未记录与物业、厂房及 设备相关的减值。 截至 2024 年 12 月 31 日和 · 2023 年 12 月 31 日止年度，公司还分别确认了 · $36 million 和 $54 million 的减值费用，与其租赁改良和办公设备相关，系公司 在 AI 板块进行设施整合工作所致，计入合并经营报表中的重组费用。截至 2025 年 12 月 31 日止年度，重组费用中未记录与物业、厂房及设备相关的减值。 详情请参阅附注 20“重组”。 2024 年，公司与当地市政当局完成了两笔应税收益债券交易，以便就该州新购置的 服务器和网络设备获得个人财产税减免。根据该 交易，市政当局分别向公司发行了本金金额为 $442 million 和 $258 million 的应税收益债券， 并将推定所得款项用于从公司购买服务器和网络设备， 随后将该设备回租给公司。由于此举实际上形成了对市政当局的债券应收款及 相应的融资义务，且公司拥有法定抵销权并拟 抵销相应的租赁费用与收到的债券服务付款，故对 合并经营报表和合并资产负债表均无影响。

December 31, 2024 and · 2023 · . For the years ended December 31, 2025 and 2024, the Company recorded impairment charges of $38 million and $63 million, respectively, related to the write off of (i) damaged flight vehicle in the Space segment, and (ii) abandoned production line and damaged satellite hardware in the Connectivity segment. These charges are reflected in Impairment in the consolidated statements of operations. There was no impairment related to Property, plant, and equipment recorded in Impairment during the year ended December 31, 2023 . During the years ended December 31, 2024and · 2023, the Company also recorded impairment charges of · $36 million and $54 million, respectively, related to its leasehold improvements and office equipment as part of its facilities consolidation efforts in the AI segment in Restructuring charges in the consolidated statements of operations. There was no impairment related to Property, plant, and equipment recorded in Restructuring charges during the year ended December 31, 2025. Refer to Note 20, Restructuring for additional details. In 2024, the Company closed two taxable revenue bond transactions with a local municipality, in order to receive a personal property tax abatement on newly acquired server and networking equipment in the state. Pursuant to this transaction, the municipality issued taxable revenue bonds of $442 million and $258 million principal amount each to the Company and used the constructive proceeds to purchase the server and networking equipment from the Company, and then leased the equipment back to the Company. As this effectively created a bond receivable and a corresponding financing obligation with the municipality, and the Company has the legal right to set-off and intends to set-off the corresponding lease expense and bond service payments received, there was no impact to the consolidated statements of operations and consolidated balance sheets .

附注 6 - 无形资产及商誉 Note 6 - Intangible Assets and Goodwill

#### 无形资产

#### Intangible Assets

有限寿命无形资产由以下各项构成：

Finite-lived intangible assets consist of the following:

**2025 年 12 月 31 日**

**December 31, 2025**

加权平均使用寿命（年）账面总值 累计摊销 账面净值

Weighted- Average Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value

品牌 · 5.0 · $743 · $(335) · $408 用户基础 · 9.0 · 1,291 · (456) · 835 现有技术 · 3.2 · 27 · (16) · 11 广告客户关系 · 5.0 · 752 · (478) · 274 收购的员工队伍 · 2.0 · 9 · — · 9 合计 · $2,822 · $(1,285) · $1,537

Brand · 5.0 · $743 · $(335) · $408 User base · 9.0 · 1,291 · (456) · 835 Existing technology · 3.2 · 27 · (16) · 11 Advertising customer relationships · 5.0 · 752 · (478) · 274 Acquired workforce · 2.0 · 9 · — · 9 Total · $2,822 · $(1,285) · $1,537

**2024 年 12 月 31 日**

**December 31, 2024**

加权平均使用寿命（年）账面总值 累计摊销 账面净值

Weighted- Average Useful Life (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value

品牌 · 5.0 · $707 · $(177) · $530 用户基础 · 9.0 · 1,225 · (297) · 928 现有技术 · 3.0 · 1,140 · (823) · 317 广告客户关系 · 5.0 · 714 · (311) · 403 数据授权客户关系 · 3.0 · 102 · (74) · 28 开发的技术 · 2.0 · 3 · (2) · 1 合计 · $3,891 · $(1,684) · $2,207

Brand · 5.0 · $707 · $(177) · $530 User base · 9.0 · 1,225 · (297) · 928 Existing technology · 3.0 · 1,140 · (823) · 317 Advertising customer relationships · 5.0 · 714 · (311) · 403 Data licensing customer relationships · 3.0 · 102 · (74) · 28 Developed technology · 2.0 · 3 · (2) · 1 Total · $3,891 · $(1,684) · $2,207

与有限寿命无形资产相关的摊销费用在截至 2025 年 12 月 31 日、2024 年和 2023 年的年度分别为$786 million、$847 million 和$738

Amortization expense associated with finite-lived intangible assets was $786 million, $847 million, and $738

百万美元，截至 2025 年 12 月 31 日止年度、 · 2024 年度及 2023 年度分别为。 公司还拥有使用寿命不确定的无形资产，金额为 · 截至 2025 年 12 月 31 日和 2024 年 12 月 31 日分别为 $11 million 和 $4 million 分别为 2024 年。使用寿命不确定的无形资产主要由域名构成，预计将 提供长期品牌和营销效益。未对使用寿命不确定的无形资产确认减值费用。 截至 2025 年、2024 年和 2023 年 12 月 31 日止年度的无形资产， · 2024 年和 2023 年，除 Twitter 减值外 如下所述。 截至 2025 年 12 月 31 日，有限寿命无形资产的预计未来摊销费用如下： · 2026 · 2027 · 421 · 2028 · 256 · 2029 · 143 · 2030 · 142 此后 · 123 · $1,537

million in the years ended December 31, 2025, · 2024, and 2023, respectively. The Company also has indefinite-lived intangible assets of · $11 million and $4 millionas of December 31, 2025 and 2024, respectively. Indefinite-lived intangible assets primarily consist of domain names, which are expected to provide long-term branding and marketing benefits. No impairment charges were recognized on indefinite-lived intangible assets for the years ended December 31, 2025, · 2024, and 2023 other than the Twitter impairment described below. Estimated future amortization expense of finite-lived intangible assets as of December 31, 2025 is as follows: · 2026 · 2027 · 421 · 2028 · 256 · 2029 · 143 · 2030 · 142 Thereafter · 123 · $1,537

#### Twitter 减值

#### Twitter Impairment

2023 年，公司将 Twitter 平台更名为 X。由于此次更名，公司进行了减值评估，并就其 AI 分部此前属于无限寿命的品牌无形资产录得$3,775 million 的减值费用。公司的品牌无形资产被确定不再属于无限寿命无形资产，并作为使用寿命为五年的有限寿命无形资产列报。品牌无形资产的公允价值采用特许权节省法确定。

In 2023, the Company rebranded its Twitter platform to X. As a result of the rebranding, the Company performed an impairment assessment and recorded an impairment charge of $3,775 million on its previously indefinite-lived brand intangible for the AI segment. The Company’s brand intangible asset was determined to no longer be indefinite-lived and is presented as a finite-lived intangible asset with a five-year useful life. The fair value of the brand intangible asset was determined using the relief-from-royalty method.

#### 频谱交易

#### Spectrum Transactions

2025 年 9 月 7 日，本公司与 Spectrum Business Trust 2025-1（一家内华达州商业信托，以下简称“信托”）及 EchoStar Corporation（以下简称“EchoStar”，由此拟进行的交易以下简称“频谱交易”）签订了一份《许可证购买协议》（以下简称“《频谱许可证购买协议》”），总对价为$17,000 million，具体如下文所述。

On September 7, 2025, the Company entered into a License Purchase Agreement (the “Spectrum License Purchase Agreement”) with Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”) and EchoStar Corporation (“EchoStar”, and the transactions contemplated thereby, “Spectrum Transactions”) for total consideration of $17,000 million as discussed below.

根据《频谱许可证购买协议》的条款并受其载明的条件约束，本公司同意购买 EchoStar 在以下频段合计 50 MHz 频谱相关的权利和许可证：

Pursuant to the terms and subject to the conditions set forth in the Spectrum License Purchase Agreement, the Company agreed to purchase EchoStar’s rights and licenses related to an aggregate of 50 MHz of spectrum in

频率范围 2000–2020、2180–2200、1915–1920 和 1995– · 2000(即“AWS-4 和 H 频段许可证”及 该等频谱，即“频谱”)，由美国联邦通信委员会（“FCC”）授予，连同

frequency ranges 2000–2020, 2180–2200, 1915–1920 and 1995– · 2000 (the “AWS-4 and H-Block Licenses” and such spectrum, “the Spectrum”) granted by the Federal Communication Commissions (“FCC”), together with

与该频谱相关的若干国际授权、备案、特许权、许可证、权利及优先权，以及与之相关的若干资产（统称“境外资产”）。AWS-4 及 H-Block 许可证的转让将分两步进行：第一步，EchoStar 将 AWS-4 及 H-Block 许可证转让给信托（“频谱转让交割”）；第二步，信托将 AWS-4 及 H-Block 许可证转让给本公司（“频谱收购交割”）。境外资产将在频谱收购交割时直接转让给本公司，前提是截至该日已取得所需的监管批准；但未能取得该等批准不会延迟或阻止频谱收购交割。

certain international authorizations, filings, concessions, licenses, rights and priorities related to that spectrum and certain assets associated therewith (collectively, the “Foreign Assets”). The transfer of the AWS-4 and H-Block Licenses will occur in two steps: first, the AWS-4 and H-Block Licenses will be transferred by EchoStar to the Trust (the “Spectrum Transfer Closing”), and second, the AWS-4 and H-Block Licenses will be transferred by the Trust to the Company (the “Spectrum Acquisition Closing”). The Foreign Assets will be transferred directly to the Company at the Spectrum Acquisition Closing, to the extent the required regulatory approvals have been obtained by such date; provided, however, that the failure to obtain such approvals will not delay or prevent the Spectrum Acquisition Closing.

就《频谱许可证购买协议》及频谱交易，本公司与信托于 2025 年 9 月 7 日签订了一份《信贷协议》，据此，本公司已同意在频谱转让交割时向信托提供贷款（该等贷款可按六个月间隔予以注销），供信托用于支付 EchoStar 债务的偿债款项，直至至少 2027 年 11 月 30 日，但无论如何不迟于 2028 年 11 月 30 日。该等贷款将以 AWS-4 及 H-Block 许可证作为次级留置权担保。截至 2028 年 11 月 30 日的偿债款项总额将约为$3,000 million。

In connection with the Spectrum License Purchase Agreement and the Spectrum Transactions, on September 7, 2025, the Company and the Trust entered into a Credit Agreement, pursuant to which the Company has agreed upon the Spectrum Transfer Closing, to loan to the Trust (via loans which are able to be canceled at six-month intervals) to be used by the Trust to make debt service payments on EchoStar’s debt through at least November 30, 2027, but in no event later than November 30, 2028. These loans will be secured on a junior lien basis by the AWS-4 and H-Block Licenses. The aggregate amount of debt service payments through November 30, 2028 will equal approximately $3,000 million.

2025 年 11 月 5 日，各方对《频谱许可证购买协议》进行了修订和重述，以纳入 EchoStar 最多 15MHz 的额外非成对 AWS-3 频谱许可证，并将对价增加$2,600 million，使总对价达到$19,600 million。现金清偿对价（如下文所述）、两步转让流程、偿债款项、信托结构及维护义务均保持不变。

On November 5, 2025, the parties amended and restated the Spectrum License Purchase Agreement to include EchoStar’s licenses for up to 15MHz of additional unpaired AWS-3 spectrum, and increased the consideration by $2,600 million, to a total amount of consideration of $19,600 million. The cash payoff consideration (as noted below), two-step transfer process, debt service payments, trust structure, and maintenance obligations remain unchanged.

总对价约为 $19.6 billion，包括 (i) 约 $11.1 billion 的股权对价，通过按每股 $42.40 的固定价值发行约 261.8 million 股公司 A 类普通股支付，以及 (ii) 最多 $8.5 billion 用于偿还指定的 EchoStar 债务，低于 $8.5 billion 的任何差额将以现金支付。现金与股权对价的分配将根据交割时或交割前已清偿的 EchoStar 债务金额进行若干调整。

The total consideration, approximating $19.6 billion, consisting of (i) approximately $11.1 billion in equity, payable through the issuance of approximately 261.8 million shares of the Company’s Class A common stock at a fixed value of $42.40 per share, and (ii) up to $8.5 billion related to the payoff of designated EchoStar debt, with any shortfall below $8.5 billion to be paid in cash. The allocation of cash and equity consideration is subject to certain adjustments based on the amount of EchoStar debt satisfied at or prior to closing.

频谱收购交割预计于 2027 年 11 月 30 日前后发生。频谱交易的完成取决于惯例交割条件的满足或豁免，其中包括获得 FCC 和司法部（“DOJ”）的某些同意和批准。频谱许可购买协议还规定了特定的终止权。截至 2025 年 12 月 31 日，频谱转让交割尚未发生，因此，公司尚无义务根据与信托的信贷协议支付任何款项。一旦频谱转让交割发生，频谱交易将确认为收购的无形资产。

The Spectrum Acquisition Closing is expected to occur on or about November 30, 2027. The completion of the Spectrum Transactions is subject to the satisfaction or waiver of customary closing conditions, including, among others, receipt of certain consents and approvals from the FCC and the Department of Justice (“DOJ ”). The Spectrum License Purchase Agreement also provides for specified termination rights. As of December 31, 2025, the Spectrum Transfer Closing has not yet occurred, and as a result, the Company is not yet obligated to make any payments under the Credit Agreement with the Trust. Once the Spectrum Transfer Closing occurs, the Spectrum Transactions will be recognized as acquired intangible assets.

#### 商誉

#### Goodwill

商誉的变动情况如下：

The activity for goodwill is as follows:

2023 年 12 月 31 日余额 累计折算调整 · (289) 2024 年 12 月 31 日余额 · 11,129 企业合并 · 52 累计折算调整 · 628 2025 年 12 月 31 日余额 · $11,809

Balance at December 31, 2023 Cumulative translation adjustments · (289) Balance at December 31, 2024 · 11,129 Business combination · 52 Cumulative translation adjustments · 628 Balance at December 31, 2025 · $11,809

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，归属于互联业务分部的商誉分别为 $513 million 和 $505 million，归属于 AI 业务分部的商誉分别为 $11,296 million 和 $10,624 million。

As of December 31, 2025 and 2024, goodwill attributable to the Connectivity segment was $513 million and $505 million, respectively, and goodwill attributable to the AI segment was $11,296 million and $10,624 million, respectively.

附注 7 - 数字资产 Note 7 - Digital Assets

数字资产包括以下各项：

Digital assets consist of the following:

**12 月 31 日，**

**December 31,**

2025 · 2024 （除数字资产单位外，以百万计）单位 · 成本基础 · 公允价值 · 单位 · 成本基础 · 公允价值 持有的数字资产： 比特币 · 18,712 · $661 · $1,637 · 18,712 · $661 · $1,749 合计 · 18,712 · $661 · $1,637 · 18,712 · $661 · $1,749 数字资产的公允价值采用公允价值层级中的第一级确定。下表 列示了与数字资产相关的活动：

2025 · 2024 (in millions except units of digital assets)Units · Cost Basis · Fair Value · Units · Cost Basis · Fair Value Digital assets held: Bitcoin · 18,712 · $661 · $1,637 · 18,712 · $661 · $1,749 Total · 18,712 · $661 · $1,637 · 18,712 · $661 · $1,749 The fair value of digital assets is determined using a Level I in the fair value hierarchy. The following table provides activities related to digital assets:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 期初余额，按公允价值 · $1,749 · $794 未实现收益（亏损），净额 · (112) · 955 期末余额，按公允价值 · $1,637 · $1,749

2025 · 2024 Beginning balance, at fair value · $1,749 · $794 Unrealized gain (loss), net · (112) · 955 Ending balance, at fair value · $1,637 · $1,749

附注 8 - 金融工具 Note 8 - Financial Instruments

公司以公允价值进行经常性计量的资产如下：

The Company’s assets that are measured at fair value on a recurring basis are as follows:

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

层级 · 成本 · 未实现

Level · Cost · Unrealized

**收益**

**Gain**

未实现损失 公允价值

Unrealized Loss Fair Value

现金及现金等价物 Cash and cash equivalents

现金 · I · $3,408 · $— · $— · $3,408 货币市场基金 · I · 21,339 · — · — · 21,339

Cash · I · $3,408 · $— · $— · $3,408 Money market funds · I · 21,339 · — · — · 21,339

流动资产 current assets

受限现金 · I · 30 · — · — · 30 货币市场基金中的受限现金 I · 152 · — · — · 152

Restricted cash · I · 30 · — · — · 30 Restricted cash in money market funds I · 152 · — · — · 152

其他资产 Other assets

受限现金 · I · 182 · — · — · 182 货币市场基金中的受限现金 I · 13 · — · — · 13 合计 · $25,124 · $— · $— · $25,124

Restricted cash · I · 182 · — · — · 182 Restricted cash in money market funds I · 13 · — · — · 13 Total · $25,124 · $— · $— · $25,124

**截至 2024 年 12 月 31 日**

**As of December 31, 2024**

层级 · 成本 · 未实现

Level · Cost · Unrealized

**收益**

**Gain**

未实现损失 公允价值

Unrealized Loss Fair Value

现金及现金等价物 Cash and cash equivalents

现金 · I · $3,865 · $— · $— · $3,865 货币市场基金 · I · 7,520 · — · — · 7,520

Cash · I · $3,865 · $— · $— · $3,865 Money market funds · I · 7,520 · — · — · 7,520

有价证券 Marketable securities

政府证券 · II · 800 · 1 · (1) · 800

Government securities · II · 800 · 1 · (1) · 800

流动资产 current assets

受限现金 · I · 23 · — · — · 23

Restricted cash · I · 23 · — · — · 23

其他资产 Other assets

受限现金 · I · 88 · — · — · 88 货币市场基金中的受限现金 I · 5 · — · — · 5 政府证券 · II · 581 · 1 · — · 582 合计 · $12,882 · $2 · $(1) · $12,883

Restricted cash · I · 88 · — · — · 88 Restricted cash in money market funds I · 5 · — · — · 5 Government securities · II · 581 · 1 · — · 582 Total · $12,882 · $2 · $(1) · $12,883

附注 9 - 对联营企业的投资 Note 9 - Investments in Unconsolidated Affiliates

#### 权益法投资

#### Equity method investment

2025 年 4 月，公司通过其全资子公司 CTC Property LLC（“CTC”）与 Solaris Power Solutions Stateline, LLC（“Stateline Power Solutions”）共同成立了合资企业 Stateline Power, LLC（“Stateline”），后者是 Solaris Energy Infrastructure, Inc.（“Solaris”）的全资子公司。

In April 2025, the Company, through its wholly-owned subsidiary CTC Property LLC (“CTC”), entered into a joint venture Stateline Power, LLC (“Stateline”), with Solaris Power Solutions Stateline, LLC (“Stateline Power Solutions”), a wholly owned subsidiary of Solaris Energy Infrastructure, Inc. (“Solaris”).

Stateline 成立的目的是根据长期设备租赁安排，为 CTC 的数据中心园区提供离网电力。在 Stateline 成立过程中，Solaris 以价值$86 million 的非现金资产出资，主要包括现由 Stateline 拥有的发电设备进度款及预付费用，以换取 Stateline 50.1%的股权。CTC 以现金$86 million 出资，以换取剩余 49.9%的股权。CTC 持有的 Stateline 权益随后被转让给公司另一家全资子公司 MZX Tech LLC（“MZX”）。

Stateline was formed to provide off-grid power to CTC’s data center campus pursuant to a long-term equipment rental arrangement. In connection with the formation of Stateline, Solaris contributed non-cash assets valued at $86 million, consisting primarily of progress payments on power generation equipment now owned by Stateline and pre-funded expenses, in exchange for a 50.1% equity interest in Stateline. CTC contributed $86 million in cash in exchange for the remaining 49.9% equity interest. Interests in Stateline held by CTC were subsequently assigned to MZX Tech LLC (“MZX”), another wholly-owned subsidiary of the Company.

在 Stateline 成立的同时，CTC（随后转让给 MZX）与 Stateline 签订了主设备租赁协议（“租赁协议”），根据该协议，Stateline 将向 MZX 出租发电设备，供公司数据中心设施使用。租赁协议的租期自 Stateline 完成设备部署和调试活动之日起开始。公司未支付任何租金

Concurrent with its formation, CTC (subsequently assigned to MZX) entered into a master equipment rental agreement (“Rental Agreement”) with Stateline under which Stateline will lease power generation equipment to MZX for use at the Company’s data center facility. The Rental Agreement lease commences upon completion of equipment deployment and commissioning activities by Stateline. No rental payments were made by the Company

截至 2025 年 12 月 31 日止年度 · . 公司根据 ASC 810 评估了其在 Stateline 中的权益，并认定 Stateline 属于可变利益实体 实体，但本公司并非主要受益人，因为其无权主导以下活动 最显著影响 Stateline 经济表现的因素，即由以下主体管理的资产的运营情况 Solaris 的子公司以及公司对资产在之后如何管理和重新部署缺乏控制 租赁协议的初始期限。因此，公司采用权益法核算其在 Stateline 的权益 会计处理方法。截至 2025 年 12 月 31 日，权益法投资的账面价值为 $86 百万美元，代表公司对 Stateline 的初始投资。截至该年度 Stateline 的活动 2025 年 12 月 31 日并不重大。

for the year ended December 31, 2025 · . The Company evaluated its interest in Stateline under ASC 810 and determined that Stateline is a variable interest entity but the Company is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact Stateline’s economic performance, which are the operations of the assets managed by a subsidiary of Solaris and the Company’s lack of control over how the assets are managed and redeployed after the initial term of the Rental Agreement. As a result, the Company accounts for its interest in Stateline using the equity method of accounting. As of December 31, 2025, the carrying value of the equity method investment was $86 million, which represents the Company’s initial investment in Stateline. Activity in Stateline during the year ended December 31, 2025 was not material.

#### 无 readily determinable 公允价值的权益投资

#### Equity investments without readily determinable fair value

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司持有的非合并联营企业投资按无 readily determinable 公允价值的权益投资核算，金额分别为$157 million 和$154 million。截至 2025 年 12 月 31 日、2024 年和 2023 年止年度，公司在合并经营报表的其他收入（费用）净额中分别记录了与权益法投资相关的减值费用总额$0 million、$1 million 和$45 million。截至 2025 年 12 月 31 日，公司对这些投资累计记录了$59 million 的下调调整。截至 2025 年 12 月 31 日、2024 年和 2023 年止年度未记录上调调整。

As of December 31, 2025 and 2024, the Company held investments in unconsolidated affiliates which are accounted for as equity investments without readily determinable fair values of $157 million and $154 million, respectively. For the years ended December 31, 2025, 2024, and 2023, the Company recorded a total of$0 million, $1 million, and $45 million of impairment charges related to the equity method investments in Other income (expense), net in the consolidated statements of operations. The Company recorded cumulative downward adjustments of $59 million on these investments as of December 31, 2025 . No upward adjustments were recorded in the years ended December 31, 2025, 2024 and 2023.

附注 10 - 债务 Note 10 - Debt

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

本金 · 未摊销

Principal · Unamortized

**递延**

**Deferred**

融资成本净额

Financing Costs Net

X 2027 及 X 2030 票据 · $27 · $— · $27 X B-1 定期贷款 · 6,504 · 280 · 6,224 X B-3 定期贷款 · 5,966 · 54 · 5,912 xAI 固定利率定期贷款 · 995 · 4 · 991 xAI 浮动利率定期贷款 · 995 · 40 · 955 xAI 12.5% 有担保优先票据 · 3,000 · 12 · 2,988 其他融资 (1) · 4,562 · — · 4,562 债务总额 · 22,049 · 390 · 21,659 融资租赁负债 · 1,237 · — · 1,237 债务及融资租赁总额 · $23,286 · $390 · $22,896 减：短期部分 · 928 · — · 928 债务及融资租赁总额，扣除流动部分 · 22,358 · 390 · 21,968

X 2027 and X 2030 Notes · $27 · $— · $27 X B-1 Term Loan · 6,504 · 280 · 6,224 X B-3 Term Loan · 5,966 · 54 · 5,912 xAI Fixed Rate Term Loan · 995 · 4 · 991 xAI Floating Rate Term Loan · 995 · 40 · 955 xAI 12.5% Secured Senior Notes · 3,000 · 12 · 2,988 Other financings (1) · 4,562 · — · 4,562 Total debt · 22,049 · 390 · 21,659 Finance lease liability · 1,237 · — · 1,237 Total debt and finance leases · $23,286 · $390 · $22,896 Less: Short-term portion · 928 · — · 928 Total debt and finance leases, net of current · 22,358 · 390 · 21,968

**截至 2024 年 12 月 31 日**

**As of December 31, 2024**

本金 · 未摊销

Principal · Unamortized

**递延**

**Deferred**

融资成本净额

Financing Costs Net

X 2027 及 X 2030 票据 · $27 · $— · $27 X B-1 定期贷款 · 6,571 · 359 · 6,212 X 过桥信贷融资 · 5,966 · — · 5,966 其他融资 · 57 · — · 57 债务总额 · 12,621 · 359 · 12,262 融资租赁负债 · 1,531 · — · 1,531 债务及融资租赁总额 · 14,152 · 359 · 13,793 减：短期部分 · 372 · — · 372 债务及融资租赁总额，扣除流动部分 · 13,780 · 359 · 13,421

X 2027 and X 2030 Notes · $27 · $— · $27 X B-1 Term Loan · 6,571 · 359 · 6,212 X Bridge Credit Facilities · 5,966 · — · 5,966 Other financings · 57 · — · 57 Total debt · 12,621 · 359 · 12,262 Finance lease liability · 1,531 · — · 1,531 Total debt and finance leases · 14,152 · 359 · 13,793 Less: Short-term portion · 372 · — · 372 Total debt and finance leases, net of current · 13,780 · 359 · 13,421

__________________

__________________

(1) 包括与某些 AI 基础设施资产相关的义务，该等资产被记录为失败的售后回租交易。更多详情请参阅下文“其他融资”。

(1) Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings below for additional details.

#### SpaceX ABL 信贷协议

#### SpaceX ABL Credit Agreement

概述。2018 年，SpaceX 与银团订立了一项优先担保资产支持循环信贷协议（“SpaceX ABL 信贷协议”），并于其后至 2023 年期间多次修订。SpaceX ABL 信贷协议提供了一项优先担保资产支持循环信贷融资，公司可根据需要从中提取最高 $1,500 million。SpaceX ABL 信贷协议主要以 SpaceX 若干存货及设备的质押作为担保，SpaceX ABL 信贷协议项下的可用额度基于该等资产的估计公允价值并扣减若干准备金后确定。公司须遵守多项契约，包括满足若干报告要求，且一旦 SpaceX ABL 信贷协议项下超过 85.0% 的额度被提取，则适用若干财务契约。2025 年 2 月，SpaceX 终止了 SpaceX ABL 信贷协议。终止时无未偿还金额。

General. In 2018 and subsequently amended through 2023, SpaceX entered into a senior secured asset-based revolving credit agreement (“SpaceX ABL Credit Agreement”) with a syndicate of banks. The SpaceX ABL Credit Agreement provided for a senior secured asset-based revolving credit facility, from which the Company may draw upon as needed for up to $1,500 million. The SpaceX ABL Credit Agreement was collateralized primarily by a pledge of certain of SpaceX’s inventory and equipment, and availability under the SpaceX ABL Credit Agreement was based on the estimated fair value of such assets, as reduced by certain reserves. The Company was required to meet various covenants, including meeting certain reporting requirements, and certain financial covenants applied once more than 85.0% of the SpaceX ABL Credit Agreement was drawn upon. In February 2025, SpaceX terminated the SpaceX ABL Credit Agreement. No amounts were outstanding at the time of termination.

#### SpaceX 信贷融资

#### SpaceX Credit Facility

概述。2025 年 2 月，公司与银团订立了一项五年期优先无担保循环信贷协议（“SpaceX 信贷融资”），据此公司可提取最高 $1,500 million，但须遵守一项惯常财务契约及其他报告要求。除非各方同意延期，SpaceX 信贷融资于 2030 年 2 月 7 日终止，所有未偿还贷款届时到期并应偿还。2025 年期间，公司未在 SpaceX 信贷融资项下借入任何款项。

General. In February 2025, the Company entered into a five-year senior unsecured revolving credit agreement (“SpaceX Credit Facility”) with a syndicate of banks, under which the Company may draw up to $1,500 million, subject to a customary financial covenant and other reporting requirements. The SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on February 7, 2030, unless the parties agree to an extension. No amounts were borrowed under the SpaceX Credit Facility during 2025 .

利率。根据 SpaceX 信贷融资，借款按公司选择，按年利率计息：(i) 介于 0.75%-1.25% 之间（取决于公司当前债务评级）加相关 Term SOFR，或 (ii) 介于 0.0%-0.25% 之间（取决于公司当前债务评级）加以下较高者：(a) 联邦基金利率加 0.5%，(b) 最优惠利率，(c) Term SOFR 加 1.0%，及 (d) 1.0%。公司亦可以各种替代货币按各种替代利率借款，包括以英镑贷款适用的 SONIA 及欧元贷款适用的 EURIBOR 为基础的利率加适用利差。未提取金额的费用为每年 0.07%-0.11%，取决于公司当前债务评级。利息按月或按季支付，取决于利息贷款选择。

Interest Rates. Under the SpaceX Credit Facility, borrowings bear interest at the Company’s option, at a rate per annum of (i) between 0.75%-1.25%, depending on the Company’s current debt rating, plus the relevant Term SOFR or (ii) between 0.0%-0.25% depending on the Company’s current debt rating plus the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1.0%. The Company may also borrow in various alternative currencies at various alternative rates, including rates based on SONIA for Pound Sterling loans and EURIBOR for Euro loans plus an applicable margin. The fee for undrawn amounts is between 0.07%-0.11% per annum, depending on the Company’s current debt rating. Interest is payable either monthly or quarterly, depending on the interest loan option.

契约。截至 2025 年 12 月 31 日，公司遵守 SpaceX 信贷融资的契约；然而，公司于 2026 年 2 月 2 日收购 xAI 时，因作为收购一部分在子公司层面承担的债务金额而出现技术性违约。2026 年 3 月 2 日，公司取得银团的豁免并修订了 SpaceX 信贷融资，允许于 2026 年 3 月 2 日完成债务再融资（更多详情参见附注 21“期后事项”），从而使公司遵守所有契约。

Covenants. The Company was in compliance with the covenants of the SpaceX Credit Facility as of December 31, 2025; however, the Company had a technical default when the Company acquired xAI on February 2, 2026 due to the amount of debt assumed as part of the acquisition at the subsidiary level. On March 2, 2026, the Company obtained a waiver from the syndicate of banks and amended the SpaceX Credit Facility allowing for the debt refinance completed on March 2, 2026 (refer to Note 21, Subsequent Events for additional details), resulting in the Company being in compliance with all covenants.

#### X 2027 年和 2030 年票据

#### X 2027 and 2030 Notes

一般事项。2019 年，本公司间接子公司 X 的子公司以非公开发行方式发行了本金总额 700 百万美元、票面利率 3.875%、于 2027 年到期的优先票据（以下简称“X 2027 票据”）。X 2027 票据于 2027 年 12 月 15 日到期。2022 年，X 的子公司以非公开发行方式发行了本金总额 1,000 百万美元、票面利率 5.000%、于 2030 年到期的优先票据（以下简称“X 2030 票据”）。X 2030 票据于 2030 年 3 月 1 日到期。X 2027 票据和 X 2030 票据构成本公司的优先无担保债务。

General. In 2019, a subsidiary of X, an indirect subsidiary of the Company, issued $700 million aggregate principal amount of 3.875% senior notes due 2027 (the “X 2027 Notes”) in a private placement. The X 2027 Notes mature on December 15, 2027. In 2022, a subsidiary of X issued $1,000 million aggregate principal amount of 5.000% senior notes due 2030 (the “X 2030 Notes”) in a private placement. The X 2030 Notes mature on March 1, 2030. The X 2027 and X 2030 Notes represent senior unsecured obligations of the Company.

利率。X 2027 票据的利率固定为每年 3.875%，利息于每年 6 月 15 日和 12 月 15 日每半年后付一次。X 2030 票据的利率固定为每年 5.000%，利息于每年 3 月 1 日和 9 月 1 日每半年后付一次。

Interest Rates. For the X 2027 Notes, the interest rate is fixed at 3.875% per annum and interest is payable semi-annually in arrears on June 15 and December 15 of each year. For the X 2030 Notes, the interest rate is fixed at 5.000% per annum and interest is payable semi-annually in arrears on March 1 and September 1 of each year.

本金偿还。2022 年 11 月，本公司就 Twitter 控制权变更的结算，购买了本金总额约 675 百万美元的 X 2027 票据和本金总额 998 百万美元的 X 2030 票据。仍存续的 X 2027 票据和 X 2030 票据可由本公司选择，分别于 2027 年 9 月 15 日和 2029 年 12 月 1 日之前的任何时间全部或部分赎回，赎回价格为本金金额的 100.0% 加上“全额补偿”溢价以及截至（但不包括）赎回日的应计未付利息（如有）。

Principal Repayments. In November 2022, the Company purchased approximately $675 million aggregate principal amount of X 2027 Notes and $998 million aggregate principal amount of the X 2030 Notes in settlement of the change in control of Twitter. The X 2027 Notes and X 2030 Notes that remain outstanding may be redeemed at the option of the Company, in whole or in part, at any time prior to September 15, 2027 and December 1, 2029, respectively, at a price equal to 100.0% of the principal amounts plus a “make-whole” premium and accrued and unpaid interest, if any, up to, but excluding, the redemption date.

契约。截至该日，公司遵守了 X 2027 年票据和 X 2030 年票据的契约。

Covenants. The Company was in compliance with the covenants of the X 2027 Notes and X 2030 Notes as of

2025 年 12 月 31 日 · 。

December 31, 2025 · .

#### X 第一留置权优先信贷融资

#### X First Lien Senior Credit Facilities

一般事项。2022 年，本公司间接子公司 X Corp. 签订了《第一留置权信贷协议》，该协议提供了 6,705 百万美元的新定期贷款承诺（“X B-1 定期贷款”）和 500 百万美元的担保第一留置权循环信贷融资（包括面值总额最高 100 百万美元的信用证子融资）（合称“X 第一留置权优先信贷融资”）。担保第一留置权循环信贷融资于 2027 年 10 月 27 日到期，X B-1 定期贷款于 2029 年 10 月 27 日到期。

General. In 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Credit Agreement which provided for a new term loan commitment of $6,705 million (“X B-1 Term Loan”) and a $500 million Secured First Lien Revolving Credit Facility (including a letter of credit subfacility with an aggregate face value of up to $100 million) (together referred to as “X First Lien Senior Credit Facilities”). The Secured First Lien Revolving Credit Facility matures on October 27, 2027 and the X B-1 Term Loan matures on October 27, 2029.

修订。2025 年 2 月，本公司间接子公司 X Corp. 修订了 X 第一留置权优先信贷融资，并签订了 4,741 百万美元的新定期贷款承诺，到期日为 2029 年 10 月 27 日（“X B-3 定期贷款”），同时将担保第一留置权循环信贷融资承诺减少至 0。作为 X B-3 定期贷款发行的一部分，本公司须支付 51 百万美元的安排费，该费用应于 2027 年 2 月 19 日到期支付。2025 年 4 月，本公司就 X B-3 定期贷款签订修订协议，按相同条款和条件追加 1,225 百万美元的承诺，使

Amendments. In February 2025, X Corp., an indirect subsidiary of the Company, amended the X First Lien Senior Credit Facilities and entered into a new term loan commitment for $4,741 million with a maturity date of October 27, 2029 (“X B-3 Term Loan”) and reduced the Secured First Lien Revolving Credit Facility commitment to $0 . As part of the issuance of the X B-3 Term Loan, the Company is required to pay an arrangement fee of $51 million, which is due and payable on February 19, 2027. In April 2025, the Company entered into an amendment to the X B-3 Term Loan for an additional commitment of $1,225 million with the same terms and conditions, increasing the

X B-3 定期贷款借款总额增至 $5,966 百万 · . 所得款项。X B-3 定期贷款的所得款项用于偿还并清偿第一留置权过桥 信贷融资和第二留置权过桥信贷融资。公司将此次偿还作为债务的部分 修改和清偿进行会计处理，将不重大的债务发行成本计入费用。 利率。X B-1 定期贷款按年利率计息，初始为调整后 Term SOFR 加 6.50%。有担保第一留置权循环信贷融资按年利率计息，初始为调整后 Term SOFR 加 4.50%，并设有基于杠杆率的阶梯式下调。有担保第一留置权 循环信贷融资项下的未提取承诺须支付每年 0.50% 的未使用承诺费，并设有按季度 基于杠杆率的阶梯式下调。X B-3 定期贷款的年固定利率为 9.50%。X B-1 定期贷款和 X B-3 定期贷款的利息由公司选择按月、按季度或每半年支付。 截至 2025 年 12 月 31 日，X B-1 定期贷款和 X B-3 定期贷款项下未偿借款的 实际利率分别为 12.40% 和 9.80% · . 本金偿还。X B-1 定期贷款可随时全部或部分偿还，无需支付溢价或 罚金，但须自截至 2023 年 3 月 31 日的财政季度最后一日开始进行强制性季度本金偿还， 金额相当于其项下借款原始本金金额的 0.25%， 未偿余额在其最终到期日支付。X B-1 定期贷款还须遵守 来自某些债务发行和资产出售所得款项的额外惯常强制性预付款条款， 以及超额现金流一部分的扫款，但须遵守某些基于杠杆率的阶梯式下调及例外情形。 截至 2025 年 12 月 31 日，这些额外惯常强制性预付款条款均未被触发。 X B-3 定期贷款设有预付款罚金：在 2026 年 10 月 27 日之前为未偿本金的 107.13%， 在 2027 年 10 月 27 日之前为未偿本金的 104.75%，在 2028 年 10 月 27 日之前为未偿本金的 102.38%。 担保人与抵押品。第一留置权优先信贷融资项下的义务由 X 提供担保，并

total X B-3 Term Loan borrowings to $5,966 million · . Proceeds. The proceeds from the X B-3 Term Loan were used to pay down and extinguish the First Lien Bridge Credit Facility and the Second Lien Bridge Credit Facility. The Company accounted for the pay down as a partial modification and extinguishment of debt, expensing immaterial debt issuance costs. Interest Rates. The X B-1 Term Loan bears interest at a rate per annum of, initially, adjusted Term SOFR plus 6.50%. The Secured First Lien Revolving Credit Facility bore interest at a rate per annum of, initially, an adjusted Term SOFR plus 4.50%, with leverage-based step-downs. Undrawn commitments under the Secured First Lien Revolving Credit Facility were subject to an unused commitment fee of 0.50% per annum, subject to quarterly leverage based step-downs. The X B-3 Term Loan has a fixed interest rate of 9.50% per annum. Interest on the X B-1 Term Loan and X B-3 Term Loan is payable monthly, quarterly, or bi-annually at the option of the Company. The effective interest rate on outstanding borrowings under the X B-1 Term Loan and X B-3 Term Loan was 12.40% and 9.80%, respectively, as of December 31, 2025 · . Principal Repayments. The X B-1 Term Loan is repayable at any time, in whole or in part, without premium or penalty, subject to mandatory quarterly prepayments of principal beginning on the last day of the fiscal quarter ended March 31, 2023, in amounts equal to 0.25% of the original principal amount of borrowings thereunder, with the unpaid balance being payable on the final maturity date thereof. The X B-1 Term Loan is also subject to additional customary mandatory prepayment provisions from the proceeds of certain debt issuances and asset sales, as well as sweeps of a portion of excess cash flow, subject to certain leverage-based step-downs and exceptions. None of these additional customary mandatory prepayment provisions have been triggered as of December 31, 2025 . The X B-3 Term Loan has prepayment penalties of 107.13% of the outstanding principal before October 27, 2026, 104.75% of the outstanding principal before October 27, 2027, and 102.38% of the outstanding principal before October 27, 2028. Guarantors and Collateral. Obligations under the First Lien Senior Credit Facilities were guaranteed by X, and were

由对 X 及其子公司实质上全部资产（受惯常例外情形约束）的第一优先留置权提供担保，截至 2025 年 12 月 31 日，该等资产的账面价值为 $42,132 million。

collateralized by a first priority lien on substantially all of the assets of X and its subsidiaries (subject to customary exceptions) which had a carrying amount of $42,132 million as of December 31, 2025.

契约。截至该日，公司遵守了第一留置权高级信贷融资的契约。

Covenants. The Company was in compliance with the covenants of the First Lien Senior Credit Facilities as of

2025 年 12 月 31 日 · 。

December 31, 2025 · .

#### X 过桥信贷融资

#### X Bridge Credit Facilities

一般事项。2022 年 10 月 27 日，公司间接子公司 X Corp.作为借款人签订了第一留置权过桥贷款信贷协议和第二留置权过桥贷款信贷协议，分别提供 3,000 百万美元的第一留置权过桥信贷融资和 3,000 百万美元的第二留置权过桥信贷融资（合称“X 过桥信贷融资”）。经修订，各过桥信贷融资项下的初始定期贷款于 2025 年 7 月 31 日（“过桥转换日”）自动转换为永久定期贷款（“永久过桥贷款”）。第一留置权过桥信贷融资和第二留置权过桥信贷融资项下的永久过桥贷款分别于 2029 年 10 月 27 日和 2030 年 10 月 27 日到期。2025 年 2 月，公司全额偿还了 2,966 百万美元的未偿金额，从而在过桥转换日之前全额清偿了第一留置权过桥信贷融资。2025 年 2 月和 2025 年 4 月，公司分别支付了 1,775 百万美元和 1,225 百万美元的本金，从而在过桥转换日之前全额清偿了第二留置权过桥信贷融资。

General. On October 27, 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Bridge Loan Credit Agreement and the Second Lien Bridge Loan Credit Agreement as borrower, which provided for a $3,000 million First Lien Bridge Credit Facility and a $3,000 million Second Lien Bridge Credit Facility (together, the “X Bridge Credit Facilities”), respectively. The initial term loans under each Bridge Credit Facility automatically convert to permanent term loans (“Permanent Bridge Loans”) on July 31, 2025 (“Bridge Conversion Date”), as amended. The Permanent Bridge Loans mature on October 27, 2029 and October 27, 2030 for the First Lien Bridge Credit Facility and the Second Lien Bridge Credit Facility, respectively. In February 2025, the Company repaid the full outstanding amount of $2,966 million resulting in the full payoff of the First Lien Bridge Credit Facility prior to the Bridge Conversation Date. In February and April 2025, the Company made principal payments of $1,775 million and $1,225 million respectively, resulting in the full payoff of the Second Lien Bridge Credit Facility prior to the Bridge Conversation Date.

利率。第一留置权过桥信贷融资项下的借款按年利率计息，初始为经调整的期限 SOFR 加 6.75%，此后每连续三个月期间上调 0.50%，直至过桥转换日，但受限于最高综合利率：2023 年 1 月 20 日之前为 9.25%，2023 年 1 月 20 日及之后为 9.50%（“第一留置权过桥总上限”）。过桥转换日之后，第一留置权过桥信贷融资项下的任何未偿借款按第一留置权过桥总上限计息。第二留置权过桥信贷融资项下的借款按年利率计息，初始为经调整的期限 SOFR 加 10.00%，此后每连续三个月期间上调 0.50%，直至过桥转换日，但受限于最高综合利率：2023 年 1 月 20 日之前为 12.75%，2023 年 1 月 20 日及之后为 13.00%（“第二留置权过桥总上限”）。过桥转换日之后，第二留置权过桥信贷融资项下的任何未偿借款按第二留置权过桥总上限计息。

Interest Rates. Borrowings under the First Lien Bridge Credit Facility bore interest at a rate per annum of, initially, an adjusted term SOFR plus 6.75%, with 0.50% step-ups occurring on each successive three-month period until the Bridge Conversion Date, but subject to a maximum all-in rate of, prior to January 20, 2023, 9.25% and, on and after January 20, 2023, 9.50% (“First Lien Bridge Total Cap”). After the Bridge Conversion Date, any outstanding borrowings under the First Lien Bridge Credit Facility bore interest at the First Lien Bridge Total Cap. Borrowings under the Second Lien Bridge Credit Facility bore interest at a rate per annum of, initially, an adjusted term SOFR plus 10.00%, with 0.50% step-ups occurring on each successive three-month period thereafter until the Bridge Conversion Date, but subject to a maximum all-in rate of, prior to January 20, 2023, 12.75% and, on and after January 20, 2023, 13.00% (“Second Lien Bridge Total Cap”). After the Bridge Conversion Date, any outstanding borrowings under the Second Lien Bridge Credit Facility bore interest at the Second Lien Bridge Total Cap.

#### xAI 第一留置权信贷协议

#### xAI First Lien Credit Agreement

一般事项。2025 年 6 月，公司间接子公司 X.AI Corp.和 X.AI LLC 签订了第一留置权信贷协议，提供最高 2,000 百万美元的借款。公司执行了 1,000 百万美元的固定利率定期贷款，于 2030 年 6 月 30 日到期（“xAI 固定利率定期贷款”）；以及 1,000 百万美元的浮动利率定期贷款，于 2030 年 6 月 30 日到期（“xAI 浮动利率定期贷款”）。

General. In June 2025, X.AI Corp. and X.AI LLC, indirect subsidiaries of the Company, entered into the First Lien Credit Agreement to provide borrowings up to $2,000 million. The Company executed a $1,000 million Fixed Rate Term Loan maturing on June 30, 2030 (“xAI Fixed Rate Term Loan”); and a $1,000 million Floating Rate Term Loan maturing on June 30, 2030 (“xAI Floating Rate Term Loan”).

利率。xAI 固定利率定期贷款的固定利率为每年 12.50%，xAI 浮动利率定期贷款的浮动年利率为 Term SOFR 加 7.25% 或 ABR 加 6.25%。xAI 固定利率定期贷款的利息自 2026 年 1 月 31 日起，于每年 1 月 31 日和 7 月 31 日每半年支付一次。xAI 浮动利率定期贷款的利息由公司选择按月、按季度或每半年支付一次。xAI 固定利率定期贷款项下未偿借款的实际利率以及 xAI

Interest Rates. The xAI Fixed Rate Term Loan has a fixed interest rate of 12.50% per annum and the xAI Floating Rate Term Loan has a floating interest rate per annum of Term SOFR plus 7.25% or ABR plus 6.25%. Interest on the xAI Fixed Rate Term Loan is payable bi-annually on January 31 and July 31, commencing on January 31, 2026. Interest on the xAI Floating Rate Term loan is payable monthly, quarterly, or bi-annually at the option of the Company. The effective interest rate on outstanding borrowings under the xAI Fixed Rate Term Loan and xAI

浮动利率定期贷款分别为 · 截至 2025 年 12 月 31 日为 11.91% 和 12.48% · . 本金偿还。xAI 固定利率定期贷款和 xAI 浮动利率定期贷款已进行提前还款 2027 年 6 月 30 日之前未偿本金余额的 103%以及未偿本金的 101%的罚金 在 2028 年 6 月 30 日之前的余额。 担保人。xAI 固定利率定期贷款和 xAI 浮动利率定期贷款项下的义务已获担保 由 X.AI Corp. 及 X.AI Corp. 的以下子公司共同且分别承担：AIQ Phase LLC、CTC Holding LLC、CTC、LLZ Build LLC 及 MZX。 承诺事项。公司已遵守 xAI 固定利率定期贷款和 xAI 浮动利率的承诺事项 截至 2025 年 12 月 31 日的利率期限贷款 · .

Floating Rate Term Loan was · 11.91% and 12.48%, respectively, as of December 31, 2025 · . Principal Repayments. The xAI Fixed Rate Term Loan and the xAI Floating Rate Term Loan have prepayment penalties of 103% on the principal outstanding balance prior to June 30, 2027 and 101% on the principal outstanding balance prior to June 30, 2028. Guarantors. Obligations under the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan were guaranteed each jointly and severally by X.AI Corp. and the following subsidiaries of X.AI Corp.: AIQ Phase LLC, CTC Holding LLC, CTC, LLZ Build LLC, and MZX. Covenants. The Company was in compliance with the covenants of the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan as of December 31, 2025 · .

#### xAI 12.5% 有担保优先票据

#### xAI 12.5% Secured Senior Notes

一般事项。2025 年 6 月，本公司间接子公司 X.AI LLC 及 X.AI Co Issuer Corp 发行了本金总额 3,000 百万美元、年利率 12.5%、于 2030 年到期的优先担保票据（“xAI 12.5% 优先担保票据”）。该等优先担保票据按本金金额的 100% 发行，全部本金金额将于 2030 年 6 月 30 日到期。

General. In June 2025, X.AI LLC and, X.AI Co Issuer Corp, indirect subsidiaries of the Company, issued $3,000 million aggregate principal amount of 12.5% interest Senior Secured Notes due in 2030 (“xAI 12.5% Senior Secured Notes”). The Senior Secured Notes were issued at 100% of the principal amount and the entire principal amount will be due on June 30, 2030.

利率。xAI 12.5% 优先担保票据的固定利率为每年 12.50%。利息每半年于 1 月 15 日和 7 月 15 日支付，自 2026 年 1 月 15 日开始。

Interest Rates. The xAI 12.5% Senior Secured Notes have a fixed interest rate of 12.50% per annum. Interest is payable bi-annually on January 15 and July 15, commencing on January 15, 2026.

本金偿还。xAI 12.5% 有担保优先票据在 2027 年 7 月 15 日之前对未偿本金余额设有 106.25% 的提前还款罚金，在 2028 年 7 月 15 日之前对未偿本金余额设有 103.13% 的提前还款罚金。

Principal Repayments. The xAI 12.5% Senior Secured Notes have prepayment penalties of 106.25% on the principal outstanding balance prior to July 15, 2027 and 103.13% on the principal outstanding balance prior to July 15, 2028.

担保人。xAI 12.5% 优先担保票据项下的义务由 xAI 及以下 xAI 子公司各自承担连带保证责任：AIQ Phase LLC、CTC Holding LLC、CTC、LLZ Build LLC 和 MZX。

Guarantors. Obligations under the xAI 12.5% Senior Secured Notes were guaranteed each jointly and severally by xAI and the following subsidiaries of xAI: AIQ Phase LLC, CTC Holding LLC, CTC, LLZ Build LLC, and MZX.

契约。截至该日，公司遵守了 12.5% 优先担保票据的契约。

Covenants. The Company was in compliance with the covenants of the 12.5% Senior Secured Notes as of

2025 年 12 月 31 日 · 。

December 31, 2025 · .

#### xAI 循环信贷额度

#### xAI Revolving Line of Credit

一般事项。2024 年 4 月，本公司的一家间接子公司——xAI 的一家子公司——签订了一项循环信贷额度，并于 2024 年 5 月进行了修订，该额度的总面值最高可达 $150 million。2025 年期间，本公司在该循环信贷额度下没有借款。该循环信贷额度下签发的信用证金额为 $145

General. In April 2024 and amended in May 2024, a subsidiary of xAI, an indirect subsidiary of the Company, entered into a revolving line of credit for an aggregate face amount up to $150 million. The Company had no borrowings under the line of credit during 2025. Letters of credit issued under the revolving line of credit were $145

截至 2025 年 12 月 31 日为百万 · 。 利率。任何借款的利息按 30 天平均 SOFR 加国际 掉期与衍生工具协会利差调整，再加 40 个基点的利差计算。 担保人与抵押品。该协议允许借款金额不超过托管持有的已质押抵押品价值 减去任何未偿还贷款余额、应计利息和费用。已质押抵押品由 xAI 托管账户中持有的证券构成。

million as of December 31, 2025 · . Interest Rates. Interest on any borrowings is calculated based on the 30-day average SOFR plus the International Swaps and Derivatives Association spread adjustment plus a spread of 40 basis points. Guarantors and Collateral. The agreement permits borrowings up to the value of the pledged collateral held in custody, less any outstanding loan balances, accrued interest, and fees. The pledged collateral consisted of securities held in xAI’s custodial account.

#### 其他融资

#### Other Financings

公司已签订多项其他融资安排，通常以特定机器和设备作为抵押。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，这些安排的平均固定年利率分别为 5.5% 和 5.3%，本金和利息按月支付，并在某些情况下于期末一次性支付。

The Company has entered into various other financing arrangements, generally collateralized by specific machinery and equipment. These arrangements have an average fixed interest rate of 5.5% and 5.3% per annum as of December 31, 2025 and 2024, respectively, with principal and interest payments due monthly, and in certain instances, a lump sum payment at the end of term.

此外，2025 年 11 月，CTC 就其 AI 基础设施资产完成了一项售后回租交易，该交易本应被视为融资租赁，从而导致售后回租交易失败。X.AI Corp. 为 CTC 在租赁协议下的某些义务提供担保。因此，公司在合并资产负债表中的“债务和融资租赁，流动”和“债务和融资租赁，扣除流动部分”中分别记录了相关债务 $455 百万和 $4,052 百万。更多详情请参见附注 18“关联方交易”。

In addition, in November 2025, CTC completed a sale-leaseback transaction for its AI infrastructure assets which would have been deemed finance leases resulting in failed sale-leaseback transactions. X.AI Corp. guarantees certain of CTC’s obligations under the lease agreement. As a result, the Company recorded the related debt of $455 million and $4,052 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheets . Refer toNote 18, Related Party Transactions for additional details.

截至 2025 年 12 月 31 日，债务的未来预定本金到期情况如下：

The future scheduled principal maturities of debt as of December 31, 2025 are as follows:

2026 · 2027 · 858 · 2028 · 1,063 · 2029 · 13,539 · 2030 · 6,029 此后 · — · $22,049

2026 · 2027 · 858 · 2028 · 1,063 · 2029 · 13,539 · 2030 · 6,029 Thereafter · — · $22,049

在截至 2025 年、2024 年和 2023 年 12 月 31 日的年度中，公司在利息资本化之前确认的债务利息费用分别为 $1,797 百万、$1,580 百万和 $1,693 百万。

The Company recognized interest expense for debt prior to capitalization of interest of $1,797 million, $1,580 million and $1,693 million, in the years ended December 31, 2025, 2024, and 2023, respectively.

公司为披露目的计量其长期固定利率债务的公允价值。这些债务的公允价值估计基于贴现现金流方法确定，使用根据近期证券发行校准的收益率，属于第二级计量。

The Company measures the fair value of its long-term fixed-rate debt for disclosure purposes. The fair value estimates for these debts were determined based on a discounted cash flow approach using yields calibrated from recent issuances of the securities, resulting in Level II measurement.

合并资产负债表中包含的长期固定利率债务的账面金额和公允价值如下：

The carrying amounts and fair values of the long-term fixed-rate debt included in the consolidated balance sheets are as follows:

**截至 2025 年 12 月 31 日**

**As of December 31, 2025**

金额 · 账面价值 · 公允价值 X B-3 定期贷款 · $5,912 · $6,190 xAI 固定利率定期贷款 · $991 · $1,057 xAI 12.5% 有担保优先票据 · $2,988 · $3,173

Amount · Carrying · Fair Value X B-3 Term Loan · $5,912 · $6,190 xAI Fixed Rate Term Loan · $991 · $1,057 xAI 12.5% Secured Senior Notes · $2,988 · $3,173

附注 11 - 租赁 Note 11 - Leases

公司经营租赁和融资租赁的余额在合并资产负债表中分别计入其他资产、应计费用及其他流动负债（经营租赁）和其他负债（经营租赁），以及融资租赁使用权资产、债务和融资租赁（流动）及债务和融资租赁（扣除流动部分，融资租赁），具体如下：

The balances of the Company’s operating and finance leases, included in Other assets,Accrued expenses and other current liabilities, and Other liabilities for operating leases, and Finance lease right-of-use assets, Debt and finance leases, current, and Debt and finance leases, net of current for finance leases, in the consolidated balance sheets, are as follows:

**12 月 31 日，**

**December 31,**

2025 · 2024 经营租赁： 经营租赁使用权资产 · $1,338 · $1,367 经营租赁负债，流动 · 422 · 382 经营租赁负债，扣除流动部分 · 1,136 · 1,259 经营租赁负债合计 · $1,558 · $1,641

2025 · 2024 Operating leases: Operating lease right-of-use assets · $1,338 · $1,367 Operating lease liabilities, current · 422 · 382 Operating lease liabilities, net of current · 1,136 · 1,259 Total operating lease liabilities · $1,558 · $1,641

**融资租赁：**

**Finance leases:**

融资租赁使用权资产 · $1,260 · $1,686 融资租赁负债，流动 · 369 · 295 融资租赁负债，扣除流动部分 · 868 · 1,236 融资租赁负债合计 · $1,237 · $1,531

Finance lease right-of-use assets · $1,260 · $1,686 Finance lease liabilities, current · 369 · 295 Finance lease liabilities, net of current · 868 · 1,236 Total finance lease liabilities · $1,237 · $1,531

租赁费用的组成部分在合并经营报表中列示如下：

The components of lease expense are as follows within the consolidated statements of operations:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 经营租赁费用： 经营租赁费用 · $475 · $311 · $295 短期租赁成本 · 267 · 101 · 25 可变租赁成本 · 106 · 83 · 75 经营租赁费用合计 · 848 · 495 · 395 融资租赁费用： 租赁资产摊销 · 330 · — · — 租赁负债利息 · 317 · — · — 融资租赁费用合计 · 647 · — · — 租赁费用合计 · $1,495 · $495 · $395

2025 · 2024 · 2023 Operating lease expense: Operating lease expense · $475 · $311 · $295 Short-term lease cost · 267 · 101 · 25 Variable lease cost · 106 · 83 · 75 Total operating lease expense · 848 · 495 · 395 Finance lease expense: Amortization of leased assets · 330 · — · — Interest on lease liabilities · 317 · — · — Total finance lease expense · 647 · — · — Total lease expense · $1,495 · $495 · $395

与租赁相关的其他信息如下：

Other information related to leases is as follows:

**12 月 31 日，**

**December 31,**

2025 · 2024 加权平均剩余租赁期限（年）： 经营租赁 · 5.9 · 5.2 融资租赁 · 3.0 · 4.0

2025 · 2024 Weighted-average remaining lease term (in years): Operating leases · 5.9 · 5.2 Finance leases · 3.0 · 4.0

**加权平均折现率：**

**Weighted-average discount rate:**

经营租赁 · 10.3 % · 10.9 % 融资租赁 · 22.6 % · 22.6 %

Operating leases · 10.3 % · 10.9 % Finance leases · 22.6 % · 22.6 %

在截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的年度内，公司分别就经营租赁使用权资产计提了$30 百万和$106 百万的重组费用，作为其设施整合重组工作的一部分，计入合并经营报表中的重组费用。未发生减值

During the years ended December 31, 2024 and 2023, the Company recorded restructuring charges of $30 million and $106 million, respectively, for operating lease right-of-use assets as part of its facilities consolidation restructuring efforts in Restructuring charges in the consolidated statements of operations. There was no impairment

与截至 2025 年 12 月 31 日止年度租赁相关 · 。 与公司租赁相关的补充现金流量及其他信息如下：

related to leases during the year ended December 31, 2025 · . Supplemental cash flow and other information related to the Company’s leases are as follows:

**截至 12 月 31 日止年度**

**Year Ended December 31,**

计入租赁计量金额的现金支付 Cash paid for amounts included in the measurement of lease

**负债：**

**liabilities:**

经营租赁产生的经营现金流出 · $533 · $372 · $303 融资租赁产生的经营现金流出 · $317 · $— · $— 融资租赁产生的融资现金流出 · $295 · $154 · $— 以经营租赁负债为对价取得的租赁资产 . $288 $564 $168 以融资租赁负债为对价取得的租赁资产 · $— · $1,686 · $—

Operating cash outflows from operating leases · $533 · $372 · $303 Operating cash outflows from finance leases · $317 · $— · $— Financing cash outflows from finance leases · $295 · $154 · $— Leased assets obtained in exchange for operating lease liabilities . $288 $564 $168 Leased assets obtained in exchange for finance lease liabilities · $— · $1,686 · $—

上述表格不包括截至 2025 年 12 月 31 日已签署但尚未开始的经营租赁协议，该等协议的租赁付款总额为 $1,627 million，平均租赁期为 7.2 年，其中包括与 Stateline 的经营租赁安排。更多详情请参见附注 9“对联营企业的投资”。

The above tables exclude operating lease agreements that have been signed as of December 31, 2025, but not yet commenced for the aggregate lease payments of $1,627 million and an average lease term of 7.2 years, including the operating lease arrangement with Stateline. Refer to Note 9, Investments in unconsolidated affiliates for additional details.

截至 2025 年 12 月 31 日，公司租赁负债的到期情况如下：

The maturities of the Company’s lease liabilities as of December 31, 2025 are as follows:

**经营租赁**

**Operating Leases**

2026 · $682 · $611 · 2027 · 593 · 611 · 2028 · 531 · 459 · 2029 · 492 · — · 2030 · 446 · — 此后 · 995 · — 未折现负债总额 · 3,739 · 1,681 减：尚未开始的租赁 · (1,627) · — 减：推算利息 · (554) · (444) 租赁负债总额 · $1,558 · $1,237

2026 · $682 · $611 · 2027 · 593 · 611 · 2028 · 531 · 459 · 2029 · 492 · — · 2030 · 446 · — Thereafter · 995 · — Total undiscounted liabilities · 3,739 · 1,681 Less: Leases not yet commenced · (1,627) · — Less: Imputed interest · (554) · (444) Total lease liabilities · $1,558 · $1,237

附注 12 - 资产负债表组成部分 Note 12 - Balance Sheet Components

若干财务报表细节如下：

Certain financial statement details are as follows:

**12 月 31 日，**

**December 31,**

预付费用及其他流动资产 Prepaid expenses and other current assets

税务相关资产 · $618 · $160 返利与抵免 · 597 · — 未开票应收款项 · 223 · 314 受限现金及存款 · 182 · 23 其他 · 590 · 371 预付费用及其他流动资产 · $2,210 · $868

Tax related assets · $618 · $160 Rebates and credits · 597 · — Unbilled receivables · 223 · 314 Restricted cash and deposits · 182 · 23 Other · 590 · 371 Prepaid expenses and other current assets · $2,210 · $868

应计费用及其他流动负债 Accrued expenses and other current liabilities

税务相关负债 · $563 · $112 经营租赁负债，流动 · 422 · 382 应计利息 · 416 · 118 重组负债 · 339 · 149 薪酬及员工福利应计项目 · 322 · 366 其他流动负债 · 507 · 381 应计费用及其他流动负债 · $2,569 · $1,508

Tax related liabilities · $563 · $112 Operating lease liabilities, current · 422 · 382 Accrued interest · 416 · 118 Restructuring liabilities · 339 · 149 Payroll & employee benefit accruals · 322 · 366 Other current liabilities · 507 · 381 Accrued expenses and other current liabilities · $2,569 · $1,508

附注 13 - 可赎回可转换优先股及股东权益 Note 13 - Redeemable Convertible Preferred Stock and Shareholders’ Equity

#### SpaceX 优先股与普通股

#### SpaceX Preferred and Common Stock

2024 年 2 月 14 日，公司流通股持有人批准并通过了一项转换计划，据此，公司由特拉华州公司转换为一家依据德克萨斯州法律组建的公司。

On February 14, 2024, the holders of outstanding stock of the Company approved and adopted a Plan of Conversion, pursuant to which the Company converted from a Delaware corporation into a corporation organized under the laws of the State of Texas.

就转换计划而言，公司更新了其授权股本，以发行五类股票——四类被指定为 A 类普通股（“A 类”）、B 类普通股（“B 类”）、C 类普通股（“C 类”）、D 类普通股（“D 类”）（统称“SpaceX 普通股”），以及一类被指定为优先股并细分为若干系列的可赎回可转换优先股（统称“SpaceX 可赎回可转换优先股”）。所有对“类”的引用均指 SpaceX 普通股的该特定类别，所有对“系列”的引用均指 SpaceX 可赎回可转换优先股的该特定系列。

In connection with the Plan of Conversion, the Company updated its authorized capitalization to issue five classes of stock - four classes to be designated Class A common stock (“Class A”), Class B common stock (“Class B”), Class C common stock (“Class C”), Class D common stock (“Class D”) (collectively the “SpaceX Common Stock”), and one class of stock to be designated preferred stock and subdivided into several series of redeemable convertible preferred stock (collectively the “SpaceX Redeemable Convertible Preferred Stock”). All references to “Class” refer to that particular class of SpaceX Common Stock and all references to “Series” refer to that particular series of SpaceX Redeemable Convertible Preferred Stock.

截至 2025 年 12 月 31 日，公司获授权发行的 SpaceX 普通股总股数为 53,855 百万股，每股面值为 $0.001，但 D 类除外，其面值为每股 $0.0001。其中 36,130 百万股为 A 类，5,325 百万股为 B 类，10,000 百万股为 C 类，2,400 百万股为 D 类。公司获授权发行的 SpaceX 可赎回可转换优先股总股数为 2,607 百万股，其中 2,400 百万股为未指定类别。

As of December 31, 2025, the total number of shares of SpaceX Common Stock the Company is authorized to issue is 53,855 million shares, each with a par value of $0.001 per share, except for Class D, which has a par value of $0.0001 per share. 36,130 million shares are Class A, 5,325 million shares are Class B, 10,000 million shares are Class C, and 2,400 million shares are Class D. The total number of SpaceX Redeemable Convertible Preferred Stock that the Company is authorized to issue is 2,607 million shares, of which 2,400 million shares are undesignated.

除下文所述的扩大转换权外，在截至 2025 年 12 月 31 日、2024 年和 2023 年的年度内，SpaceX 可转换可赎回优先股和 SpaceX 普通股的股息条款、清算优先权、转换权、赎回权或投票权均无变化。

With the exception of the expanded conversion rights described below, there were no changes to the dividend provisions, liquidation preferences, conversion rights, redemption rights or the voting rights of the SpaceX Convertible Redeemable Preferred Stock and SpaceX Common Stock during the years ended December 31, 2025,

2024 年和 2023 年 · 。 2022 年，董事会批准了一项股票拆分（“2022 年股票拆分”），据此，已发行在外的每股 SpaceX 普通股被拆分为十股 SpaceX 普通股。2026 年 5 月，董事会

2024, and 2023 · . In 2022, the Board approved a stock split (the “2022 Stock Split”), pursuant to which each share of the SpaceX Common Stock issued and outstanding was split into ten shares of SpaceX Common Stock. In May 2026, the Board

批准了 2026 年股票拆分，据此，已发行和流通的每股 A 类、B 类和 C 类 SpaceX 普通股被拆分为五股 SpaceX 普通股。

approved the 2026 Stock Split, pursuant to which each share of the Class A, Class B, and Class C SpaceX Common Stock issued and outstanding was split into five shares of SpaceX Common Stock.

#### xAI 可赎回可转换优先股与普通股

#### xAI Redeemable Convertible Preferred Stock and Common Stock

2025 年 3 月 28 日，xAI 通过了经修订和重述的公司章程，确立了其资本结构，并指定了多个类别的普通股和若干系列的可赎回可转换优先股。该章程随后于 2026 年 1 月 30 日经修订和重述（统称“xAI 公司章程”），以增加并授权额外系列的可赎回可转换优先股，且对任何先前存在的系列均无经济条款变更。

On March 28, 2025, xAI adopted an Amended and Restated Articles of Incorporation, which established its capital structure and designated multiple classes of common stock and several series of redeemable convertible preferred stock. The Articles were subsequently amended and restated through January 30, 2026 (collectively, the “xAI Articles of Incorporation”) to add and authorize additional series of redeemable convertible preferred stock with no economic changes to any previously existing series.

根据 xAI 公司章程，xAI 在 xAI 合并前的授权股本由三类普通股组成，分别指定为 A 类普通股（“xAI A 类”）、B 类普通股（“xAI B 类”）、有限投票权普通股（“xAI 有限投票权”）（合称“xAI 普通股”），以及若干系列的可赎回可转换优先股（合称“xAI 可赎回可转换优先股”）。所有对“xAI 类别”的引用均指 xAI 普通股的该特定类别，所有对“xAI 系列”的引用均指 xAI 可赎回可转换优先股的该特定系列。

Pursuant to the xAI Articles of Incorporation, xAI’s authorized capitalization prior to the xAI Merger consisted of three classes of common, stock, which are designated Class A common stock (“xAI Class A”), Class B common stock (“xAI Class B”), Limited Voting common stock (“xAI Limited Voting”), (collectively the “xAI Common Stock”) and several series of redeemable convertible preferred stock (collectively the “xAI Redeemable Convertible Preferred Stock”). All references to “xAI Class” refer to that particular class of xAI Common Stock and all references to “xAI Series” refer to that particular series of xAI Redeemable Convertible Preferred Stock.

截至 2025 年 12 月 31 日，xAI 获授权发行的 xAI 普通股总数为 7,884 百万股，每股面值 $0.001，其中 5,874 百万股为 xAI A 类，2,000 百万股为 xAI B 类，10 百万股为 xAI 有限投票权。本公司获授权发行的 xAI 可赎回可转换优先股总数为 3,302 百万股。

As of December 31, 2025, the total number of xAI Common Stock that xAI authorized to issue is 7,884 million shares, each with a par value of $0.001 per share, 5,874 million shares are xAI Class A, 2,000 million shares are xAI Class B, and 10 million shares are xAI Limited Voting. The total number of xAI Redeemable Convertible Preferred Stock that the Company is authorized to issue is 3,302 million shares.

#### xAI 合并的影响

#### Effect of the xAI Merger

xAI 可赎回可转换优先股

xAI Redeemable Convertible Preferred Stock

在 xAI 合并生效日，所有已发行的 xAI 可赎回可转换优先股均按照合并协议规定的股份对股份交换机制转换为 SpaceX 普通股股份。每股 xAI A-1、B、C、D 和 E 系列可赎回可转换优先股（归类为“xAI 低投票权股票”）按每股优先股转换为 0.1433 股 SpaceX A 类普通股（按 2026 年股票拆分前基准计算），零碎股份向上取整至最接近的整数。每股 xAI A 系列可赎回可转换优先股（归类为“xAI 高投票权股票”）按每股优先股转换为 0.1433 股 SpaceX B 类普通股（按 2026 年股票拆分前基准计算），零碎股份向上取整至最接近的整数。对于 xAI A 系列可赎回可转换优先股，属于合格服务提供方的所有持有人可改为选择就每股 xAI A 系列可赎回可转换优先股收取现金 $75.46（按 2026 年股票拆分前基准计算）。转换完成后，所有 xAI 可赎回可转换优先股股份均被注销并退股，原 xAI 可赎回可转换优先股股东获得适用的 SpaceX 普通股股份。本公司此前持有的任何 xAI 可赎回可转换优先股股份均被注销并退股，且未获得任何对价。

Upon the effective date of the xAI Merger, all outstanding shares of xAI Redeemable Convertible Preferred Stock converted into shares of SpaceX Common Stock, based on the share-for-share exchange mechanics specified in the Merger Agreement. Each share of xAI Series A‑1, B, C, D, and E redeemable convertible preferred stock (classified as “xAI Low Vote Stock”) was converted into 0.1433 shares of SpaceX Class A Common Stock per preferred share (on a pre-2026 Stock Split basis), rounded up to the nearest whole number for fractional shares. Each share of xAI Series A redeemable convertible preferred stock (classified as “xAI High Vote Stock”) was converted into 0.1433 shares of SpaceX Class B Common Stock per preferred share (on a pre-2026 Stock Split basis), rounded up to the nearest whole number for fractional shares. For xAI Series A Redeemable Convertible Preferred Stock, all holders that are an eligible service provider may instead elect to receive cash of $75.46 per share (on a pre-2026 Stock Split basis) of xAI Series A Redeemable Convertible Preferred Stock. Upon conversion, all shares of xAI Redeemable Convertible Preferred Stock were canceled and retired, and former xAI Redeemable Convertible Preferred Stock shareholders received the applicable shares of SpaceX Common Stock. Any shares of xAI Redeemable Convertible Preferred Stock previously held by the Company were canceled and retired and did not receive any consideration.

尽管 xAI 可赎回可转换优先股在 xAI 合并交割时已转换为 SpaceX 普通股，但在所有列报期间的合并财务报表中，xAI 可赎回可转换优先股余额仍作为可赎回可转换优先股列示。由于 xAI 可赎回可转换优先股在 xAI 合并之前的全部历史期间内均为合法存续，且代表法律上独立的前身实体的单独权益类别，因此 xAI 可赎回可转换优先股转换为 SpaceX 普通股仅在实际发生交换的期间确认，而不进行追溯调整。相应地，历史合并资产负债表以及可赎回可转换优先股和股东权益合并报表均按照 xAI 可赎回可转换优先股在该等期间的法律形式和权利，将其作为存续的 xAI 可赎回可转换优先股列示，并未按转换基准重述。该转换的影响将在合并发生的期间（2026 年第一季度）前瞻性地列示。

Although xAI Redeemable Convertible Preferred Stock converted into SpaceX Common Stock upon the xAI Merger closing, the xAI Redeemable Convertible Preferred Stock balances are presented as Redeemable Convertible Preferred Stock in the consolidated financial statements for all periods presented. Because the xAI Redeemable Convertible Preferred Stock was legally outstanding during all historical periods prior to the xAI Merger and represented a separate equity class of a legally distinct predecessor entity, the conversion of xAI Redeemable Convertible Preferred Stock into SpaceX Common Stock is recognized only in the period in which the exchange actually occurs, and not retrospectively. Accordingly, the historical consolidated balance sheets and consolidated statements of redeemable convertible preferred stock and shareholders’ equity reflect the xAI Redeemable Convertible Preferred Stock as outstanding xAI Redeemable Convertible Preferred Stock consistent with its legal form and rights during those periods and are not recast on an as-converted basis. The impact of the conversion will be presented prospectively in the period of the merger (Q1 2026).

xAI 认股权证

xAI Warrants

xAI 还向客户发行了认股权证，该等认股权证在 xAI 合并生效日仍为发行在外，原始期限为十年，原定于 2035 年到期，行权价格等于股票面值，其归属条款使得认股权证按相关协议项下收到的付款比例归属。xAI 合并的交割触发了加速条款，据此所有发行在外的 xAI 认股权证（包括已归属和未归属部分）均以无现金方式自动行权，并按 0.1433 的交换比例（按 2026 年股票拆分前基准）转换为完全归属的 SpaceX A 类普通股。

xAI also issued warrants to customer that were outstanding as of the effective date of the xAI Merger, which had a ten-year term originally set to expire in 2035, with an exercise price equal to the par value of the stock, and vesting terms that resulted in the warrants vesting proportionally to the payments received under the related agreement. The closing of the xAI Merger triggered an acceleration clause in which all outstanding xAI warrants, both vested and unvested components, were automatically exercised on a cashless basis exercised and converted into fully vested SpaceX Class A Common Stock at the exchange ratio of 0.1433 (on a pre-2026 Stock Split basis).

xAI 与 X 普通股

xAI and X Common Stock

在 xAI 合并生效日，xAI 普通股（无论是 A 类、B 类还是有限投票权）的每一股发行在外股份均转换为收取 SpaceX 普通股的权利，固定交换比例为每股 xAI 普通股换取 0.1433 股 SpaceX 股份（按 2026 年股票拆分前基准），但持有人为符合条件的服务提供者并选择就每股 xAI A 类或 B 类股份收取 $75.46 现金的除外。未发行任何零碎 SpaceX 股份，所有股份数量均向上取整至最接近的整数。公司此前持有的任何 xAI 普通股股份均被注销并收回，且未获得任何对价。

Upon the effective date of the xAI Merger, every outstanding share of xAI Common Stock, whether Class A, Class B, or Limited Voting, converted into the right to receive SpaceX Common Stock at a fixed exchange ratio of 0.1433 SpaceX shares per share of xAI Common Stock (on a pre-2026 Stock Split basis), unless the holder was an eligible service provider and elected to receive cash of $75.46 per share of xAI Class A or Class B. No fractional SpaceX shares were issued and all share amounts were rounded up to the nearest whole number. Any shares of xAI Common Stock previously held by the Company were canceled and retired and did not receive any consideration.

X 合并的影响

Effect of the X Merger

在 X 合并生效日，X Holdings Corp. 的每一类普通股（“X 普通股”）转换为 2.776 股同一类别的 xAI 普通股（向下取整至最接近的整数股），X.AI Corp. 的每一类普通股（“xAI Corp. 普通股”）转换为 1.000 股同一类别的 xAI 普通股，X.AI Corp. 的每一系列优先股（“xAI Corp. 优先股”）（X 或其任何子公司持有的股份除外）转换为 1.000 股同一系列的 xAI 可赎回可转换优先股。

Upon the effective date of the X Merger, each class of common stock of X Holdings Corp. (“X Common Stock”) was converted to 2.776 shares of xAI Common Stock of the same class (rounded down to the nearest whole share), each class of common stock of X.AI Corp. (“xAI Corp. Common Stock”) was converted to 1.000 share of xAI Common Stock of the same class, and each series of X.AI Corp. preferred stock (“xAI Corp. Preferred Stock”) (other than shares held by X or any of its subsidiaries) was converted to 1.000 share of xAI Redeemable Convertible Preferred Stock of the same series.

由于合并交易，X、X.AI Corp. 和 xAI 普通股在历史财务报表中均按视同已按适用汇率转换为 SpaceX 普通股列示，涵盖所有列报期间。因此，历史 X、X.AI Corp. 和 xAI 普通股的所有股份均已计入下文 SpaceX 普通股的股份数中。X.AI Corp. 和 xAI 可赎回可转换优先股在合并财务报表中按历史价值列示，并按 xAI 合并项下的适用兑换比例对转换率进行调整。

As a result of the Mergers, all of X, X.AI Corp. and xAI Common Stock are being presented in the historical financial statements as if they had been converted into SpaceX Common Stock at the applicable exchange rate for all periods presented. As such, all shares of historical X, X.AI Corp. and xAI Common Stock are included in the share counts for SpaceX Common Stock below. X.AI Corp. and xAI Redeemable Convertible Preferred Stock are being presented in the consolidated financial statements at historical values with an adjustment to the conversion rate at the applicable exchange ratio per the xAI Merger.

#### 可赎回可转换优先股

#### Redeemable Convertible Preferred Stock

截至 12 月 31 日，SpaceX 和 xAI 各系列可赎回可转换优先股（统称“合并可赎回可转换优先股”）的信息如下：

Information for each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the “Combined Redeemable Convertible Preferred Stock”) at December 31 is as follows:

每股股息 优先权 · 每股 · 股份 · 股份价值 · 2025 · 2025 · 2025 · 2025 · 2024 · 2025 · 2025 SpaceX 可赎回

Dividend Per PreferencePer ShareSharesShareValue · 2025 · 2025 · 2025 · 2025 · 2024 · 2025 · 2025 SpaceX Redeemable

**可转换优先**

**Convertible Preferred**

股

Stock

A 轮 · $0.05 · $1.00 · 61.0 · 60.4 · 60.5 · $60 · $59 A-1 轮 · $0.05 · $1.00 · 61.0 · 0.2 · 0.2 · — · — B 轮 · $0.10 · $2.00 · 5.5 · 5.1 · 5.1 · 10 · 10 B-1 轮 · $0.10 · $2.00 · 5.5 · 0.1 · 0.1 · — · — C 轮 · $0.15 · $3.00 · 10.5 · 9.7 · 9.7 · 29 · 23 D 轮 · $0.19 · $3.88 · 7.5 · 5.2 · 5.2 · 40 · 20 E 轮 · $0.23 · $4.50 · 10.5 · 10.2 · 10.2 · 46 · 647 F 轮 · $0.38 · $7.50 · 6.8 · 6.7 · 6.7 · 50 · 48 G 轮 · $3.87 · $77.46 · 13.0 · 12.6 · 12.8 · 978 · 978 H 轮 · $6.75 · $135.00 · 3.4 · 3.2 · 3.3 · 429 · 429 I 轮 · $8.45 · $169.00 · 3.0 · 3.0 · 3.0 · 499 · 499 J 轮 · $9.30 · $186.00 · 2.7 · 2.5 · 2.6 · 457 · 457 每股股息 每股优先权股份股份价值 · 2025 · 2025 · 2025 · 2025 · 2024 · 2025 · 2025 K 轮 · $10.20 · $204.00 · 2.7 · 2.5 · 2.5 · 518 · 518 L 轮 · $10.70 · $214.00 · 1.5 · 1.4 · 1.4 · 295 · 295 M 轮 · $11.00 · $220.00 · 2.7 · 2.7 · 2.7 · 596 · 596 N 轮 · $13.50 · $270.00 · 9.5 · 9.3 · 9.4 · 2,520 · 2,520 SpaceX 可赎回股份合计

Series A · $0.05 · $1.00 · 61.0 · 60.4 · 60.5 · $60 · $59 Series A-1 · $0.05 · $1.00 · 61.0 · 0.2 · 0.2 · — · — Series B · $0.10 · $2.00 · 5.5 · 5.1 · 5.1 · 10 · 10 Series B-1 · $0.10 · $2.00 · 5.5 · 0.1 · 0.1 · — · — Series C · $0.15 · $3.00 · 10.5 · 9.7 · 9.7 · 29 · 23 Series D · $0.19 · $3.88 · 7.5 · 5.2 · 5.2 · 40 · 20 Series E · $0.23 · $4.50 · 10.5 · 10.2 · 10.2 · 46 · 647 Series F · $0.38 · $7.50 · 6.8 · 6.7 · 6.7 · 50 · 48 Series G · $3.87 · $77.46 · 13.0 · 12.6 · 12.8 · 978 · 978 Series H · $6.75 · $135.00 · 3.4 · 3.2 · 3.3 · 429 · 429 Series I · $8.45 · $169.00 · 3.0 · 3.0 · 3.0 · 499 · 499 Series J · $9.30 · $186.00 · 2.7 · 2.5 · 2.6 · 457 · 457 Dividend Per PreferencePer ShareSharesShareValue · 2025 · 2025 · 2025 · 2025 · 2024 · 2025 · 2025 Series K · $10.20 · $204.00 · 2.7 · 2.5 · 2.5 · 518 · 518 Series L · $10.70 · $214.00 · 1.5 · 1.4 · 1.4 · 295 · 295 Series M · $11.00 · $220.00 · 2.7 · 2.7 · 2.7 · 596 · 596 Series N · $13.50 · $270.00 · 9.5 · 9.3 · 9.4 · 2,520 · 2,520 Total SpaceX Redeemable

**可转换优先**

**Convertible Preferred**

股

Stock

206.8 · 134.8 · 135.4 · $6,527 · $7,099

206.8 · 134.8 · 135.4 · $6,527 · $7,099

**xAI 可赎回**

**xAI Redeemable**

可转换优先股

Convertible Preferred Stock

A 轮 · $0.05 · $1.00 · 1,000.0 · 750.0 · 750.0 · $750 · $753 A-1 轮 · $0.05 · $1.00 · 1,000.0 · — · — · — · — B 轮 · $0.60 · $11.97 · 584.9 · 584.9 · 584.9 · 7,001 · 7,001 C 轮 · $1.08 · $21.65 · 277.1 · 277.1 · 277.1 · 6,000 · 6,000 D 轮 · $1.83 · $36.56 · 174.8 · 120.1 · — · 4,390 · 4,388 E 轮 · $3.77 · $75.46 · 265.0 · 179.2 · — · 13,523 · 13,510 xAI 可赎回合计

Series A · $0.05 · $1.00 · 1,000.0 · 750.0 · 750.0 · $750 · $753 Series A-1 · $0.05 · $1.00 · 1,000.0 · — · — · — · — Series B · $0.60 · $11.97 · 584.9 · 584.9 · 584.9 · 7,001 · 7,001 Series C · $1.08 · $21.65 · 277.1 · 277.1 · 277.1 · 6,000 · 6,000 Series D · $1.83 · $36.56 · 174.8 · 120.1 · — · 4,390 · 4,388 Series E · $3.77 · $75.46 · 265.0 · 179.2 · — · 13,523 · 13,510 Total xAI Redeemable

**可转换优先股**

**Convertible Preferred**

股

Stock

3,301.8 · 1,911.3 · 1,612.0 · $31,664 · $31,652

3,301.8 · 1,911.3 · 1,612.0 · $31,664 · $31,652

**合计**

**Total Combined**

可赎回可转换优先股

Redeemable Convertible Preferred Stock

3,508.6 · 2,046.1 · 1,747.4 · $38,191 · $38,751

3,508.6 · 2,046.1 · 1,747.4 · $38,191 · $38,751

______________

______________

(1) 已发行可赎回可转换优先股的股数等于已发行在外可赎回可转换优先股的股数，但 xAI A 轮和 xAI D 轮除外，由于 X 和 SpaceX 分别持有可赎回可转换优先股，其已发行股数分别为 1,000.0 百万股和 175.0 百万股。

(1) The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock, with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million, respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.

以下描述 SpaceX 可赎回可转换优先股的各种权利和优先权：

The following describes the various rights and preferences of the SpaceX Redeemable Convertible Preferred Stock:

股息条款

Dividend Provisions

按年计算，SpaceX 可赎回可转换优先股的持有人有权在向普通股股东宣派或支付任何股息之前并优先于其获得股息，每股已发行在外 SpaceX 可赎回可转换优先股的股息率见上表。任何该等股息由董事会酌情宣派，且不累积。自成立至 2025 年 12 月 31 日期间，未宣派任何 SpaceX 可赎回可转换优先股股息。SpaceX 可赎回可转换优先股不参与上述优先股息之外的任何分配。

On a per annum basis, holders of shares of SpaceX Redeemable Convertible Preferred Stock are entitled to receive dividends prior and in preference to any declaration or payment of any dividend to common shareholders at a rate described in the table above for each outstanding share of SpaceX Redeemable Convertible Preferred Stock. Any such dividends are declared at the discretion of the Board of Directors and are not cumulative. For the period from inception through December 31, 2025, no dividends on SpaceX Redeemable Convertible Preferred Stock have been declared. The SpaceX Redeemable Convertible Preferred Stock do not participate in distributions beyond their preferred dividend as described above.

清算优先权

Liquidation Preference

上表所列各系列 SpaceX 可赎回可转换优先股由公司按时间顺序、按字母顺序发行，A 轮最先发行，N 轮最近发行。每一系列 SpaceX 可赎回可转换优先股的级别均高于所有更早发行的系列，并低于所有更晚发行的系列，但以下情况除外：(i)A、A-1、B、B-1 和 C 系列 SpaceX 可赎回可转换优先股彼此同等级别，且级别低于所有后续发行的 SpaceX 可赎回可转换优先股系列；(ii)E、F 和 G 系列 SpaceX 可赎回可转换优先股彼此同等级别，级别高于所有更早发行的 SpaceX 可赎回可转换优先股系列，并低于所有后续发行的 SpaceX 可赎回可转换优先股系列。

The series of SpaceX Redeemable Convertible Preferred Stock listed in the table above were issued by the Company chronologically and in alphabetical order, with Series A issued first and Series N issued most recently. Each series of SpaceX Redeemable Convertible Preferred Stock is senior in rank to all earlier issued series and junior in rank to all later issued series, except that: (i) Series A, A-1, B, B-1, and C SpaceX Redeemable Convertible Preferred Stock are all on parity with each other and junior in rank to all subsequently issued series of SpaceX Redeemable Convertible Preferred Stock; and (ii) series E, F, and G SpaceX redeemable convertible preferred stock are all on parity with each other, are senior in rank to all earlier issued series of SpaceX Redeemable Convertible Preferred Stock, and junior in rank to all subsequently issued series of SpaceX Redeemable Convertible Preferred Stock.

在公司清算、解散或停业清算时，某一特定系列 SpaceX 可赎回可转换优先股的持有人有权优先于 SpaceX 普通股持有人及任何级别更低的 SpaceX 可赎回可转换优先股持有人，获得上表所列该系列 SpaceX 可赎回可转换优先股的清算优先金额，加上任何已宣派但未支付的股息。所有系列 SpaceX 可赎回可转换优先股的持有人有权获得以下两者中的较高者：上述每股清算优先金额，或假设所有该等已发行 SpaceX 可赎回可转换优先股在公司清算、解散或停业清算之前立即转换为 A 类或 B 类 SpaceX 普通股（视适用情况而定）后各系列有权获得的金额。在上述分配完成后，如公司仍有任何资产剩余，则届时剩余的资产将按同等优先级、按比例分配给 SpaceX 普通股持有人。

In the event of a liquidation, dissolution, or winding up of the Company, holders of a given series of SpaceX Redeemable Convertible Preferred Stock are entitled to receive, in preference to the holders of SpaceX Common Stock and any junior-ranking SpaceX Redeemable Convertible Preferred Stock, the liquidation preference indicated in the table above for such series of SpaceX Redeemable Convertible Preferred Stock, plus any declared but unpaid dividends. Holders of all series of SpaceX Redeemable Convertible Preferred Stock are entitled to receive the greater of the liquidation preference per share indicated above, or the amount each series would be entitled to receive if all such outstanding SpaceX Redeemable Convertible Preferred Stock were converted to Class A or Class B SpaceX Common Stock, as applicable, immediately prior to such liquidation, dissolution, or winding up of the Company. Upon completion of the distributions described above, if any assets remain in the Company, the then remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common Stock.

转换权

Conversion Rights

每股 A 轮和 B 轮 SpaceX 可赎回可转换优先股可由持有人在发行该等股份后的任何时间选择转换为 A 类、B 类或 C 类 SpaceX 普通股，所有其他系列优先股的每股可由持有人在发行该等股份后的任何时间选择转换为 A 类或 C 类 SpaceX 普通股。SpaceX 可赎回可转换优先股持有人有权获得的 SpaceX 普通股股数应按初始价格除以转换价格确定的转换比率计算。在 2026 年股票拆分之后，每股 SpaceX 可赎回可转换优先股可转换为五十股 SpaceX 普通股。转换价格须根据公司章程就某些摊薄发行、拆分和合并所规定的调整进行调整。在公司转换为德克萨斯州实体之前，A 轮和 B 轮 SpaceX 可赎回可转换优先股持有人仅被允许转换为 B 类 SpaceX 普通股，其他系列 SpaceX 可赎回可转换优先股持有人仅被允许转换为 A 类 SpaceX 普通股。

Each share of Series A and Series B SpaceX Redeemable Convertible Preferred Stock is convertible at the option of the holder at any time after the date of issuance of such share into shares of Class A, Class B, or Class C SpaceX Common Stock and each share of all other series of preferred stock are convertible at the option of the holder at any time after the date of issuance of such share into shares of Class A or Class C SpaceX Common Stock. The number of shares of SpaceX Common Stock to which a holder of SpaceX Redeemable Convertible Preferred Stock is entitled shall be at a conversion rate determined by dividing the initial price by the conversion price. Each share of SpaceX Redeemable Convertible Preferred Stock is convertible into fifty shares of SpaceX Common Stock following the 2026 Stock Split. The conversion price is subject to adjustment set forth in the charter for certain dilutive issuances, splits and combinations. Prior to Company’s conversion to a Texas entity, holders of Series A and Series B SpaceX Redeemable Convertible Preferred Stock were only permitted to convert to Class B SpaceX Common Stock, and holders of other series of SpaceX Redeemable Convertible Preferred Stock were only permitted to convert to Class A SpaceX Common Stock.

SpaceX 可赎回可转换优先股在以下较早发生者时自动转换：(i) 公司根据 1933 年证券法下的注册声明公开发行其普通股，且公司公开发行前市值至少为 $6.0 billion，并向公司带来不少于 $250 million 的合计现金收益（“合格 IPO”）；或 (ii) 适用 SpaceX 可赎回可转换优先股股份持有人（就各适用系列 SpaceX 可赎回可转换优先股而言）按照公司章程以书面同意或协议指定的日期。

The SpaceX Redeemable Convertible Preferred Stock automatically converts upon the earlier of (i) the Company’s sale of its common stock in a public offering pursuant to a registration statement under the Securities Act of 1933, in which the pre-public offering market capitalization of the Company is at least $6.0 billion and which results in aggregate cash proceeds to the Company of not less than $250 million (“Qualified IPO”) or (ii) the date specified by written consent or agreement of the applicable holders of shares of SpaceX Redeemable Convertible Preferred Stock (with respect to each applicable series of SpaceX Redeemable Convertible Preferred Stock), voting in accordance with the charter.

如发生 A 轮或 B 轮股份转让（公司章程所定义的许可转让除外），该等股份应自动注销并转换为相应的 A-1 轮或 B-1 轮股份。

In the event of a transfer of a share of Series A or Series B (other than a Permitted Transfer as defined in the charter), such share shall automatically be cancelled and converted into a corresponding share of Series A-1 or Series B-1.

投票权

Voting Rights

A 轮和 B 轮每股持有人就其可转换成的每一股 B 类股份享有十票投票权。所有其他系列 SpaceX 可赎回可转换优先股每股持有人就其可转换成的每一股 A 类股份享有一票投票权。除法律另有要求外，该等持有人将享有与 SpaceX 普通股持有人同等的完整投票权和权力。

Holders of each share of Series A and Series B have the right to ten votes for each share of Class B into which such share is convertible. Holders of each share of all other series of SpaceX Redeemable Convertible Preferred Stock have the right to one vote for each share of Class A into which such share is convertible. Such holders will have full voting rights and powers equal to the voting rights and powers of the holders of SpaceX Common Stock, except as required by law.

分类

Classification

SpaceX 可赎回可转换优先股的清算优先权条款被视为或有赎回条款，因为控制权变更等视同清算事件并非仅由公司控制。因此，SpaceX 可赎回可转换优先股在公司的合并资产负债表上作为可赎回可转换优先股列示于永久权益之外。由于该等股份目前不可赎回或不太可能变为可赎回，SpaceX 可赎回可转换优先股未按赎回金额重新计量。

The liquidation preference provisions of the SpaceX Redeemable Convertible Preferred Stock are considered contingent redemption provisions as deemed liquidation events such as a change of control are not solely within the control of the Company. Accordingly, SpaceX Redeemable Convertible Preferred Stock are presented outside of permanent equity on the Company’s consolidated balance sheets as Redeemable convertible preferred stock. SpaceX Redeemable Convertible Preferred Stock has not been remeasured to their redemption amount as they are not currently redeemable or probable of becoming redeemable.

以下描述了 xAI 可赎回可转换优先股的各项权利与优先条件：

The following describes the various rights and preferences of the xAI Redeemable Convertible Preferred Stock:

股息条款

Dividend Provisions

按年计算，xAI 可赎回可转换优先股持有人有权在向普通股股东宣派或支付任何股息之前优先获得股息，每股已发行 xAI 可赎回可转换优先股的股息率如上表所述。任何该等股息由董事会酌情宣派，且不累积。在支付任何该等优先股息后，xAI 可赎回可转换优先股持有人有权按转换后基准与 xAI 普通股持有人共同参与任何额外股息或分配。自成立至 2025 年 12 月 31 日期间，xAI 可赎回可转换优先股未宣派任何股息。

On a per annum basis, holders of shares of xAI Redeemable Convertible Preferred Stock are entitled to receive dividends prior and in preference to any declaration or payment of any dividend to common shareholders at a rate described in the table above for each outstanding share of xAI Redeemable Convertible Preferred Stock. Any such dividends declared at the discretion of the Board of Directors and are not cumulative. After payment of any such preferred dividends, holders of xAI Redeemable Convertible Preferred Stock are entitled to participate in any additional dividends or distributions on an as‑converted basis with holders of xAI Common Stock. For the period from inception through December 31, 2025, no dividends were declared on xAI Redeemable Convertible Preferred Stock.

清算优先权

Liquidation Preference

上表所列的各系列 xAI 可赎回可转换优先股由 xAI 按时间顺序并按字母顺序发行，A 系列最先发行，E 系列最近发行。各

The series of xAI Redeemable Convertible Preferred Stock listed in the table above were issued by xAI chronologically and in alphabetical order, with Series A issued first and Series E issued most recently. Each of

A 轮、A-1 轮、B 轮、C 轮、D 轮和 E 轮 xAI 可赎回可转换优先股的清算优先权等于以下两者中的较高者：(i) 适用的原始发行价加上任何已宣派但未支付的股息，或 (ii) 若 xAI 可赎回可转换优先股在该事件发生前立即转换为 xAI 普通股，持有人本应获得的金额。在清算、解散、停业或视同清算事件发生时，xAI 可赎回可转换优先股持有人将先于 xAI 普通股持有人获得其清算优先权。在支付完所有应付给 xAI 可赎回可转换优先股的清算金额后，剩余资产或不应支付给 xAI 可赎回可转换优先股持有人（如适用）的对价（如有）将按比例分配给 xAI 普通股持有人。

Series A, Series A‑1, Series B, Series C, Series D, and Series E xAIRedeemable Convertible Preferred Stock has a liquidation preference equal to the greater of (i) the applicable original issue price plus any declared but unpaid dividends or (ii) the amount the holder would receive if the xAI Redeemable Convertible Preferred Stock were converted to xAI Common Stock immediately prior to such event. In the event of a liquidation, dissolution, winding up, or deemed liquidation event, holders of xAI Redeemable Convertible Preferred Stock would receive their liquidation preference prior to holders of xAI Common Stock. After payment of all liquidation amounts owed to xAI Redeemable Convertible Preferred Stock, remaining assets or consideration not payable to holders of xAI Redeemable Convertible Preferred Stock (as applicable), if any, would be distributed to holders of xAI Common Stock on a pro rata basis.

转换权

Conversion Rights

每股 xAI 可赎回可转换优先股可在发行日之后的任何时间由持有人选择转换为 xAI 普通股。转换时可发行的 xAI 普通股股数，以适用系列的初始价格除以其转换价格确定，转换价格须就惯常的反稀释事件进行调整，包括股票拆分、合并以及上表所列的某些稀释性发行。每股 xAI A 系列可赎回可转换优先股可转换为 xAI B 类普通股或 A-1 系列可赎回可转换优先股，而其余各系列 xAI 可赎回可转换优先股可转换为 xAI A 类普通股。

Each share of xAI Redeemable Convertible Preferred Stock is convertible at the option of the holder into xAI Common Stock at any time after the date of issuance. The number of shares of xAI Common Stock issuable upon conversion is determined by dividing the initial price of the applicable series by its conversion price, with the conversion price subject to adjustment for customary anti‑dilution events, including stock splits, combinations, and certain dilutive issuances as presented in the table above. Each share of xAI Series A Redeemable Convertible Preferred Stock is convertible into xAI Class B Common Stock or Series A-1 Redeemable Convertible Preferred Stock, while each remaining series of xAI Redeemable Convertible Preferred Stock is convertible into xAI Class A Common Stock.

xAI 可赎回可转换优先股将在以下较早发生者发生时自动转换为 xAI 普通股：(i) 完成符合《公司章程》所载标准的合格公开发行，或 (ii) 经 xAI 可赎回可转换优先股流通股所要求表决权比例的书面同意。

The xAI Redeemable Convertible Preferred Stock would automatically convert into xAI Common Stock upon the earlier of (i) the consummation of a qualified public offering that meets the criteria set forth in the Articles, or (ii) the written consent of the requisite percentage of voting power of the outstanding shares of xAI Redeemable Convertible Preferred Stock.

表决权

Voting Rights

xAI A 系列每股持有人就其持有的每一股 A 系列股份享有十票表决权。所有其他系列 xAI 可赎回可转换优先股的每股持有人，就其可转换成的每一股 xAI A 类股份享有一票表决权。该等持有人享有与 xAI 普通股持有人（除 xAI 有限表决权股份外）同等的完整表决权和权力。

Holders of each share of xAI Series A have the right to ten votes for each share of Series A held by such holder. Holders of each share of all other series of xAI Redeemable Convertible Preferred Stock have the right to one vote for each share of xAI Class A into which such share is convertible. Such holders have full voting rights and powers equal to the voting rights and powers of the holders of xAI Common Stock (other than xAI Limited Voting).

分类

Classification

xAI 可赎回可转换优先股的清算优先权条款被视为或有赎回条款，因为控制权变更等视同清算事件并非完全由 xAI 控制。因此，xAI 可赎回可转换优先股在公司的合并资产负债表上作为可赎回可转换优先股列示于永久权益之外。由于 xAI 可赎回可转换优先股目前不可赎回或不太可能变为可赎回，其未按赎回金额重新计量。

The liquidation preference provisions of the xAI Redeemable Convertible Preferred Stock are considered contingent redemption provisions as deemed liquidation events such as a change of control are not solely within the control of xAI. Accordingly, xAI Redeemable Convertible Preferred Stock are presented outside of permanent equity on the Company ’s consolidated balance sheets as Redeemable convertible preferred stock . xAI Redeemable Convertible Preferred Stock has not been remeasured to their redemption amount as they are not currently redeemable or probable of becoming redeemable.

#### 普通股

#### Common Stock

以下描述截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度内 SpaceX 各类普通股发生的全部活动，并按转换后基准纳入 xAI 普通股类别中发生的全部活动，即根据 xAI 合并和 X 合并转换为相应 SpaceX 普通股类别的活动。

The following describes all of the activity that occurred within each class of SpaceX Common Stock during the years ended December 31, 2025 and 2024, incorporating all activity that occurred within the class of xAI Common Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the xAI Merger and X Merger.

**A 类**

**Class A**

普通股 · 普通股 · 普通股 · 普通股 股数 · 金额 · 股数 · 金额 · 股数 · 金额 · 股数 · 金额 2022 年 12 月 31 日余额 · 1,778 · $2 · 647 · $1 · 317 · $0 · — · $— 已发行普通股，扣除代扣税款 · 6 · 0 · 188 · 0 · 55 · 0 · — · —

Common Stock · Common Stock · Common Stock · Common Stock Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount Balance at December 31, 2022 · 1,778 · $2 · 647 · $1 · 317 · $0 · — · $— Common stock issued, net of tax withholding · 6 · 0 · 188 · 0 · 55 · 0 · — · —

类别之间的转换

Conversion between classes of

普通股 · 32 · 0 · (32) · 0 · — · — · — · — 回购普通股 · (6) · 0 · 0 · 0 · (5) · 0 · — · — 2023 年 12 月 31 日余额 · 1,810 · 2 · 803 · 1 · 367 · 0 · — · — 已发行普通股，扣除代扣税款 · 8 · 0 · 9 · 0 · 58 · 0 · — · — 回购普通股 · (35) · 0 · (8) · 0 · (3) · 0 · — · — 可赎回可转换优先股转换为普通股 · 13 · 0 · — · — · 1 · — · — · —

common stock · 32 · 0 · (32) · 0 · — · — · — · — Repurchase of common stock · (6) · 0 · 0 · 0 · (5) · 0 · — · — Balance at December 31, 2023 · 1,810 · 2 · 803 · 1 · 367 · 0 · — · — Common stock issued, net of tax withholding · 8 · 0 · 9 · 0 · 58 · 0 · — · — Repurchase of common stock · (35) · 0 · (8) · 0 · (3) · 0 · — · — Conversion of redeemable convertible preferred stock to common stock · 13 · 0 · — · — · 1 · — · — · —

类别之间的转换

Conversion between classes of

普通股 · 36 · 0 · (36) · 0 · — · — · — · — 2024 年 12 月 31 日余额 · 1,832 · 2 · 768 · 1 · 423 · 0 · — · — 已发行普通股，扣除代扣税款 · 33 · 1 · 4 · 0 · 60 · 0 · — · — 回购普通股 · (31) · 0 · (38) · 0 · — · — · — · — 可赎回可转换优先股转换为普通股 · 27 · 0 · — · — · 1 · 0 · — · —

common stock · 36 · 0 · (36) · 0 · — · — · — · — Balance at December 31, 2024 · 1,832 · 2 · 768 · 1 · 423 · 0 · — · — Common stock issued, net of tax withholding · 33 · 1 · 4 · 0 · 60 · 0 · — · — Repurchase of common stock · (31) · 0 · (38) · 0 · — · — · — · — Conversion of redeemable convertible preferred stock to common stock · 27 · 0 · — · — · 1 · 0 · — · —

类别之间的转换

Conversion between classes of

普通股 · 91 · 0 · (91) · 0 · — · — · — · — 2025 年 12 月 31 日余额 · 1,952 · $3 · 643 · $1 · 484 · $0 · — · $—

common stock · 91 · 0 · (91) · 0 · — · — · — · — Balance at December 31, 2025 · 1,952 · $3 · 643 · $1 · 484 · $0 · — · $—

以下描述 SpaceX 普通股的各种权利和优先权：

The following describes the various rights and preferences of the SpaceX Common Stock:

股息条款

Dividend Provisions

在受限于当时已发行的、在股息方面享有优先权的各类别及各系列股票持有人的优先权利的前提下，SpaceX 普通股持有人有权在董事会宣布时，从合法可用资金中收取董事会不时宣布的股息。自成立至 2025 年 12 月 31 日期间，SpaceX 普通股未宣布任何股息。

Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to dividends, holders of SpaceX Common Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of any funds legally available, such dividends as may be declared from time to time by the Board of Directors. For the period from inception through December 31, 2025, no dividends were declared on SpaceX Common Stock.

清算权利

Liquidation Rights

在公司清算、解散或停业清算的情况下，在完成对 SpaceX 可赎回可转换优先股所要求的分配后，如公司仍有资产剩余，则届时剩余的资产将按同等优先顺序、按比例分配给 SpaceX 普通股持有人。

In the event of a liquidation, dissolution, or winding up of the Company, upon the completion of the distributions required with respect to the SpaceX Redeemable Convertible Preferred Stock, if assets remain in the Company, the then remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common Stock.

转换权利

Conversion Rights

每股 B 类普通股可由持有人选择在任何时候转换为一股 A 类普通股。每股 B 类普通股在发生转让（章程所定义的许可转让除外）时，将自动转换为一股 A 类普通股。

Each share of Class B is convertible at the option of the holder, at any time, into one share of Class A. Each share of Class B will automatically convert into one share of Class A upon a transfer, other than a Permitted Transfer (as defined in the charter), of such share of Class B.

投票权

Voting Rights

A 类普通股每股持有人每持有一股享有 1 票投票权。B 类普通股每股持有人每持有一股享有 10 票投票权。C 类普通股持有人不享有投票权，但法律另有规定的除外。D 类普通股的投票权将在董事会发行任何 D 类普通股股份时予以确定。

Each holder of Class A is entitled to one vote for each share held. Each holder of Class B is entitled to ten votes for each share held. The holders of Class C have no voting rights, except as required by law. Voting rights with respect to Class D will be established when and if any shares of Class D are issued by the Board of Directors.

已授权未发行普通股的预留

Reserve for Unissued Shares of Common Stock

公司须从其已授权但未发行的 SpaceX 普通股中预留并保持足额股份，以用于将所有已发行的 SpaceX 可赎回可转换优先股及 B 类普通股（如适用）转换为普通股，并加上公司股份计划项下已授予及可供授予的股份。

The Company is required to reserve and keep available out of its authorized but unissued shares of SpaceX Common Stock such number of shares sufficient to effect the conversion of all outstanding shares of SpaceX Redeemable Convertible Preferred Stock and Class B, as applicable, plus shares granted and available for grant under the Company’s share plans.

截至 2025 年 12 月 31 日，为上述目的预留的 SpaceX 普通股股份数量如下：

The amount of such shares of the SpaceX Common Stock reserved for these purposes at December 31, 2025 is as follows:

**股份数量**

**Number of Shares**

A 类 · B 类 · C 类 · D 类 已发行可赎回可转换优先股 （低投票权） · 4,291 · — · 3,459 · — 已发行可赎回可转换优先股 （高投票权） · 3,275 · 3,812 · 3,275 · — 已发行 B 类普通股 · 644 · — · — · — 已发行股票期权 · 10 · 468 · 474 · — 已发行 RSU · 47 · 43 · 62 · — 股份支付薪酬项下未来授予 · .. · 161 · — · 383 · — · 8,428 · 4,323 · 7,653 · —

Class A · Class B · Class C · Class D Redeemable Convertible Preferred Stock issued (low-vote) · 4,291 · — · 3,459 · — Redeemable Convertible Preferred Stock issued (high-vote) · 3,275 · 3,812 · 3,275 · — Outstanding Class B · 644 · — · — · — Outstanding stock options · 10 · 468 · 474 · — Outstanding RSUs · 47 · 43 · 62 · — Future grants under share-based compensation · .. · 161 · — · 383 · — · 8,428 · 4,323 · 7,653 · —

#### 股份回购

#### Share Repurchases

SpaceX 股份回购

SpaceX Share Repurchases

截至 2025 年 12 月 31 日止年度，SpaceX 以 $522 million 自符合条件的现任及前任员工处回购了 14.0 million 股 SpaceX 普通股。同样，公司于截至 2024 年 12 月 31 日止年度以 $920 million 自符合条件的现任及前任员工及现有股东处回购了 38.7 million 股 SpaceX 普通股，并与现有股东按当时公允价值进行多笔互不关联的交易，以 $101 million 回购了 0.1 million 股 SpaceX 可赎回可转换优先股。公司仅回购符合条件参与者持有超过六个月的股份，每股购买价格等于当时公允价值。

During the year ended December 31, 2025, SpaceX repurchased $522 million or 14.0 million shares of SpaceX Common Stock from eligible current and former employees. Similarly, the Company repurchased $920 million or 38.7 million shares of SpaceX Common Stock from eligible current and former employees and existing shareholders during the year ended December 31, 2024, as well as $101 million or 0.1 million shares of SpaceX Redeemable Convertible Preferred Stock in a number of unrelated transactions with existing shareholders at their then-current fair market value. The Company only repurchased shares held by eligible participants for more than six months at a purchase price per share equal to the then current fair market value.

迄今为止回购的所有 SpaceX 股份均已注销 · 。 xAI 股份回购 在截至 2025 年 12 月 31 日的年度内，公司还购买了 11.8 百万股 xAI 普通股 ，价款为 $600 百万，出售方为 xAI 的一名现有股东。在 xAI 合并完成后，该交易在可赎回可转换优先股及 股东权益的合并报表中被视为对 xAI 普通股的回购 · 。 迄今为止回购的所有 xAI 股份均已注销。

All SpaceX shares repurchased to date have been retired · . xAI Share Repurchase During the year ended December 31, 2025, the Company also purchased 11.8 million shares of xAI Common Stock for $600 million from an existing shareholder of xAI. Following the xAI Merger, this transaction is considered as a repurchase of xAI Common Stock in the consolidated statements of redeemable convertible preferred stock and shareholders’ equity · . All xAI shares repurchased to date have been retired.

附注 14 - 每股收益 Note 14 - Earnings per Share

下表列示了归属于普通股股东的净利润（亏损）与用于计算普通股基本及稀释每股净利润（亏损）的净利润（亏损）之间的调节情况：

The following table presents the reconciliation of net income (loss) attributable to common shareholders to net income (loss) used in computing basic and diluted net income (loss) per share of common stock:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 分子： 净利润（亏损） · $(4,937) · $791 · $(4,628) 减：视同股息(1) · — · 80 · — 减：分配给参与性证券的股息及未分配收益 · — · 693 · — 归属于普通股股东的净利润（亏损）——基本 · (4,937) · 18 · (4,628) 加：假设转换 SpaceX 可赎回 可转换优先股的影响 · — · 3 · — 加：假设转换股票期权的影响 · — · 0 · — 加：假设转换限制性股票单位的影响 · — · 0 · — 加：假设根据 ESPP 发行股份的影响 · — · 0 · — 归属于普通股股东的净利润（亏损）——稀释 .. $(4,937) $21 $(4,628)

2025 · 2024 · 2023 Numerator: Net income (loss) · $(4,937) · $791 · $(4,628) Less: Deemed dividend(1) · — · 80 · — Less: Dividends and undistributed earnings allocated to participating securities · — · 693 · — Net income (loss) attributable to common shareholders - basic · (4,937) · 18 · (4,628) Add: Effect of assumed conversion of SpaceX Redeemable Convertible Preferred Stock · — · 3 · — Add: Effect of assumed conversion of stock options · — · 0 · — Add: Effect of assumed conversion of restricted stock units · — · 0 · — Add: Effect of assumed issuance of shares under the ESPP · — · 0 · — Net income (loss) attributable to common shareholders - diluted .. $(4,937) $21 $(4,628)

**分母：**

**Denominator:**

加权平均流通在外普通股股数 - 基本 · 2,926 · 2,848 · 2,759 加权平均普通股等价物股数： SpaceX 可赎回可转换优先股的转换 股票 · — · 6,771 · — 股票期权的行权 · — · 292 · — 限制性股票单位的转换 · — · 45 · — ESPP 的转换 · — · 0 · — 加权平均流通在外普通股及普通股等价物 - 稀释 · 2,926 · 9,956 · 2,759

Weighted average shares of common stock outstanding - basic · 2,926 · 2,848 · 2,759 Weighted average shares of common stock equivalents: Conversion of SpaceX Redeemable Convertible Preferred Stock · — · 6,771 · — Exercise of stock options · — · 292 · — Conversion of restricted stock units · — · 45 · — Conversion of ESPPs · — · 0 · — Weighted average common stock and common stock equivalent outstanding - diluted · 2,926 · 9,956 · 2,759

归属于普通股股东的每股收益（亏损）

Earnings (loss) per share attributable to common shareholders

基本 · $(1.69) · $0.01 · $(1.68) 稀释 · $(1.69) · $0.00 · $(1.68)

Basic · $(1.69) · $0.01 · $(1.68) Diluted · $(1.69) · $0.00 · $(1.68)

__________________

__________________

(1) 回购 SpaceX 可赎回可转换优先股时，公允价值超出所转让对价的部分被视为视同股息，并在计算每股收益（亏损）时减少归属于普通股股东的净利润（亏损）。

(1) The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock was treated as a deemed dividend and resulted in a decrease to net income (loss) attributable to common shareholders in the calculation of earnings (loss) per share.

以下按转换基准计算的潜在稀释性证券因纳入计算将产生反稀释影响，故未计入所列期间归属于普通股股东的稀释每股净利润（亏损）的计算（更多详情请参见附注 15，股份支付）：

The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net income (loss) per share attributable to common shareholders for the periods presented because the impact of including them would be anti-dilutive (refer to Note 15, Share-based Compensation for additional details):

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 xAI 可赎回可转换优先股 · 1,369 · — · 537 SpaceX 可赎回可转换优先股 · 6,733 · — · 6,780 股份支付 · 623 · 18 · 767

2025 · 2024 · 2023 xAI Redeemable Convertible Preferred Stock · 1,369 · — · 537 SpaceX Redeemable Convertible Preferred Stock · 6,733 · — · 6,780 Share-based compensation · 623 · 18 · 767

上表未包含截至 2025 年、2024 年和 2023 年 12 月 31 日分别尚未行权的 14.5 million、38.3 million 和 21.2 million 份股份支付奖励，因为该等奖励受制于截至该等日期尚未满足的业绩条件和市场条件。

The table above excludes 14.5 million, 38.3 million, and 21.2 million share-based compensation awards outstanding as of December 31, 2025, 2024, and 2023, respectively, as these awards are subject to performance and market conditions that were not met as of those dates.

附注 15 - 股份支付 Note 15 - Share-based Compensation

#### X 与 xAI 合并

#### X and xAI Mergers

作为 xAI 合并的一部分，xAI 合并时已发行且未行权的每股 xAI 普通股期权（无论已归属或未归属）均转换为 SpaceX 期权，可按适用情况获得 0.1433 股 SpaceX A 类或 B 类普通股（按 2026 年股票拆分前基准计算），其条款和条件（包括归属和可行权条件）与原 xAI 股票期权相同，行权价格等于原 xAI 期权行权价格除以 0.1433（按 2026 年股票拆分前基准计算）。每份已归属且尚未行权的 xAI RSU 均转换为按适用情况获得 0.1433 股 SpaceX A 类或 B 类普通股的权利（按 2026 年股票拆分前基准计算）。每份未归属的 xAI RSU 均转换为 0.1433 份 SpaceX RSU（按 2026 年股票拆分前基准计算）。每份 xAI RSA 均转换为 0.1433 股 SpaceX RSA，对应 SpaceX A 类或 B 类普通股（按 2026 年股票拆分前基准计算，按适用情况），条款和条件（包括归属条款）相同。已归属 xAI 期权和已归属 xAI RSU 的持有人还可选择按每股 $75.46 收取现金付款，以代替转换。更多详情请参见附注 13“可赎回可转换优先股和股东权益”。

As part of the xAI Merger, each xAI option for a share of xAI common stock outstanding and unexercised at the time of the xAI Merger (vested and unvested) was converted into a SpaceX option to receive 0.1433 shares of SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable, under the same terms and conditions (including the vesting and exercisability conditions) as the original xAI stock options at an exercise price equal to the original xAI option exercise price divided by 0.1433 (on a pre-2026 Stock Split basis). Each xAI RSU that was vested and outstanding was converted to the right to receive 0.1433 of a share of SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable. Each xAI RSU that was unvested was converted to 0.1433 of a SpaceX RSU (on a pre-2026 Stock Split basis). Each xAI RSA was converted to 0.1433 shares of SpaceX RSA for SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable, with the same terms and conditions (including the vesting terms). Holders of vested xAI options and vested xAI RSUs also had the option to receive cash payment for $75.46 per share in lieu of conversion. Refer to Note 13, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.

作为 X 合并的一部分，每份尚未行权的 X RSU 均转换为 xAI RSU，可获得 2.776 股

As part of the X Merger, each X RSU that was outstanding was converted to a xAI RSU to receive 2.776 shares of

xAI 普通股 · 。

xAI Common Stock · .

#### 概述

#### General

公司向符合条件的员工、主要高管和某些非雇员服务提供商授予 RSU、RSA 和非法定期权（统称“计划”）。公司还拥有若干基于业绩的奖励。RSU 使获授人有权在归属时获得 A 类或 B 类普通股股份，归属通常为以下情形之一：(i) 首个服务年度后归属 25%，剩余四年服务期内按季度归属；(ii) 服务满前六个月后归属 12.5%，剩余四年服务期内按季度归属；或 (iii) 首个服务年度后归属 20%，剩余五年服务期内按半年归属，且须在适用归属日期前持续服务。RSA 使获授人有权获得 A 类或 B 类普通股股份，首个服务年度后归属 25%，剩余四年服务期内按月归属。期权通常按以下方式归属：(i) 四年内归属，一年后归属 25%，此后剩余部分按月归属，每次归属剩余部分的三十六分之一；或 (ii) 六年内归属，两年后归属 20%，此后剩余部分按月归属，每次归属剩余部分的四十八分之一。期权自授予日起可行权最长十年。截至 2025 年 12 月 31 日，计划项下尚有 543.8 百万股可供未来授予。

The Company grants RSU s, RSAs, and non-statutory options to eligible employees, key executives, and certain non-employee service providers (collectively, the “Plans”). The Company also has a number of performance-based awards. RSUs entitle the grantee to receive shares of Class A or Class B Common Stock upon vesting, with vesting generally occurring either (i) 25% after the first service year with quarterly vesting for the remaining four-year service period, (ii) 12.5% after the first six months of service with quarterly vesting for the remaining four-year service period, or (iii) 20% after the first service year with semi-annual vesting for the remaining five-year service period, subject to continued service through the applicable vesting date. RSAs entitle the grantee to receive shares of Class A or Class B Common Stock with 25% after the first service year with monthly vesting for the remaining four-year service period. Options generally vest over (i) four years with 25% vesting after one year then one thirty-sixth of the remainder vesting thereafter on a monthly basis or (ii) six years with 20% vesting after two years, and then one forty-eighth of the remainder vesting thereafter on a monthly basis. Options are exercisable up to ten years from the date of grant. At December 31, 2025, 543.8 million shares remained available for future grant under the Plans.

公司提供一项员工购股计划（ESPP），根据该计划，符合条件的员工可以以折扣价格购买公司普通股。公司还提供一项非合格员工购股计划（“NQ ESPP”），根据该计划，员工可以按公平市场价值购买公司普通股。截至 2025 年 12 月 31 日，ESPP 和 NQ ESPP 计划下分别尚有 27.0 百万股和 4.8 百万股可供未来授予。

The Company offers an ESPP, under which eligible employees can purchase the Company’s Common Stock at a discounted price. The Company also offers a Non-Qualified Employee Stock Purchase Plan (“NQ ESPP”), under which employees can purchase the Company’s Common Stock at the fair market value. At December 31, 2025, 27.0 million and 4.8 million shares remained available for future grant under the ESPP and NQ ESPP plans, respectively.

#### 计划项下的活动摘要

#### Summary Activity under the Plans

下表汇总了与公司各项计划相关的活动，并按 xAI 合并事项以转换后基准列示。就下表而言，每份 xAI 期权、RSU 和 RSA 分别按 0.1433 份 SpaceX 期权、RSU 和 RSA 列示。

Below table summarizes activities related to the Company’s Plans, presented on an as-converted basis per the xAI Merger. For the purposes of the table below, each xAI option, RSU and RSA is presented as 0.1433 SpaceX option, RSU and RSA, respectively.

**股票期权**

**Stock Options**

期权数量 加权平均行权价格 加权平均剩余合同期限（年）合计内在价值

Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value

2024 年 12 月 31 日余额 · 530 · $8.86 · 6.5 · $14,342 授予 · 20 · $37.27 行使 · (34) · $5.80 注销 · (20) · $9.81 2025 年 12 月 31 日未行权 · 496 · $10.18 · 5.7 · $37,171 于 12 月 31 日已归属及预计归属 · 2025 · 496 · $10.18 · 5.7 · $37,171 2025 年 12 月 31 日已归属及可行权 · .. · 398 · $8.31 · 5.2 · $30,346

Balance at December 31, 2024 · 530 · $8.86 · 6.5 · $14,342 Granted · 20 · $37.27 Exercised · (34) · $5.80 Cancelled · (20) · $9.81 Outstanding at December 31, 2025 · 496 · $10.18 · 5.7 · $37,171 Vested and expected to vest at December 31, · 2025 · 496 · $10.18 · 5.7 · $37,171 Vested and exercisable at December 31, 2025 · .. · 398 · $8.31 · 5.2 · $30,346

**RSU**

**RSUs**

限制性股票单位数量 加权平均授予日每股公允价值 限制性股票奖励数量 加权平均授予日每股公允价值

Number of Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Number of Restricted Stock Awards Weighted Average Grant Date Fair Value Per Share

2024 年 12 月 31 日余额 · 110 · $12.57 · 109 · $0.00 授予 · 74 · $54.84 · 0 · $93.87 行权 · (51) · $25.53 · (34) · $0.42 取消 · (24) · $33.44 · (42) · $0.00 2025 年 12 月 31 日余额 · 109 · $40.49 · 34 · $0.11

Balance at December 31, 2024 · 110 · $12.57 · 109 · $0.00 Granted · 74 · $54.84 · 0 · $93.87 Exercised · (51) · $25.53 · (34) · $0.42 Cancelled · (24) · $33.44 · (42) · $0.00 Balance at December 31, 2025 · 109 · $40.49 · 34 · $0.11

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度授予的期权加权平均授予日每股公允价值分别为 $21.29、$5.02 和 $7.60。截至 2025 年、2024 年和 2023 年 12 月 31 日止年度行权的期权合计内在价值分别为 $1,249 百万、$392 百万和 $261 百万。

The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2025, 2024, and 2023 was $21.29, $5.02, and $7.60 respectively. The total intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $1,249 million, $392 million and $261 million, respectively.

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度授予的 RSU 加权平均授予日每股公允价值分别为 $54.84、$17.68 和 $15.60。截至 2025 年、2024 年和 2023 年 12 月 31 日止年度释放的 RSU 合计公平市场价值分别为 $2,151 百万、$871 百万和 $729 百万。

The weighted-average grant date fair value per share of RSUs granted during the years ended December 31, 2025, 2024, and 2023 was $54.84, $17.68, and $15.60, respectively. The total fair market value of RSUs released for the years ended December 31, 2025, 2024, and 2023 was $2,151 million, $871 million and $729 million, respectively.

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度授予的 RSA 加权平均授予日每股公允价值分别为 $93.87、$—和 $0.00。截至 2025 年和 2024 年 12 月 31 日止年度没有 RSA 释放，截至 12 月 31 日止年度释放的 RSA 合计公允价值为

The weighted-average grant date fair value per share of RSAs granted during the years ended December 31, 2025, 2024, and 2023 was $93.87, $— , and $0.00, respectively. There were no RSAs released during the years ended December 31, 2025 and 2024, and the total fair value of the RSAs released during the year ended December 31,

2023 年为 $38 million · 。 截至 2025 年 12 月 31 日，未归属股票期权、RSU 和 RSA 的剩余股权激励费用总额为 $4,842 million，预计将在 3.2 年的加权平均期间内确认。

2023 was $38 million · . At December 31, 2025, total remaining share-based compensation expense for unvested stock options, RSUs, and RSAs was $4,842 million, which is expected to be recognized over a weighted-average period of 3.2 years.

#### ESPP

#### ESPP

在截至 2025 年、2024 年和 2023 年 12 月 31 日的各年度内，根据 ESPP，公司分别发行了 6.3 million 股、8.0 million 股和 6.5 million 股。截至 2025 年 12 月 31 日止年度，公司根据 NQ ESPP 发行了 0.2 million 股。截至 2024 年 12 月 31 日止年度内未根据 NQ ESPP 发行任何股份，

During the years ended December 31, 2025, 2024, and 2023, under the ESPP, the Company issued 6.3 million, 8.0 million and 6.5 million shares, respectively. For the year ended December 31, 2025, the Company issued 0.2 million shares under the NQ ESPP. No shares were issued under NQ ESPP during the years ended December 31, 2024 and

2023 · 。

2023 · .

#### CEO 奖励

#### CEO Award

2025 年 11 月，公司向 Elon Musk 授予了一项基于业绩的奖励（“xAI 奖励”），由十二个批次组成。每个批次代表按公允价值获得一定数量股份的权利，该数量等于估值里程碑时 xAI 估值的 1.0%。xAI 奖励受基于估值里程碑（从 $213 billion 到 $1,313 billion）的市场条件、要求公司在里程碑日期通过向投资者进行资本募集获得不低于 $2,000 million 收益的业绩条件，以及要求 Mr. Musk 在十年业绩期内持续任职的服务条件约束。

In November 2025, the Company granted a performance-based award (“xAI Award”) to Elon Musk consisting of twelve tranches. Each tranche represents the right to receive a number of shares at fair market value equal to 1.0% of xAI’s valuation at the valuation milestone. The xAI Award is subject to market conditions based on valuation milestones, ranging from $213 billion to $1,313 billion, performance condition requiring the Company to receive not less than $2,000 million in proceeds from investors through capital raises on the milestone date, and a service condition requiring Mr. Musk’s continued service over the ten-year performance period.

该奖励的授予日公允价值确定为 $2,205 million，公司在截至 2025 年 12 月 31 日止年度确认了 $28 million 的股权激励费用。2026 年 3 月，公司终止了 xAI 奖励，进一步讨论参见附注 21“期后事项”。

The grant date fair value of the award was determined to be $2,205 million and the Company recorded $28 million of share-based compensation expense for the year ended December 31, 2025. In March 2026, the Company terminated the xAI Award, refer to Note 21, Subsequent Events for further discussion.

#### 基于业绩的奖励

#### Performance-based awards

2023 年 3 月，X 向所有 X 员工授予了基于业绩的 RSU 奖励，其中还包含服务条件。业绩条件仅在控制权变更或完成首次公开发行（视为流动性事件）时才能满足。在截至 2024 年和 2023 年 12 月 31 日止年度内，由于基于业绩的归属条件很可能无法满足，未确认任何股权激励费用。2025 年，这些奖励被修改以移除基于业绩的条件，导致额外股权激励

In March 2023, X issued performance-based RSU awards to all X employees that also included service conditions. The performance conditions would only be satisfied upon a change in control or completion of an initial public offering (deemed a liquidity event). For the years ended December 31, 2024 and 2023, no share-based compensation expense was recorded as it was not probable the performance-based vesting condition would be met. In 2025, these awards were modified to remove the performance-based condition, resulting in additional share-based compensation

费用 $588 million · 。

expense of $588 million · .

#### 公允价值确定

#### Fair Value Determination

用于计算公司员工股票期权授予授予日公允价值的加权平均假设如下：

The weighted-average assumptions that were used to calculate the grant date fair value of the Company’s employee stock option grants are as follows:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 预期期限（年） · 6.94 · 6.80 · 6.70 波动率 · 43.14 % · 39.80 % · 43.20 % 无风险利率 · 4.02 % · 4.30 % · 3.60 % 股息率 · — · % · — · % · — · %

2025 · 2024 · 2023 Expected term (years) · 6.94 · 6.80 · 6.70 Volatility · 43.14 % · 39.80 % · 43.20 % Risk-free interest rate · 4.02 % · 4.30 % · 3.60 % Dividend yield · — · % · — · % · — · %

员工股票期权的预期期限是指股票期权预计将保持未行权状态的加权平均期间。公司采用简化法确定所授予期权的预期期限。在简化法下，奖励的预期期限被假定为归属期与奖励合同期限之间的中点。

The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding. The Company determined the expected term of options granted using the simplified method. Under the simplified method, the expected term of an award is presumed to be the mid-point between the vesting period and the contractual life of the award.

公司采用可比上市公司普通股在等于期权预期期限的期间内的每日历史价格频率，确定预期波动率假设。

The Company determined the expected volatility assumption using the frequency of daily historical prices of comparable public companies’ common stock for a period equal to the expected term of the options.

无风险利率假设基于与公司员工股票期权预期期限一致的期间内所观察到的美国政府证券利率。

The risk-free interest rate assumption is based upon observed interest rates on U.S. Government securities for a period consistent with the expected term of the Company’s employee stock options.

股息率假设基于公司的历史及对股息支付的预期。公司从未就其普通股宣布或支付任何现金股息，且预计在可预见的未来不会支付任何现金股息。

The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The Company has never declared or paid any cash dividends on its Common Stock and does not anticipate paying any cash dividends in the foreseeable future.

用于计算 CEO 的 xAI 奖励授予日公允价值的加权平均假设如下：

The weighted-average assumptions that were used to calculate the grant date fair value of the CEO’s xAI Award are as follows:

预期期限（年） 波动率 · 45% – 55% 无风险利率 · 4.06 股息率 · 0.00

Expected term (years) Volatility · 45% – 55% Risk-free interest rate · 4.06 Dividend yield · 0.00

预期期限为自授予日起至业绩期结束的期间。公司采用可比上市公司普通股在等于预期期限的期间内的每日历史价格频率，确定预期波动率假设。无风险利率假设基于与预期期限一致的期间内所观察到的美国政府证券利率。股息率假设基于公司的历史及对股息支付的预期。公司从未就其普通股宣布或支付任何现金股息，且预计在可预见的未来不会支付任何现金股息。

The expected term is the period from the grant date to the end of the performance period. The Company determined the expected volatility assumption using the frequency of daily historical prices of comparable public companies’ common stock for a period equal to the expected term. The risk-free interest rate assumption is based upon observed interest rates on U.S. Government securities for a period consistent with the expected term. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The Company has never declared or paid any cash dividends on its Common Stock and does not anticipate paying any cash dividends in the foreseeable future.

#### 股份支付薪酬信息摘要

#### Summary of Share-Based Compensation Information

下表按合并经营报表中的各项目汇总了我们的股份支付薪酬费用：

The following table summarizes our share-based compensation expense by line item in the consolidated statements of operations:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 收入成本 · $253 · $193 · $167 研发 · 859 · 230 · 179 销售、一般及行政 · 835 · 360 · 333 合计 · $1,947 · $784 · $679

2025 · 2024 · 2023 Cost of revenue · $253 · $193 · $167 Research and development · 859 · 230 · 179 Selling, general, and administrative · 835 · 360 · 333 Total · $1,947 · $784 · $679

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度，资本化计入合并资产负债表的股权激励费用分别为 $154 million、$132 million 和 $108 million。由于美国递延所得税资产存在估值备抵，截至 2025 年、2024 年和 2023 年 12 月 31 日止年度未就股权激励费用确认任何所得税收益。更多详情请参阅附注 16“所得税”。

During the years ended December 31, 2025, 2024, and 2023, share-based compensation expense capitalized to the consolidated balance sheets was $154 million, $132 million, and $108 million, respectively. No income tax benefit was recognized from share-based compensation expense during the years ended December 31, 2025, 2024, and 2023 due to the valuation allowance on U.S. deferred tax assets. Refer to Note 16, Income Taxes for additional details.

附注 16 - 所得税 Note 16 - Income Taxes

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度，合并所得税前收入（亏损）的美国及境外组成部分如下：

The U.S. and foreign components of consolidated income (loss) before income taxes for the years ended December 31, 2025, 2024, and 2023 are as follows:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 境内 · $(3,959) · $73 · $(3,598) 境外 · (260) · 169 · (1,393) 所得税前收入（亏损） · $(4,219) · $242 · $(4,991) 联邦、州及境外所得税的当期和递延计提（收益）包括以下内容：

2025 · 2024 · 2023 Domestic · $(3,959) · $73 · $(3,598) Foreign · (260) · 169 · (1,393) Income (loss) before income taxes · $(4,219) · $242 · $(4,991) The current and deferred provisions (benefits) for federal, state, and foreign income taxes consist of the following:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 当期： 联邦 · $(11) · $57 · $11 州 · 18 · 18 · 24 境外 · 82 · 51 · 15 当期计提合计 · 89 · 126 · 50 递延： 联邦 · 659 · (667) · (305) 州 · 4 · 2 · (70) 境外 · (34) · (10) · (38) 递延计提合计 · 629 · (675) · (413) 所得税计提（收益）合计 · $718 · $(549) · $(363)

2025 · 2024 · 2023 Current: Federal · $(11) · $57 · $11 State · 18 · 18 · 24 Foreign · 82 · 51 · 15 Total current provision · 89 · 126 · 50 Deferred: Federal · 659 · (667) · (305) State · 4 · 2 · (70) Foreign · (34) · (10) · (38) Total deferred provision · 629 · (675) · (413) Total provision for (benefit from) income taxes · $718 · $(549) · $(363)

如附注 2“重要会计政策摘要”所述，在采用 ASU 2023-09 后，美国联邦法定所得税率与公司实际所得税率的调节如下：

Upon adoption of ASU 2023-09, as described in Note 2, Summary of Significant Accounting Policies, the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

**截至 12 月 31 日止年度，**

**Year Ended December 31,**

2025

2025

美国联邦法定所得税率 · $(886) · 21.0 % 州及地方所得税，扣除联邦所得税影响后净额(1) · (105) · 2.5% 境外税务影响 爱尔兰 · 81 · (1.9)% 其他 · 22 · (0.5)% 跨境税法影响 · (1) · — · % 税收抵免 研发税收抵免 · (602) · 14.3 % 境外税收抵免 · (27) · 0.6% 其他 · (11) · 0.3% 估值备抵变动 · 2,194 · (51.6)% 非应税或不可扣除项目 股份支付 · (274) · 6.5% 其他 · 45 · (1.1)% 未确认税收利益变动 · 297 · (7.0)% 其他调整 · (15) · (0.1)% 实际税率 · $718 · (17.0)%

U.S. federal statutory income tax rate · $(886) · 21.0 % State and local income taxes, net of federal income tax effect(1) · (105) · 2.5% Foreign tax effects Ireland · 81 · (1.9)% Other · 22 · (0.5)% Effect of cross-border tax laws · (1) · — · % Tax credits Research and development tax credits · (602) · 14.3 % Foreign tax credits · (27) · 0.6% Other · (11) · 0.3% Change in valuation allowance · 2,194 · (51.6)% Nontaxable or nondeductible items Share-based compensation · (274) · 6.5% Other · 45 · (1.1)% Change in unrecognized tax benefits · 297 · (7.0)% Other adjustments · (15) · (0.1)% Effective tax rate · $718 · (17.0)%

__________________

__________________

(1) 加利福尼亚州州税占该类别的税务影响的大部分（超过 50%）。

(1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

下表为按照公司采用 ASU 2023-09 之前的指引，对截至 2024 年和 2023 年 12 月 31 日止年度按美国联邦法定所得税率计算的税额与公司所得税收益进行的调节：

The following table is a reconciliation of taxes at the U.S. federal statutory income tax rate to the Company’s benefit from income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the Company’s adoption of ASU 2023-09:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2024 · 2023 联邦法定所得税率 · $51 · $(1,048) 州和地方所得税，扣除联邦所得税影响后的净额 · (213) · (276) 股份支付 · (90) · (73) 境外税务影响 · (3) · 84 研发税收抵免 · (689) · (489) 估值备抵变动 · 137 · 1,209 未确认税收利益变动 · 299 · 206 其他调整 · (41) · 24 所得税费用（收益） · $(549) · $(363)

2024 · 2023 Federal statutory income tax rate · $51 · $(1,048) State and local income taxes, net of federal income tax effect · (213) · (276) Share-based compensation · (90) · (73) Foreign tax effects · (3) · 84 Research and development tax credits · (689) · (489) Change in valuation allowance · 137 · 1,209 Change in unrecognized tax benefits · 299 · 206 Other adjustments · (41) · 24 Provision for (benefit from) income taxes · $(549) · $(363)

采用 ASU 2023-09 后，截至 2025 年 12 月 31 日止年度支付的所得税现金（扣除退款后净额）如下：

Upon adoption of ASU 2023-09, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 is as follows:

**截至年度**

**Year Ended**

2025 年 12 月 31 日

December 31, 2025

联邦 · $70 州和地方 · 17 境外 爱尔兰 · 20 墨西哥 · 9 其他 · 38 支付的所得税现金总额，扣除退款后净额 · $154

Federal · $70 State and Local · 17 Foreign Ireland · 20 Mexico · 9 Other · 38 Total cash paid for income taxes, net of refunds · $154

递延所得税资产和负债的重要组成部分如下：

The significant components of the deferred tax assets and liabilities are as follows:

**12 月 31 日，**

**December 31,**

2025 · 2024 递延所得税资产： 净经营亏损结转 · $2,275 · $572 研发及其他税收抵免 · 3,627 · 2,988 无形资产 · 812 · 568 经营租赁负债 · 1,613 · 313 资本化研发成本 · 4,077 · 3,215 股份支付 · 366 · 254 递延收入 · 757 · 664 不可扣除的利息费用 · 762 · 785 其他 · 233 · 206 递延所得税资产总额 · 14,522 · 9,565 估值备抵 · (8,286) · (5,621) 递延所得税资产，扣除估值备抵后净额 · 6,236 · 3,944 递延所得税负债： 固定资产 · (5,209) · (2,372) 经营租赁使用权资产 · (627) · (632) 未实现收益/亏损 · (248) · (244) 其他 · (39) · (32) 递延所得税负债总额 · (6,123) · (3,280) 递延所得税资产，扣除估值备抵后净额 · $113 · $664

2025 · 2024 Deferred tax assets: Net operating loss carryforwards · $2,275 · $572 Research and development and other credits · 3,627 · 2,988 Intangible assets · 812 · 568 Operating lease liability · 1,613 · 313 Capitalized research and development costs · 4,077 · 3,215 Share-based compensation · 366 · 254 Deferred revenue · 757 · 664 Disallowed interest expense · 762 · 785 Other · 233 · 206 Total deferred tax assets · 14,522 · 9,565 Valuation allowance · (8,286) · (5,621) Deferred tax assets, net of valuation allowance · 6,236 · 3,944 Deferred tax liabilities: Fixed assets · (5,209) · (2,372) Operating lease right-of-use asset · (627) · (632) Unrealized gains/losses · (248) · (244) Other · (39) · (32) Total deferred tax liabilities · (6,123) · (3,280) Deferred tax assets, net of valuation allowance · $113 · $664

在评估递延所得税资产的可实现性时，管理层基于所有正面和负面证据的相关权重，包括因附注 1“业务性质”所述合并而追溯合并各实体财务结果，考虑了部分或全部递延所得税资产很可能无法实现的可能性。由于该等合并，管理层评估了合并集团递延所得税资产的可实现性，并得出结论：基于经永久性差异调整后的累计税前亏损及其他负面证据，美国联邦和州的大部分递延所得税资产很可能无法实现。因此，截至 2025 年 12 月 31 日，公司对其美国递延所得税资产净额计提了全额估值备抵，但预计可实现的部分州递延所得税资产和可转让投资税收抵免除外。公司将在未来期间继续评估其递延所得税资产的可实现性，并将根据事实和情况的变化在必要时调整估值备抵。

In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets will not be realizable based on the relevant weight of all positive and negative evidence, including the retrospective combination of the financial results of the entities due to the Mergers described in Note 1, Nature of Business. As a result of the Mergers, management assessed the realizability of the deferred tax assets of the combined group and concluded that the majority of the U.S. federal and state deferred tax assets are not more likely than not to be realized based on cumulative pretax losses adjusted for permanent differences and other negative evidence. Accordingly, the Company has recorded a full valuation allowance against its net U.S. deferred tax assets as of December 31, 2025 with the exception of certain state deferred tax assets and transferrable investment tax credits that are expected to be realizable. The Company will continue to assess the realizability of its deferred tax assets in future periods and will adjust the valuation allowance as necessary based on changes in facts and circumstances.

此外，在公司认定递延所得税资产很可能无法实现的某些境外司法管辖区，公司继续计提估值备抵。

In addition, the Company continues to record a valuation allowance in certain foreign jurisdictions where the Company has concluded it is more likely than not that the deferred tax assets will not be realized.

估值备抵的对账如下：

A reconciliation of the valuation allowance is as follows:

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2025 · 2024 · 2023 期初余额 · $5,621 · $5,582 · $4,347 计入所得税费用 · 2,551 · 204 · 1,210 计入其他综合收益 · 114 · (55) · 25 累积影响调整 · — · (110) · — 期末余额 · $8,286 · $5,621 · $5,582

2025 · 2024 · 2023 Beginning balance · $5,621 · $5,582 · $4,347 Charged to income tax expense · 2,551 · 204 · 1,210 Charged to other comprehensive income · 114 · (55) · 25 Cumulative effect adjustment · — · (110) · — Ending balance · $8,286 · $5,621 · $5,582

截至 2025 年、2024 年和 2023 年 12 月 31 日的年度，公司净递延所得税资产的估值备抵分别增加$2,665 million、$39 million 和$1,235 million。估值备抵的变动主要由于产生了很可能无法实现的净经营亏损结转（“NOL”）和税收抵免。截至 2024 年 12 月 31 日的年度，公司就追溯合并的比较结果，转回了 SpaceX 美国递延所得税资产的部分估值备抵。基于截至 2024 年 12 月 31 日的可用预测，管理层预计，在合并交易发生前，与 2025 年美国研发税收抵免相关的$659 million 递延所得税资产将在下一年度按独立公司基础被使用，因此未就该等税收抵免计提估值备抵。

The valuation allowance on the Company’s net deferred tax assets increased by $2,665 million, $39 million and $1,235 million during the years ended December 31, 2025, 2024, and 2023, respectively. The changes in valuation allowance are primarily driven by the generation of net operating loss carry-forwards (“NOLs”) and tax credits, which are not more likely than not to be realizable. For the year ended December 31, 2024, the Company released a partial valuation allowance on SpaceX’s U.S. deferred tax assets for the retrospectively combined comparative results. Based on available projections as of December 31, 2024, management forecasted $659 million of deferred tax assets related to U.S. R&D credits would be utilized in the following year on a separate company basis in 2025 before the Mergers occurred, and as such, no valuation allowance was recorded on those credits.

截至 2025 年 12 月 31 日，公司用于联邦和州所得税目的的 NOL 分别为$9,728 million 和$5,234 million，可用于抵减未来期间的应纳税所得额。截至 2017 年 12 月 31 日产生的联邦 NOL 自 2034 年起在不同日期到期，并将持续到期至 2037 年，而 2018 年或之后产生的美国联邦净经营亏损结转不会到期。州 NOL 将自 2027 年起在不同日期到期。

At December 31, 2025, the Company had NOLs for federal and state income tax purposes of $9,728 million and $5,234 million, which are available to offset taxable income in future periods. The federal NOLs generated through December 31, 2017 expire at various dates beginning in 2034 and will continue to expire through 2037, while U.S. federal net operating loss carryforwards generated in 2018 or later do not expire. The state NOLs will expire at various dates beginning in 2027.

截至 2025 年 12 月 31 日，公司用于联邦和州所得税目的的税收抵免分别为$3,586 million 和$2,104 million，可用于抵减未来期间，就联邦所得税目的而言自 2036 年起开始到期。在$2,104 million 的州税收抵免中，$161 million 将自 2026 年起开始到期，其余税收抵免不会到期。

At December 31, 2025, the Company had tax credits for federal and state income tax purposes of $3,586 million and $2,104 million, respectively, which are available to offset future periods and begin to expire in 2036 for federal income tax purposes. Of the $2,104 million in state tax credits, $161 million will begin to expire in 2026 and the remaining credits do not expire.

此外，公司的净经营亏损结转和其他税收属性受到各种限制和约束，包括适用税法下所有权变更所产生的限制，这可能限制公司未来使用该等属性的能力。

Additionally, the Company’s net operating loss carryforwards and other tax attributes are subject to various limitations and restrictions, including those arising from ownership changes under applicable tax laws, which may limit the Company’s ability to utilize such attributes in the future.

截至 2025 年 12 月 31 日，公司的境外 NOL 为$126 million，将根据我们经营所在不同司法管辖区的税法在不同日期到期。

At December 31, 2025, the Company had foreign NOLs of $126 million, which will expire at various dates based on the tax laws of the different jurisdictions we operate in.

在评估不确定税务状况是否应在财务报表中确认时，公司首先根据该状况的技术依据，判断该税务状况在经审查后（包括解决任何相关上诉或诉讼程序）是否更可能得以维持。在评估某项税务状况是否达到“更可能”确认门槛时，公司假定该状况将由完全了解所有相关信息的适当税务机关进行审查。对于达到“更可能”确认门槛的税务状况，公司按最终结算时实现可能性大于 50.0% 的最大利益金额，计量在其财务报表中确认的利益金额。

In assessing whether uncertain tax positions should be recognized in the financial statements, the Company first determines whether it is more likely than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation process, based on the technical merits of the position. In evaluating whether a tax position has met the more likely than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that would have full knowledge of all relevant information. For tax positions that meet the more likely than not recognition threshold, the Company measures the amount of benefit recognized in its financial statements at the largest amount of benefit that is greater than 50.0% likely of being realized upon ultimate settlement.

下表反映了未确认税务利益总额的变动情况：

The following table reflects changes in gross unrecognized tax benefits:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 期初余额 · $1,619 · $1,320 · $1,114 增加总额 - 本年度税务状况 · 282 · 302 · 233 增加总额 - 以前年度税务状况 · 16 · — · — 减少总额 - 本年度税务状况 · — · — · — 减少总额 - 以前年度税务状况 · (1) · (3) · (27) 减少总额 - 与税务机关达成和解 · — · — · — 减少总额 - 诉讼时效届满 · — · — · — 期末余额 · $1,916 · $1,619 · $1,320

2025 · 2024 · 2023 Beginning balance · $1,619 · $1,320 · $1,114 Gross increases - current year tax positions · 282 · 302 · 233 Gross increases - prior year tax positions · 16 · — · — Gross decreases - current year tax positions · — · — · — Gross decreases - prior year tax positions · (1) · (3) · (27) Gross decreases - settlements with tax authorities · — · — · — Gross decreases - lapse of statute of limitations · — · — · — Ending balance · $1,916 · $1,619 · $1,320

截至 2025 年、2024 年和 2023 年 12 月 31 日的年度，公司的未确认税务利益分别为 $1,916 million、$1,619 million 和 $1,320 million。公司的政策是将与不确定税务利益相关的利息和罚款确认为所得税费用的组成部分。所列期间确认的利息和罚款金额不重大。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司分别就未确认税务利益的利息和罚款计提了 $6 million 和 $5 million。截至 2025 年 12 月 31 日，若 $11 million 的未确认税务利益得以确认，将影响公司的实际税率。

For the years ended December 31, 2025, 2024, and 2023, the Company had unrecognized tax benefits of $1,916 million, $1,619 million, and $1,320 million respectively. The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision. The amount of interest and penalties recognized in the periods presented were insignificant. As of December 31, 2025 and 2024, the Company has accrued $6 million and $5 million, respectively, related to interest and penalties on our unrecognized tax benefits. As of December 31, 2025, unrecognized tax benefits of $11 million, if recognized, would affect our effective tax rate.

公司在美国以及所有州和各种外国司法管辖区提交所得税申报表。若公司存在税务属性结转，则产生该属性的纳税年度在联邦、州或外国税务机关审查时，仍可能就其在未来期间的使用情况作出调整。截至 2025 年 12 月 31 日，公司仍须接受审查的主要司法管辖区为美国联邦和加利福尼亚州，涉及 2003 年及以后的纳税年度。基于所有可获得的信息，公司未发现任何需要重新计量其不确定税务状况的新信息。

The Company files income tax returns in the U.S. and all state and various foreign jurisdictions. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state or foreign tax authorities to the extent utilized in a future period. As of December 31, 2025, the major jurisdictions in which the Company remains subject to examinations are U.S. federal and California for tax years 2003 and forward. Based on all available information, the Company is not aware of any new information that would require the remeasurement of its uncertain tax positions.

2025 年 7 月 4 日，美国颁布了《One Big Beautiful Bill Act》（《一大美丽法案》），公法第 119-21 号，正式名称为“为依照 H. Con. Res. 14 第二编进行预算调节而制定之法案”（“OBBBA”）。OBBBA 包含广泛的税收条款，例如永久延长 2017 年法案的某些条款，以及恢复对某些商业条款的优惠税收待遇。该立法有多个生效日期，其中某些条款于 2025 年生效，其他条款则在 2027 年之前逐步实施。公司已评估 OBBBA 的各项条款，并确定最重大的影响涉及 IRC 第 174A 条下研究和实验支出的费用化以及 IRC 第 163(j)条下的利息费用限制。OBBBA 适用条款的影响已反映在公司的所得税费用中。

On July 4, 2025, the One Big Beautiful Bill Act, Public Law No. 119-21 and formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (“OBBBA”) was enacted in the United States. The OBBBA includes a broad range of tax provisions, such as the permanent extension of certain provisions of the 2017 Act and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the provisions of the OBBBA and determined that the most significant impacts relate to the expensing of research and experimental expenditures under IRC Section 174A and interest expense limitation under IRC Section 163(j). The effects of applicable provisions of OBBBA have been reflected in the Company’s income tax provision.

附注 17 - 承诺及或有事项 Note 17 - Commitments and Contingencies

#### 无条件义务

#### Unconditional Obligations

公司的无条件义务为不可撤销的合同承诺，主要涉及公司在 AI 基础设施方面的投资以及第三方云容量安排和其他服务安排。该等义务还包括公司在 Spectrum 交易项下的承诺，该等承诺以现金及公司 A 类普通股支付。更多详情请参阅附注 6“无形资产与商誉”。下表汇总了截至 2025 年 12 月 31 日公司的不可撤销合同承诺：

The Company’s unconditional obligations are non-cancelable contractual commitments primarily relate to the Company’s investments in AI infrastructure and third-party cloud capacity arrangements and other service arrangements. It also includes the Company’s commitments under the Spectrum Transaction, which are payable in cash and in the Company’s Class A Common Stock. Refer to Note 6, Intangible Assets and Goodwill for additional details. The following table summarizes the Company’s non-cancelable contractual commitments as of December 31, 2025:

2026 · 2027 · 21,476 · 2028 · 1,250 · 2029 · 4 · 2030 · 1 此后 · — 合计 · $25,451

2026 · 2027 · 21,476 · 2028 · 1,250 · 2029 · 4 · 2030 · 1 Thereafter · — Total · $25,451

#### 信用证与担保债券

#### Letters of Credit and Surety Bonds

截至 2025 年 12 月 31 日，公司拥有与各类客户合同、保险协议及设施租赁协议相关的未偿付信用证 348 百万美元。所有未偿付信用证均以受限现金作为担保。截至 2025 年 12 月 31 日，公司还拥有用于自保工伤保险计划及其他政府许可的担保债券 51 百万美元。

The Company had outstanding letters of credit of $348 million at December 31, 2025 related to various customer contracts, insurance agreements, and facility lease agreements. All of the outstanding letters of credit were collateralized by restricted cash. The Company also had surety bonds of $51 million for self-insured workers’ compensation programs and other governmental licenses at December 31, 2025 .

#### 法律诉讼

#### Legal Proceedings

在日常经营过程中，公司不时涉及各类仲裁、集体诉讼、商业诉讼、调查及其他法律、监管或政府行动，包括下文所述可能对我们的经营业绩产生重大影响的重大事项。公司会同其法律顾问评估是否需要为诉讼及或有事项计提负债。对于下文所述的案件、诉讼及问询，公司定期评估相关进展，并在认为损失很可能发生且金额能够合理估计时计提负债。此外，公司认为在某些事项中其可能发生损失，且该等损失可能重大或超出其估计的可能损失区间。

In the normal course of its business, the Company is involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. With respect to the cases, actions, and inquiries described below, the Company evaluates the associated developments on a regular basis and will accrue a liability when it believes a loss is probable and the amount can be reasonably estimated. In addition, the Company believes there is a reasonable possibility that it may incur a loss in some of these matters and the loss may be material or exceed its estimated ranges of possible loss.

本节所述事项的结果，例如损失的可能性属于极小、合理可能还是很可能，或者合理可能的损失区间是否及何时能够估计，本身具有不确定性，且除另有说明外，可能发生的损失目前无法合理估计。如果上述一项或多项事项以超出管理层估计的金额对公司作出不利裁决，公司的财务状况和经营业绩（包括在任何此类结果变得很可能且能够估计的特定报告期内）可能受到重大不利影响。

The outcomes of the matters described in this section, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, are inherently uncertain, and unless specified otherwise, possible losses are not reasonably estimable at this time. If one or more of these matters were resolved against the Company for amounts above management’s estimates, the Company’s financial condition and results of operations, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

2022 年 11 月，欧盟《数字服务法》（“DSA”）生效，X 因此须遵守广泛的内容审核及其他义务。公司于 2023 年 11 月发布了其根据 DSA 的首份透明度报告。2023 年 12 月，欧盟委员会（“EC”）对 X 及其爱尔兰子公司 Twitter International Unlimited Company（“TIUC”，后更名为 X Internet Unlimited Company（XIUC））启动正式调查。2024 年 7 月 12 日，就涉嫌违反 DSA 第 25(1)条、第 39 条和第 40(12)条一事，EC 发布初步认定，认为 X 的蓝色认证标记具有欺骗性、其广告库不符合 DSA 要求，且其向第三方研究人员提供的数据访问权限不足。2024 年 9 月 26 日，XIUC 与 X 提交意见，对 EC 的初步认定提出异议。2025 年 12 月 5 日，EC 作出最终决定，维持其初步认定，并对 XIUC、X.、x.AI 及 Elon Musk（合称“各方”）处以 EUR 120 million 罚款。2026 年 2 月 16 日，各方在欧洲联盟普通法院对 EC 的决定提出异议。该异议目前仍在审理中。

In November 2022, the European Union’s Digital Services Act (“DSA”) came into force as a result of which X has to comply with extensive content moderation and other duties. The Company published its first Transparency Report under the DSA in November 2023. In December 2023, the European Commission (“EC”) opened a formal investigation into X and its Irish subsidiary, Twitter International Unlimited Company (“TIUC”), which was later renamed to X Internet Unlimited Company (XIUC). On July 12, 2024, in relation to alleged breaches of Articles 25(1), 39 and 40(12) of the DSA, the EC issued preliminary findings that X’s blue checkmark is deceptive, its advertisement repository does not meet DSA requirements, and it grants inadequate access to data to third-party researchers. On September 26, 2024, XIUC and X submitted their observations challenging the EC’s preliminary findings. On December 5, 2025, the EC delivered a final decision in which it upheld its preliminary findings and imposed a fine of EUR 120 million on XIUC, X., x.AI, and Elon Musk (together, the “parties”). On February 16, 2026, the parties challenged the EC’s decision in the General Court of the European Union. This challenge remains pending.

2016 年 3 月，非执业实体 Youtoo Technologies 在美国德克萨斯州北区联邦地区法院对 Twitter, Inc. 提起诉讼，指控其 Vine 和 Periscope 产品侵犯 Youtoo 的视频共享专利（‘304、‘506 和 ‘997 专利）。经 Twitter 动议，地区法院以无效为由驳回 ‘304 和 ‘506 专利。Twitter 向专利审判与上诉委员会（PTAB）提交多方复审请求，对全部三项涉案专利提出异议。PTAB 维持 ‘304 和 ‘506 专利有效，并宣告 ‘997 专利无效；联邦巡回法院予以维持。2020 年 3 月 16 日，原告（现为 Vidstream LLC，据称其在破产程序中从 Youtoo Technologies 处取得上述专利）向法院提出动议，请求重新考虑其此前宣告 ‘304 和 ‘506 专利无效的裁定。2022 年 4 月 1 日，法院推翻其关于 ‘304 和 ‘506 专利的原裁定。2024 年 9 月 27 日，Vidstream 提交部分简易判决动议，法院部分准许。该案进入陪审团审理，2025 年 4 月 16 日，陪审团作出裁决，认定 (i) Twitter 未侵犯 ‘506 专利的任何权利要求以及 ‘304 专利三项权利要求中的两项，且上述各项专利权利要求均无效，但 (ii) Twitter 故意侵犯了 ‘304 专利的一项权利要求。陪审团判给原告 $105 million 损害赔偿。2025 年 11 月，地区法院维持陪审团裁决，并另行判给 $67 million 判决前利息。Twitter 已提起上诉，Vidstream 已提起交叉上诉。两起上诉目前均在联邦巡回法院审理中。

In March 2016, non-practicing entity Youtoo Technologies filed suit against Twitter, Inc. in the United States District Court for the Northern District of Texas alleging its Vine and Periscope products infringe Youtoo’s video-sharing patents (the ‘304, ‘506, and ‘997 patents). On Twitter’s motion, the district court dismissed the ‘304 and ’506 patents as invalid. Twitter filed petitions for Inter Partes Review before the Patent Trial and Appeals Board (PTAB) challenging all three patents-in-suit. The PTAB upheld the ‘304 and ‘506 Patents and invalidated the ‘997 Patent; the Federal Circuit affirmed. On March 16, 2020, Plaintiff (now Vidstream LLC, which allegedly acquired the patents from Youtoo Technologies in a bankruptcy proceeding), moved the Court to reconsider its earlier ruling invalidating the ‘304 and ‘506 patents. On April 1, 2022, the Court reversed its original ruling on the ‘304 and ‘506 patents. On September 27, 2024, Vidstream filed a motion for partial summary judgment, which the Court granted in part. The case went to a jury trial, and on April 16, 2025, the jury rendered a verdict finding (i) that Twitter did not infringe any claim of the ‘506 patent and two out of three claims of the ‘304 patent and that each of those patent claims was invalid, but (ii) that Twitter willfully infringed one claim of the ‘304 patent. The jury awarded Plaintiff $105 million in damages. In November 2025, the district court affirmed the jury’s award and awarded an additional $67 million in prejudgment interest. Twitter has appealed and Vidstream has cross-appealed. Both appeals remain pending before the Federal Circuit.

2023 年 6 月，作为全国音乐出版商协会（“NMPA”）成员的几家音乐出版公司在美国田纳西州中区联邦地区法院对 X 提起诉讼，主张直接侵权、帮助侵权及替代侵权著作权责任，理由是据称音乐出版商已就用户发布的侵权音乐向 Twitter 发出通知后，Twitter 未能迅速下架该等侵权内容。音乐出版商还主张，Twitter 未暂停“重复侵权者”的账户，因此 Twitter 无权依据 DMCA 享有责任“避风港”。X 于 2023 年 8 月 14 日提出驳回起诉的动议。2024 年 3 月 5 日，法院驳回了原告的直接侵权和替代侵权主张，以及原告帮助侵权主张的一部分。X 于 2024 年 4 月 9 日对起诉状作出答辩。自 2025 年 6 月 11 日至 2025 年 9 月 9 日，诉讼因和解磋商而中止，但磋商未能成功。因此，证据开示仍在进行中。

In June 2023, music publishing companies that are members of the National Music Publishers’ Association (the “NMPA”) filed a complaint against X in the U.S. District Court for the Middle District of Tennessee, claiming direct, contributory, and vicarious copyright infringement based on Twitter’s alleged failure to expeditiously take down infringing music posted by users after the music publishers allegedly gave Twitter notice of those infringements. The music publishers also allege that Twitter did not suspend the accounts of “repeat infringers,” so that Twitter is not entitled to a “safe harbor” from liability under the DMCA. X filed a motion to dismiss the complaint on August 14, 2023. On March 5, 2024, the Court dismissed plaintiffs’ direct infringement and vicarious infringement claims, and part of plaintiffs’ claim for contributory infringement. X answered the complaint on April 9, 2024. Litigation was stayed from June 11, 2025 to September 9, 2025 for settlement discussions that were not successful. Accordingly, discovery is ongoing.

2023 年 9 月，荷兰基金会 Stichting Data Bescherming Nederland（“SDBN”）在荷兰阿姆斯特丹地区法院对 TIUC、Twitter, Inc.、X Corp.和 Twitter Netherlands b.v.提起一项拟议集体诉讼，涉及 Twitter 对 MoPub 平台的运营。SDBN 主要主张 MoPub 的实时竞价广告交易平台违反了 GDPR。SDBN 声称其代表 11 百万名荷兰互联网用户，该等用户在 2013-2022 年期间下载并使用了包含 MoPub 软件开发工具包的第三方移动应用，并寻求按每人€ 250 至€ 2,500 的金额判给赔偿。2026 年 2 月 4 日，法院不予准许本案作为集体诉讼继续进行，并表示其正考虑中止诉讼程序，直至欧盟法院就另一宗涉及荷兰集体诉讼要求是否适用于 GDPR 主张的案件作出裁决。Twitter 各方于 2026 年 3 月 4 日提交了支持拟议中止的书面意见，原告对此表示反对。

In September 2023, Dutch foundation Stichting Data Bescherming Nederland (“SDBN”) filed a putative class action lawsuit in the District Court of Amsterdam in the Netherlands against TIUC, Twitter, Inc., X Corp., and Twitter Netherlands b.v. related to Twitter’s operation of the MoPub platform. SDBN primarily claims that MoPub’s real-time bidding ad exchange violated the GDPR. SDBN claims to represent 11 million Dutch internet users who downloaded and used third-party mobile apps containing the MoPub software development kit during the period 2013-2022 and it seeks a monetary award in the range of € 250 to € 2,500 per person. On February 4, 2026, the Court declined to allow the case to proceed as a class action and indicated that it is considering staying the proceedings until the Court of Justice of the European Union has ruled in a separate case concerning the applicability of Dutch class action requirements to GDPR claims. The Twitter parties filed a brief in support of the proposed stay, which the plaintiffs opposed, on March 4, 2026.

2024 年 8 月，荷兰基金会 Stichting Onderzoek Marktinformatie（SOMI）代表约 7.8 百万名荷兰 X 用户，在荷兰阿姆斯特丹地区法院提起集体诉讼。SOMI 请求判令 TIUC、X Corp. 和 Twitter Netherlands B.V.（合称“X 实体”）就以下事项承担损害赔偿等责任：(1) 涉嫌数据泄露及安全措施不足；(2) 涉嫌未经授权的微定向投放及缺乏透明度；(3) 涉嫌未能对仇恨言论进行审核以及妨碍研究，上述行为均违反 GDPR 和/或 DSA。所指控的数据泄露涉及 2022 年曝光的一处 Twitter API 漏洞，该漏洞曾使知悉用户电子邮件地址或电话号码的人能够确定该用户的 Twitter ID。SOMI 已请求为每一位集体成员提供赔偿（具体金额将在后续阶段评估），其中包括向每一位据称在 X 平台上受到仇恨言论影响的集体成员支付 1 欧元的象征性损害赔偿。X 实体于 2025 年 3 月 12 日提交了程序性抗辩。听证会已定于 2026 年 4 月 2 日举行。

In August 2024, Dutch foundation Stichting Onderzoek Marktinformatie (SOMI) initiated a collective action in the District Court of Amsterdam in the Netherlands on behalf of approximately 7.8 million Dutch X users. Among other things, SOMI seeks damages against TIUC, X Corp. and Twitter Netherlands B.V. (collectively, the “X entities”) for: (1) alleged data breaches and insufficient security measures; (2) alleged unauthorized microtargeting and lack of transparency; and (3) the alleged failure to moderate hate speech and the obstruction of research, all in violation of the GDPR and/or DSA. The alleged data breaches relate to a Twitter API bug that came to light in 2022 and that had allowed persons who knew the email address or phone number of a user to determine the user’s Twitter ID. SOMI has requested compensation (to be assessed at a later stage) for each member of the class, including symbolic damages of EUR 1 for each member of the class that is allegedly affected by hate speech on the X platform. The X entities filed a procedural defense on March 12, 2025. A hearing has been scheduled for April 2, 2026.

2025 年 9 月，非执业实体 Search and Share Technologies, LLC（“SaS”）在德克萨斯州西区联邦地区法院对 X Corp. 提起专利诉讼。SaS 指控 X Corp. 通过其移动应用和网站中的功能侵犯了美国专利第 10,180,952 号和第 11,106,744 号，这些功能使用户能够通过专用界面与内容进行交互，直接分享其他用户在排序信息流和搜索结果中看到的内容。SaS 于 2026 年 1 月 5 日提交了修订起诉状。2026 年 1 月 20 日，X Corp. 提出动议，请求驳回 SaS 的故意侵权和诱导侵权主张。2026 年 2 月 3 日，SAS 对 X Corp. 的部分驳回动议作出回应，但未提出异议。2026 年 2 月 10 日，X Corp. 提交了答辩状。2026 年 2 月 4 日，X Corp. 提交了针对 '744 专利的 IPR 申请，并于 2026 年 2 月 18 日提交了针对 '952 专利的 IPR 申请。

In September 2025, non-practicing entity Search and Share Technologies, LLC (“SaS”) filed a patent complaint against X Corp. in the Federal District Court for the Western District of Texas. SaS alleges that X Corp. infringed on U.S. Patent Nos. 10,180,952 and 11,106,744, through features in its mobile app and website enabling users to interact with content through dedicated interfaces that directly share what other users see in ranked feeds and search results. SaS filed an Amended Complaint on January 5, 2026. On January 20, 2026, X Corp. moved to dismiss SaS’s willful infringement and induced infringement claims. On February 3, 2026, SAS responded to, but did not oppose, X Corp.’s partial motion to dismiss. On February 10, 2026, X Corp. filed its reply. On February 4, 2026, X Corp. filed an IPR petition challenging the ‘744 Patent and on February 18, 2026, filed an IPR petition challenging the '952 Patent.

自 2026 年 1 月起，公司及若干子公司因 Grok 的图像生成与编辑功能引发的多起诉讼而被列为被告。起诉状一般主张，Grok 的图像生成与编辑功能使得未经同意制作和传播露骨图像及/或在性化语境中呈现女性和/或儿童的内容成为可能。相关案件包括于 2026 年 1 月 23 日在美国加利福尼亚州北区联邦地区法院提起的 Jane Doe 诉 X.AI Corp. 及 X.AI LLC 案，以及于 2026 年 3 月 16 日在美国加利福尼亚州北区联邦地区法院提起的 Jane Doe 1 等诉 X.AI Corp. 及 X.AI LLC 案（下称“Jane Doe 1 案”）。上述案件为推定集体诉讼，主张的诉由包括严格责任、过失、妨害、隐私权或形象权等，且在 Jane Doe 1 案中还包含某些联邦法定诉由。上述两案原告请求的救济包括补偿性、法定及惩罚性损害赔偿、返还、交出违法所得以及禁令救济等。此外，Mayor and City Council of Baltimore ex rel. Ebony M. Thompson 诉 X Corp.、X.AI Corp.、X.AI LLC 及 Space Exploration Technologies Corp 一案于 2026 年 3 月 24 日在巴尔的摩市巡回法院提起（下称“巴尔的摩案”）。巴尔的摩案原告巴尔的摩市长及市议会依据巴尔的摩《消费者保护条例》主张与上述两案类似的诉由。巴尔的摩案原告请求法定罚款和/或禁令救济。被告方拟在上述诉讼中积极抗辩。

Beginning in January 2026, the Company and certain subsidiaries have been named as defendants in multiple lawsuits arising from Grok’s image-generation and editing features. The complaints generally allege that Grok’s image-generation and editing features enabled the creation and dissemination of nonconsensual explicit images and/ or content representing women and/or children in sexualized contexts. The actions include Jane Doe v. X.AI Corp. and X.AI LLC, instituted in the U.S. District Court for the Northern District of California on January 23, 2026, and Jane Doe 1 et al. v. X.AI Corp. and X.AI LLC (the “Jane Doe 1 Case”) instituted in the U.S. District Court for the Northern District of California on March 16, 2026. These cases are putative class actions, asserting claims including, among other things, claims of strict liability, negligence, nuisance, rights of privacy or publicity, and, in the Jane Doe 1 Case, certain federal statutory claims. Plaintiffs in these two cases seek, among other things, compensatory, statutory and punitive damages, restitution, disgorgement and injunctive relief. In addition, a case, Mayor and City Council of Baltimore ex rel. Ebony M. Thompson v. X Corp., X.AI Corp., X.AI LLC, and Space Exploration Technologies Corp, was instituted in the Baltimore City Circuit Court on March 24, 2026 (the “Baltimore Case”). The plaintiff in the Baltimore Case, the Mayor and City Council of Baltimore, asserts similar claims to those in the two cases discussed above under Baltimore’s Consumer Protection Ordinances. The plaintiff in the Baltimore Case seeks statutory penaltiesand/or injunctive relief. The defendants intend to defend themselves vigorously in these actions.

公司已就很可能发生且能够合理估计的诉讼损失计提 $530 million，计入截至 2025 年 12 月 31 日合并资产负债表中的应计费用及其他流动负债和其他负债。对于其他事项，公司目前无法估计合理可能的损失或损失区间。

The Company has recorded an accrual of $530 million for litigation losses that are probable and reasonably estimable in Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheet as of December 31, 2025 . For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss.

#### 非所得税

#### Non-Income Taxes

公司正接受境内外税务机关的各项非所得税审计。该等审计主要涉及常规问询、退税申请及员工福利。对于该等审计可能产生的非所得税，公司在很可能发生且能够合理估计时予以计提。然而，鉴于其中部分事项的复杂性和不确定性，以及某些司法辖区的司法程序，该等审计的最终结果可能与公司的预期存在重大差异。

The Company is under various non-income tax audits by domestic and foreign tax authorities. These audits primarily revolve around routine inquiries, refund requests, and employee benefits. The Company accrues non-income taxes that may result from these audits when they are probable and can be reasonably estimated. Due to the complexity and uncertainty of some of these matters, however, as well as the judicial process in certain jurisdictions, the final outcome of these audits may be materially different from the Company’s expectations.

#### 补偿

#### Indemnifications

在日常业务过程中，公司可能就某些事项向客户、供应商、出租人、投资者、董事、高级管理人员、员工及其他方提供范围和条款各异的赔偿，包括但不限于因公司违反某些协议、公司拟提供的服务或第三方提起的知识产权侵权索赔而产生的损失。该等赔偿可能在相关基础协议终止后继续有效，且公司根据该等赔偿条款可能被要求支付的未来付款最高潜在金额可能不受最高损失条款的限制。由于每份具体协议所涉及的独特事实和情况，无法确定该等赔偿协议项下的最高潜在金额。历史上，我们根据该等协议支付的款项未对我们的合并财务报表产生重大影响。截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司未就任何赔偿索赔计提负债，因为就任何该等赔偿索赔而言，产生付款义务（如有）的可能性并非很可能或无法合理估计。

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees, and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of certain agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnifications may survive the termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. It is not possible to determine the maximum potential amount under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Historically, payments made by us under these agreements have not had a material impact on our consolidated financial statements. At December 31, 2025 and 2024, the Company has not accrued a liability for any indemnification claims, because the likelihood of incurring a payment obligation, if any, in connection with any such indemnification claims is not probable or reasonably estimable.

附注 18 - 关联方交易 Note 18 - Related Party Transactions

本公司不时与其首席执行官及董事存在关联关系的若干实体开展业务往来。

The Company periodically does business with certain entities with which its CEO and directors are affiliated.

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止年度，本公司分别向 Tesla, Inc.（“Tesla”）购买了 $506 million 和 $191 million 的 Megapack 产品，并计入合并资产负债表中的物业、厂房及设备净额。本公司还以制造商建议零售价从 Tesla 获得了 $131 million 的 Cybertrucks，并计入合并资产负债表中的物业、厂房及设备净额，该交易发生于截至

During the years ended December 31, 2025 and 2024, the Company purchased $506 million and $191 million of Megapack products, respectively, from Tesla, Inc. (“Tesla”) recorded in Property, plant, and equipment, net in the consolidated balance sheets. The Company also obtained $131 million of Cybertrucks at manufacturer’s suggested retail price from Tesla recorded in Property, plant, and equipment, net in the consolidated balance sheets during the

截至 2025 年 12 月 31 日止年度 · . 2025 年 10 月 12 日，以及随后于 2025 年 11 月 10 日修订，CTC（xAI 的子公司，且为 本公司的间接子公司，与 Valor Equity Partners（“Valor”）签订了设备租赁协议 用于某些 AI 基础设施硬件（即“Valor 交易”）。该公司的创始人、首席执行官兼首席投资官 Valor、Antonio J. Gracias 担任公司董事之一。Valor 交易被视为一项 失败的售后回租交易，公司记录了相关债务 $455 million 和 $4,052 million 在“债务及融资租赁，流动”和“债务及融资租赁，扣除流动部分后的净额”中，分别截至 12 月 31 日， 2025 年公司合并资产负债表中的金额，以及截至该年度利息费用 66 百万美元 2025 年 12 月 31 日，在公司合并经营报表中。有关更多信息，请参阅附注 10“债务”。 详情。相关资产记录在公司合并财务报表中的物业、厂房及设备净额内。 资产负债表 · . 2025 年，Elon Musk 通过其信托从现任及前任股东处购买了 $1,421 million 的普通股 员工。 截至 2025 年、2024 年和 2023 年 12 月 31 日止年度与 Tesla 及其他关联方的其他交易 均不重大。

year ended December 31, 2025 · . On October 12, 2025, and as subsequently amended on November 10, 2025, CTC, a subsidiary of xAI and an indirect subsidiary of the Company, entered into an equipment lease agreement with Valor Equity Partners (“Valor”) for certain AI infrastructure hardware (the “Valor transaction”). The founder, CEO and Chief Investment Officer of Valor, Antonio J. Gracias, serves as one of the directors of the Company. The Valor transaction was deemed to be a failed sale-leaseback transaction and the Company recorded the related debt of $455 million and $4,052 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, as of December 31, 2025 in the Company’s consolidated balance sheets, and $66 million in Interest expense for the year ended December 31, 2025 in the Company’s consolidated statements of operations. Refer to Note 10, Debt for additional details. The related asset is recorded within Property, plant, and equipment, net in the Company’s consolidated balance sheets · . In 2025, Elon Musk, through his trust, purchased $1,421 million of common stock from current and former employees. Other transactions with Tesla and other related parties during the years ended December 31, 2025, 2024, and 2023 were immaterial.

附注 19 - 分部 Note 19 - Segments

合并完成后，公司评估了如何审视和衡量合并后公司的业绩，以及各实体历史分部结构可能进行的重新调整。经此评估，公司确定作为合并后公司，自 2026 年第一季度起生效，公司首席执行官作为首席经营决策者（“CODM”），按三个经营及可报告分部来组织公司、管理资源配置并衡量业绩：(i) 太空、(ii) 连接和(iii) AI。分部的以往期间列报已与当前分部报告结构保持一致。

Following the Mergers, the Company evaluated how to view and measure performance of the combined company and potential realignment of individual entity’s historical segment structure. Following this evaluation, the Company determined that as a combined company, effective in Q1 2026, the Company’s Chief Executive Officer, as the Chief Operating Decision Maker (“CODM”), organizes the Company, manages resource allocations, and measures performance among three operating and reportable segments: (i) Space, (ii) Connectivity, and (iii) AI. Prior period presentations for segments conform to the current segment reporting structure.

公司 CODM 根据分部经营利润（亏损）评估业绩并向经营分部配置资源，方法是将实际经营利润（亏损）与历史业绩及此前预测的财务信息进行比较。公司 CODM 不使用资产或负债信息来评估经营及可报告分部。

The Company’s CODM assesses performance and allocates resources to operating segments based on segment income (loss) from operations by comparing actual income (loss) from operations to historical results and previously forecasted financial information. The Company’s CODM does not evaluate operating and reportable segments using asset or liability information.

下表列示了公司各可报告分部的收入、重大分部费用及经营利润（亏损）信息：

The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company’s reportable segments:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025

2025

太空 · 连接 · AI · 可报告分部合计

Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

收入 · $4,086 · $11,387 · $3,201 · $18,674 成本和费用 收入成本 · 1,352 · 5,921 · 2,178 · 9,451 研发 · 3,004 · 575 · 5,064 · 8,643 销售、一般及行政 · 349 · 468 · 1,827 · 2,644 重组费用 · — · — · 487 · 487 减值 · 38 · — · — · 38 成本和费用合计 · 4,743 · 6,964 · 9,556 · 21,263 经营利润（亏损） · (657) · 4,423 · (6,355) · (2,589) 利息费用 · (1,945) 利息收入 · 492 其他收入（费用），净额 · (177) 所得税前利润（亏损） · $(4,219)

Revenue · $4,086 · $11,387 · $3,201 · $18,674 Costs and expenses Cost of revenue · 1,352 · 5,921 · 2,178 · 9,451 Research and development · 3,004 · 575 · 5,064 · 8,643 Selling, general, and administrative · 349 · 468 · 1,827 · 2,644 Restructuring charges · — · — · 487 · 487 Impairment · 38 · — · — · 38 Total costs and expenses · 4,743 · 6,964 · 9,556 · 21,263 Income (loss) from operations · (657) · 4,423 · (6,355) · (2,589) Interest expense · (1,945) Interest income · 492 Other income (expense), net · (177) Income (loss) before income taxes · $(4,219)

补充分部信息 Supplemental segment information

折旧与摊销 · $757 · $2,376 · $3,568 · $6,701 股权激励费用 · $515 · $369 · $1,063 · $1,947 减值 · $38 · $— · $— · $38 资本支出 · $3,832 · $4,178 · $12,727 · $20,737

Depreciation and amortization · $757 · $2,376 · $3,568 · $6,701 Share-based compensation · $515 · $369 · $1,063 · $1,947 Impairment · $38 · $— · $— · $38 Capital expenditures · $3,832 · $4,178 · $12,727 · $20,737

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2024

2024

太空 · 连接 · AI · 可报告分部合计

Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

收入 · $3,796 · $7,599 · $2,620 · $14,015 成本与费用 收入成本 · 1,541 · 4,768 · 1,687 · 7,996 研发 · 1,835 · 453 · 1,176 · 3,464 销售、一般及行政 · 375 · 333 · 1,105 · 1,813 重组费用 · — · — · 213 · 213 减值 · 24 · 39 · — · 63 成本与费用合计 · 3,775 · 5,593 · 4,181 · 13,549 经营利润（亏损） · 21 · 2,006 · (1,561) · 466 利息费用 · (1,580) 利息收入 · 371 其他收入（费用）净额 · 985 所得税前利润（亏损） · $242

Revenue · $3,796 · $7,599 · $2,620 · $14,015 Costs and expenses Cost of revenue · 1,541 · 4,768 · 1,687 · 7,996 Research and development · 1,835 · 453 · 1,176 · 3,464 Selling, general, and administrative · 375 · 333 · 1,105 · 1,813 Restructuring charges · — · — · 213 · 213 Impairment · 24 · 39 · — · 63 Total costs and expenses · 3,775 · 5,593 · 4,181 · 13,549 Income (loss) from operations · 21 · 2,006 · (1,561) · 466 Interest expense · (1,580) Interest income · 371 Other income (expense), net · 985 Income (loss) before income taxes · $242

补充分部信息 Supplemental segment information

折旧与摊销 · $637 · $1,508 · $1,679 · $3,824 股权激励费用 · $472 · $296 · $16 · $784 减值 · $24 · $39 · $— · $63 资本支出 · $2,032 · $3,498 · $5,633 · $11,163

Depreciation and amortization · $637 · $1,508 · $1,679 · $3,824 Share-based compensation · $472 · $296 · $16 · $784 Impairment · $24 · $39 · $— · $63 Capital expenditures · $2,032 · $3,498 · $5,633 · $11,163

**截至 12 月 31 日的年度**

**Year Ended December 31,**

2023

2023

太空 · 连接 · AI · 可报告分部合计

Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

收入 · $3,557 · $3,869 · $2,961 · $10,387 成本与费用 收入成本 · 1,669 · 2,786 · 1,655 · 6,110 研发 · 1,538 · 381 · 186 · 2,105 销售、一般及行政 · 351 · 233 · 1,081 · 1,665 重组费用 · — · — · 237 · 237 减值 · — · — · 3,775 · 3,775 成本与费用合计 · 3,558 · 3,400 · 6,934 · 13,892 经营利润（亏损） · (1) · 469 · (3,973) · (3,505) 利息费用 · (1,693) 利息收入 · 249 其他收入（费用）净额 · (42) 所得税前利润（亏损） · $(4,991)

Revenue · $3,557 · $3,869 · $2,961 · $10,387 Costs and expenses Cost of revenue · 1,669 · 2,786 · 1,655 · 6,110 Research and development · 1,538 · 381 · 186 · 2,105 Selling, general, and administrative · 351 · 233 · 1,081 · 1,665 Restructuring charges · — · — · 237 · 237 Impairment · — · — · 3,775 · 3,775 Total costs and expenses · 3,558 · 3,400 · 6,934 · 13,892 Income (loss) from operations · (1) · 469 · (3,973) · (3,505) Interest expense · (1,693) Interest income · 249 Other income (expense), net · (42) Income (loss) before income taxes · $(4,991)

补充分部信息 Supplemental segment information

折旧与摊销 · $571 · $884 · $1,180 · $2,635 股权激励费用 · $427 · $249 · $3 · $679 减值 · $— · $— · $3,775 · $3,775 资本支出 · $1,497 · $2,455 · $463 · $4,415

Depreciation and amortization · $571 · $884 · $1,180 · $2,635 Share-based compensation · $427 · $249 · $3 · $679 Impairment · $— · $— · $3,775 · $3,775 Capital expenditures · $1,497 · $2,455 · $463 · $4,415

下表按交易发生所在注册国列示分地区收入：

The following tables provide revenue by geography based on the country of domicile in which the transaction originated:

**截至 12 月 31 日的年度，**

**Year Ended December 31,**

2025 · 2024 · 2023 美国 · $12,966 · $10,008 · $7,473 爱尔兰 · 1,827 · 1,371 · 1,047 加拿大 · 764 · 582 · 447 所有其他地区 · 3,117 · 2,054 · 1,420 总收入 · $18,674 · $14,015 · $10,387

2025 · 2024 · 2023 USA · $12,966 · $10,008 · $7,473 Ireland · 1,827 · 1,371 · 1,047 Canada · 764 · 582 · 447 All Other · 3,117 · 2,054 · 1,420 Total Revenues · $18,674 · $14,015 · $10,387

截至 2025 年 12 月 31 日和 2024 年 12 月 31 日，公司绝大部分长期资产位于美国境内。

As of December 31, 2025 and 2024, substantially all of the Company’s long-lived assets were located within the United States.

附注 20 - 重组 Note 20 - Restructuring

2022 年，公司的一家间接子公司（通过 X 合并以及随后的 xAI 合并）启动了全球员工裁员，其影响持续至 2025 年。与裁员相关的费用包括现金遣散费和其他终止福利。重组费用还包括因办公空间过剩而产生的经营租赁使用权资产减值及相关租赁改良和办公设备减值，以及因裁员而在租赁期结束前终止办公空间所产生的租赁终止罚金。

In 2022 . X, an indirect subsidiary of the Company (through the X Merger and subsequently, xAI Merger), initiated global employee workforce reductions, the effects of which continued through 2025. The charges associated with the workforce reduction include cash severance expense and other termination benefits. Restructuring charges also include impairment of operating lease right-of-use assets for excess office space and related leasehold improvements and office equipment, as well as lease termination penalties for office space terminated before the end of the lease term as a result of the workforce reduction.

截至 2025 年、2024 年和 2023 年 12 月 31 日止年度，与裁员相关的费用总额分别为 $487 million、$147 million 和 $77 million，已计入合并经营报表中的重组费用。此外，作为设施整合工作的一部分，公司于截至 2024 年 12 月 31 日和 2023 年 12 月 31 日止年度分别记录了与其租赁改良和办公设备相关的重组费用 $36 million 和 $54 million，以及与经营租赁使用权资产相关的重组费用 $30 million 和 $106 million。

Total charges of $487 million, $147 million, and $77 million associated with the workforce reduction were recorded in Restructuring charges in the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, the Company recorded restructuring charges of $36 million, and $54 million related to its leasehold improvements and office equipment, and restructuring charges of $30 million, and $106 million for operating lease right-of-use assets as part of its facilities consolidation efforts for the years ended

分别为 2024 年 12 月 31 日和 · 2023 年 12 月 31 日。 下表汇总了所列各期间重组负债的变动情况，该等负债包含 在合并资产负债表中的应计费用及其他流动负债和其他负债内： 截至 2023 年 12 月 31 日的重组负债 遣散费及其他人员成本 · 147 现金支付 · (11) 其他调整 · 8 截至 2024 年 12 月 31 日的重组负债 · 152 遣散费及其他人员成本 · 487 现金支付 · (212) 其他调整 · 16 截至 2025 年 12 月 31 日的重组负债 · $443

December 31, 2024 and · 2023, respectively. The following table is a summary of the changes in the restructuring liabilities for each period presented, included within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets: Restructuring liabilities as of December 31, 2023 Severance and other personnel costs · 147 Cash payments · (11) Other adjustments · 8 Restructuring liabilities as of December 31, 2024 · 152 Severance and other personnel costs · 487 Cash payments · (212) Other adjustments · 16 Restructuring liabilities as of December 31, 2025 · $443

附注 21 - 期后事项 Note 21 - Subsequent Events

公司已评估自 2026 年 1 月 1 日至 2026 年 3 月 30 日（即合并财务报表可供发布之日）期间发生的期后事项，并确定除下文所述外，不存在需要在合并财务报表中确认或披露的期后事项或交易。

The Company has evaluated subsequent events that occurred from January 1, 2026 through March 30, 2026, which is the date the consolidated financial statements were available to be issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements, except as discussed below.

#### 高管股权奖励

#### Officer Equity Awards

2026 年 1 月，公司向 Elon Musk 授予 1,000 百万股基于业绩的 B 类普通股限制性股票。该等限制性股票在以下条件满足时归属：(i) 公司在 15 个等额批次中实现指定的市值里程碑，市值区间为 $500 billion 至 $7.5 trillion，每个里程碑对应 $500 billion 的额外估值；以及 (ii) 公司建立永久性火星人类殖民地，居民至少达到一百万人；在每种情况下，均须以 Musk 先生继续任职为前提。

In January 2026, the Company granted 1,000 million performance-based restricted shares of Class B common stock to Elon Musk. The restricted shares vest upon (i) the Company’s achievement of specified market capitalization milestones across 15 equal tranches ranging from $500 billion to $7.5 trillion, with each milestone reflecting $500 billion in additional valuation, and (ii) the Company’s establishment of a permanent human colony on Mars with at least one million inhabitants, in each case, subject to Mr. Musk’s continued employment.

2026 年 3 月，公司取消了 Musk 先生的 xAI 奖励，并以授予 302.1 百万股基于业绩的 B 类普通股限制性股票作为替代，该等限制性股票在以下条件满足时归属：(i) 公司在 12 个等额批次中实现指定的市值里程碑，市值区间为 $1.065 trillion 至 $6.565 trillion，每个里程碑对应 $500 billion 的额外估值；以及 (ii) 公司完成能够每年提供 100 terawatts 算力的非地球数据中心；在每种情况下，均须以 Musk 先生继续

In March 2026, the Company cancelled Mr. Musk’s xAI Award and replaced it with a grant of 302.1 million performance-based restricted shares of Class B common stock, which vest upon (i) the achievement of specified market capitalization milestones across 12 equal tranches ranging from $1.065 trillion to $6.565 trillion, with each milestone reflecting $500 billion in additional valuation, and (ii) the Company’s completion of non-Earth-based data centers capable of delivering 100 terawatts of compute per year, in each case, subject to Mr. Musk’s continued

雇佣 · . 2026 年 1 月，公司批准了对授予的 4,000,000 份基于业绩的股票期权的修订，授予对象为 首席财务官 Bret Johnsen，该等（限制性股票单位）最初于 2024 年发行。以替代基于自由现金流的归属 在超过基线的情况下，每实现 $10 billion 的调整后……将有 371 thousand 份股票期权归属 在 2025 至 2029 财年期间实现的 EBITDA，按年度基准评估。就本 授予，调整后 EBITDA 按经营利润计算，并排除 (i) 折旧与摊销，(ii) 股权激励费用、(iii) 减值以及 (iv) 重组影响。一旦某一批次的股票期权已 因公司截至特定财年末的调整后 EBITDA 业绩而获得归属， 该等股票期权仍须满足额外的一年零一天的服务期归属条件 在该批次获得所属财年的 12 月 31 日之后。所授予期权的数量并非 在修订案中有所变更。没有任何股票期权因公司调整后的 截至 2025 年 12 月 31 日止年度的 EBITDA 表现。

employment · . In January 2026, the Company approved an amendment to 4 million performance-based stock options granted to Bret Johnsen, Chief Financial Officer, that were originally issued in 2024. In lieu of vesting based on free cash flow achievement in excess of a baseline, 371 thousand of the stock options will vest for each $10 billion in adjusted EBITDA achieved during the 2025 through 2029 fiscal years, assessed on an annual basis. For purposes of this award, adjusted EBITDA is calculated as income from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) impairment, and (iv) restructuring impacts. Once a tranche of the stock options have become earned as a result of the Company’s adjusted EBITDA performance as of the end of a particular fiscal year, such stock options remain subject to an additional one-year and one day service-based vesting requirement following December 31 of the fiscal year in which such tranche was earned. The number of options granted was not changed in the amendment. None of the stock options became earned on account of the Company’s adjusted EBITDA performance for the year ended December 31, 2025.

#### 股份回购

#### Share Repurchases

2026 年 1 月至 3 月期间，公司从符合条件的现任和前任员工以及第三方投资者处回购了可赎回可转换优先股和普通股，总额为 $1,396 million。

Between January and March 2026, the Company repurchased Redeemable Convertible Preferred Stock and Common Stock from eligible current and former employees as well as third-party investors totaling $1,396 million.

#### 售后回租交易

#### Sale-Leaseback Transaction

2026 年 1 月，并于 2026 年 2 月 18 日进一步修订，CTC 与 Valor 就某些 AI 基础设施硬件签订了一份设备租赁协议（“Valor 交易 II”）。与 Valor 交易类似，Valor 交易 II 被视为与关联方的交易。Valor 交易 II 被认定为失败的售后回租交易，公司在本公司的

In January 2026, and as further amended on February 18, 2026, CTC entered into an equipment lease agreement with Valor for certain AI infrastructure hardware (“Valor transaction II”). Similar to the Valor transaction, the Valor transaction II was considered to be a transaction with a related party. The Valor transaction II is deemed to be a failed sale-leaseback transaction and the Company recorded the related debt of $5,365 million in the Company’s

合并资产负债表 · 中记录了相关债务 5,365 百万美元。

consolidated balance sheets · .

#### xAI 合并交割

#### xAI Merger Closing

根据 xAI 合并的条款，于 2026 年 2 月 2 日，本公司在 2026 年股票拆分之前，向 xAI 普通股及可赎回可转换优先股持有人发行了 321.7 百万股 A 类普通股、121.7 百万股 B 类普通股，并支付了 2,947 百万美元现金。更多详情请参见附注 13“可赎回可转换优先股及股东权益”。

Pursuant to the terms of the xAI Merger on February 2, 2026, the Company issued, prior to the 2026 Stock Split, 321.7 million shares of Class A Common Stock, 121.7 million shares of Class B Common Stock and paid $2,947 million in cash to holders of xAI Common Stock and Redeemable Convertible Preferred Stock. Refer to Note 13, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.

#### Tesla 对 xAI 的投资及 SpaceX A 类普通股发行

#### Tesla’s xAI Investment and SpaceX Class A Common Stock Issuance

2026 年 1 月，Tesla 与 xAI 订立协议，通过购买 xAI E 系列可赎回可转换优先股投资 2,000 百万美元。根据该协议以及 xAI 与 Tesla 于 2026 年 1 月 16 日订立的函件协议，xAI 发行 E 系列可赎回可转换优先股以及 Tesla 就此支付款项，须以取得所需监管批准为条件。

In January 2026, Tesla entered into an agreement with xAI to invest $2,000 million via a purchase of xAI Series E Redeemable Convertible Preferred Stock. Pursuant to the terms of that agreement and a letter agreement entered into between xAI and Tesla on January 16, 2026, xAI’s issuance of the shares of Series E Redeemable Convertible Preferred Stock, and Tesla’s payment therefore, was conditioned upon the receipt of required regulatory approvals.

xAI 合并完成后，Tesla 收购 xAI E 系列可赎回可转换优先股的权利转换为收购 SpaceX A 类普通股的权利。2026 年 3 月 12 日，在适用监管等待期届满后，SpaceX 根据上述协议条款向 Tesla 发行了 3.8 百万股 A 类普通股（按 2026 年股票拆分前基准计算）。

Following the xAI Merger, Tesla’s right to acquire Series E Redeemable Convertible Preferred Stock of xAI was converted into the right to acquire SpaceX Class A common stock. On March 12, 2026, following expiration of the applicable regulatory waiting period, SpaceX issued 3.8 million shares of Class A Common Stock (on a pre-2026 Stock Split basis) to Tesla in accordance with the terms of the foregoing agreements.

#### Tesla 合作

#### Tesla Collaboration

2026 年 3 月，本公司宣布与 Tesla 合作建设一座芯片制造工厂（简称

In March 2026, the Company announced a collaboration with Tesla to build a chip manufacturing facility (referred

Terafab） · 。

to asTerafab) · .

#### SpaceX 过桥贷款信贷协议

#### SpaceX Bridge Loan Credit Agreement

2026 年 3 月，SpaceX 与一个银行银团签订了一份新的过桥贷款信贷协议（“SpaceX 过桥贷款”），金额为 $20,000 million。SpaceX 过桥贷款于 2027 年 9 月 2 日到期，经公司选择可进行两次三个月的展期，最终到期日为 2028 年 3 月 2 日。SpaceX 过桥贷款所得款项用于清偿并偿还 X B-1 定期贷款、X B-3 定期贷款、xAI 固定利率贷款、xAI 浮动利率贷款以及 xAI 12.5% 优先担保票据。SpaceX 过桥贷款的年利率为 (i) 0.75%-1.75% 之间，具体取决于公司的债务评级，加上相关期限 SOFR，或 (ii) 以下三者中的最高者：(a) 联邦基金利率加 0.5%，(b) 最优惠利率，(c) 期限 SOFR 加 1.0%，以及 (d) 1.0%，再加上 0.00% 至 0.75% 的适用利差（取决于公司的债务评级）。SpaceX 过桥贷款项下的义务由公司的某些子公司承担连带保证责任。SpaceX 过桥贷款可随时全部或部分偿还，无需支付溢价或罚金。公司须遵守各项契约，包括满足某些报告要求以及某些财务契约。

In March 2026, SpaceX entered into a new bridge loan credit agreement (“SpaceX Bridge Loan”) for $20,000 million with a syndicate of banks. The SpaceX Bridge Loan matures on September 2, 2027 with two three-month extensions, at the option of the Company, reaching a final maturity date of March 2, 2028. The SpaceX Bridge Loan proceeds were used to extinguish and pay off the X B-1 Term Loan, X B-3 Term Loan, xAI Fixed Rate Loan, xAI Floating Rate Loan, and the xAI 12.5% Senior Secured Notes. The SpaceX Bridge Loan bears interest at a rate per annum of (i) between 0.75%-1.75%, dependent upon the debt rating of the Company, plus the relevant Term SOFR or (ii) the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1. 0%, plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt rating). Obligations under the SpaceX Bridge Loan were guaranteed jointly and severally by certain subsidiaries of the Company. The SpaceX Bridge Loan is repayable at any time, in whole or in part, without premium or penalty. The Company is required to meet various covenants, including meeting certain reporting requirements, and certain financial covenants.

在签订 SpaceX 过桥贷款的同时，公司偿还了 X B-1 定期贷款、X B-3 定期贷款、xAI 固定利率定期贷款、xAI 浮动利率定期贷款及 xAI 12.5% 的未偿本金和应计利息

Concurrently with the SpaceX Bridge Loan, the Company repaid the outstanding principal and accrued interests of the X B-1 Term Loan, X B-3 Term Loan, xAI Fixed Rate Term Loan, xAI Floating Rate Term Loan and xAI 12.5%

优先担保票据，合计金额为 · $18,905 million，其中包括 · $1,163 million 的提前还款罚金。

Secured Senior Notes for an aggregate amount of · $18,905 million, including · $1,163 million of prepayment penalty.

#### 采购承诺

#### Purchase Commitments

2026 年 3 月，公司与一家无关联第三方签署了一份采购协议，以在 2029 年前采购更多用于 AI 基础设施的涡轮机，总金额为 $805 million。

In March 2026, the Company executed a purchase agreement with an unaffiliated third party to acquire additional turbines for the AI infrastructure totaling $805 million through 2029.

附注 22 - 合并财务报表原发布日之后的期后事项（未经审计） Note 22 - Subsequent Events to the Original Issuance of the Consolidated Financial Statements (Unaudited)

公司已对自合并财务报表最初于 2026 年 3 月 30 日出具之日起至 2026 年 5 月 7 日（即合并财务报表可供重新出具之日）止期间发生的期后事项进行了评估，并确定下列期后事项需要在合并

The Company has evaluated subsequent events that occurred from the date the consolidated financial statements were originally issued on March 30, 2026 through May 7, 2026, the date the consolidated financial statements were available to be reissued, and determined that the following subsequent events require disclosure in the consolidated

财务报表中披露 · 。

financial statements · .

#### 合作协议

#### Collaboration Agreement

2026 年 4 月 19 日，公司与 Anysphere, Inc.（以 Cursor 为商号经营，一家总部位于旧金山的私营软件公司，简称“Cursor”）签订了算力协议。根据该算力协议，公司将与 Cursor 合作改进公司现有模型（包括 Grok），并可能共同开发 AI 模型及相关特定于模型的交付成果。

On April 19, 2026, the Company entered into a compute agreement with Anysphere, Inc., doing business as Cursor, a San Francisco-based private software company (“Cursor”). Pursuant to the compute agreement, the Company will collaborate with Cursor to improve the Company’s existing models, including Grok, and potentially to jointly develop AI models and related model-specific deliverables.

在签订算力协议的同时，公司还签订了一份期权协议，获得收购 Cursor 的权利（但非义务）。该期权协议一般规定，公司可在以下两者中较早者之后的 30 天期间内随时行使该看涨期权：(i) 公司 IPO 完成后的第七个交易日，及 (ii) 2026 年 9 月 30 日。行使该看涨期权由公司自行决定，并须经董事会进一步批准。Cursor 亦须遵守期权协议项下的若干排他性义务。收购 Cursor 的对价将包括 A 类普通股股份，基于 Cursor 的隐含股权价值 $60.0 billion，以及 A 类普通股的价格，若收购在本发行完成之前交割，则按最近一次季度估值确定，若收购在公司 IPO 完成之后交割，则按紧接收购交割前连续七个交易日的成交量加权平均收盘价确定。若 (i) 公司决定终止期权协议，或 (ii) Cursor 因公司重大违反期权协议而有资格并决定终止，则 Cursor 有权根据期权协议获得 $1.5 billion 的终止费，并根据算力协议获得 $8.5 billion 的递延服务费。该等费用应以现金支付（或，若在该等费用到期应付时公司 IPO 尚未完成，则以 A 类普通股支付）。

Concurrent with the compute agreement, the Company also entered into an option agreement for the right, but not the obligation, to acquire Cursor. The option agreement generally provides that the Company may exercise the call option at any time during the 30-day period following the earlier of (i) seven trading days following the completion of the Company’s IPO and (ii) September 30, 2026. Exercise of the call option is in the Company’s sole discretion and subject to further approval by the board of directors. Cursor is also subject to certain exclusivity obligations under the option agreement. The consideration for the acquisition of Cursor would consist of shares of Class A common stock based on an implied equity value of Cursor of $60.0 billion, and the price of Class A common stock that equals, if the acquisition closed prior to the completion of this offering, the most recent quarterly valuation, or, if the acquisition closed after the completion of the Company’s IPO, the volume-weighted average closing price thereof over the seven consecutive trading days immediately preceding the closing of the acquisition. If either (i) the Company decides to terminate the option agreement or (ii) Cursor is eligible to and decides to terminate due to the Company’s material breach of the option agreement, 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 the Company’s IPO has not been consummated at the time the fees become payable).

公司已对 Cursor 的业务、技术和运营进行了初步尽职调查，并预计在就任何行使看涨期权的决定进行相关工作时继续开展该等尽职调查。公司无法预测公司是否会选择行使该看涨期权，或若行使，收购是否会按预期条款完成或根本无法完成。

The Company has conducted preliminary due diligence on Cursor’s business, technology and operations, and expect to continue such diligence in connection with any decision to exercise the call option. The Company cannot predict whether the Company will elect to exercise the call option or, if exercised, whether the acquisition will close on the anticipated terms or at all.

#### 售后回租交易

#### Sale-Leaseback Transaction

2026 年 4 月 24 日，CTC 与关联方 Valor 就若干 AI 基础设施硬件（“Valor 交易 III”）签订了为期五年的设备租赁协议，未折现租赁付款总额为 $6,587 million。

On April 24, 2026, CTC entered into a five-year equipment lease agreement with Valor, a related party, for certain AI infrastructure hardware (“Valor transaction III”) for total undiscounted lease payments of $6,587 million.

#### 资产收购

#### Asset Acquisition

2026 年 4 月 30 日，本公司与一家无关联第三方订立资产购买协议，以约$2,000 million 购买若干移动式燃气轮机及相关配套设备（“燃气轮机收购”）。燃气轮机收购预计于 2026 年 5 月完成交割，并须满足惯常交割条件。卖方亦已同意订立交割后服务协议，以支持本公司的燃气轮机运营。燃气轮机收购将有助于为本公司的数据中心提供电力。

On April 30, 2026, the Company entered into an asset purchase agreement with an unaffiliated third party to purchase certain mobile gas turbines and related packages for approximately $2,000 million (the “Turbine Acquisition”). The closing of the Turbine Acquisition is expected to occur in May 2026 and is subject to customary closing conditions. The seller has also agreed to enter into a post-closing services agreement to support the Company's turbine operations. The Turbine Acquisition will help provide power to the Company's data centers.

#### 云服务协议

#### Cloud Services Agreement

2026 年 5 月 3 日，本公司与 Anthropic PBC（一家 AI 研发公益公司）就获取算力容量订立云服务协议。根据该协议，客户已同意在 2029 年 5 月前按月支付费用，其中 2026 年 5 月产能爬坡期间按较低费率收费。任何一方均可在提前 90 天通知后终止该协议。客户将保留其内容、AI 模型及相关数据的所有权和知识产权。

On May 3, 2026, the Company entered into a cloud services agreement with Anthropic PBC, an AI research and development public benefit corporation, with respect to access to compute capacity. Pursuant to this agreement, the customer has agreed to pay a monthly fee through May 2029, with capacity ramping in May 2026 at a reduced fee. The agreement 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.

**Space Exploration Technologies Corp. 合并资产负债表（单位：百万美元，每股数据除外）（未经审计）**

**Space Exploration Technologies Corp. Consolidated Balance Sheets (in million s, except per share data) (unaudited)**

2026 年 3 月 31 日

March 31, 2026

**资产**

**Assets**

流动资产

Current assets

现金及现金等价物 · $15,852 · $24,747 有价证券 · 7,823 · — 应收账款，扣除信用损失准备$47 和$39(分别截至 2026 年 3 月 31 日和 2025 年 12 月 31 日) · 1,833 · 1,579 存货 · 2,588 · 2,416 预付费用及其他流动资产 · 1,636 · 2,210 流动资产合计 · 29,732 · 30,952 物业、厂房及设备，净额(a) · 53,879 · 42,602 融资租赁使用权资产 · 1,182 · 1,260 无形资产，净额 · 1,432 · 1,548 数字资产 · 1,293 · 1,637 商誉 · 11,681 · 11,809 递延所得税资产 · 213 · 141 其他资产 · 2,682 · 2,130 资产总计 · $102,094 · $92,079 负债、可赎回可转换优先股及股东权益 流动负债 应付账款 · 10,002 · 11,792 递延收入，流动 · 7,207 · 6,111 债务及融资租赁，流动(关联方分别为$1,121 和$455，截至 2026 年 3 月 31 日和 2025 年 12 月 31 日) · 1,538 · 928 应计费用及其他流动负债 · 5,689 · 2,569 流动负债合计 · 24,436 · 21,400 长期负债 递延收入，扣除流动部分 · 6,029 · 6,005 债务及融资租赁，扣除流动部分(关联方分别为$7,920 和$4,052，截至 2026 年 3 月 31 日和 2025 年 12 月 31 日) · 28,727 · 21,968 其他负债 · 1,320 · 1,381 负债合计 · 60,512 · 50,754 承诺及或有事项（附注 16） 可赎回可转换优先股 可赎回可转换优先股，面值$0.001；已发行 189 股和 2,351 股；截至 2026 年 3 月 31 日和 2025 年 12 月 31 日分别有 135 股和 2,046 股流通在外 · 7,049 · 38,752 股东权益 A 类普通股，面值$0.001；已发行 2,965 股和 2,036 股；截至 2026 年 3 月 31 日和 2025 年 12 月 31 日分别有 2,883 股和 1,952 股流通在外 · 3 · 3 B 类普通股，面值$0.001；截至 2026 年 3 月 31 日和 2025 年 12 月 31 日分别已发行并流通在外 2,421 股和 643 股 · 3 · 1 C 类普通股，面值$0.001；截至 2026 年 3 月 31 日和 2025 年 12 月 31 日分别已发行并流通在外 494 股和 484 股 · 0 · 0 D 类普通股，面值$0.0001；截至 2026 年 3 月 31 日 和 2025 年 12 月 31 日均无已发行并流通在外的股份 · — · — 资本公积 · 74,083 · 37,706 累计亏损 · (41,311) · (37,035) 累计其他综合收益 · 1,755 · 1,898 股东权益合计 · 34,533 · 2,573 负债、可赎回可转换优先股及股东权益总计 · $102,094 · $92,079

Cash and cash equivalents · $15,852 · $24,747 Marketable securities · 7,823 · — Accounts receivable, net of allowance for credit losses of $47 and $39 at March 31, 2026 and December 31, 2025, respectively · 1,833 · 1,579 Inventory · 2,588 · 2,416 Prepaid expenses and other current assets · 1,636 · 2,210 Total current assets · 29,732 · 30,952 Property, plant, and equipment, net(a) · 53,879 · 42,602 Finance lease right-of-use assets · 1,182 · 1,260 Intangible assets, net · 1,432 · 1,548 Digital assets · 1,293 · 1,637 Goodwill · 11,681 · 11,809 Deferred tax assets · 213 · 141 Other assets · 2,682 · 2,130 Total assets · $102,094 · $92,079 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity Current liabilities Accounts payable · 10,002 · 11,792 Deferred revenue, current · 7,207 · 6,111 Debt and finance leases, current (related party of $1,121 and $455 at March 31, 2026 and December 31, 2025, respectively) · 1,538 · 928 Accrued expenses and other current liabilities · 5,689 · 2,569 Total current liabilities · 24,436 · 21,400 Long-term liabilities Deferred revenue, net of current · 6,029 · 6,005 Debt and finance leases, net of current (related party of $7,920 and $4,052 at March 31, 2026 and December 31, 2025, respectively) · 28,727 · 21,968 Other liabilities · 1,320 · 1,381 Total liabilities · 60,512 · 50,754 Commitments and contingencies (Note 16) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $0.001; 189 and 2,351 shares issued; 135 and 2,046 shares outstanding as of March 31, 2026 and December 31, 2025, respectively · 7,049 · 38,752 Shareholders’ equity Class A common stock, par value $0.001; 2,965 and 2,036 shares issued; 2,883 and 1,952 shares outstanding as of March 31, 2026 and December 31, 2025, respectively · 3 · 3 Class B common stock, par value $0.001; 2,421 and 643 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively · 3 · 1 Class C common stock, par value $0.001; 494 and 484 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively · 0 · 0 Class D common stock, par value $0.0001; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively · — · — Additional paid-in capital · 74,083 · 37,706 Accumulated deficit · (41,311) · (37,035) Accumulated other comprehensive income · 1,755 · 1,898 Total shareholders’ equity · 34,533 · 2,573 Total liabilities, redeemable convertible preferred stock, and shareholders’ equity · $102,094 · $92,079

__________________

__________________

(a) 有关关联方安排的更多详情，请参阅附注 17“关联方交易”。

(a) Refer to Note 17, Related Party Transactions for additional details on related party arrangements.

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 合并经营报表（单位：百万美元，每股数据除外）（未经审计）**

**Space Exploration Technologies Corp. Consolidated Statements of Operations (in million s, except per share data) (unaudited)**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 收入 · $4,694 · $4,067

2026 · 2025 Revenue · $4,694 · $4,067

成本与费用 Costs and expenses

收入成本 · 2,388 · 1,962 研发 · 3,514 · 1,557 销售、一般及行政 · 746 · 493 重组费用（收益） · (11) · 4 减值 · — · 24 成本与费用合计 · 6,637 · 4,040 经营利润（亏损） · (1,943) · 27 利息费用（关联方，2026 年 3 月 31 日和 2025 年 3 月 31 日分别为 $186 和 $-） （续） · (664) · (447) 利息收入 · 213 · 117 其他费用净额 · (1,876) · (211) 所得税前亏损 · (4,270) · (514) 所得税费用 · 6 · 14 净亏损 · $(4,276) · $(528) 归属于股东的净亏损——基本和稀释 · $(4,947) · $(528)

Cost of revenue · 2,388 · 1,962 Research and development · 3,514 · 1,557 Selling, general, and administrative · 746 · 493 Restructuring charges (credits) · (11) · 4 Impairment · — · 24 Total costs and expenses · 6,637 · 4,040 Income (loss) from operations · (1,943) · 27 Interest expense (related party of $186 and $- for March 31, 2026 and 2025, respectively) · (664) · (447) Interest income · 213 · 117 Other expense, net · (1,876) · (211) Loss before income taxes · (4,270) · (514) Provision for income taxes · 6 · 14 Net loss · $(4,276) · $(528) Net loss attributable to shareholders - basic and diluted · $(4,947) · $(528)

归属于普通股股东的每股普通股净亏损 Net loss per share of common stock attributable to common shareholders

基本及稀释 · $(1.27) · $(0.18)

Basic and Diluted · $(1.27) · $(0.18)

用于计算每股普通股净亏损的加权平均股数 Weighted average shares used in computing net loss per share of common stock

基本及稀释 · 3,884 · 2,875

Basic and Diluted · 3,884 · 2,875

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 合并综合亏损表（单位：百万美元）（未经审计）**

**Space Exploration Technologies Corp. Consolidated Statements of Comprehensive Loss (in million s) (unaudited)**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 净亏损 · $(4,276) · $(528)

2026 · 2025 Net loss · $(4,276) · $(528)

其他综合收益（亏损） Other comprehensive income (loss)

外币折算调整变动，税后净额 · (140) · 257 有价证券未实现收益（亏损），税后净额 · (3) · 2 其他综合收益（亏损） · (143) · 259 综合亏损 · $(4,419) · $(269)

Change in foreign currency translation adjustments, net of tax · (140) · 257 Unrealized gains (losses) on marketable securities, net of tax · (3) · 2 Other comprehensive income (loss) · (143) · 259 Comprehensive loss · $(4,419) · $(269)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 可赎回可转换优先股及股东权益合并报表（单位：百万）（未经审计）**

**Space Exploration Technologies Corp. Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity (in million s) (unaudited)**

**可赎回可转换**

**Redeemable Convertible**

优先股

Preferred Stock

股份 · 金额 · 股份 · 金额 · 额外

Shares · Amount · Shares · Amount · Additional

**实收**

**Paid-in**

资本 累计亏损 累计其他综合收益 股东权益合计

Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Shareholders' Equity

2024 年 12 月 31 日余额 · 1,748 · $20,941 · 3,023 · $3 · $35,865 · $(32,098) · $1,093 · $4,863 股权激励费用 · — · — · — · — · 262 · — · — · 262 发行普通股，扣除代扣税款 · — · — · 26 · 0 · 931 · — · — · 931 回购普通股 · — · — · (28) · 0 · (508) · — · — · (508) 可赎回可转换优先股转换为普通股 · 0 · (1) · 2 · 0 · 1 · — · — · 1 企业合并中的权益转让 · — · — · 1 · 0 · 39 · — · — · 39 净亏损 · — · — · — · — · — · (528) · — · (528) 其他综合收益 · — · — · — · — · — · — · 259 · 259 2025 年 3 月 31 日余额 · 1,748 · $20,940 · 3,024 · $3 · $36,590 · $(32,626) · $1,352 · $5,319

Balances at December 31, 2024 · 1,748 · $20,941 · 3,023 · $3 · $35,865 · $(32,098) · $1,093 · $4,863 Share-based compensation · — · — · — · — · 262 · — · — · 262 Common stock issued, net of tax withholding · — · — · 26 · 0 · 931 · — · — · 931 Repurchase of common stock · — · — · (28) · 0 · (508) · — · — · (508) Conversion of redeemable convertible preferred stock to common stock · 0 · (1) · 2 · 0 · 1 · — · — · 1 Transfer of equity in business combination · — · — · 1 · 0 · 39 · — · — · 39 Net loss · — · — · — · — · — · (528) · — · (528) Other comprehensive income · — · — · — · — · — · — · 259 · 259 Balances at March 31, 2025 · 1,748 · $20,940 · 3,024 · $3 · $36,590 · $(32,626) · $1,352 · $5,319

**可赎回可转换**

**Redeemable Convertible**

优先股

Preferred Stock

股份 · 金额 · 股份 · 金额 · 额外

Shares · Amount · Shares · Amount · Additional

**实收资本**

**Paid-in**

资本 累计亏损 累计其他综合收益 股东权益合计

Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Shareholders' Equity

2025 年 12 月 31 日余额 · 2,046 · $38,752 · 3,079 · $4 · $37,706 · $(37,035) · $1,898 · $2,573 股份支付费用 · — · — · — · — · 693 · — · — · 693 发行可赎回可转换优先股 · 78 · 5,869 · — · — · — · — · — · — 发行普通股，扣除代扣税款 · — · — · 1,346 · 1 · 2,460 · — · — · 2,461 回购普通股及可赎回可转换优先股 · (2) · (69) · (31) · — · (1,864) · — · — · (1,864)

Balances at December 31, 2025 · 2,046 · $38,752 · 3,079 · $4 · $37,706 · $(37,035) · $1,898 · $2,573 Share-based compensation · — · — · — · — · 693 · — · — · 693 Issuance of redeemable convertible preferred stock · 78 · 5,869 · — · — · — · — · — · — Common stock issued, net of tax withholding · — · — · 1,346 · 1 · 2,460 · — · — · 2,461 Repurchase of common and redeemable convertible preferred stock · (2) · (69) · (31) · — · (1,864) · — · — · (1,864)

可赎回可转换优先股的转换

Conversion of redeemable convertible preferred stock

根据 xAI 合并

pursuant to the xAI Merger

(1,987) · (37,476) · 1,424 · 1 · 37,474 · — · — · 37,475 根据 xAI 合并回购普通股 · — · — · (25) · — · (2,413) · — · — · (2,413) 可赎回可转换优先股转换为普通股 · — · (27) · 5 · — · 27 · — · — · 27 净亏损 · — · — · — · — · — · (4,276) · — · (4,276) 其他综合亏损 · — · — · — · — · — · — · (143) · (143) 2026 年 3 月 31 日余额 · 135 · $7,049 · 5,798 · $6 · $74,083 · $(41,311) · $1,755 · $34,533

(1,987) · (37,476) · 1,424 · 1 · 37,474 · — · — · 37,475 Repurchase of common stock pursuant to xAI Merger · — · — · (25) · — · (2,413) · — · — · (2,413) Conversion of redeemable convertible preferred stock to common stock · — · (27) · 5 · — · 27 · — · — · 27 Net loss · — · — · — · — · — · (4,276) · — · (4,276) Other comprehensive loss · — · — · — · — · — · — · (143) · (143) Balances at March 31, 2026 · 135 · $7,049 · 5,798 · $6 · $74,083 · $(41,311) · $1,755 · $34,533

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

**Space Exploration Technologies Corp. 合并现金流量表（单位：百万美元）（未经审计）**

**Space Exploration Technologies Corp. Consolidated Statements of Cash Flows (in million s) (unaudited)**

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 经营活动产生的现金流量 净亏损 · $(4,276) · $(528) 将净亏损调节为经营活动提供的净现金所进行的调整： 折旧与摊销 · 2,442 · 1,443 股份支付薪酬 · 639 · 232 数字资产未实现损失 · 344 · 188 固定资产减值及处置损失净额 · 5 · 32 债务折价及发行费用的摊销 · 19 · 18 债务清偿损失 · 1,526 · — 其他 · (26) · 31 经营资产和负债变动 应收账款 · (218) · (197) 存货 · (384) · (322) 预付费用及其他资产 · (74) · (88) 应付账款 · (528) · 93 递延收入 · 1,119 · (34) 经营租赁负债净额 · (5) · (1) 其他负债 · 464 · (140) 经营活动提供的净现金 · $1,047 · $727 投资活动产生的现金流量 购置物业、厂房及设备（关联方金额为 $34 和 $84，截至 3 月 31 日， 分别为 2026 年和 2025 年) · (10,107) · (4,140) 资本化利息 · (7) · — 产品返利所得款项 · 1,195 · — 有价证券购买 · (7,801) · (312) 有价证券到期日 · — · 289 其他投资活动净额 · (4) · (7) 投资活动使用的现金净额 · $(16,724) · $(4,170) 筹资活动产生的现金流量 融资租赁的本金偿还 · (82) · (66) 债务及其他融资义务所得款项 · 22,694 · 4,744 债务发行费用的支付 · (23) · (3) 债务及其他融资义务的偿还 · (18,295) · (4,745) 债务清偿溢价支付 · (1,153) · — 发行股本所得款项，扣除发行费用 · 8,319 · 899 员工股权奖励计划所得款项 · 111 · 33 回购普通股及可赎回可转换优先股的付款 · (4,346) · (508) 与股权奖励净额结算相关的已缴税款 · (100) · — 融资活动提供的现金净额 · $7,125 · $354 汇率变动对现金及现金等价物的影响 · 36 · 70 现金及现金等价物及受限现金的净变动 · (8,516) · (3,019) 现金及现金等价物及受限现金，期初余额 · 25,124 · 11,501 期末现金及现金等价物及受限现金 · $16,608 · $8,482

2026 · 2025 Cash flows from operating activities Net loss · $(4,276) · $(528) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization · 2,442 · 1,443 Share-based compensation · 639 · 232 Unrealized loss on digital assets · 344 · 188 Impairment and loss on disposal of fixed assets, net · 5 · 32 Amortization of debt discount and issuance costs · 19 · 18 Loss on debt extinguishment · 1,526 · — Other · (26) · 31 Changes in operating assets and liabilities Accounts receivable · (218) · (197) Inventory · (384) · (322) Prepaid expenses and other assets · (74) · (88) Accounts payable · (528) · 93 Deferred revenue · 1,119 · (34) Operating lease liabilities, net · (5) · (1) Other liabilities · 464 · (140) Net cash provided by operating activities · $1,047 · $727 Cash flows from investing activities Purchases of property, plant, and equipment (related party of $34 and $84 for March 31, 2026 and 2025, respectively) · (10,107) · (4,140) Capitalized interest · (7) · — Proceeds from product rebates · 1,195 · — Purchases of marketable securities · (7,801) · (312) Maturities of marketable securities · — · 289 Other investing activities, net · (4) · (7) Net cash used in investing activities · $(16,724) · $(4,170) Cash flows from financing activities Principal repayments on finance leases · (82) · (66) Proceeds from debt and other financing obligations · 22,694 · 4,744 Payment of debt issuance costs · (23) · (3) Repayments on debt and other financing obligations · (18,295) · (4,745) Payment of debt extinguishment premium · (1,153) · — Proceeds from issuance of capital stock, net of issuance costs · 8,319 · 899 Proceeds from employee equity award plans · 111 · 33 Payments for repurchase of common and redeemable convertible preferred stock · (4,346) · (508) Taxes paid related to net share settlement of equity awards · (100) · — Net cash provided by financing activities · $7,125 · $354 Effect of exchange rate changes on cash and cash equivalents · 36 · 70 Net change in cash and cash equivalents and restricted cash · (8,516) · (3,019) Cash and cash equivalents and restricted cash, beginning of the period · 25,124 · 11,501 Cash and cash equivalents and restricted cash, end of the period · $16,608 · $8,482

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 现金流量信息补充披露 就以下项目支付的现金： 利息，扣除资本化利息 · $990 · $382 所得税净额 · $8 · $7 非现金投资和筹资活动补充明细表 计入物业、厂房及设备的股权激励费用净额 · $60 · $30 计入应计费用和应付账款的物业、厂房及设备购置 · $10,649 · $565 由其他融资方式提供资金的物业、厂房及设备购置 · $2,684 · $—

2026 · 2025 Supplemental disclosures of cash flow information Cash paid for the following: Interest, net of interest capitalized · $990 · $382 Income taxes, net · $8 · $7 Supplemental schedule of noncash investing and financing activities Share-based compensation capitalized in property, plant, and equipment, net · $60 · $30 Purchases of property, plant, and equipment included in accrued expenses and accounts payable · $10,649 · $565 Purchases of property, plant, and equipment financed by other financings · $2,684 · $—

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements .

Space Exploration Technologies Corp. Space Exploration Technologies Corp.

合并财务报表 · 附注 （表格单位：百万美元，每股数据除外） （未经审计）

NOTES TO THE · CONSOLIDATED FINANCIAL STATEMENTS (tables in millions, except per share data) (unaudited)

附注 1 - 业务性质 Note 1 - Nature of Business

#### 业务描述

#### Description of Business

Space Exploration Technologies Corp. 及其全资子公司（统称“公司”或“SpaceX”）经营三个业务板块——(i) 太空板块设计、制造并发射可重复使用火箭，以前所未有的规模提供高频次、可靠且可负担的太空进入能力；(ii) 连接板块运营一个由数千颗低地球轨道 Starlink 卫星支持的全球高速、低延迟宽带网络，通过我们的 Starlink 产品为数百万消费者、企业和政府客户提供连接服务；(iii) AI 板块运营一个垂直整合的 AI 平台，涵盖前沿大语言模型 Grok、面向消费者和企业客户的 AI 解决方案、X——一个实时信息、娱乐和言论自由平台——以及 AI 算力基础设施。

Space Exploration Technologies Corp. and its wholly owned subsidiaries, collectively referred to as the “Company” or “SpaceX,” operate three segments – (i) the Space segment designs, manufactures, and launches reusable rockets to provide high cadence, reliable, and affordable access to space at unprecedented scale, (ii) the Connectivity segment operates a worldwide high-speed, low-latency broadband network powered by thousand s of Starlink satellites in Low-Earth Orbit, delivering connectivity to million s of consumer, enterprise, and government customers through our Starlink offering, and (iii) the AI segment operates a vertically integrated AI platform spanning a frontier LLM Grok, AI solutions for consumer and enterprise customers, X — a real-time information, entertainment, and free speech platform — and AI computational infrastructure.

2026 年 2 月 2 日（“xAI 合并日”），公司完成了对 X.AI Holdings Corp.（“xAI”）的收购，据此 xAI 成为公司的全资子公司（“xAI 合并”）。在 xAI 合并之前，xAI 于 2025 年 3 月 28 日完成了对 X Holdings Corp.（“X”）和 X.AI Corp. 的收购，其中 X 和 X.AI Corp. 成为 xAI 的全资子公司（“X 合并”，与 xAI 合并合称“合并”）。X.AI Corp 于 2023 年 3 月开始运营，Twitter, Inc.（“Twitter”）于 2022 年 10 月被 Elon Musk 先生收购。各项合并均通过换股方式实施。

On February 2, 2026 (“xAI Merger Date”), the Company completed its acquisition of X.AI Holdings Corp. (“xAI”), pursuant to which xAI became a wholly-owned subsidiary of the Company (“xAI Merger”). Prior to the xAI Merger, on March 28, 2025, xAI completed its acquisition of X Holdings Corp. (“X”) and X.AI Corp., in which X and X.AI Corp. became wholly-owned subsidiaries of xAI (“X Merger”, and collectively with xAI Merger, “Mergers”). X.AI Corp began operations in March 2023 and Twitter, Inc. (“Twitter”) was acquired by Mr. Elon Musk in October 2022. The Mergers were each effected through a share exchange.

上述合并已作为同一控制下实体的重组进行会计处理，因为在本合并财务报表所列示期间内，Elon Musk 先生通过其在公司、xAI 和 X 各实体中的多数投票权益，对上述各实体均拥有控制性财务权益。公司的合并财务报表已按所有列示期间各实体净资产的歷史账面价值进行追溯合并编制。未确认新的商誉或其他无形资产，各实体之间所有历史关联方交易已在合并中抵销。所有列示期间的股本和股东权益反映为 SpaceX 历史股本和股东权益的延续，并与同一控制下合并的 X 和 xAI 的历史股本和股东权益合并，并按实施合并所采用的相应换股比例进行调整，但 xAI 在 xAI 合并日之前的历史可赎回可转换优先股除外。作为 xAI 合并的一部分，xAI 的全部可赎回可转换优先股已转换为 SpaceX 普通股，并自 xAI 合并日起按此列示。本列报构成报告主体的变更。更多详情请参见附注 12——可赎回可转换优先股和股东权益。

The Mergers have been accounted for as reorganizations of entities under common control as Mr. Elon Musk had a controlling financial interest in the Company, xAI and X through his majority voting interest in each such entity during the periods presented in these consolidated financial statements. The Company’s consolidated financial statements have been prepared to reflect the retrospective combination of the net assets of the entities at their historical carrying amounts for all periods presented. No new goodwill or other intangible assets have been recorded and all historical related party transactions between the entities have been eliminated in consolidation. The capital stock and shareholders’ equity for all periods presented reflects a continuation of the historical SpaceX capital stock and shareholders’ equity, combined with the historical capital stock and shareholders’ equity of X and xAI merged under common control, as adjusted by the respective exchange ratios used to effect the Mergers, except for xAI’s historical redeemable convertible preferred stock through the date of the xAI Merger. All of xAI’s redeemable convertible preferred stock were converted to SpaceX common stock as part of the xAI Merger and are presented as such from the date of the xAI Merger. This presentation constitutes a change in reporting entity. Refer to Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.

2026 年 5 月 4 日，公司对其已授权、已发行及流通在外的 A 类、B 类和 C 类普通股实施了五拆一的前向股票拆分（“2026 年股票拆分”）。SpaceX 可赎回可转换优先股的转换比例已按比例调整，以反映 2026 年股票拆分的影响。所有股份及每股信息均已追溯调整，以反映 2026 年股票拆分对所列示各期间的影响。

On May 4, 2026, the Company effected a five-for-one forward stock split of its authorized, issued, and outstanding shares of Class A, Class B, and Class C Common Stock (“2026 Stock Split”). The conversion rate of SpaceX Redeemable Convertible Preferred Stock was proportionately adjusted to factor in the 2026 Stock Split. All share and per share information has been retroactively adjusted to reflect the 2026 Stock Split for all periods presented.

附注 2 - 重要会计政策摘要 Note 2 - Summary of Significant Accounting Policies

#### 未经审计的中期财务报表

#### Unaudited Interim Financial Statements

合并财务报表，包括截至 2026 年 3 月 31 日的合并资产负债表、合并经营报表、合并综合亏损报表、可赎回可转换优先股及股东权益合并报表，以及截至 2026 年 3 月 31 日和 · 2025 年 3 月 31 日止三个月的合并

The consolidated financial statements, including the consolidated balance sheet as of March 31, 2026, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of redeemable convertible preferred stock and shareholders’ equity and the consolidated statements of

截至 2026 年 3 月 31 日和 · 2025 年 3 月 31 日止三个月的现金流量，以及 附注中披露的其他信息，均未经审计。截至 2025 年 12 月 31 日的合并资产负债表取自 截至该日经审计的合并财务报表。中期合并财务报表及

cash flows for the three months endedMarch 31, 2026 and · 2025, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the

附注应与年度合并财务报表及附注一并阅读。

accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes.

中期合并财务报表及附注的编制基础与年度合并财务报表相同，且管理层认为，其反映了为公允列报所列期间经营成果所必需的所有调整，该等调整仅包括正常的经常性调整。任何中期期间的合并经营成果不一定表明全年或任何其他未来年度或中期期间的预期成果。

The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods.

#### 估计的使用

#### Use of Estimates

按照美国 GAAP 编制合并财务报表要求管理层作出估计和假设，该等估计和假设影响合并财务报表日资产和负债的 reported 金额、或有资产和负债的披露，以及报告期内收入和费用的 reported 金额。实际结果可能与这些估计存在差异。需要作出重大判断和使用估计的金额包括：采用成本法投入法在一段时间内确认的收入、递延所得税资产估值备抵的确定及税务负债估计、过剩及陈旧存货准备、使用寿命不确定的无形资产和商誉的公允价值、物业、厂房及设备的使用寿命、租赁负债增量借款利率的确定、诉讼及和解费用，以及股权激励所依据的估值和假设。公司持续将估计与历史经验和当前趋势进行比较，以此作为判断资产和负债账面价值的基础。此外，公司聘请估值专家协助对权益工具进行估值。

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities, reserves for excess and obsolete inventory, fair value of indefinite-lived intangible assets and goodwill, useful lives of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and current trends, which forms the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation specialists to assist in the valuation of equity instruments.

#### 现金及现金等价物和受限现金

#### Cash and Cash Equivalents and Restricted Cash

公司合并现金流量表中列示的现金及现金等价物和受限现金总额如下：

The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:

**2026 年 3 月 31 日**

**March 31, 2026**

2025

2025

现金及现金等价物 · $15,852 · $24,747 计入预付费用及其他流动资产的受限现金 · 67 · 182 计入其他资产的受限现金 · 689 · 195 合并现金流量表中列示的总额 · $16,608 · $25,124

Cash and cash equivalents · $15,852 · $24,747 Restricted cash included in prepaid expenses and other current assets · 67 · 182 Restricted cash included in other assets · 689 · 195 Total as presented in the consolidated statements of cash flows · $16,608 · $25,124

#### 重要会计政策

#### Significant Accounting Policies

公司重大会计政策较年度合并

There have been no material changes to the Company’s significant accounting policies from the annual consolidated

截至 2025 年 12 月 31 日止年度的财务报表 · 。

financial statements for the year ended December 31, 2025 · .

#### 近期会计公告

#### Recent Accounting Pronouncements

2025 年 12 月，FASB 发布了 ASU 第 2025-11 号《中期报告（主题 270）：窄范围改进》。该 ASU 通过提升所要求中期披露的可导航性并明确该指引的适用情形，改进了主题 270 中的指引。该修订还就中期报告期间应提供哪些披露提供了额外指引。该修订在主题 270 中新增了一项原则，要求主体披露自上一会计年度报告期末以来对主体具有重大影响的事项。该 ASU 对自 2027 年 12 月 15 日之后开始的会计年度内的中期报告期间生效。采用该 ASU 时，可对未来期间适用，也可对财务报表中所列报的任何或全部前期进行追溯适用，并允许提前采用。公司目前正在评估该 ASU 的规定，并预计该 ASU 不会对合并财务报表产生重大影响。

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively or retrospectively to any or all prior periods presented in the financial statements, and early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.

近期采用的会计公告

Recently adopted accounting pronouncements

2025 年 7 月，FASB 发布了 ASU 第 2025-05 号《金融工具——信用损失（主题 326）：应收账款和合同资产的信用损失计量》。本次更新中的修订提供了一项实务便捷方法，允许主体在估计当前分类的应收账款和合同资产的预期信用损失时，假设资产负债表日的状况在资产整个存续期内保持不变。本公司自 2026 年 1 月 1 日起以未来适用法采用该 ASU。尽管采用了该 ASU，本公司并未选择该 ASU 所允许的实务便捷方法。因此，该采用对合并财务报表没有影响。

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. The Company adopted this ASU on a prospective basis effective January 1, 2026. While this ASU was adopted, the Company did not elect the practical expedient permitted under this ASU. Therefore, the adoption has no impact on the consolidated financial statements.

附注 3 - 收入 Note 3 - Revenue

按产品和服务分类的收入如下：

Revenue disaggregated by products and services is as follows:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 产品 · $380 · $352 服务 · 4,314 · 3,715 总收入 · $4,694 · $4,067

2026 · 2025 Products · $380 · $352 Services · 4,314 · 3,715 Total revenues · $4,694 · $4,067

产品收入全部归属于连接业务板块。

All of products revenue is attributable to the Connectivity segment.

按类型和板块分类的收入如下：

Revenue disaggregated by type and segment is as follows:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 发射服务 · $330 · $566 发射与开发 · 289 · 299 太空 · 619 · 865 消费 · 2,148 · 1,492 企业与政府 (1) · 1,109 · 983 连接 · 3,257 · 2,475 广告 · 343 · 443 AI 解决方案与基础设施 · 475 · 284 AI · 818 · 727 总收入 · $4,694 · $4,067

2026 · 2025 Launch Services · $330 · $566 Launch & Development · 289 · 299 Space · 619 · 865 Consumer · 2,148 · 1,492 Enterprise & Government (1) · 1,109 · 983 Connectivity · 3,257 · 2,475 Advertising · 343 · 443 AI Solutions & Infrastructure · 475 · 284 AI · 818 · 727 Total revenues · $4,694 · $4,067

___________________

___________________

(1) 企业与政府收入包括来自 Starlink Mobile 服务产品的收入。

(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.

#### 递延收入

#### Deferred revenue

递延收入在公司履约之前收到或应收现金付款时予以记录。递延收入主要与太空协议以及连接业务的企业和政府合同相关。截至 2025 年 12 月 31 日的递延收入总额为 $12,116 million，其中 $1,165 million 已于截至 2026 年 3 月 31 日的三个月内确认为收入。截至 2026 年 3 月 31 日的递延收入总额为 $13,236 million。

Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance. Deferred revenue primarily relates to Space agreements and Connectivity enterprise and government contracts. Total deferred revenue as of December 31, 2025 was $12,116 million, of which $1,165 million was recognized as revenue for the three months endedMarch 31, 2026. Total deferred revenue as of March 31, 2026 was $13,236 million .

#### 积压订单

#### Backlog

公司的积压订单代表尚待履行的客户履约义务的交易价格。积压订单金额随新合同或现有合同的增加而增加，并随现有合同收入的确认而减少。当达成可强制执行协议时，合同即计入积压订单。积压订单不包括在交付时即开票并确认的履约义务相关金额、不构成重大权利的可选购买，以及受限制的任何可变对价估计金额。截至 2026 年 3 月 31 日，积压订单总额为 $27,621 million，其中 $13,236 million 于 2026 年 3 月 31 日确认为递延收入。预计约 36% 将在一年内确认，约 46% 将在一年至

The Company’s backlog represents the transaction price of performance obligations to customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable agreement has been reached. Backlog does not include amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights and any estimated amounts of variable consideration that are subject to constraint. Backlog totaled $27,621 million as of March 31, 2026, of which $13,236 million was recognized as deferred revenue at March 31, 2026. Approximately 36% is expected to be recognized within one year, and approximately 46% is expected to be recognized between one and

三年内确认，其余 · 18% 将在其后确认。

three years, with the remaining · 18% to be recognized thereafter.

附注 4 - 存货 Note 4 - Inventory

存货由以下各项构成：

Inventory consists of the following:

**2026 年 3 月 31 日**

**March 31, 2026**

2025 年

2025

原材料 · $1,054 · $1,030 在产品 · 835 · 803 产成品 · 699 · 583 存货 · $2,588 · $2,416

Raw materials · $1,054 · $1,030 Work-in-progress · 835 · 803 Finished goods · 699 · 583 Inventory · $2,588 · $2,416

附注 5 - 物业、厂房及设备净额 Note 5 - Property, Plant, and Equipment, Net

物业、厂房及设备净额由以下各项构成：

Property, plant, and equipment, net consist of the following:

**2026 年 3 月 31 日**

**March 31, 2026**

2025 年

2025

服务器及网络设备 · $23,850 · $22,694 卫星 · 12,893 · 11,949 机器及设备 · 8,020 · 6,343 数据中心基础设施 · 2,965 · 2,960 发射场 · 2,479 · 2,404 土地、建筑物及改良 (1) · 2,018 · 1,876 飞行器硬件 · 1,459 · 1,689 租赁物改良 · 842 · 784 在建工程 · 14,045 · 4,604 物业、厂房及设备 · 68,571 · 55,303 减：累计折旧 · (14,692) · (12,701) 物业、厂房及设备净额 · $53,879 · $42,602

Servers and networking equipment · $23,850 · $22,694 Satellites · 12,893 · 11,949 Machinery and equipment · 8,020 · 6,343 Data center infrastructure · 2,965 · 2,960 Launch sites · 2,479 · 2,404 Land, buildings and improvements (1) · 2,018 · 1,876 Flight vehicle hardware · 1,459 · 1,689 Leasehold improvements · 842 · 784 Construction-in-progress · 14,045 · 4,604 Property, plant, and equipment · 68,571 · 55,303 Less: Accumulated depreciation · (14,692) · (12,701) Property, plant, and equipment, net · $53,879 · $42,602

__________________

__________________

(1) 土地不属于应计提折旧的资产。

(1) Land is not a depreciable asset.

在建工程主要包括正在进行的设施及设备建设与扩建，以及尚未投入使用的 AI 基础设施。

Construction in progress is primarily comprised of ongoing construction and expansion of the facilities and equipment as well as AI infrastructure that has not yet been placed in service.

截至 2026 年 3 月 31 日和 2025 年 3 月 31 日止三个月的折旧费用分别为 $2,329 百万和 $1,237 百万。

Depreciation expense for the three months ended March 31, 2026 and 2025 was $2,329 million and $1,237 million, respectively.

对于重大长期建设项目（如 AI 基础设施数据中心和发射设施），公司在建设期间将利息资本化。截至 2026 年 3 月 31 日止三个月，公司资本化了 $7 百万的利息，该金额已计入上述在建工程金额中。截至 2025 年 3 月 31 日止三个月，公司未

Interest is capitalized during the construction period for significant long term construction projects, such as the AI infrastructure data centers and launch facilities. For the three months ended March 31, 2026, the Company capitalized $7 million of interest, which is included in Construction-in-progress amounts above. No interest was

在截至 2025 年 3 月 31 日的三个月内资本化 · 。 截至 2025 年 3 月 31 日的三个月内，公司就太空板块受损飞行器的 核销确认了 $24 million 的减值费用。该等费用反映在合并经营报表中的 减值项目中。截至 2026 年 3 月 31 日的三个月内， 不存在与物业、厂房及设备相关的减值费用 · 。

capitalized during the three months ended March 31, 2025 · . For the three months ended March 31, 2025, the Company recorded impairment charges of $24 million related to the write off of damaged flight vehicles in the Space segment. These charges are reflected in Impairment in the consolidated statements of operations. There were no impairment charges related to Property, plant, and equipment during the three months ended March 31, 2026 · .

附注 6 - 无形资产及商誉 Note 6 - Intangible Assets and Goodwill

#### 无形资产

#### Intangible Assets

有限寿命无形资产由以下各项构成：

Finite-lived intangible assets consist of the following:

**2026 年 3 月 31 日**

**March 31, 2026**

加权平均可使用年限（年）账面原值 累计摊销 账面净值

Weighted- Average Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value

品牌 · 5.0 · $735 · $(367) · $368 用户基础 · 9.0 · 1,277 · (486) · 791 现有技术 · 3.0 · 27 · (17) · 10 广告客户关系 · 5.0 · 745 · (510) · 235 收购的员工队伍 · 2.0 · 11 · (2) · 9 合计 · $2,795 · $(1,382) · $1,413

Brand · 5.0 · $735 · $(367) · $368 User base · 9.0 · 1,277 · (486) · 791 Existing technology · 3.0 · 27 · (17) · 10 Advertising customer relationships · 5.0 · 745 · (510) · 235 Acquired workforce · 2.0 · 11 · (2) · 9 Total · $2,795 · $(1,382) · $1,413

**2025 年 12 月 31 日**

**December 31, 2025**

加权平均可使用年限（年）账面原值 累计摊销 账面净值

Weighted- Average Useful Life (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value

品牌 · 5.0 · $743 · $(335) · $408 用户基础 · 9.0 · 1,291 · (456) · 835 现有技术 · 3.2 · 27 · (16) · 11 广告客户关系 · 5.0 · 752 · (478) · 274 收购的员工队伍 · 2.0 · 9 · — · 9 合计 · $2,822 · $(1,285) · $1,537

Brand · 5.0 · $743 · $(335) · $408 User base · 9.0 · 1,291 · (456) · 835 Existing technology · 3.2 · 27 · (16) · 11 Advertising customer relationships · 5.0 · 752 · (478) · 274 Acquired workforce · 2.0 · 9 · — · 9 Total · $2,822 · $(1,285) · $1,537

与有限寿命无形资产相关的摊销费用在三个期间内分别为 $113 million 和 $206 million

Amortization expense associated with finite-lived intangible assets was $113 million and $206 million in the three

截至 2026 年 3 月 31 日及 · 2025 年 3 月 31 日的各月。 公司还拥有使用寿命不确定的无形资产，金额为 · 截至 2026 年 3 月 31 日和 2025 年 3 月 31 日分别为 $19 million 和 $11 million 不确定寿命无形资产主要包括商号和域名，预计将带来长期的品牌和营销效益。 这些名称预计将带来长期的品牌和营销效益。

months endedMarch 31, 2026 and · 2025, respectively. The Company also has indefinite-lived intangible assets of · $19 million and $11 million as of March 31, 2026 and December 31, 2025, respectively. Indefinite-lived intangible assets primarily consist of trade names and domain names, which are expected to provide long-term branding and marketing benefits.

#### 商誉

#### Goodwill

商誉的活动情况如下：

The activity for goodwill is as follows:

截至 2025 年 12 月 31 日余额 业务合并 · 3 累计折算调整 · (131) 截至 2026 年 3 月 31 日余额 · $11,681

Balance at December 31, 2025 Business combination · 3 Cumulative translation adjustments · (131) Balance at March 31, 2026 · $11,681

截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，归属于互联互通分部的商誉分别为 $515 million 和 $513 million，归属于 AI 分部的商誉分别为 $11,166 million 和 $11,296 million。

As of March 31, 2026 and December 31, 2025, goodwill attributable to the Connectivity segment was $515 million and $513 million, respectively, and goodwill attributable to the AI segment was $11,166 million and $11,296 million, respectively.

附注 7 - 金融工具 Note 7 - Financial Instruments

公司以经常性基础按公允价值计量的资产如下：

The Company’s assets that are measured at fair value on a recurring basis are as follows:

**2026 年 3 月 31 日**

**March 31, 2026**

层级 · 成本 · 未实现收益 · 未实现损失 · 公允价值

Level · Cost · Unrealized Gain · Unrealized Loss · Fair Value

现金及现金等价物 Cash and cash equivalents

现金 · I · 7,181 · — · — · 7,181 货币市场基金 · I · 6,950 · — · — · 6,950 政府证券 · II · 1,721 · — · — · 1,721

Cash · I · 7,181 · — · — · 7,181 Money market funds · I · 6,950 · — · — · 6,950 Government securities · II · 1,721 · — · — · 1,721

有价证券 Marketable securities

政府证券 · II · 7,823 · — · 0 · 7,823

Government securities · II · 7,823 · — · 0 · 7,823

流动资产 current assets

受限现金 · I · 15 · — · — · 15 货币市场基金中的受限现金 I · 52 · — · — · 52

Restricted cash · I · 15 · — · — · 15 Restricted cash in money market funds I · 52 · — · — · 52

其他资产 Other assets

受限现金 · I · 512 · — · — · 512 货币市场基金中的受限现金 I · 146 · — · — · 146 政府证券中的受限现金 II · 31 · — · — · 31 合计 · $24,431 · $— · $— · $24,431

Restricted cash · I · 512 · — · — · 512 Restricted cash in money market funds I · 146 · — · — · 146 Restricted cash in government securities II · 31 · — · — · 31 Total · $24,431 · $— · $— · $24,431

**2025 年 12 月 31 日**

**December 31, 2025**

层级 · 成本 · 未实现收益 未实现损失 · 公允价值

Level · Cost · Unrealized Gain Unrealized Loss · Fair Value

现金及现金等价物 Cash and cash equivalents

现金 · I · $3,408 · $— · $— · $3,408 货币市场基金 · I · 21,339 · — · — · 21,339

Cash · I · $3,408 · $— · $— · $3,408 Money market funds · I · 21,339 · — · — · 21,339

流动资产 current assets

受限现金 · I · 30 · — · — · 30 货币市场基金 · I · 152 · — · — · 152

Restricted cash · I · 30 · — · — · 30 Money market funds · I · 152 · — · — · 152

其他资产 Other assets

受限现金 · I · 182 · — · — · 182 货币市场基金中的受限现金 I · 13 · — · — · 13 合计 · $25,124 · $— · $— · $25,124

Restricted cash · I · 182 · — · — · 182 Restricted cash in money market funds I · 13 · — · — · 13 Total · $25,124 · $— · $— · $25,124

截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，公司还持有 18,712 单位比特币，成本基础为 $661 百万，公允价值分别为 $1,293 百万和 $1,637 百万。这些数字资产的公允价值采用公允价值层级中的第 I 级确定。

As of March 31, 2026 and December 31, 2025, the Company also held 18,712 units of Bitcoin with a cost basis of $661 million and fair value of $1,293 million and $1,637 million, respectively. The fair value of these digital assets is determined using Level I in the fair value hierarchy.

附注 8 - 对非合并联营企业的投资 Note 8 - Investments in Unconsolidated Affiliates

#### 权益法投资

#### Equity method investment

截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，公司持有对 Stateline Power, LLC 的投资，该投资按权益法核算，金额分别为 $80 million 和 $86 million。

As of March 31, 2026 and December 31, 2025, the Company held an investment in Stateline Power, LLC, which is accounted for as an equity method investment, of $80 million and $86 million, respectively.

#### 无 readily determinable 公允价值的权益投资

#### Equity investments without readily determinable fair value

截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，公司持有对非合并关联方的投资，该等投资按无 readily determinable 公允价值的权益投资核算，金额分别为 $168 million 和 $157 million。截至 2026 年 3 月 31 日，公司就该等投资累计录得向下调整 $59 million。截至 2026 年 3 月 31 日和 2025 年 3 月 31 日止三个月期间，该等投资的向上调整或减值均不重大。

As of March 31, 2026 and December 31, 2025, the Company held investments in unconsolidated affiliates which are accounted for as equity investments without readily determinable fair values of $168 million and $157 million, respectively. The Company recorded cumulative downward adjustments of $59 million on these investments as of March 31, 2026. Upward adjustments or impairment on these investments during the three months ended March 31, 2026 and 2025 were not material.

附注 9 - 债务 Note 9 - Debt

**2026 年 3 月 31 日**

**March 31, 2026**

本金 · 未摊销

Principal · Unamortized

**递延**

**Deferred**

融资成本净额

Financing Costs Net

SpaceX 过桥贷款 · 20,000 · 21 · 19,979 X 2027 年和 X 2030 年票据 · 27 · — · 27 其他融资 (1) · 9,105 · — · 9,105 债务总额 · 29,132 · 21 · 29,111 融资租赁负债 · 1,154 · — · 1,154 债务及融资租赁总额 · 30,286 · 21 · 30,265 减：短期部分 · 1,538 · — · 1,538 债务及融资租赁总额，扣除流动部分 · $28,748 · $21 · $28,727

SpaceX Bridge Loan · 20,000 · 21 · 19,979 X 2027 and X 2030 Notes · 27 · — · 27 Other financings (1) · 9,105 · — · 9,105 Total debt · 29,132 · 21 · 29,111 Finance lease liability · 1,154 · — · 1,154 Total debt and finance leases · 30,286 · 21 · 30,265 Less: Short-term portion · 1,538 · — · 1,538 Total debt and finance leases, net of current · $28,748 · $21 · $28,727

**2025 年 12 月 31 日**

**December 31, 2025**

本金 · 未摊销

Principal · Unamortized

**递延**

**Deferred**

融资成本净额

Financing Costs Net

X 2027 年和 X 2030 年票据 · 27 · — · 27 X B-1 定期贷款 · 6,504 · 280 · 6,224 X B-3 定期贷款 · 5,966 · 54 · 5,912 xAI 固定利率定期贷款 · 995 · 4 · 991 xAI 浮动利率定期贷款 · 995 · 40 · 955 xAI 12.5% 有担保优先票据 · 3,000 · 12 · 2,988 其他融资 (1) · 4,562 · — · 4,562 债务总额 · 22,049 · 390 · 21,659 融资租赁负债 · 1,237 · — · 1,237 债务及融资租赁总额 · 23,286 · 390 · 22,896 减：短期部分 · 928 · — · 928 债务及融资租赁总额，扣除流动部分 · $22,358 · $390 · $21,968

X 2027 and X 2030 Notes · 27 · — · 27 X B-1 Term Loan · 6,504 · 280 · 6,224 X B-3 Term Loan · 5,966 · 54 · 5,912 xAI Fixed Rate Term Loan · 995 · 4 · 991 xAI Floating Rate Term Loan · 995 · 40 · 955 xAI 12.5% Secured Senior Notes · 3,000 · 12 · 2,988 Other financings (1) · 4,562 · — · 4,562 Total debt · 22,049 · 390 · 21,659 Finance lease liability · 1,237 · — · 1,237 Total debt and finance leases · 23,286 · 390 · 22,896 Less: Short-term portion · 928 · — · 928 Total debt and finance leases, net of current · $22,358 · $390 · $21,968

__________________

__________________

(1) 包括与某些 AI 基础设施资产相关的义务，该等资产被记录为失败的售后回租交易。更多详情请参阅下文“其他融资”。

(1) Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings below for additional details.

#### SpaceX 过桥贷款

#### SpaceX Bridge Loan

一般事项。2026 年 3 月，SpaceX 与一个贷款银团订立了一项新的过桥贷款信贷协议（“SpaceX 过桥贷款”），提供本金总额为 $20,000 million 的无担保过桥定期贷款融资。SpaceX 过桥贷款于 2027 年 9 月 2 日到期，公司可选择两次各三个月的展期，前提是不存在持续违约，并须就每次展期支付相当于未偿本金总额 0.25% 的展期费，最终展期到期日为 2028 年 3 月。

General. In March 2026, SpaceX entered into a new bridge loan credit agreement (the “SpaceX Bridge Loan”) with a syndicate of lenders, providing for an unsecured bridge term loan facility in an aggregate principal amount of $20,000 million. The SpaceX Bridge Loan matures on September 2, 2027, with two three-month extensions at the Company’s option, subject to the absence of a continuing default and the payment of an extension fee of 0.25% of the aggregate outstanding principal per extension, resulting in a final extended maturity date in March 2028.

所得款项用途。SpaceX 过桥贷款的所得款项用于偿还 X B-1 定期贷款、X B-3 定期贷款、xAI 固定利率贷款、xAI 浮动利率贷款及 xAI 12.5% 优先担保票据（定义及描述见下文）。剩余所得款项用于一般公司用途。

Proceeds. The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan, and the xAI 12.5% Senior Secured Notes (as defined and described below). The remaining proceeds were used for general corporate purposes.

利率。SpaceX 过桥贷款按公司选择，按年利率计息，利率等于 (i) Term SOFR 加适用利差 0.75%-1.75%（取决于公司的债务评级），或 (ii) 基准利率，即以下三者中的最高者：(a) 联邦基金利率加 0.5%,(b) 最优惠利率，(c) Term SOFR 加

Interest Rates. The SpaceX Bridge Loan bears interest, at the Company’s election, at a rate per annum equal to (i) Term SOFR plus an applicable margin ranging from 0.75%-1.75% (depending on the Company’s debt rating), or (ii) a base rate equal to the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus

1.00% 和 (d) · 1.00%，另加适用的利差，范围为 0.00% 至 · 0.75%（取决于公司的债务 评级）。此外，公司有义务就未偿本金支付相当于 0.125% 的期限费， 交割一周年之日以及交割十五个月周年之日未偿本金的 0.25%。 截至 2026 年 3 月 31 日，SpaceX 过桥贷款项下未偿借款的实际利率为 4.58%。 本金偿还。SpaceX 过桥贷款可随时全部或部分提前偿还，无需支付溢价 或罚款。公司须将某些债务融资的净收益用于偿还未偿金额 根据 SpaceX 过桥贷款，并将合格首次公开募股（“IPO”）的净收益用于偿还 在收到后的六个月内支付该等金额。 担保人与抵押物。本公司在 SpaceX 过桥贷款项下的义务由以下各方提供担保： 由 X Corp.、X.AI LLC 和 CTC Property LLC（均为公司子公司）承担连带责任。 契约条款。SpaceX 过桥贷款包含惯常的违约事件以及肯定性和否定性契约， 包括对留置权、子公司债务、根本性变更的限制(包括禁止 处置 Starlink 资产及合并集团以外的其他重大业务），以及 公司业务的性质。唯一的财务维持契约要求公司维持 合并杠杆率——定义为合并有资金支持的负债（扣除 85% 的未受限现金后的净额）与 合并 EBITDA（按 SpaceX 过桥贷款定义）——截至……结束时不超过 3.75 比 1.0

1.00% and (d) · 1.00%, plus an applicable margin ranging from 0.00% to · 0.75% (depending on the Company’s debt rating). In addition, the Company is obligated to pay duration fees equal to 0.125% of outstanding principal on the first anniversary of closing and 0.25% of outstanding principal on the fifteen-month anniversary of closing. The effective interest rate on outstanding borrowings under the SpaceX Bridge Loan was 4.58% as of March 31, 2026 . Principal Repayments. The SpaceX Bridge Loan may be prepaid at any time, in whole or in part, without premium or penalty. The Company is required to use the net proceeds of certain debt financings to repay amounts outstanding under the SpaceX Bridge Loan and to apply the net proceeds of a qualified initial public offering (“IPO”) to repay such amounts within six months following receipt. Guarantors and Collateral. The obligations of the Company under the SpaceX Bridge Loan are guaranteed on a joint and several basis by X Corp., X.AI LLC, and CTC Property LLC (each a subsidiary of the Company). Covenants. The SpaceX Bridge Loan contains customary events of default and affirmative and negative covenants, including restrictions on liens, subsidiary indebtedness, fundamental changes (including a prohibition on the disposition of Starlink assets and other material businesses outside the consolidated group), and changes in the nature of the Company’s business. The sole financial maintenance covenant requires the Company to maintain a Consolidated Leverage Ratio — defined as consolidated funded indebtedness (net of 85% of unrestricted cash) to Consolidated EBITDA (as defined in the SpaceX Bridge Loan) — of no greater than 3.75 to 1.0 as of the end of

各财季末，在完成至少 $1.0 billion 的合格收购后四个财季内临时上调至 4.25 比 1.0。截至 2026 年 3 月 31 日，公司遵守了各项承诺。

each fiscal quarter, with a temporary step-up to 4.25 to 1.0 for four fiscal quarters following a qualifying acquisition of at least $1.0 billion. The Company was in compliance with the covenants as of March 31, 2026.

会计处理。公司将 X B-1 定期贷款、X B-3 定期贷款、xAI 固定利率贷款、xAI 浮动利率贷款及 xAI 12.5% 优先担保票据的偿还作为债务清偿进行会计处理，由此产生 1,526 百万美元的清偿损失，计入其他费用净额。

Accounting Treatment. The Company accounted for the repayment of the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes as an extinguishment of debt, resulting in a loss on extinguishment of $1,526 million, recorded in Other expense, net .

#### SpaceX 信贷融资

#### SpaceX Credit Facility

概述。2025 年 2 月，公司与银团签订了为期五年的高级无担保循环信贷协议（“SpaceX 信贷融资”），根据该协议，公司可提取最高 1,500 百万美元，但须遵守惯常的财务契约及其他报告要求。除非各方同意延期，SpaceX 信贷融资于 2030 年 2 月 7 日终止，届时所有未偿还贷款到期应付。在截至 2026 年 3 月 31 日和 2025 年 3 月 31 日的三个月内，公司未在 SpaceX 信贷融资项下提取任何款项。

General. In February 2025, the Company entered into a five-year senior unsecured revolving credit agreement (“SpaceX Credit Facility”) with a syndicate of banks, under which the Company may draw up to $1,500 million, subject to a customary financial covenant and other reporting requirements. The SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on February 7, 2030, unless the parties agree to an extension. No amounts were borrowed under the SpaceX Credit Facility during the three months ended March 31, 2026 and 2025.

修订。2026 年 3 月，就公司签订 SpaceX 过桥贷款（定义见上文）事宜，公司与贷款方签订了《信贷协议第一修订案及豁免》（“第一修订案”）。第一修订案除其他事项外，(i) 豁免了某些特定违约，且 (ii) 修订了 SpaceX 信贷融资项下的某些定义和契约，以使其与 SpaceX 过桥贷款的条款保持一致。

Amendment. In March 2026, the Company entered into a First Amendment to Credit Agreement and Waiver (the “First Amendment”) with its lenders, in connection with the Company’s entry into the SpaceX Bridge Loan (as defined above). The First Amendment, among other things, (i) waived certain specified defaults and (ii) amended certain definitions and covenants under the SpaceX Credit Facility to conform to the terms of the SpaceX Bridge Loan.

利率。根据 SpaceX 信贷融资，借款按公司选择，按年利率计息：(i) 根据公司当前债务评级，在 0.75%-1.25% 之间，加上相关期限 SOFR，或 (ii) 根据公司当前债务评级，在 0.0%-0.25% 之间，加上以下较高者：(a) 联邦基金利率加 0.5%，(b) 最优惠利率，(c) 期限 SOFR 加 1.0%，以及 (d) 1.0%。公司还可按各种替代利率以各种替代货币借款，包括基于英镑贷款的 SONIA 和欧元贷款的 EURIBOR 的利率加上适用利差。未提取金额的费用为每年 0.07%-0.11%，具体取决于公司当前债务评级。利息按月或按季度支付，取决于利息贷款选项。

Interest Rates. Under the SpaceX Credit Facility, borrowings bear interest at the Company’s option, at a rate per annum of (i) between 0.75%-1.25%, depending on the Company’s current debt rating, plus the relevant Term SOFR or (ii) between 0.0%-0.25% depending on the Company’s current debt rating plus the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1.0%. The Company may also borrow in various alternative currencies at various alternative rates, including rates based on SONIA for Pound Sterling loans and EURIBOR for Euro loans plus an applicable margin. The fee for undrawn amounts is between 0.07%-0.11% per annum, depending on the Company’s current debt rating. Interest is payable either monthly or quarterly, depending on the interest loan option.

契约。截至 2026 年 3 月 31 日，公司遵守了各项契约；然而，当公司于 2026 年 2 月 2 日收购 xAI 时，由于作为收购一部分在子公司层面承担的债务金额，公司出现了技术性违约。2026 年 3 月 2 日，公司获得了银团的豁免，并修订了 SpaceX 信贷融资，允许于 2026 年 3 月 2 日完成债务再融资，从而使公司遵守所有契约。

Covenants. The Company was in compliance with the covenants as of March 31, 2026; however, the Company had a technical default when the Company acquired xAI on February 2, 2026 due to the amount of debt assumed as part of the acquisition at the subsidiary level. On March 2, 2026, the Company obtained a waiver from the syndicate of banks and amended the SpaceX Credit Facility allowing for the debt refinance completed on March 2, 2026, resulting in the Company being in compliance with all covenants.

#### X 2027 年和 2030 年票据

#### X 2027 and 2030 Notes

一般事项。2019 年，X 的一家子公司（为本公司的间接子公司）以非公开发行方式发行了本金总额为 $700 million 的 3.875% 于 2027 年到期的优先票据（“X 2027 票据”）。X 2027 票据于 2027 年 12 月 15 日到期。2022 年，X 的一家子公司以非公开发行方式发行了本金总额为 $1,000 million 的 5.000% 于 2030 年到期的优先票据（“X 2030 票据”）。X 2030 票据于 2030 年 3 月 1 日到期。X 2027 票据和 X 2030 票据构成本公司的优先无担保债务。

General. In 2019, a subsidiary of X, an indirect subsidiary of the Company, issued $700 million aggregate principal amount of 3.875% senior notes due 2027 (the “X 2027 Notes”) in a private placement. The X 2027 Notes mature on December 15, 2027. In 2022, a subsidiary of X issued $1,000 million aggregate principal amount of 5.000% senior notes due 2030 (the “X 2030 Notes”) in a private placement. The X 2030 Notes mature on March 1, 2030. The X 2027 and X 2030 Notes represent senior unsecured obligations of the Company.

利率。X 2027 票据的利率固定为年利率 3.875%，利息于每年 6 月 15 日和 12 月 15 日每半年期末支付。X 2030 票据的利率固定为年利率 5.000%，利息于每年 3 月 1 日和 9 月 1 日每半年期末支付。

Interest Rates. For the X 2027 Notes, the interest rate is fixed at 3.875% per annum and interest is payable semi-annually in arrears on June 15 and December 15 of each year. For the X 2030 Notes, the interest rate is fixed at 5.000% per annum and interest is payable semi-annually in arrears on March 1 and September 1 of each year.

本金偿还。2022 年 11 月，公司购买了合计本金金额约 $675 million 的 X 2027 年票据和 $998 million 的 X 2030 年票据，以了结 Twitter 控制权变更事项。剩余未偿还的 X 2027 年票据和 X 2030 年票据可由公司选择，分别于 2027 年 9 月 15 日和 2029 年 12 月 1 日之前的任何时间全部或部分赎回，赎回价格等于本金金额的 100.0% 加上“全额补偿”溢价以及截至但不包括赎回日的应计未付利息（如有）。

Principal Repayments. In November 2022, the Company purchased approximately $675 million aggregate principal amount of X 2027 Notes and $998 million aggregate principal amount of the X 2030 Notes in settlement of the change in control of Twitter. The X 2027 Notes and X 2030 Notes that remain outstanding may be redeemed at the option of the Company, in whole or in part, at any time prior to September 15, 2027 and December 1, 2029, respectively, at a price equal to 100.0% of the principal amounts plus a “make-whole” premium and accrued and unpaid interest, if any, up to, but excluding, the redemption date.

契约条款。截至 2026 年 3 月 31 日，本公司遵守了各项契约条款。

Covenants. The Company was in compliance with the covenants as of March 31, 2026 .

#### X 第一留置权优先信贷融资

#### X First Lien Senior Credit Facilities

一般事项。2022 年，公司的一家间接子公司 X Corp. 签订了第一留置权信贷协议，该协议提供了一笔 6,705 百万美元的新定期贷款承诺（“X B-1 定期贷款”）以及一笔 500 百万美元的有担保第一留置权循环信贷融资（包括一个总面值最高为 100 百万美元的信用证子融资）（合称“X 第一留置权优先信贷融资”）。有担保第一留置权循环信贷融资于 2027 年 10 月 27 日到期，X B-1 定期贷款于 2029 年 10 月 27 日到期。

General. In 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Credit Agreement which provided for a new term loan commitment of $6,705 million (“X B-1 Term Loan”) and a $500 million Secured First Lien Revolving Credit Facility (including a letter of credit subfacility with an aggregate face value of up to $100 million) (together referred to as “X First Lien Senior Credit Facilities”). The Secured First Lien Revolving Credit Facility matures on October 27, 2027 and the X B-1 Term Loan matures on October 27, 2029.

修订。2025 年 2 月，公司间接子公司 X Corp.修订了 X 第一留置权优先信贷融资，并签订了一项新的定期贷款承诺，金额为$4,741 million，到期日为 2029 年 10 月 27 日（“X B-3 定期贷款”），并将有担保第一留置权循环信贷融资承诺降至$0。作为 X B-3 定期贷款发行的一部分，公司须支付安排费$51 million，该费用应于 2027 年 2 月 19 日到期支付。2025 年 4 月，公司就 X B-3 定期贷款签订了一项修订，以相同条款和条件增加承诺$1,225 million，使

Amendments. In February 2025, X Corp., an indirect subsidiary of the Company, amended the X First Lien Senior Credit Facilities and entered into a new term loan commitment for $4,741 million with a maturity date of October 27, 2029 (“X B-3 Term Loan”) and reduced the Secured First Lien Revolving Credit Facility commitment to $0 . As part of the issuance of the X B-3 Term Loan, the Company is required to pay an arrangement fee of $51 million, which is due and payable on February 19, 2027. In April 2025, the Company entered into an amendment to the X B-3 Term Loan for an additional commitment of $1,225 million with the same terms and conditions, increasing the

X B-3 定期贷款借款总额增至 $5,966 百万 · 。 利率。X B-1 定期贷款的年利率最初为经调整的 Term SOFR 加 6.50%。第一留置权担保循环信贷额度的年利率最初为经调整的 Term SOFR 加 4.50%，并根据杠杆率分档下调。第一留置权担保 循环信贷额度项下的未提取承诺须按每年 0.50% 支付未使用承诺费，并根据季度 杠杆率分档下调。X B-3 定期贷款的年利率为固定利率 9.50%。X B-1 定期贷款和 X B-3 定期贷款的利息由公司选择按月、按季或每半年支付。 本金偿还。2026 年 3 月 2 日，公司偿还了全部未偿本金余额及应计 利息，其中包括 $425 百万的提前还款罚金，从而导致 X B-1 定期贷款 和 X B-3 定期贷款清偿完毕。X B-1 定期贷款可随时全部或部分偿还，无需支付溢价或 罚金，但须自截至 2023 年 3 月 31 日的财季最后一日开始，按季度强制偿还本金， 金额相当于其项下借款原始本金金额的 0.25%, 未偿余额在其最终到期日支付。X B-1 定期贷款还须遵守 惯常的额外强制提前还款条款，即从某些债务发行和资产出售的收益中提前还款， 以及按超额现金流的一定比例进行扫款，但须遵守某些基于杠杆率的分档下调及例外情形。 X B-3 定期贷款在 2026 年 10 月 27 日之前的提前还款罚金为未偿本金的 107.13%, 在 2027 年 10 月 27 日之前为未偿本金的 104.75%，在 2028 年 10 月 27 日之前为未偿本金的 102.38%。 担保人与抵押品。第一留置权优先信贷融资项下的义务由 X 提供担保，并

total X B-3 Term Loan borrowings to $5,966 million · . Interest Rates. The X B-1 Term Loan bore interest at a rate per annum of, initially, adjusted Term SOFR plus 6.50%. The Secured First Lien Revolving Credit Facility bore interest at a rate per annum of, initially, an adjusted Term SOFR plus 4.50%, with leverage-based step-downs. Undrawn commitments under the Secured First Lien Revolving Credit Facility were subject to an unused commitment fee of 0.50% per annum, subject to quarterly leverage based step-downs. The X B-3 Term Loan had a fixed interest rate of 9.50% per annum. Interest on the X B-1 Term Loan and X B-3 Term Loan was payable monthly, quarterly, or bi-annually at the option of the Company. Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $425 million, resulting in the extinguishment of the X B-1 Term Loan and X B-3 Term Loan. The X B-1 Term Loan was repayable at any time, in whole or in part, without premium or penalty, subject to mandatory quarterly prepayments of principal beginning on the last day of the fiscal quarter ended March 31, 2023, in amounts equal to 0.25% of the original principal amount of borrowings thereunder, with the unpaid balance being payable on the final maturity date thereof. The X B-1 Term Loan was also subject to additional customary mandatory prepayment provisions from the proceeds of certain debt issuances and asset sales, as well as sweeps of a portion of excess cash flow, subject to certain leverage-based step-downs and exceptions. The X B-3 Term Loan had prepayment penalties of 107.13% of the outstanding principal before October 27, 2026, 104.75% of the outstanding principal before October 27, 2027, and 102.38% of the outstanding principal before October 27, 2028. Guarantors and Collateral. Obligations under the First Lien Senior Credit Facilities were guaranteed by X, and were

由对 X 及其子公司实质上全部资产享有第一优先留置权作为担保（受惯常例外情况约束）。

collateralized by a first priority lien on substantially all of the assets of X and its subsidiaries (subject to customary exceptions).

#### xAI 第一留置权信贷协议

#### xAI First Lien Credit Agreement

一般事项。2025 年 6 月，本公司间接子公司 X.AI Corp. 与 X.AI LLC 签订了第一留置权信贷协议，以提供最高 $2,000 million 的借款。本公司签署了一笔 $1,000 million、于 2030 年 6 月 30 日到期的固定利率定期贷款（“xAI 固定利率定期贷款”）；以及一笔 $1,000 million、于 2030 年 6 月 30 日到期的浮动利率定期贷款（“xAI 浮动利率定期贷款”）。

General. In June 2025, X.AI Corp. and X.AI LLC, indirect subsidiaries of the Company, entered into the First Lien Credit Agreement to provide borrowings up to $2,000 million. The Company executed a $1,000 million Fixed Rate Term Loan maturing on June 30, 2030 (“xAI Fixed Rate Term Loan”); and a $1,000 million Floating Rate Term Loan maturing on June 30, 2030 (“xAI Floating Rate Term Loan”).

利率。xAI 固定利率定期贷款的年固定利率为 12.50%,xAI 浮动利率定期贷款的年浮动利率为 Term SOFR 加 7.25% 或 ABR 加 6.25%。xAI 固定利率定期贷款的利息自 2026 年 1 月 31 日起，于每年 1 月 31 日和 7 月 31 日每半年支付一次。xAI 浮动利率定期贷款的利息由公司选择按月、按季度或每半年支付。

Interest Rates. The xAI Fixed Rate Term Loan had a fixed interest rate of 12.50% per annum and the xAI Floating Rate Term Loan had a floating interest rate per annum of Term SOFR plus 7.25% or ABR plus 6.25%. Interest on the xAI Fixed Rate Term Loan was payable bi-annually on January 31 and July 31, commencing on January 31, 2026. Interest on the xAI Floating Rate Term loan was payable monthly, quarterly, or bi-annually at the option of the Company.

本金偿还。2026 年 3 月 2 日，公司偿还了全部未偿本金余额及应计利息，其中包括 221 百万美元的提前还款罚金，从而导致 xAI 固定利率定期贷款和 xAI 浮动利率定期贷款被清偿。xAI 固定利率定期贷款和 xAI 浮动利率定期贷款规定，在 2027 年 6 月 30 日之前提前还款的罚金为未偿本金余额的 103%，在 2028 年 6 月 30 日之前提前还款的罚金为未偿本金余额的 101%。

Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $221 million, resulting in the extinguishment of the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan. The xAI Fixed Rate Term Loan and the xAI Floating Rate Term Loan had prepayment penalties of 103% on the principal outstanding balance prior to June 30, 2027 and 101% on the principal outstanding balance prior to June 30, 2028.

担保人。xAI 固定利率定期贷款和 xAI 浮动利率定期贷款项下的义务由 X.AI Corp.及 X.AI Corp.的下列子公司共同及各别提供担保：AIQ Phase LLC、CTC Holding LLC、CTC、LLZ Build LLC 和 MZX。

Guarantors. Obligations under the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan were guaranteed each jointly and severally by X.AI Corp. and the following subsidiaries of X.AI Corp.: AIQ Phase LLC, CTC Holding LLC, CTC, LLZ Build LLC, and MZX.

#### xAI 12.5%有担保优先票据

#### xAI 12.5% Secured Senior Notes

一般事项。2025 年 6 月，本公司间接子公司 X.AI LLC 及 X.AI Co Issuer Corp 发行了本金总额 3,000 百万美元、年利率 12.5%、于 2030 年到期的优先担保票据（“xAI 12.5% 优先担保票据”）。该等优先担保票据按本金金额的 100% 发行，全部本金金额将于 2030 年 6 月 30 日到期。

General. In June 2025, X.AI LLC and, X.AI Co Issuer Corp, indirect subsidiaries of the Company, issued $3,000 million aggregate principal amount of 12.5% interest Senior Secured Notes due in 2030 (“xAI 12.5% Senior Secured Notes”). The Senior Secured Notes were issued at 100% of the principal amount and the entire principal amount will be due on June 30, 2030.

利率。xAI 12.5%优先有担保票据的固定年利率为 12.50%。利息每半年于 1 月 15 日和 7 月 15 日支付，自 2026 年 1 月 15 日开始。

Interest Rates. The xAI 12.5% Senior Secured Notes had a fixed interest rate of 12.50% per annum. Interest was payable bi-annually on January 15 and July 15, commencing on January 15, 2026.

本金偿还。2026 年 3 月 5 日，公司偿还了全部未偿本金余额及应计利息，其中包括 518 百万美元的提前还款罚金，从而导致 xAI 12.5% 优先担保票据的清偿。xAI 12.5% 优先担保票据规定，在 2027 年 7 月 15 日之前对未偿本金余额收取 106.25% 的提前还款罚金，在 2028 年 7 月 15 日之前对未偿本金余额收取 103.13% 的提前还款罚金。

Principal Repayments. On March 5, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $518 million, resulting in the extinguishment of the xAI 12.5% Senior Secured Notes . The xAI 12.5% Senior Secured Notes had prepayment penalties of 106.25% on the principal outstanding balance prior to July 15, 2027 and 103.13% on the principal outstanding balance prior to July 15, 2028.

担保人。xAI 12.5%优先有担保票据项下的义务由 xAI 及 xAI 的下列子公司共同及各别提供担保：AIQ Phase LLC、CTC Holding LLC、CTC、LLZ Build LLC 和 MZX。

Guarantors. Obligations under the xAI 12.5% Senior Secured Notes were guaranteed each jointly and severally by xAI and the following subsidiaries of xAI: AIQ Phase LLC, CTC Holding LLC, CTC, LLZ Build LLC, and MZX.

#### xAI 循环信贷额度

#### xAI Revolving Line of Credit

一般事项。2024 年 4 月，公司的一家间接子公司——xAI 的一家子公司——签订了一项最高借款额度为 $250 million 的循环信贷额度，并于 2026 年 3 月前进行了修订。在截至 2026 年 3 月 31 日和 2025 年 3 月 31 日的三个月内，公司在该信贷额度下没有借款。

General. In April 2024 and amended through March 2026, a subsidiary of xAI, an indirect subsidiary of the Company, entered into a revolving line of credit up to borrowing capacity of $250 million. The Company had no borrowings under the line of credit during the three months ended March 31, 2026 and 2025.

利率。任何借款的利息按 30 日平均 SOFR 加上国际掉期与衍生工具协会利差调整，再加 40 个基点的利差计算。

Interest Rates. Interest on any borrowings is calculated based on the 30-day average SOFR plus the International Swaps and Derivatives Association spread adjustment plus a spread of 40 basis points.

担保人与抵押品。该协议允许借款金额不超过托管持有的质押抵押品价值减去任何未偿贷款余额、应计利息和费用后的金额。质押抵押品由 xAI 托管账户中持有的证券组成。

Guarantors and Collateral. The agreement permits borrowings up to the value of the pledged collateral held in custody, less any outstanding loan balances, accrued interest, and fees. The pledged collateral consisted of securities held in xAI’s custodial account.

#### 其他融资

#### Other Financings

公司已签订多项其他融资安排，通常以特定机器和设备作为抵押。截至 2026 年 3 月 31 日和 2025 年 12 月 31 日，这些安排的平均固定利率分别为每年 4.4% 和 5.5%，本金和利息按月支付，并在某些情况下于期末一次性支付。

The Company has entered into various other financing arrangements, generally collateralized by specific machinery and equipment. These arrangements have an average fixed interest rate of 4.4% and 5.5% per annum as of March 31, 2026 and December 31, 2025, respectively, with principal and interest payments due monthly, and in certain instances, a lump sum payment at the end of term.

此外，在 2025 年 11 月和 2026 年 1 月，CTC 完成了其 AI 基础设施资产的售后回租交易，这些交易本应被视为融资租赁，从而导致售后回租交易失败。因此，公司就这两项失败的售后回租交易，在截至 2026 年 3 月 31 日的合并资产负债表中，分别将相关债务 $1,121 million 和 $7,920 million 计入“债务及融资租赁，流动”和“债务及融资租赁，扣除流动部分”。更多详情请参阅附注 17“关联方交易”。

In addition, in November 2025 and January 2026, CTC completed sale-leaseback transactions for its AI infrastructure assets which would have been deemed finance leases resulting in failed sale-leaseback transactions. As a result, the Company recorded the related debt of $1,121 million and $7,920 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheets as of March 31, 2026 for these two failed sale-leaseback transactions. Refer to Note 17, Related Party Transactions for additional details.

截至 2026 年 3 月 31 日，债务的未来预定本金到期情况如下：

The future scheduled principal maturities of debt as of March 31, 2026 are as follows:

2026 年（剩余九个月） · 2027 · 21,540 · 2028 · 1,938 · 2029 · 2,393 · 2030 · 2,460 此后 · — 合计 · $29,132

2026 (remaining nine months) · 2027 · 21,540 · 2028 · 1,938 · 2029 · 2,393 · 2030 · 2,460 Thereafter · — Total · $29,132

附注 10 - 租赁 Note 10 - Leases

租赁费用各组成部分在合并经营报表中列示如下：

The components of lease expense are as follows within the consolidated statements of operations:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 经营租赁费用： 经营租赁费用 · $107 · $120 短期租赁成本 · 113 · 29 可变租赁成本 · 31 · 23 经营租赁费用合计 · 251 · 172 融资租赁费用： 租赁资产摊销 · $79 · $84 租赁负债利息 · 68 · 85 融资租赁费用合计 · 147 · 169 租赁费用合计 · $398 · $341

2026 · 2025 Operating lease expense: Operating lease expense · $107 · $120 Short-term lease cost · 113 · 29 Variable lease cost · 31 · 23 Total operating lease expense · 251 · 172 Finance lease expense: Amortization of leased assets · $79 · $84 Interest on lease liabilities · 68 · 85 Total finance lease expense · 147 · 169 Total lease expense · $398 · $341

截至 2026 年 3 月 31 日的三个月内，公司租赁组合未发生重大变化

During the three months ended March 31, 2026, there has been no material changes in the Company’s lease portfolio

自 2025 年 12 月 31 日 · 起。

since December 31, 2025 · .

附注 11 - 资产负债表组成部分 Note 11 - Balance Sheet Components

某些财务报表细节如下：

Certain financial statement details are as follows:

**2026 年 3 月 31 日**

**March 31, 2026**

2025

2025

预付费用及其他流动资产 Prepaid expenses and other current assets

税务相关资产 · $690 · $618 未开票应收款项 · 275 · 223 返利与抵免 · 109 · 597 受限现金及存款 · 67 · 182 其他 · 495 · 590 预付费用及其他流动资产 · $1,636 · $2,210

Tax related assets · $690 · $618 Unbilled receivables · 275 · 223 Rebates and credits · 109 · 597 Restricted cash and deposits · 67 · 182 Other · 495 · 590 Prepaid expenses and other current assets · $1,636 · $2,210

应计费用及其他流动负债 Accrued expenses and other current liabilities

应计基础设施采购 · $2,669 · $— 税务相关负债 · 601 · 563 应付薪酬及员工福利 · 436 · 322 经营租赁负债，流动 · 338 · 422 重组负债 · 220 · 339 应计利息 · 68 · 416 其他流动负债 · 1,357 · 507 应计费用及其他流动负债 · $5,689 · $2,569

Accrued infrastructure purchases · $2,669 · $— Tax related liabilities · 601 · 563 Payroll & employee benefit accruals · 436 · 322 Operating lease liabilities, current · 338 · 422 Restructuring liabilities · 220 · 339 Accrued interest · 68 · 416 Other current liabilities · 1,357 · 507 Accrued expenses and other current liabilities · $5,689 · $2,569

附注 12 - 可赎回可转换优先股及股东权益 Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity

#### SpaceX 优先股与普通股

#### SpaceX Preferred and Common Stock

公司共有五类股票——四类被指定为 A 类普通股（“A 类”）、B 类普通股（“B 类”）、C 类普通股（“C 类”）、D 类普通股（“D 类”）（合称“SpaceX 普通股”），以及一类被指定为优先股并细分为若干系列的可赎回可转换优先股（合称“SpaceX 可赎回可转换优先股”）。所有对“类”的引用均指 SpaceX 普通股的该特定类别，所有对“系列”的引用均指 SpaceX 可赎回可转换优先股的该特定系列。

The Company has five classes of stock - four classes to be designated Class A common stock (“Class A”), Class B common stock (“Class B”), Class C common stock (“Class C”), Class D common stock (“Class D”) (collectively the “SpaceX Common Stock”), and one class of stock to be designated preferred stock and subdivided into several series of redeemable convertible preferred stock (collectively the “SpaceX Redeemable Convertible Preferred Stock”). All references to “Class” refer to that particular class of SpaceX Common Stock and all references to “Series” refer to that particular series of SpaceX Redeemable Convertible Preferred Stock.

截至 2026 年 3 月 31 日，公司获授权发行的 SpaceX 普通股总数为 54,657 百万股，每股面值为 $0.001，但 D 类除外，其面值为每股 $0.0001。其中 36,132 百万股为 A 类，6,125 百万股为 B 类，10,000 百万股为 C 类，2,400 百万股为 D 类。公司获授权发行的 SpaceX 可赎回可转换优先股总数为 2,607 百万股，其中 2,400 百万股为未指定类别。

As of March 31, 2026, the total number of shares of SpaceX Common Stock the Company is authorized to issue is 54,657 million shares, each with a par value of $0.001 per share, except for Class D, which has a par value of $0.0001 per share. 36,132 million shares are Class A, 6,125 million shares are Class B, 10,000 million shares are Class C, and 2,400 million shares are Class D. The total number of SpaceX Redeemable Convertible Preferred Stock that the Company is authorized to issue is 2,607 million shares, of which 2,400 million shares are undesignated.

除下文所述扩大的转换权外，截至 3 月 31 日的三个月内，SpaceX 可转换可赎回优先股和 SpaceX 普通股的股息条款、清算优先权、转换权、赎回权或投票权均无变化，

With the exception of the expanded conversion rights described below, there were no changes to the dividend provisions, liquidation preferences, conversion rights, redemption rights or the voting rights of the SpaceX Convertible Redeemable Preferred Stock and SpaceX Common Stock during the three months ended March 31,

2026 · 。 2026 年 5 月，董事会批准了 2026 年股票拆分，据此，已发行在外的每一股 A 类、B 类和 C 类 SpaceX 普通股均拆分为五股同一类别的 SpaceX 普通股。

2026 · . In May 2026, the Board approved the 2026 Stock Split, pursuant to which each share of the Class A, Class B, and Class C SpaceX Common Stock issued and outstanding was split into five shares of the same class of SpaceX Common Stock.

#### xAI 可赎回可转换优先股与普通股

#### xAI Redeemable Convertible Preferred Stock and Common Stock

2025 年 3 月 28 日，xAI 通过了经修订和重述的公司章程，确立了其资本结构，并指定了多个类别的普通股和若干系列的可赎回可转换优先股。该章程随后经修订和重述至 2026 年 1 月 30 日（合称“xAI 公司章程”），以增加并授权额外系列的可赎回可转换优先股，且对任何先前存在的系列均无经济条款变更。

On March 28, 2025, xAI adopted an Amended and Restated Articles of Incorporation, which established its capital structure and designated multiple classes of common stock and several series of redeemable convertible preferred stock. The Articles were subsequently amended and restated through January 30, 2026 (collectively, the “xAI Articles of Incorporation”) to add and authorize additional series of redeemable convertible preferred stock with no economic changes to any previously existing series.

根据 xAI 公司章程，在 xAI 合并之前，xAI 的获授权资本由三类普通股组成，分别被指定为 A 类普通股（“xAI A 类”）、B 类普通股（“xAI B 类”）、有限投票权普通股（“xAI 有限投票权”）（合称“xAI 普通股”），以及若干系列的可赎回可转换优先股（合称“xAI 可赎回可转换优先股”）。所有对“xAI 类”的引用均指 xAI 普通股的该特定类别，所有对“xAI 系列”的引用均指 xAI 可赎回可转换优先股的该特定系列。

Pursuant to the xAI Articles of Incorporation, xAI’s authorized capitalization prior to the xAI Merger consisted of three classes of common, stock, which are designated Class A common stock (“xAI Class A”), Class B common stock (“xAI Class B”), Limited Voting common stock (“xAI Limited Voting”), (collectively the “xAI Common Stock”) and several series of redeemable convertible preferred stock (collectively the “xAI Redeemable Convertible Preferred Stock”). All references to “xAI Class” refer to that particular class of xAI Common Stock and all references to “xAI Series” refer to that particular series of xAI Redeemable Convertible Preferred Stock.

#### xAI 合并的影响

#### Effect of the xAI Merger

xAI 可赎回可转换优先股

xAI Redeemable Convertible Preferred Stock

在 xAI 合并日，xAI 可赎回可转换优先股的全部流通股按照合并协议规定的股份换股份交换机制转换为 SpaceX 普通股股份。xAI A-1、B、C、D 和 E 系列可赎回可转换优先股的每一股（归类为“xAI 低投票权股票”）按每股优先股转换为 0.1433 股 SpaceX A 类普通股（按 2026 年股票拆分前基准计算），零碎股份向上取整至最接近的整数。xAI A 系列可赎回可转换优先股的每一股（归类为“xAI 高投票权股票”）按每股优先股转换为 0.1433 股 SpaceX B 类普通股（按 2026 年股票拆分前基准计算），零碎股份向上取整至最接近的整数。对于 xAI A 系列可赎回可转换优先股，所有属于合格服务提供商的持有人可选择就每股 xAI A 系列可赎回可转换优先股收取现金 $75.46（按 2026 年股票拆分前基准计算）。转换完成后，xAI 可赎回可转换优先股的全部股份均被注销并清退，原 xAI 可赎回可转换优先股股东获得相应数量的 SpaceX 普通股股份。本公司此前持有的任何 xAI 可赎回可转换优先股股份均被注销并清退，且未获得任何对价。

On xAI Merger Date, all outstanding shares of xAI Redeemable Convertible Preferred Stock converted into shares of SpaceX Common Stock, based on the share-for-share exchange mechanics specified in the Merger Agreement. Each share of xAI Series A‑1, B, C, D, and E redeemable convertible preferred stock (classified as “xAI Low Vote Stock”) was converted into 0.1433 shares of SpaceX Class A Common Stock per preferred share (on a pre-2026 Stock Split basis), rounded up to the nearest whole number for fractional shares. Each share of xAI Series A redeemable convertible preferred stock (classified as “xAI High Vote Stock”) was converted into 0.1433 shares of SpaceX Class B Common Stock per preferred share (on a pre-2026 Stock Split basis), rounded up to the nearest whole number for fractional shares. For xAI Series A Redeemable Convertible Preferred Stock, all holders that were an eligible service provider could elect to receive cash of $75.46 per share of xAI Series A Redeemable Convertible Preferred Stock (on a pre-2026 Stock Split basis). Upon conversion, all shares of xAI Redeemable Convertible Preferred Stock were canceled and retired, and former xAI Redeemable Convertible Preferred Stock shareholders received the applicable shares of SpaceX Common Stock. Any shares of xAI Redeemable Convertible Preferred Stock previously held by the Company were canceled and retired and did not receive any consideration.

由于 xAI 可赎回可转换优先股在 xAI 合并之前的全部历史期间内均为合法流通在外，且代表一家法律上独立的前身实体的单独权益类别，xAI 可赎回可转换优先股转换为 SpaceX 普通股仅在 xAI 合并交割时确认，而不进行追溯确认。因此，历史合并资产负债表及可赎回可转换优先股和股东权益合并报表将 xAI 可赎回可转换优先股反映为流通在外的 xAI 可赎回可转换优先股，与其在该等期间的法律形式和权利一致，且未就 xAI 合并日之前的全部列报期间按转换后基准进行重述。转换的影响在截至 2026 年 3 月 31 日止三个月的可赎回可转换优先股和股东权益合并报表中单独列示。

Because the xAI Redeemable Convertible Preferred Stock was legally outstanding during all historical periods prior to the xAI Merger and represented a separate equity class of a legally distinct predecessor entity, the conversion of xAI Redeemable Convertible Preferred Stock into SpaceX Common Stock is recognized only as of the closing of the xAI Merger, and not retrospectively. Accordingly, the historical consolidated balance sheets and consolidated statements of redeemable convertible preferred stock and shareholders’ equity reflect the xAI Redeemable Convertible Preferred Stock as outstanding xAI Redeemable Convertible Preferred Stock consistent with its legal form and rights during those periods and are not recast on an as-converted basis for all periods presented prior to the xAI Merger Date. The impact of the conversion is presented separately in the consolidated statements of redeemable convertible preferred stock and shareholders’ equity for the three months ended March 31, 2026 .

xAI 认股权证

xAI Warrants

xAI 还向客户发行了截至 xAI 合并生效日仍流通在外的认股权证，该等认股权证期限为十年，原定于 2035 年到期，行权价等于股票面值，其归属条款使得认股权证按相关协议项下收到的付款比例归属。xAI 合并的交割触发了加速条款，据此全部流通在外的 xAI 认股权证（包括已归属和未归属部分）均以无现金方式自动行权，并按 0.1433 的交换比例（按 2026 年股票拆分前基准计算）转换为完全归属的 SpaceX A 类普通股。

xAI also issued warrants to customers that were outstanding as of the effective date of the xAI Merger, which had a ten-year term originally set to expire in 2035, with an exercise price equal to the par value of the stock, and vesting terms that resulted in the warrants vesting proportionally to the payments received under the related agreement. The closing of the xAI Merger triggered an acceleration clause in which all outstanding xAI warrants, both vested and unvested components, were automatically exercised on a cashless basis exercised and converted into fully vested SpaceX Class A Common Stock at the exchange ratio of 0.1433 (on a pre-2026 Stock Split basis).

xAI 与 X 普通股

xAI and X Common Stock

在 xAI 合并生效日，xAI 普通股（无论是 A 类、B 类还是有限投票权股）的每一股流通股均转换为收取 SpaceX 普通股的权利，固定换股比例为每股 xAI 普通股换取 0.1433 股 SpaceX 股份，但持有人为符合条件的服务提供者并选择就每股 xAI A 类或 B 类股份（按 2026 年股票拆分前基准）收取 $75.46 现金的除外。未发行任何零碎 SpaceX 股份，所有股份数量均向上取整至最接近的整数。公司此前持有的任何 xAI 普通股股份均被注销并收回，且未获得任何对价。

Upon the effective date of the xAI Merger, every outstanding share of xAI Common Stock, whether Class A, Class B, or Limited Voting, converted into the right to receive SpaceX Common Stock at a fixed exchange ratio of 0.1433 SpaceX shares per share of xAI Common Stock, unless the holder was an eligible service provider and elected to receive cash of $75.46 per share of xAI Class A or Class B (on a pre-2026 Stock Split basis). No fractional SpaceX shares were issued and all share amounts were rounded up to the nearest whole number. Any shares of xAI Common Stock previously held by the Company were canceled and retired and did not receive any consideration.

X 合并的影响

Effect of the X Merger

在 X 合并生效日，X Holdings Corp.（“X 普通股”）的每一类普通股均转换为 2.776 股同一类别的 xAI 普通股（向下取整至最接近的整数股），X.AI Corp.（“xAI Corp. 普通股”）的每一类普通股均转换为 1.000 股同一类别的 xAI 普通股，且 X.AI Corp. 的每一系列优先股（“xAI Corp. 优先股”）（X 或其任何子公司持有的股份除外）均转换为 1.000 股同一系列的 xAI 可赎回可转换优先股。

Upon the effective date of the X Merger, each class of common stock of X Holdings Corp. (“X Common Stock”) was converted to 2.776 shares of xAI Common Stock of the same class (rounded down to the nearest whole share), each class of common stock of X.AI Corp. (“xAI Corp. Common Stock”) was converted to 1.000 share of xAI Common Stock of the same class, and each series of X.AI Corp. preferred stock (“xAI Corp. Preferred Stock”) (other than shares held by X or any of its subsidiaries) was converted to 1.000 share of xAI Redeemable Convertible Preferred Stock of the same series.

由于上述合并，在截至 xAI 合并日期的所有列报期间，X、X.AI Corp. 和 xAI 普通股在历史财务报表中均按适用汇率视同已转换为 SpaceX 普通股列报。因此，历史 X、X.AI Corp. 和 xAI 普通股的所有股份均计入下文 SpaceX 普通股的股份数量中。X.AI Corp. 和 xAI 可赎回可转换优先股在合并财务报表中按历史价值列报，并按 xAI 合并规定的适用换股比例对转换率进行调整。

As a result of the Mergers, all of X, X.AI Corp. and xAI Common Stock are being presented in the historical financial statements as if they had been converted into SpaceX Common Stock at the applicable exchange rate for all periods presented through the date of the xAI Merger. As such, all shares of historical X, X.AI Corp. and xAI Common Stock are included in the share counts for SpaceX Common Stock below. X.AI Corp. and xAI Redeemable Convertible Preferred Stock are being presented in the consolidated financial statements at historical values with an adjustment to the conversion rate at the applicable exchange ratio per the xAI Merger.

#### 可赎回可转换优先股

#### Redeemable Convertible Preferred Stock

SpaceX 和 xAI 可赎回可转换优先股（合称“合并可赎回可转换优先股”）各系列的信息如下：

Information for each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the “Combined Redeemable Convertible Preferred Stock”) is as follows:

每股股息 每股优先股股份价值 2026 年 3 月 31 日 · 2026 年 3 月 31 日 · 2026 年 3 月 31 日 · 2026 年 3 月 31 日 · 2025 年 12 月 31 日 · 2026 年 3 月 31 日 · 2026 年 3 月 31 日 ·

Dividend Per PreferencePer ShareSharesShareValue March 31, · 2026 March 31, · 2026 March 31, · 2026 March 31, · 2026 December 31, · 2025 March 31, · 2026 March 31, · 2026

**SpaceX 可赎回**

**SpaceX Redeemable**

可转换优先股

Convertible Preferred Stock

A 轮 · $0.05 · $1.00 · 61.0 · 60.4 · 60.4 · $60 · $59 A-1 轮 · $0.05 · $1.00 · 61.0 · 0.2 · 0.2 · — · — B 轮 · $0.10 · $2.00 · 5.5 · 5.1 · 5.1 · 10 · 10 B-1 轮 · $0.10 · $2.00 · 5.5 · 0.1 · 0.1 · — · — C 轮 · $0.15 · $3.00 · 10.5 · 9.7 · 9.7 · 29 · 23 D 轮 · $0.19 · $3.88 · 7.5 · 5.2 · 5.2 · 40 · 20 E 轮 · $0.23 · $4.50 · 10.5 · 10.2 · 10.2 · 46 · 647 F 轮 · $0.38 · $7.50 · 6.8 · 6.7 · 6.7 · 50 · 48 G 轮 · $3.87 · $77.46 · 13.0 · 12.6 · 12.6 · 978 · 978 H 轮 · $6.75 · $135.00 · 3.4 · 3.2 · 3.2 · 429 · 429 I 轮 · $8.45 · $169.00 · 3.0 · 3.0 · 3.0 · 499 · 499 J 轮 · $9.30 · $186.00 · 2.7 · 2.5 · 2.5 · 457 · 457 K 轮 · $10.20 · $204.00 · 2.7 · 2.5 · 2.5 · 515 · 515 L 轮 · $10.70 · $214.00 · 1.5 · 1.4 · 1.4 · 295 · 295 M 轮 · $11.00 · $220.00 · 2.7 · 2.6 · 2.7 · 575 · 575 N 轮 · $13.50 · $270.00 · 9.5 · 9.2 · 9.3 · 2,492 · 2,494 SpaceX 可赎回合计

Series A · $0.05 · $1.00 · 61.0 · 60.4 · 60.4 · $60 · $59 Series A-1 · $0.05 · $1.00 · 61.0 · 0.2 · 0.2 · — · — Series B · $0.10 · $2.00 · 5.5 · 5.1 · 5.1 · 10 · 10 Series B-1 · $0.10 · $2.00 · 5.5 · 0.1 · 0.1 · — · — Series C · $0.15 · $3.00 · 10.5 · 9.7 · 9.7 · 29 · 23 Series D · $0.19 · $3.88 · 7.5 · 5.2 · 5.2 · 40 · 20 Series E · $0.23 · $4.50 · 10.5 · 10.2 · 10.2 · 46 · 647 Series F · $0.38 · $7.50 · 6.8 · 6.7 · 6.7 · 50 · 48 Series G · $3.87 · $77.46 · 13.0 · 12.6 · 12.6 · 978 · 978 Series H · $6.75 · $135.00 · 3.4 · 3.2 · 3.2 · 429 · 429 Series I · $8.45 · $169.00 · 3.0 · 3.0 · 3.0 · 499 · 499 Series J · $9.30 · $186.00 · 2.7 · 2.5 · 2.5 · 457 · 457 Series K · $10.20 · $204.00 · 2.7 · 2.5 · 2.5 · 515 · 515 Series L · $10.70 · $214.00 · 1.5 · 1.4 · 1.4 · 295 · 295 Series M · $11.00 · $220.00 · 2.7 · 2.6 · 2.7 · 575 · 575 Series N · $13.50 · $270.00 · 9.5 · 9.2 · 9.3 · 2,492 · 2,494 Total SpaceX Redeemable

**可转换优先股**

**Convertible Preferred**

股

Stock

206.6 · 134.6 · 134.7 · $6,475 · $7,049

206.6 · 134.6 · 134.7 · $6,475 · $7,049

**xAI 可赎回**

**xAI Redeemable**

可转换优先股

Convertible Preferred Stock

A 轮 · $— · $— · — · — · 750.0 · $— · $— A-1 轮 · $— · $— · — · — · — · — · — B 轮 · $— · $— · — · — · 584.9 · — · — C 轮 · $— · $— · — · — · 277.1 · — · — D 轮 · $— · $— · — · — · 120.1 · — · — E 轮 · $— · $— · — · — · 179.2 · — · — xAI 可赎回合计

Series A · $— · $— · — · — · 750.0 · $— · $— Series A-1 · $— · $— · — · — · — · — · — Series B · $— · $— · — · — · 584.9 · — · — Series C · $— · $— · — · — · 277.1 · — · — Series D · $— · $— · — · — · 120.1 · — · — Series E · $— · $— · — · — · 179.2 · — · — Total xAI Redeemable

**可转换优先股**

**Convertible Preferred**

股

Stock

— · — · 1,911.3 · $— · $—

— · — · 1,911.3 · $— · $—

**合并合计**

**Total Combined**

可赎回可转换优先股

Redeemable Convertible Preferred Stock

206.6 · 134.6 · 2,046.0 · $6,475 · $7,049

206.6 · 134.6 · 2,046.0 · $6,475 · $7,049

__________________

__________________

(1) 已发行的可赎回可转换优先股数量等于已发行的可赎回可转换优先股数量，但 xAI A 轮和 xAI D 轮除外，截至 2025 年 12 月 31 日，由于 X 和 SpaceX 分别持有的可赎回可转换优先股，其已发行股份数量分别为 1,000.0 百万股和 175.0 百万股。

(1) The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock, with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million as of December 31, 2025, respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.

以下描述 SpaceX 可赎回可转换优先股的各种权利和优先权：

The following describes the various rights and preferences of the SpaceX Redeemable Convertible Preferred Stock:

股息条款

Dividend Provisions

在每年基础上，SpaceX 可赎回可转换优先股持有人有权在向普通股股东宣派或支付任何股息之前并优先于其获得股息，股息率见上表所列的每股已发行 SpaceX 可赎回可转换优先股。任何此类股息由董事会酌情宣派，且不累积。自成立至 2026 年 3 月 31 日期间，未宣派 SpaceX 可赎回可转换优先股的股息。SpaceX 可赎回可转换优先股不参与上述优先股息之外的分配。

On a per annum basis, holders of shares of SpaceX Redeemable Convertible Preferred Stock are entitled to receive dividends prior and in preference to any declaration or payment of any dividend to common shareholders at a rate described in the table above for each outstanding share of SpaceX Redeemable Convertible Preferred Stock. Any such dividends are declared at the discretion of the Board of Directors and are not cumulative. For the period from inception through March 31, 2026, no dividends on SpaceX Redeemable Convertible Preferred Stock have been declared. The SpaceX Redeemable Convertible Preferred Stock do not participate in distributions beyond their preferred dividend as described above.

清算优先权

Liquidation Preference

上表所列的各系列 SpaceX 可赎回可转换优先股由公司按时间顺序并按字母顺序发行，A 轮最先发行，N 轮最近发行。各系列 SpaceX 可赎回可转换优先股的级别均高于所有先前发行的系列，并低于所有后续发行的系列，但以下情况除外：(i) A、A-1、B、B-1 和 C 轮 SpaceX 可赎回可转换优先股彼此级别相同，并低于所有后续发行的 SpaceX 可赎回可转换优先股系列；以及 (ii) E、F 和 G 轮 SpaceX 可赎回可转换优先股彼此级别相同，高于所有先前发行的 SpaceX 可赎回可转换优先股系列，并低于所有后续发行的 SpaceX 可赎回可转换优先股系列。

The series of SpaceX Redeemable Convertible Preferred Stock listed in the table above were issued by the Company chronologically and in alphabetical order, with Series A issued first and Series N issued most recently. Each series of SpaceX Redeemable Convertible Preferred Stock is senior in rank to all earlier issued series and junior in rank to all later issued series, except that: (i) Series A, A-1, B, B-1, and C SpaceX Redeemable Convertible Preferred Stock are all on parity with each other and junior in rank to all subsequently issued series of SpaceX Redeemable Convertible Preferred Stock; and (ii) series E, F, and G SpaceX redeemable convertible preferred stock are all on parity with each other, are senior in rank to all earlier issued series of SpaceX Redeemable Convertible Preferred Stock, and junior in rank to all subsequently issued series of SpaceX Redeemable Convertible Preferred Stock.

在公司清算、解散或停业清算时，某一特定系列 SpaceX 可赎回可转换优先股的持有人有权优先于 SpaceX 普通股持有人及任何级别较低的 SpaceX 可赎回可转换优先股持有人，获得上表中该系列 SpaceX 可赎回可转换优先股所列的清算优先额，加上任何已宣派但未支付的股息。所有系列 SpaceX 可赎回可转换优先股的持有人有权获得以下两者中的较高者：上述每股清算优先额，或假设所有该等已发行 SpaceX 可赎回可转换优先股在公司清算、解散或停业清算前立即转换为 A 类或 B 类 SpaceX 普通股（视适用情况而定）时各系列有权获得的金额。在上述分配完成后，如公司仍有任何剩余资产，则届时剩余的资产将按同等优先顺序、按比例分配给 SpaceX 普通股持有人。

In the event of a liquidation, dissolution, or winding up of the Company, holders of a given series of SpaceX Redeemable Convertible Preferred Stock are entitled to receive, in preference to the holders of SpaceX Common Stock and any junior-ranking SpaceX Redeemable Convertible Preferred Stock, the liquidation preference indicated in the table above for such series of SpaceX Redeemable Convertible Preferred Stock, plus any declared but unpaid dividends. Holders of all series of SpaceX Redeemable Convertible Preferred Stock are entitled to receive the greater of the liquidation preference per share indicated above, or the amount each series would be entitled to receive if all such outstanding SpaceX Redeemable Convertible Preferred Stock were converted to Class A or Class B SpaceX Common Stock, as applicable, immediately prior to such liquidation, dissolution, or winding up of the Company. Upon completion of the distributions described above, if any assets remain in the Company, the then remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common Stock.

转换权

Conversion Rights

A 系列和 B 系列 SpaceX 可赎回可转换优先股的每股股份，可在该股份发行日期之后的任何时间由持有人选择转换为 A 类、B 类或 C 类 SpaceX 普通股股份；所有其他系列优先股的每股股份，可在该股份发行日期之后的任何时间由持有人选择转换为 A 类或 C 类 SpaceX 普通股股份。SpaceX 可赎回可转换优先股持有人有权获得的 SpaceX 普通股股份数量应按转换率确定，该转换率以初始价格除以转换价格计算。在 2026 年股票拆分之后，每股 SpaceX 可赎回可转换优先股可转换为五十股 SpaceX 普通股。转换价格须根据公司章程中针对某些稀释性发行、拆分和合并所规定的情形进行调整。

Each share of Series A and Series B SpaceX Redeemable Convertible Preferred Stock is convertible at the option of the holder at any time after the date of issuance of such share into shares of Class A, Class B, or Class C SpaceX Common Stock and each share of all other series of preferred stock are convertible at the option of the holder at any time after the date of issuance of such share into shares of Class A or Class C SpaceX Common Stock. The number of shares of SpaceX Common Stock to which a holder of SpaceX Redeemable Convertible Preferred Stock is entitled shall be at a conversion rate determined by dividing the initial price by the conversion price. Each share of SpaceX Redeemable Convertible Preferred Stock is convertible into fifty shares of SpaceX Common Stock following the 2026 Stock Split. The conversion price is subject to adjustment set forth in the charter for certain dilutive issuances, splits and combinations.

SpaceX 可赎回可转换优先股在以下两者中较早发生者时自动转换：(i) 公司根据 1933 年证券法下的注册声明以公开发行方式出售其普通股，且公司公开发行前市值至少为 $6.0 billion，并向公司带来不少于 $250 million 的合计现金所得（“合格 IPO”）；或 (ii) 由相关 SpaceX 可赎回可转换优先股股份持有人（就各适用系列 SpaceX 可赎回可转换优先股而言）按照公司章程以书面同意或协议方式指定的日期。

The SpaceX Redeemable Convertible Preferred Stock automatically converts upon the earlier of (i) the Company’s sale of its common stock in a public offering pursuant to a registration statement under the Securities Act of 1933, in which the pre-public offering market capitalization of the Company is at least $6.0 billion and which results in aggregate cash proceeds to the Company of not less than $250 million (“Qualified IPO”) or (ii) the date specified by written consent or agreement of the applicable holders of shares of SpaceX Redeemable Convertible Preferred Stock (with respect to each applicable series of SpaceX Redeemable Convertible Preferred Stock), voting in accordance with the charter.

如发生 A 系列或 B 系列股份的转让（公司章程所定义的许可转让除外），该股份应自动注销并转换为相应的 A-1 系列或 B-1 系列股份。

In the event of a transfer of a share of Series A or Series B (other than a Permitted Transfer as defined in the charter), such share shall automatically be cancelled and converted into a corresponding share of Series A-1 or Series B-1.

投票权

Voting Rights

A 轮和 B 轮每一股的持有人，就其可转换成的每一股 B 类普通股享有十票投票权。SpaceX 可赎回可转换优先股所有其他系列每一股的持有人，就其可转换成的每一股 A 类普通股享有一票投票权。除法律另有规定外，该等持有人将享有与 SpaceX 普通股持有人同等的完整投票权和权力。

Holders of each share of Series A and Series B have the right to ten votes for each share of Class B into which such share is convertible. Holders of each share of all other series of SpaceX Redeemable Convertible Preferred Stock have the right to one vote for each share of Class A into which such share is convertible. Such holders will have full voting rights and powers equal to the voting rights and powers of the holders of SpaceX Common Stock, except as required by law.

分类

Classification

SpaceX 可赎回可转换优先股的清算优先权条款被视为或有赎回条款，因为控制权变更等视同清算事件并非仅由公司控制。因此，SpaceX 可赎回可转换优先股在公司的合并资产负债表上作为可赎回可转换优先股列示于永久权益之外。由于该等股份目前不可赎回或不太可能变为可赎回，SpaceX 可赎回可转换优先股未按赎回金额重新计量。

The liquidation preference provisions of the SpaceX Redeemable Convertible Preferred Stock are considered contingent redemption provisions as deemed liquidation events such as a change of control are not solely within the control of the Company. Accordingly, SpaceX Redeemable Convertible Preferred Stock are presented outside of permanent equity on the Company’s consolidated balance sheets as Redeemable convertible preferred stock. SpaceX Redeemable Convertible Preferred Stock has not been remeasured to their redemption amount as they are not currently redeemable or probable of becoming redeemable.

#### 普通股

#### Common Stock

以下描述截至 2026 年 3 月 31 日和 2025 年 3 月 31 日止三个月内 SpaceX 普通股各类别内发生的全部活动，并纳入 xAI 普通股类别内发生的全部活动，按 xAI 合并和 X 合并中其被转换成的 SpaceX 普通股类别折算基础计算。

The following describes all of the activity that occurred within each class of SpaceX Common Stock during the three months ended March 31, 2026 and 2025, incorporating all activity that occurred within the class of xAI Common Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the xAI Merger and X Merger.

**A 类普通股**

**Class A Common**

股份股份股份股份

StockStockStockStock

股份 · 金额 · 股份 · 金额 · 股份 · 金额 · 股份 · 金额 截至 12 月 31 日的余额 · 2024 · 1,832 · $2 · 768 · $1 · 423 · $0 · — · $— 已发行普通股，扣除代扣税款 · 18 · 0 · 1 · 0 · 7 · 0 · — · — 回购普通股 · (14) · 0 · (14) · 0 · — · — · — · — 可赎回可转换优先股转换为普通股 · 1 · 0 · — · — · 1 · 0 · — · —

Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount Balances at December 31, · 2024 · 1,832 · $2 · 768 · $1 · 423 · $0 · — · $— Common stock issued, net of tax withholding · 18 · 0 · 1 · 0 · 7 · 0 · — · — Repurchase of common stock · (14) · 0 · (14) · 0 · — · — · — · — Conversion of redeemable convertible preferred stock to common stock · 1 · 0 · — · — · 1 · 0 · — · —

类别之间转换

Conversion between classes

普通股 · 24 · 0 · (24) · 0 · — · — · — · — 业务合并中的权益转让 · 1 · 0 · — · — · — · — · — · — 2025 年 3 月 31 日余额 · 1,862 · $2 · 731 · $1 · 431 · $0 · — · $—

of common stock · 24 · 0 · (24) · 0 · — · — · — · — Transfer of equity in business combination · 1 · 0 · — · — · — · — · — · — Balances at March 31, 2025 · 1,862 · $2 · 731 · $1 · 431 · $0 · — · $—

**A 类普通股**

**Class A Common**

股份股份股份股份

StockStockStockStock

股数 · 金额 · 股数 · 金额 · 股数 · 金额 · 股数 · 金额 截至 12 月 31 日的余额 · 2025 · 1,952 · $3 · 643 · $1 · 484 · $0 · — · $— 已发行普通股，扣除代扣税款 · 28 · — · 1,305 · 1 · 13 · — · — · — 回购普通股 · (9) · — · (22) · — · — · — · — · — 根据 xAI 合并转换可赎回可转换优先股 合并 · 886 · — · 537 · 1 · — · — · — · —

Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount Balances at December 31, · 2025 · 1,952 · $3 · 643 · $1 · 484 · $0 · — · $— Common stock issued, net of tax withholding · 28 · — · 1,305 · 1 · 13 · — · — · — Repurchase of common stock · (9) · — · (22) · — · — · — · — · — Conversion of redeemable convertible preferred stock pursuant to the xAI Merger · 886 · — · 537 · 1 · — · — · — · —

根据 xAI 回购普通股

Repurchase of common stock pursuant to xAI

合并 · (3) · — · (20) · — · — · — · — · —

Merger · (3) · — · (20) · — · — · — · — · —

可赎回可转换优先股转换为

Conversion of redeemable convertible preferred stock

普通股 · 5 · — · — · — · — · — · — · —

to common stock · 5 · — · — · — · — · — · — · —

普通股类别之间

Conversion between classes

转换 · 25 · — · (25) · — · — · — · — · — 2026 年 3 月 31 日余额 · 2,884 · $3 · 2,418 · $3 · 497 · $0 · — · $—

of common stock · 25 · — · (25) · — · — · — · — · — Balances at March 31, 2026 · 2,884 · $3 · 2,418 · $3 · 497 · $0 · — · $—

以下描述 SpaceX 普通股的各项权利和优先权：

The following describes the various rights and preferences of the SpaceX Common Stock:

股息条款

Dividend Provisions

在受当时已发行的、对股息享有优先权的各类别及各系列股票持有人优先权利的限制下，SpaceX 普通股持有人有权在董事会宣布时、按宣布的方式并在宣布的范围内，从合法可用资金中收取董事会不时宣布的股息。自成立至 2026 年 3 月 31 日期间，SpaceX 普通股未宣布任何股息。

Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to dividends, holders of SpaceX Common Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of any funds legally available, such dividends as may be declared from time to time by the Board of Directors. For the period from inception through March 31, 2026, no dividends were declared on SpaceX Common Stock.

清算权利

Liquidation Rights

在公司清算、解散或停业清算的情况下，在完成就 SpaceX 可赎回可转换优先股所需进行的分配后，如公司仍有资产剩余，则届时剩余的资产将按同等优先顺序、按比例分配给 SpaceX 普通股持有人。

In the event of a liquidation, dissolution, or winding up of the Company, upon the completion of the distributions required with respect to the SpaceX Redeemable Convertible Preferred Stock, if assets remain in the Company, the then remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common Stock.

转换权

Conversion Rights

每股 B 类普通股可由持有人选择随时转换为一股 A 类普通股。每股 B 类普通股在发生转让（《公司章程》所定义的许可转让除外）时，将自动转换为一股 A 类普通股。

Each share of Class B is convertible at the option of the holder, at any time, into one share of Class A. Each share of Class B will automatically convert into one share of Class A upon a transfer, other than a Permitted Transfer (as defined in the charter), of such share of Class B.

投票权

Voting Rights

每位 A 类普通股持有人就其持有的每股股份享有一票投票权。每位 B 类普通股持有人就其持有的每股股份享有十票投票权。C 类普通股持有人不享有投票权，但法律另有规定的除外。D 类普通股的投票权将在董事会发行任何 D 类普通股股份时予以确定。

Each holder of Class A is entitled to one vote for each share held. Each holder of Class B is entitled to ten votes for each share held. The holders of Class C have no voting rights, except as required by law. Voting rights with respect to Class D will be established when and if any shares of Class D are issued by the Board of Directors.

已授权但未发行普通股的预留

Reserve for Unissued Shares of Common Stock

公司须从其已授权但未发行的 SpaceX 普通股中预留并保持足够数量的股份，以用于全部已发行的 SpaceX 可赎回可转换优先股及 B 类普通股（如适用）的转换，以及公司股份计划项下已授予及可供授予的股份。

The Company is required to reserve and keep available out of its authorized but unissued shares of SpaceX Common Stock such number of shares sufficient to effect the conversion of all outstanding shares of SpaceX Redeemable Convertible Preferred Stock and Class B, as applicable, plus shares granted and available for grant under the Company’s share plans.

截至 2026 年 3 月 31 日，为此目的预留的 SpaceX 普通股股份数量如下：

The amount of such shares of the SpaceX Common Stock reserved for these purposes at March 31, 2026 is as follows:

**股份数量**

**Number of Shares**

A 类 · B 类 · C 类 · D 类 已发行的可赎回可转换优先股 （低投票权） · 3,448 · — · 3,448 · — 已发行的可赎回可转换优先股 （高投票权） · 3,274 · 3,274 · 3,274 · — 已发行 B 类普通股 · 2,421 · — · — · — 已发行股票期权 · 8 · 450 · 476 · — 已发行 RSU · 49 · 1 · 79 · — 股份支付薪酬项下未来授予 · 150 · — · 350 · — · 9,350 · 3,725 · 7,627 · —

Class A · Class B · Class C · Class D Redeemable Convertible Preferred Stock issued (low-vote) · 3,448 · — · 3,448 · — Redeemable Convertible Preferred Stock issued (high-vote) · 3,274 · 3,274 · 3,274 · — Outstanding Class B · 2,421 · — · — · — Outstanding stock options · 8 · 450 · 476 · — Outstanding RSUs · 49 · 1 · 79 · — Future grants under share-based compensation · 150 · — · 350 · — · 9,350 · 3,725 · 7,627 · —

#### 股份回购

#### Share Repurchases

截至 2026 年 3 月 31 日止三个月内，作为 xAI 合并的一部分，公司以 $2,413 百万向符合条件的 xAI 现任及前任员工回购了 25.4 百万股 SpaceX 普通股。截至 2026 年 3 月 31 日止三个月内，公司还在与现有股东进行的若干互不关联的交易中，按当时的公允市场价值以 $1,933 百万回购了 30.5 百万股 SpaceX 普通股和 2.1 百万股 SpaceX 可赎回可转换优先股。

During the three months ended March 31, 2026, the Company repurchased $2,413 million or 25.4 million shares of SpaceX Common Stock from eligible current and former xAI employees as part of the xAI Merger. During the three months ended March 31, 2026, the Company also repurchased of 30.5 million shares of SpaceX Common Stock and 2.1 million shares of SpaceX Redeemable Convertible Preferred Stock for $1,933 million in a number of unrelated transactions with existing shareholders at their then-current fair market value.

同样，截至 2025 年 3 月 31 日止三个月内，公司以 $508 百万向符合条件的现任及前任员工和现有股东回购了 28.0 百万股 SpaceX 普通股。公司仅回购符合条件的参与人持有超过六个月的股份，每股购买价格等于当时的公允市场价值。

Similarly, the Company repurchased $508 million or 28.0 million shares of SpaceX Common Stock from eligible current and former employees and existing shareholders during the three ended March 31, 2025 . The Company only repurchased shares held by eligible participants for more than six months at a purchase price per share equal to the then current fair market value.

迄今为止回购的所有 SpaceX 股份均已注销。

All SpaceX shares repurchased to date have been retired.

附注 13 - 每股收益 Note 13 - Earnings per Share

下表列示了归属于普通股股东的净亏损与用于计算普通股基本及稀释每股净亏损的净亏损之间的调节情况：

The following table presents the reconciliation of net loss attributable to common shareholders to net loss used in computing basic and diluted net income loss per share of common stock:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 分子： 净亏损 · $(4,276) · $(528) 减：视同股息(1) · 671 · — 归属于普通股股东的净亏损 - 基本及稀释 · (4,947) · (528)

2026 · 2025 Numerator: Net loss · $(4,276) · $(528) Less: Deemed dividend(1) · 671 · — Net loss attributable to common shareholders - basic and diluted · (4,947) · (528)

**分母：**

**Denominator:**

加权平均流通普通股股数 - 基本及稀释 · 3,884 · 2,875

Weighted average shares of common stock outstanding - basic and diluted · 3,884 · 2,875

归属于普通股股东的每股亏损

Loss per share attributable to common shareholders

基本及稀释 · $(1.27) · $(0.18)

Basic and Diluted · $(1.27) · $(0.18)

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(1) 回购 SpaceX 可赎回可转换优先股所支付对价的公允价值超出部分被视为视同股息，并导致在计算每股亏损时归属于普通股股东的净亏损增加。

(1) The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock was treated as a deemed dividend and resulted in an increase to net loss attributable to common shareholders in the calculation of loss per share.

以下按转换基准计算的潜在稀释性证券未纳入所列期间归属于普通股股东的稀释每股净亏损的计算，因为将其纳入会产生反稀释影响（更多详情请参见附注 14“股权激励费用”）：

The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would be anti-dilutive (refer to Note 14, Share-based Compensation for additional details):

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 xAI 可赎回可转换优先股 · — · 1,155 SpaceX 可赎回可转换优先股 · 6,723 · 6,760 股权激励费用 · 598 · 674

2026 · 2025 xAI Redeemable Convertible Preferred Stock · — · 1,155 SpaceX Redeemable Convertible Preferred Stock · 6,723 · 6,760 Share-based compensation · 598 · 674

上表不包括截至 2026 年 3 月 31 日和 2025 年 3 月 31 日尚未兑现的 1,319.1 百万份和 14.3 百万份股份支付奖励，因为该等奖励须满足截至该等日期尚未达成的业绩条件和市场条件。

The table above excludes 1,319.1 million and 14.3 million share-based compensation awards outstanding as of March 31, 2026 and 2025, respectively, as these awards are subject to performance and market conditions that were not met as of those dates.

附注 14 - 股份支付 Note 14 - Share-based Compensation

#### X 与 xAI 合并

#### X and xAI Mergers

作为 xAI 合并的一部分，在 xAI 合并时已发行且未行权的每一份 xAI 普通股期权（无论已归属或未归属）均被转换为 SpaceX 期权，持有人有权按适用情况获得 0.1433 股 SpaceX A 类或 B 类普通股（按 2026 年股票拆分前基准计算），其条款和条件（包括归属和可行权条件）与原 xAI 股票期权相同，行权价等于原 xAI 期权行权价除以 0.1433。每一份已归属且尚未行权的 xAI RSU 均被转换为收取 0.1433 股 SpaceX A 类或 B 类普通股（按 2026 年股票拆分前基准计算）的权利（按适用情况）。每一份未归属的 xAI RSU 均被转换为 0.1433 份 SpaceX RSU。每一份 xAI RSA 均被转换为 0.1433 股 SpaceX RSA，对应 SpaceX A 类或 B 类普通股（按 2026 年股票拆分前基准计算，按适用情况），条款和条件（包括归属条款）相同。更多详情请参见附注 12“可赎回可转换优先股与股东权益”。

As part of the xAI Merger, each xAI option for a share of xAI common stock outstanding and unexercised at the time of the xAI Merger (vested and unvested) was converted into a SpaceX option to receive 0.1433 shares of SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable, under the same terms and conditions (including the vesting and exercisability conditions) as the original xAI stock options at an exercise price equal to the original xAI option exercise price divided by 0.1433. Each xAI RSU that was vested and outstanding was converted to the right to receive 0.1433 of a share of SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable. Each xAI RSU that was unvested was converted to 0.1433 of a SpaceX RSU. Each xAI RSA was converted to 0.1433 shares of SpaceX RSA for SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable, with the same terms and conditions (including the vesting terms). Refer to Note 12, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.

作为 X 合并的一部分，每一份尚未行权的 X RSU 均被转换为 xAI RSU，持有人有权获得 2.776 股 xAI 普通股。

As part of the X Merger, each X RSU that was outstanding was converted to a xAI RSU to receive 2.776 shares of xAI Common Stock.

#### 概述

#### General

公司向符合条件的员工、关键高管及若干非雇员服务提供商授予 RSU、RSA 和非法定期权（统称“计划”）。公司还拥有若干基于业绩的奖励。公司提供 ESPP，符合条件的员工可按折扣价购买公司普通股。公司还提供非合格员工购股计划（“NQ ESPP”），员工可按公允价值购买公司普通股。2026 年 4 月，公司取消了 NQ ESPP。

The Company grants RSUs, RSAs, and non-statutory options to eligible employees, key executives, and certain non-employee service providers (collectively, the “Plans”). The Company also has a number of performance-based awards. The Company offers an ESPP, under which eligible employees can purchase the Company’s Common Stock at a discounted price. The Company also offers a Non-Qualified Employee Stock Purchase Plan (“NQ ESPP”), under which employees can purchase the Company’s Common Stock at the fair market value. In April 2026, the Company cancelled the NQ ESPP.

#### 高管股权奖励

#### Officer Equity Awards

2026 年 1 月，公司向 Elon Musk 授予 1,000 百万股基于业绩的 B 类普通股限制性股票。该等限制性股票在以下条件满足时归属：(i) 公司实现指定的市值里程碑，分为 15 个等额批次，市值范围从 $500 billion 至 $7.5 trillion，每个里程碑对应 $500 billion 的增量估值；以及 (ii) 公司在火星建立至少一百万居民的永久人类殖民地，且在任何情况下均须以 Musk 先生继续任职为前提（“SpaceX CEO 奖励”）。SpaceX CEO 奖励的授予日公允价值确定为每股 $90.40 至 $95.92，每一

In January 2026, the Company granted 1,000 million performance-based restricted shares of Class B common stock to Elon Musk. The restricted shares vest upon (i) the Company’s achievement of specified market capitalization milestones across 15 equal tranches ranging from $500 billion to $7.5 trillion, with each milestone reflecting $500 billion in additional valuation, and (ii) the Company’s establishment of a permanent human colony on Mars with at least one million inhabitants, in each case, subject to Mr. Musk’s continued employment (“SpaceX CEO Award”). The grant date fair value of the SpaceX CEO Award was determined to be $90.40 to $95.92 per share for each

批次 · . 2025 年 11 月，公司向 Elon Musk 授予了一项基于业绩的奖励（“xAI 奖励”），该奖励由 十二个批次，附带若干市场、业绩和服务条件。2026 年 3 月，公司取消了 xAI 奖励，并以 302.1 百万股基于业绩的 B 类普通股限制性股份授予予以替换 股票，该等股票在(i)实现特定市值里程碑时归属，分为 12 个等额批次 区间为 $1.065 万亿至 $6.565 万亿，每个里程碑对应 5000 亿美元的估值增量， 以及 (ii) 公司完成能够提供 100 太瓦算力的非地球数据中心 每年授予，且均以马斯克先生持续任职为前提（“AI CEO 奖励”）。授予日公允价值 AI CEO 奖励的每一批次被确定为每股 $91.47 至 $95.92。xAI 的取消 授予奖励以及授予 AI CEO 奖励被视为会计变更。股份支付费用 将在原剩余服务期内继续确认，金额等于该部分公允价值 原 xAI 奖励在修改日被认定为很可能归属。不会产生增量费用 根据新 AI CEO 奖励的修订条款予以确认，直至新的业绩条件 被视为很可能归属 · . SpaceX CEO 奖励和 AI CEO 奖励的股份支付费用确认自……起开始 无论每项奖励的情况如何，业绩条件里程碑均被视为很可能达成 在实现下一个市值里程碑方面取得的进展。截至 2026 年 3 月 31 日，两项业绩 相关里程碑被认为不太可能实现，且未确认与之相关的股份支付费用 SpaceX CEO 奖和 AI CEO 奖。一旦该业绩里程碑被认为很可能实现， 业绩条件达成时，与该批次相关的股权激励费用将在预期 业绩里程碑的达成日期。 2026 年 1 月，公司批准对授予的 4,000,000 份基于业绩的股票期权进行修订，授予对象为 首席财务官 Bret Johnsen 于 2024 年最初获授的（“CFO 奖励”）。代替归属基于 在自由现金流超过基线目标的情况下，每实现 $10 的超额自由现金流，将有 371 千份股票期权归属 在 2025 至 2029 财年期间实现的调整后 EBITDA 达到十亿美元，按年度基准评估。对于 就本奖励而言，调整后 EBITDA 按经营利润计算，并排除 (i) 折旧及 摊销、(ii) 股份支付薪酬、(iii) 减值以及 (iv) 重组影响。一旦某一批次 由于公司截至某一期末的调整后 EBITDA 业绩表现，股票期权已归属。 在特定财年，该等股票期权仍须遵守额外一年零一天的服务期归属条件 在该批次归属的财年 12 月 31 日之后的要求。期权数量 该授予在修订中未发生变化。CFO 奖励修改的影响不重大。

tranche · . In November 2025, the Company granted a performance-based award (“xAI Award”) to Elon Musk consisting of twelve tranches with certain market, performance and service conditions. In March 2026, the Company cancelled the xAI Award and replaced it with a grant of 302.1 million performance-based restricted shares of Class B common stock, which vest upon (i) the achievement of specified market capitalization milestones across 12 equal tranches ranging from $1.065 trillion to $6.565 trillion, with each milestone reflecting $500 billion in additional valuation, and (ii) the Company’s completion of non-Earth-based data centers capable of delivering 100 terawatts of compute per year, in each case, subject to Mr. Musk’s continued employment (“AI CEO Award”). The grant date fair value of the AI CEO Award was determined to be $91.47 to $95.92per share for each tranche. The cancellation of the xAI Award and the grant of the AI CEO Award was considered an accounting modification. Share-based compensation will continue to be recognized over the original remaining service period equal to the fair value of the portion of the original xAI Award that was deemed probable of vesting as of the modification date . No incremental expense will be recognized based on the modified terms of the new AI CEO Award until the new performance conditions are deemed probable of vesting · . Share-based compensation expense recognition for the SpaceX CEO Award and AI CEO Award commences when the performance condition milestone is considered probable of achievement for each award regardless of the progress made towards achieving the next market capitalization milestone. As of March 31, 2026, both performance milestones were considered improbable and no share-based compensation expense has been recognized related to the SpaceX CEO Award and AI CEO Award . Once the performance milestone is considered probable of achievement, share-based compensation expense associated with the tranche will be recognized over the expected achievement date of the performance milestone. In January 2026, the Company approved an amendment to 4 million performance-based stock options granted to Bret Johnsen, Chief Financial Officer, that were originally issued in 2024 (“CFO Award”). In lieu of vesting based on free cash flow achievement in excess of a baseline, 371 thousand of the stock options will vest for each $10 billion in adjusted EBITDA achieved during the 2025 through 2029 fiscal years, assessed on an annual basis. For purposes of this award, adjusted EBITDA is calculated as income from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) impairment, and (iv) restructuring impacts. Once a tranche of the stock options have become earned as a result of the Company’s adjusted EBITDA performance as of the end of a particular fiscal year, such stock options remain subject to an additional one-year and one day service-based vesting requirement following December 31 of the fiscal year in which such tranche was earned. The number of options granted was not changed in the amendment. The impact of the modification of the CFO Award was not material.

#### 公允价值确定

#### Fair Value Determination

SpaceX CEO 奖励和 AI CEO 奖励的公允价值及衍生服务期于授予日使用蒙特卡洛模拟模型进行估计。用于计算 SpaceX CEO 奖励授予日公允价值和 AI CEO 奖励修改日公允价值的加权平均假设如下：

The fair value and derived service period of the SpaceX CEO Award and AI CEO Award are estimated on the grant date using a Monte Carlo simulation model. The weighted-average assumptions that were used to calculate the grant date fair value of the SpaceX CEO Award and modification date fair value of the AI CEO Award are as follows:

预期期限（年） 波动率 · 45.0 % 无风险利率 · 4.91 % 股息率 · — · %

Expected term (years) Volatility · 45.0 % Risk-free interest rate · 4.91 % Dividend yield · — · %

SpaceX CEO 奖励和 AI CEO 奖励除马斯克先生需持续任职至各里程碑实现之日外，并无明确的业绩期。因此，对十至五十年的预期期限进行了分析，并采用三十年的中点值。公司使用可比上市公司普通股在等于预期期限的期间内的每日历史价格频率来确定预期波动率假设。无风险利率假设基于与预期期限一致的期间内观察到的美国政府证券利率。股息率假设基于公司的历史及对股息支付的预期。公司从未就其普通股宣布或支付任何现金股息，且预计在可预见的未来不会支付任何现金股息。

The SpaceX CEO Award and AI CEO Award do not have a defined performance period other than Mr. Musk’s continued employment through the date each milestone is achieved. Therefore, an analysis was performed for an expected term of ten to fifty years and a midpoint of thirty years was used. The Company determined the expected volatility assumption using the frequency of daily historical prices of comparable public companies’ common stock for a period equal to the expected term. The risk-free interest rate assumption is based upon observed interest rates on U.S. Government securities for a period consistent with the expected term. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The Company has never declared or paid any cash dividends on its Common Stock and does not anticipate paying any cash dividends in the foreseeable future.

#### 股份支付薪酬信息摘要

#### Summary of Share-Based Compensation Information

下表按合并经营报表中的项目汇总了我们的股份支付薪酬费用：

The following table summarizes our share-based compensation expense by line item in the consolidated statements of operations:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026 · 2025 收入成本 · $76 · $39 研发 · 362 · 75 销售、一般及行政 · 201 · 118 合计 · $639 · $232

2026 · 2025 Cost of revenue · $76 · $39 Research and development · 362 · 75 Selling, general, and administrative · 201 · 118 Total · $639 · $232

截至 2026 年和 2025 年 3 月 31 日的三个月内，资本化计入合并资产负债表的股份支付薪酬费用分别为 $60 million 和 $30 million。

During the three months ended March 31, 2026 and 2025, share-based compensation expense capitalized to the consolidated balance sheetswas $60 million and $30 million, respectively.

附注 15 - 所得税 Note 15 - Income Taxes

公司截至 2026 年 3 月 31 日止三个月的有效税率为(0.1)%，而截至 2025 年 3 月 31 日止三个月为(2.7)%。公司有效税率的变化主要归因于其各税收管辖区收益构成的变化。

The Company’s effective tax rate was (0.1)% for the three months ended March 31, 2026, compared to (2.7)% for the three months ended March 31, 2025. The change in the Company’s effective tax rate was primarily due to the changes in the mix of its jurisdictional earnings.

公司截至 2026 年 3 月 31 日止三个月和 2025 年 3 月 31 日止三个月的有效税率与 21.0%的美国联邦法定税率相比，主要受到其适用不同税率的各税收管辖区收益构成以及其递延所得税资产估值备抵的影响。

The Company’s effective tax rates for the three months ended March 31, 2026 and 2025 as compared to the U.S. federal statutory rate of 21.0% were primarily impacted by the mix of its jurisdictional earnings subject to different tax rates and the valuation allowances on its deferred tax assets.

在评估递延所得税资产的可实现性时，公司综合考虑了所有正面和负面证据的相关权重，判断其部分或全部净递延所得税资产是否很可能无法实现。截至 2026 年 3 月 31 日，公司继续对其在美国的递延所得税资产维持全额估值备抵，但预计可实现的部分州递延所得税资产和可转让投资税收抵免除外。公司还在其认定递延所得税资产很可能无法实现的某些境外税收管辖区计提了估值备抵。公司将继续评估其递延所得税资产在未来期间的可实现性，并将根据事实和情况的变化在必要时调整估值备抵。

In assessing the realizability of deferred tax assets, the Company considered whether it is more likely than not that some or all of its net deferred tax assets will not be realizable based on the relevant weight of all positive and negative evidence. As of March 31, 2026, the Company continues to maintain a full valuation allowance against its deferred tax assets in the United States, with the exception of certain state deferred tax assets and transferrable investment tax credits that are expected to be realizable. The Company has also recorded valuation allowances in certain foreign jurisdictions where it concluded that it is more likely than not that the deferred tax assets will not be realized. The Company will continue to assess the realizability of its deferred tax assets in future periods and will adjust the valuation allowance as necessary based on changes in facts and circumstances.

附注 16 - 承诺及或有事项 Note 16 - Commitments and Contingencies

#### 无条件义务

#### Unconditional Obligations

截至 2026 年 3 月 31 日的三个月内，除与一家非关联第三方签订若干购买协议以在 2029 年前为 AI 基础设施增购涡轮机、总额达 $925 million 外，自 2025 年 12 月 31 日以来，公司的无条件义务未发生重大变化。

During the three months ended March 31, 2026, there have been no material changes to the Company’s unconditional obligation since December 31, 2025 other than the execution of certain purchase agreements with an unaffiliated third party to acquire additional turbines for the AI infrastructure totaling $925 million through 2029.

#### 信用证与履约保证

#### Letters of Credit and Surety Bonds

截至 2026 年 3 月 31 日，公司拥有与各类客户合同、保险协议及设施租赁协议相关的未结信用证 $517 million。所有未结信用证均以受限现金作为担保。截至 2026 年 3 月 31 日，公司还为自保工伤保险计划及其他政府许可持有履约保证 $447 million。

The Company had outstanding letters of credit of $517 million at March 31, 2026 related to various customer contracts, insurance agreements, and facility lease agreements. All of the outstanding letters of credit were collateralized by restricted cash. The Company also had surety bonds of $447 million for self-insured workers’ compensation programs and other governmental licenses at March 31, 2026 .

#### 法律诉讼

#### Legal Proceedings

在日常经营过程中，公司不时涉及各类仲裁、集体诉讼、商事诉讼、调查及其他法律、监管或政府行动，包括下文所述可能对我们的经营业绩产生重大影响的重大事项。公司与法律顾问共同评估是否需要为诉讼及或有事项计提负债。对于下文所述的案件、行动及问询，公司定期评估相关进展，并在认为损失很可能发生且金额能够合理估计时计提负债。此外，公司认为在某些事项中可能发生损失，且该等损失可能重大或超出其估计的可能损失区间。

In the normal course of its business, the Company is involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. With respect to the cases, actions, and inquiries described below, the Company evaluates the associated developments on a regular basis and will accrue a liability when it believes a loss is probable and the amount can be reasonably estimated. In addition, the Company believes there is a reasonable possibility that it may incur a loss in some of these matters and the loss may be material or exceed its estimated ranges of possible loss.

本节所述事项的结果，例如损失的可能性属于极小、合理可能还是很可能，或者合理可能的损失区间是否及何时能够估计，本质上具有不确定性，且除另有说明外，可能损失目前无法合理估计。如果上述一项或多项事项以高于管理层估计的金额对公司作出不利裁决，公司的财务状况和经营业绩（包括在任何此类结果变得很可能且可估计的特定报告期内）可能受到重大不利影响。

The outcomes of the matters described in this section, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, are inherently uncertain, and unless specified otherwise, possible losses are not reasonably estimable at this time. If one or more of these matters were resolved against the Company for amounts above management’s estimates, the Company’s financial condition and results of operations, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

2022 年 11 月，欧盟《数字服务法》（“DSA”）生效，X 因此须遵守广泛的内容审核及其他义务。公司于 2023 年 11 月发布了其根据 DSA 的首份透明度报告。2023 年 12 月，欧盟委员会（“EC”）对 X 及其爱尔兰子公司 Twitter International Unlimited Company（“TIUC”，后更名为 X Internet Unlimited Company（XIUC））启动正式调查。2024 年 7 月 12 日，就涉嫌违反 DSA 第 25(1)条、第 39 条和第 40(12)条一事，EC 发布初步认定，认为 X 的蓝色认证标记具有欺骗性、其广告库不符合 DSA 要求，且其向第三方研究人员提供的数据访问权限不足。2024 年 9 月 26 日，XIUC 与 X 提交意见，对 EC 的初步认定提出异议。2025 年 12 月 5 日，EC 作出最终决定，维持其初步认定，并对 XIUC、X.、x.AI 及 Elon Musk（合称“各方”）处以 EUR 120 million 罚款。2026 年 2 月 16 日，各方在欧洲联盟普通法院对 EC 的决定提出异议。该异议目前仍在审理中。

In November 2022, the European Union’s Digital Services Act (“DSA”) came into force as a result of which X has to comply with extensive content moderation and other duties. The Company published its first Transparency Report under the DSA in November 2023. In December 2023, the European Commission (“EC”) opened a formal investigation into X and its Irish subsidiary, Twitter International Unlimited Company (“TIUC”), which was later renamed to X Internet Unlimited Company (XIUC). On July 12, 2024, in relation to alleged breaches of Articles 25(1), 39 and 40(12) of the DSA, the EC issued preliminary findings that X’s blue checkmark is deceptive, its advertisement repository does not meet DSA requirements, and it grants inadequate access to data to third-party researchers. On September 26, 2024, XIUC and X submitted their observations challenging the EC’s preliminary findings. On December 5, 2025, the EC delivered a final decision in which it upheld its preliminary findings and imposed a fine of EUR 120 million on XIUC, X., x.AI, and Elon Musk (together, the “parties”). On February 16, 2026, the parties challenged the EC’s decision in the General Court of the European Union. This challenge remains pending.

2016 年 3 月，非执业实体 Youtoo Technologies 在美国德克萨斯州北区联邦地区法院对 Twitter, Inc. 提起诉讼，指控其 Vine 和 Periscope 产品侵犯 Youtoo 的视频共享专利（‘304、‘506 和 ‘997 专利）。经 Twitter 动议，地区法院以无效为由驳回 ‘304 和 ‘506 专利。Twitter 向专利审判与上诉委员会（PTAB）提交多方复审请求，对全部三项涉案专利提出异议。PTAB 维持 ‘304 和 ‘506 专利有效，并宣告 ‘997 专利无效；联邦巡回法院予以维持。2020 年 3 月 16 日，原告（现为 Vidstream LLC，据称其在破产程序中从 Youtoo Technologies 处取得上述专利）向法院提出动议，请求重新考虑其此前宣告 ‘304 和 ‘506 专利无效的裁定。2022 年 4 月 1 日，法院推翻其关于 ‘304 和 ‘506 专利的原裁定。2024 年 9 月 27 日，Vidstream 提交部分简易判决动议，法院部分准许。该案进入陪审团审理，2025 年 4 月 16 日，陪审团作出裁决，认定 (i) Twitter 未侵犯 ‘506 专利的任何权利要求以及 ‘304 专利三项权利要求中的两项，且上述各项专利权利要求均无效，但 (ii) Twitter 故意侵犯了 ‘304 专利的一项权利要求。陪审团判给原告 $105 million 损害赔偿。2025 年 11 月，地区法院维持陪审团裁决，并另行判给 $67 million 判决前利息。Twitter 已提起上诉，Vidstream 已提起交叉上诉。两起上诉目前均在联邦巡回法院审理中。

In March 2016, non-practicing entity Youtoo Technologies filed suit against Twitter, Inc. in the United States District Court for the Northern District of Texas alleging its Vine and Periscope products infringe Youtoo’s video-sharing patents (the ‘304, ‘506, and ‘997 patents). On Twitter’s motion, the district court dismissed the ‘304 and ’506 patents as invalid. Twitter filed petitions for Inter Partes Review before the Patent Trial and Appeals Board (PTAB) challenging all three patents-in-suit. The PTAB upheld the ‘304 and ‘506 Patents and invalidated the ‘997 Patent; the Federal Circuit affirmed. On March 16, 2020, Plaintiff (now Vidstream LLC, which allegedly acquired the patents from Youtoo Technologies in a bankruptcy proceeding), moved the Court to reconsider its earlier ruling invalidating the ‘304 and ‘506 patents. On April 1, 2022, the Court reversed its original ruling on the ‘304 and ‘506 patents. On September 27, 2024, Vidstream filed a motion for partial summary judgment, which the Court granted in part. The case went to a jury trial, and on April 16, 2025, the jury rendered a verdict finding (i) that Twitter did not infringe any claim of the ‘506 patent and two out of three claims of the ‘304 patent and that each of those patent claims was invalid, but (ii) that Twitter willfully infringed one claim of the ‘304 patent. The jury awarded Plaintiff $105 million in damages. In November 2025, the district court affirmed the jury’s award and awarded an additional $67 million in prejudgment interest. Twitter has appealed and Vidstream has cross-appealed. Both appeals remain pending before the Federal Circuit.

2023 年 6 月，作为美国国家音乐出版商协会（“NMPA”）成员的几家音乐出版公司在美国田纳西州中区联邦地区法院对 X 提起诉讼，主张直接侵权、帮助侵权及替代侵权著作权责任，理由是据称音乐出版商已就相关侵权行为向 Twitter 发出通知后，Twitter 未能迅速下架用户发布的侵权音乐。音乐出版商还主张，Twitter 未暂停“重复侵权者”的账户，因此 Twitter 无权依据 DMCA 享有责任“避风港”。X 于 2023 年 8 月 14 日提出驳回起诉的动议。2024 年 3 月 5 日，法院驳回了原告的直接侵权和替代侵权主张，以及原告帮助侵权主张的一部分。X 于 2024 年 4 月 9 日对起诉状作出答辩。诉讼自 2025 年 6 月 11 日起中止至 2025 年 9 月 9 日，以便进行和解磋商，但磋商未能成功。因此，证据开示仍在进行中。2026 年 4 月 1 日，法院批准了双方共同提出的中止申请，以便 X 基于最高法院在 Cox Comm’s, Inc. v. Sony Music Entm’t 一案中的判决重新提出驳回诉讼的动议。事实证据开示现已结束。鉴于最高法院的该项裁决，双方已约定：音乐出版商须于 2026 年 5 月 11 日前就其剩余的帮助侵权主张修改起诉状，X 须于 2026 年 6 月 11 日前重新提出驳回动议。

In June 2023, music publishing companies that are members of the National Music Publishers’ Association (the “NMPA”) filed a complaint against X in the U.S. District Court for the Middle District of Tennessee, claiming direct, contributory, and vicarious copyright infringement based on Twitter’s alleged failure to expeditiously take down infringing music posted by users after the music publishers allegedly gave Twitter notice of those infringements. The music publishers also allege that Twitter did not suspend the accounts of “repeat infringers,” so that Twitter is not entitled to a “safe harbor” from liability under the DMCA. X filed a motion to dismiss the complaint on August 14, 2023. On March 5, 2024, the Court dismissed plaintiffs’ direct infringement and vicarious infringement claims, and part of plaintiffs’ claim for contributory infringement. X answered the complaint on April 9, 2024. Litigation was stayed from June 11, 2025 to September 9, 2025 for settlement discussions that were not successful. Accordingly, discovery is ongoing. On April 1, 2026, the Court granted the parties’ joint motion for a stay to allow X to file a renewed motion to dismiss the suit based on the Supreme Court’s decision in Cox Comm’s, Inc. v. Sony Music Entm’t. Fact discovery is now closed. In light of this Supreme Court ruling, the parties have stipulated to a May 11, 2026 deadline for the music publishers to amend their complaint with respect to their remaining claims for contributory infringement, and a June 11, 2026 deadline for X to file a renewed motion to dismiss.

2023 年 9 月，荷兰基金会 Stichting Data Bescherming Nederland（“SDBN”）在荷兰阿姆斯特丹地区法院对 TIUC、Twitter, Inc.、X Corp.和 Twitter Netherlands b.v.提起一项拟议集体诉讼，涉及 Twitter 对 MoPub 平台的运营。SDBN 主要主张 MoPub 的实时竞价广告交易平台违反了 GDPR。SDBN 声称其代表 11 百万名荷兰互联网用户，这些用户在 2013-2022 年期间下载并使用了包含 MoPub 软件开发工具包的第三方移动应用，并寻求按每人€ 250 至€ 2,500 的金额判给赔偿。2026 年 2 月 4 日，法院未允许本案作为集体诉讼继续进行，并表示正在考虑中止诉讼程序，直至欧盟法院就另一案件中荷兰集体诉讼要求对 GDPR 主张的适用性作出裁决。Twitter 各方于 2026 年 3 月 4 日提交了支持拟议中止的书面意见，原告对此表示反对。

In September 2023, Dutch foundation Stichting Data Bescherming Nederland (“SDBN”) filed a putative class action lawsuit in the District Court of Amsterdam in the Netherlands against TIUC, Twitter, Inc., X Corp., and Twitter Netherlands b.v. related to Twitter’s operation of the MoPub platform. SDBN primarily claims that MoPub’s real-time bidding ad exchange violated the GDPR. SDBN claims to represent 11 million Dutch internet users who downloaded and used third-party mobile apps containing the MoPub software development kit during the period 2013-2022 and it seeks a monetary award in the range of € 250 to € 2,500 per person. On February 4, 2026, the Court declined to allow the case to proceed as a class action and indicated that it is considering staying the proceedings until the Court of Justice of the European Union has ruled in a separate case concerning the applicability of Dutch class action requirements to GDPR claims. The Twitter parties filed a brief in support of the proposed stay, which the plaintiffs opposed, on March 4, 2026.

2024 年 8 月，荷兰基金会 Stichting Onderzoek Marktinformatie（SOMI）代表约 7.8 million 荷兰 X 用户，在荷兰阿姆斯特丹地区法院提起集体诉讼。SOMI 请求判令 TIUC、X Corp. 和 Twitter Netherlands B.V.（合称“X 实体”）就以下事项承担损害赔偿等责任：(1) 涉嫌数据泄露及安全措施不足；(2) 涉嫌未经授权的微定向投放及缺乏透明度；(3) 涉嫌未能对仇恨言论进行审核以及妨碍研究，上述行为均违反 GDPR 和/或 DSA。所称数据泄露涉及 2022 年曝光的一个 Twitter API 漏洞，该漏洞曾使知晓用户电子邮件地址或电话号码的人能够确定该用户的 Twitter ID。SOMI 已请求为每一位集体成员提供赔偿（具体金额留待后续阶段评估），其中包括向每一位据称在 X 平台上受到仇恨言论影响的集体成员支付 1 欧元的象征性损害赔偿。X 实体于 2025 年 3 月 12 日提交了程序性抗辩。法院于 2026 年 4 月 2 日举行听证，并表示将于 2026 年 5 月 27 日作出裁决。

In August 2024, Dutch foundation Stichting Onderzoek Marktinformatie (SOMI) initiated a collective action in the District Court of Amsterdam in the Netherlands on behalf of approximately 7.8 million Dutch X users. Among other things, SOMI seeks damages against TIUC, X Corp. and Twitter Netherlands B.V. (collectively, the “X entities”) for: (1) alleged data breaches and insufficient security measures; (2) alleged unauthorized microtargeting and lack of transparency; and (3) the alleged failure to moderate hate speech and the obstruction of research, all in violation of the GDPR and/or DSA. The alleged data breaches relate to a Twitter API bug that came to light in 2022 and that had allowed persons who knew the email address or phone number of a user to determine the user’s Twitter ID. SOMI has requested compensation (to be assessed at a later stage) for each member of the class, including symbolic damages of EUR 1 for each member of the class that is allegedly affected by hate speech on the X platform. The X entities filed a procedural defense on March 12, 2025. The court held a hearing on April 2, 2026, and indicated that it would hand down its decision on May 27, 2026.

2025 年 9 月，非执业实体 Search and Share Technologies, LLC（“SaS”）在德克萨斯州西区联邦地区法院对 X Corp. 提起专利诉讼。SaS 指控 X Corp. 通过其移动应用和网站中的功能侵犯了美国专利第 10,180,952 号和第 11,106,744 号，这些功能使用户能够通过专用界面与内容互动，直接分享其他用户在排序信息流和搜索结果中看到的内容。SaS 于 2026 年 1 月 5 日提交了修订起诉状。2026 年 1 月 20 日，X Corp. 提出动议，请求驳回 SaS 的故意侵权和诱导侵权主张。2026 年 2 月 3 日，SAS 对 X Corp. 的部分驳回动议作出回应，但未提出异议。2026 年 2 月 10 日，X Corp. 提交了答辩状。2026 年 2 月 4 日，X Corp. 提交 IPR 申请，对 '744 专利提出质疑；2026 年 2 月 18 日，又提交 IPR 申请，对 '952 专利提出质疑。

In September 2025, non-practicing entity Search and Share Technologies, LLC (“SaS”) filed a patent complaint against X Corp. in the Federal District Court for the Western District of Texas. SaS alleges that X Corp. infringed on U.S. Patent Nos. 10,180,952 and 11,106,744, through features in its mobile app and website enabling users to interact with content through dedicated interfaces that directly share what other users see in ranked feeds and search results. SaS filed an Amended Complaint on January 5, 2026. On January 20, 2026, X Corp. moved to dismiss SaS’s willful infringement and induced infringement claims. On February 3, 2026, SAS responded to, but did not oppose, X Corp.’s partial motion to dismiss. On February 10, 2026, X Corp. filed its reply. On February 4, 2026, X Corp. filed an IPR petition challenging the ‘744 Patent and on February 18, 2026, filed an IPR petition challenging the '952 Patent.

自 2026 年 1 月起，公司及若干子公司已在多起因 Grok 的图像生成与编辑功能而提起的诉讼中被列为被告。起诉状普遍指控 Grok 的图像生成与编辑功能使得未经同意制作和传播露骨图像及/或在性化语境中呈现女性和/或儿童的内容成为可能。相关案件包括于 2026 年 1 月 23 日在美国加利福尼亚州北区联邦地区法院提起的 Jane Doe 诉 X.AI Corp. 及 X.AI LLC 案，以及于 2026 年 3 月 16 日在美国加利福尼亚州北区联邦地区法院提起的 Jane Doe 1 等诉 X.AI Corp. 及 X.AI LLC 案（“Jane Doe 1 案”）。上述案件为推定集体诉讼，主张的请求包括严格责任、过失、妨害、隐私权或公开权等，且在 Jane Doe 1 案中还包含某些联邦法定请求。上述两案的原告寻求的救济包括补偿性、法定及惩罚性损害赔偿、返还、交出违法所得以及禁令救济等。此外，Mayor and City Council of Baltimore ex rel. Ebony M. Thompson 诉 X Corp.、X.AI Corp.、X.AI LLC 及 Space Exploration Technologies Corp 一案于 2026 年 3 月 24 日在巴尔的摩市巡回法院提起（“巴尔的摩案”）。巴尔的摩案的原告巴尔的摩市长及市议会依据巴尔的摩《消费者保护条例》主张与上述两案类似的请求。巴尔的摩案的原告寻求法定罚款和/或禁令救济。公司拟在上述诉讼中积极抗辩。

Beginning in January 2026, the Company and certain subsidiaries have been named as defendants in multiple lawsuits arising from Grok’s image-generation and editing features. The complaints generally allege that Grok’s image-generation and editing features enabled the creation and dissemination of nonconsensual explicit images and/ or content representing women and/or children in sexualized contexts. The actions include Jane Doe v. X.AI Corp. and X.AI LLC, instituted in the U.S. District Court for the Northern District of California on January 23, 2026, and Jane Doe 1 et al. v. X.AI Corp. and X.AI LLC (the “Jane Doe 1 Case”) instituted in the U.S. District Court for the Northern District of California on March 16, 2026. These cases are putative class actions, asserting claims including, among other things, claims of strict liability, negligence, nuisance, rights of privacy or publicity, and, in the Jane Doe 1 Case, certain federal statutory claims. Plaintiffs in these two cases seek, among other things, compensatory, statutory and punitive damages, restitution, disgorgement and injunctive relief. In addition, a case, Mayor and City Council of Baltimore ex rel. Ebony M. Thompson v. X Corp., X.AI Corp., X.AI LLC, and Space Exploration Technologies Corp, was instituted in the Baltimore City Circuit Court on March 24, 2026 (the “Baltimore Case”). The plaintiff in the Baltimore Case, the Mayor and City Council of Baltimore, asserts similar claims to those in the two cases discussed above under Baltimore’s Consumer Protection Ordinances. The plaintiff in the Baltimore Case seeks statutory penalties and/or injunctive relief. The Company intends to defend itself vigorously in these actions.

2026 年 4 月 14 日，全国有色人种协进会及 NAACP 密西西比州分会（合称“NAACP”）对 X.AI Corp. 及 MZX Tech, LLC 提起诉讼，指控经密西西比州环境质量部许可、为 COLOSSUS II 数据中心供电的移动式燃气轮机违反《清洁空气法》，因其据称构成未取得适当许可的固定污染源。2026 年 5 月 6 日，NAACP 提交初步禁令申请，寻求禁止上述燃气轮机的运行。公司拟在上述诉讼中积极抗辩。

On April 14, 2026, the National Association for the Advancement of Colored People and the NAACP Mississippi State Conference (together, the “NAACP”) filed suit against X.AI Corp. and MZX Tech, LLC alleging that the mobile gas turbines powering the COLOSSUS II data center with the permission of the Mississippi Department of Environmental Quality are in violation of the Clean Air Act because they allegedly constitute stationary sources without the proper permits. On May 6, 2026, the NAACP filed a preliminary injunction motion seeking to enjoin the operation of the turbines. The Company intends to defend itself vigorously in these actions.

公司已在截至 2026 年 3 月 31 日合并资产负债表中的“应计费用及其他流动负债”和“其他负债”项下，就很可能发生且能够合理估计的诉讼损失计提 $399 million。对于其他事项，公司目前无法估计合理可能的损失或损失区间。

The Company has recorded an accrual of $399 million for litigation losses that are probable and reasonably estimable in Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheet as of March 31, 2026 . For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss.

附注 17 - 关联方交易 Note 17 - Related Party Transactions

公司不时与其首席执行官及董事有关联的某些实体开展业务。

The Company periodically does business with certain entities with which its CEO and directors are affiliated.

在截至 2026 年 3 月 31 日的三个月内，公司从 Tesla, Inc.（“Tesla”）购买了 $34 百万的 Megapack 产品，并计入合并资产负债表中的物业、厂房及设备净额。2026 年 4 月，公司从 Tesla 购买了 $269 百万的 Megapack 产品。截至 2025 年 12 月 31 日，公司按制造商建议零售价从 Tesla 购买了 $506 百万的 Megapack 产品和 $131 百万的 Cybertrucks，并计入合并资产负债表中的物业、厂房及设备净额。

During the three months ended March 31, 2026, the Company purchased $34 million of Megapack products from Tesla, Inc. (“Tesla”) recorded in Property, plant, and equipment, net in the consolidated balance sheets. In April 2026, the Company purchased $269 million of Megapack products from Tesla. As of December 31, 2025, the Company purchased $506 million of Megapack products and $131 million of Cybertrucks at manufacturer’s suggested retail price from Tesla, recorded in Property, plant, and equipment, net in the consolidated balance sheets .

2026 年 1 月，并于 2026 年 2 月 18 日进一步修订，CTC 与 Valor Equity Partners（“Valor”）就某些 AI 基础设施硬件签订了设备租赁协议（“Valor 交易 II”）。Valor 的创始人、首席执行官兼首席投资官 Antonio Gracias 担任公司董事之一。Valor 交易 II 被视为失败的售后回租交易。公司此前已就其他 AI 基础设施硬件与 Valor 签订了类似协议。截至 2026 年 3 月 31 日，公司在其合并资产负债表中分别于债务及融资租赁（流动）和债务及融资租赁（扣除流动部分）中记录了 $1,121 百万和 $7,920 百万的债务，并在截至 2026 年 3 月 31 日的三个月内于公司合并经营报表中记录了与 Valor 设备租赁协议相关的 $186 百万利息费用。截至 2025 年 12 月 31 日，公司在其合并资产负债表中分别于债务及融资租赁（流动）和债务及融资租赁（扣除流动部分）中记录了与 Valor 设备租赁协议相关的 $455 百万和 $4,052 百万的债务。更多详情请参见附注 9“债务”。相关资产计入公司合并资产负债表中的物业、厂房及设备净额。

In January 2026, and as further amended on February 18, 2026, CTC entered into an equipment lease agreement with Valor Equity Partners (“Valor”) for certain AI infrastructure hardware (“Valor transaction II”). The founder, CEO and Chief Investment Officer of Valor, Antonio Gracias, serves as one of the directors of the Company. The Valor transaction II was deemed to be a failed sale-leaseback transaction. The Company has previously entered into a similar agreement with Valor for other AI infrastructure hardware. As of March 31, 2026, the Company recorded debt of $1,121 million and $7,920 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheet, and $186 million in Interest expense for the three months ended March 31, 2026 in the Company’s consolidated statement of operations related to equipment lease agreements with Valor. As of December 31, 2025, the Company recorded debt of $455 million and $4,052 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheet related to equipment lease agreements with Valor. Refer to Note 9, Debt for additional details. The related asset is recorded within Property, plant, and equipment, net in the Company’s

合并资产负债表 · . 截至 2026 年 3 月 31 日和 2025 年止三个月内，与 Tesla 及其他关联方的其他交易 不重大。

consolidated balance sheets · . Other transactions with Tesla and other related parties during the three months ended March 31, 2026 and 2025 were immaterial.

附注 18 - 分部 Note 18 - Segments

合并完成后，公司评估了如何审视和衡量合并后公司的业绩，以及各实体历史分部结构可能进行的重新调整。经此评估，公司确定作为合并后公司，自 2026 年第一季度起，公司首席执行官作为首席经营决策者（“CODM”），按三个经营及报告分部来组织公司、管理资源配置并衡量业绩：(i) 太空、(ii) 连接和 (iii) AI。分部的以往期间列报已与当前分部报告结构保持一致。

Following the Mergers, the Company evaluated how to view and measure performance of the combined company and potential realignment of individual entity’s historical segment structure. Following this evaluation, the Company determined that as a combined company, effective in Q1 2026, the Company’s Chief Executive Officer, as the Chief Operating Decision Maker (“CODM”), organizes the Company, manages resource allocations, and measures performance among three operating and reportable segments: (i) Space, (ii) Connectivity, and (iii) AI. Prior period presentations for segments conform to the current segment reporting structure.

公司 CODM 根据分部经营利润（亏损），通过将实际经营利润（亏损）与历史业绩及此前预测的财务信息进行比较，来评估业绩并向经营分部分配资源。公司 CODM 不使用资产或负债信息来评估经营及可报告分部。

The Company’s CODM assesses performance and allocates resources to operating segments based on segment income (loss) from operations by comparing actual income (loss) from operations to historical results and previously forecasted financial information. The Company’s CODM does not evaluate operating and reportable segments using asset or liability information.

下表列示了公司各可报告分部的收入、重大分部费用及经营利润（亏损）信息：

The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company’s reportable segments:

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2026

2026

太空 · 连接 · AI · 可报告分部合计

Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

收入 · $619 · $3,257 · $818 · $4,694 成本和费用 收入成本 · 281 · 1,651 · 456 · 2,388 研发 · 930 · 205 · 2,379 · 3,514 销售、一般及行政 · 70 · 213 · 463 · 746 重组费用 · — · — · (11) · (11) 成本和费用合计 · 1,281 · 2,069 · 3,287 · 6,637 经营利润（亏损） · (662) · 1,188 · (2,469) · (1,943) 利息费用 · (664) 利息收入 · 213 其他费用，净额 · (1,876) 所得税前亏损 · $(4,270)

Revenue · $619 · $3,257 · $818 · $4,694 Costs and expenses Cost of revenue · 281 · 1,651 · 456 · 2,388 Research and development · 930 · 205 · 2,379 · 3,514 Selling, general and administrative · 70 · 213 · 463 · 746 Restructuring charges · — · — · (11) · (11) Total costs and expenses · 1,281 · 2,069 · 3,287 · 6,637 Income (loss) from operations · (662) · 1,188 · (2,469) · (1,943) Interest expense · (664) Interest income · 213 Other expense, net · (1,876) Loss before income taxes · $(4,270)

补充分部信息 Supplemental segment information

折旧与摊销 · $166 · $783 · $1,493 · $2,442 股权激励费用 · $145 · $116 · $378 · $639 资本支出 · $1,052 · $1,332 · $7,723 · $10,107

Depreciation and amortization · $166 · $783 · $1,493 · $2,442 Share-based compensation · $145 · $116 · $378 · $639 Capital expenditures · $1,052 · $1,332 · $7,723 · $10,107

**截至 3 月 31 日的三个月**

**Three Months Ended March 31,**

2025

2025

太空 · 连接 · AI · 可报告分部合计

Space · Connectivity · AI · Total Reportable

**分部**

**Segments**

收入 · $865 · $2,475 · $727 · $4,067 成本与费用 收入成本 · 297 · 1,214 · 451 · 1,962 研发 · 526 · 123 · 908 · 1,557 销售、一般及行政 · 88 · 105 · 300 · 493 重组费用 · — · — · 4 · 4 减值 · 24 · — · — · 24 成本与费用合计 · 935 · 1,442 · 1,663 · 4,040 经营利润（亏损） · (70) · 1,033 · (936) · 27 利息费用 · (447) 利息收入 · 117 其他费用，净额 · (211) 税前亏损 · $(514)

Revenue · $865 · $2,475 · $727 · $4,067 Costs and expenses Cost of revenue · 297 · 1,214 · 451 · 1,962 Research and development · 526 · 123 · 908 · 1,557 Selling, general and administrative · 88 · 105 · 300 · 493 Restructuring charges · — · — · 4 · 4 Impairment · 24 · — · — · 24 Total costs and expenses · 935 · 1,442 · 1,663 · 4,040 Income (loss) from operations · (70) · 1,033 · (936) · 27 Interest expense · (447) Interest income · 117 Other expense, net · (211) Loss before income taxes · $(514)

补充分部信息 Supplemental segment information

折旧与摊销 · $162 · $510 · $771 · $1,443 股权激励费用 · $108 · $75 · $49 · $232 减值 · $24 · $— · $— · $24 资本支出 · $759 · $814 · $2,567 · $4,140

Depreciation and amortization · $162 · $510 · $771 · $1,443 Share-based compensation · $108 · $75 · $49 · $232 Impairment · $24 · $— · $— · $24 Capital expenditures · $759 · $814 · $2,567 · $4,140

附注 19 - 重组 Note 19 - Restructuring

2022 年，公司间接子公司 X（通过 X 合并及随后的 xAI 合并）启动了全球员工裁员，其影响持续至 2026 年。与裁员相关的费用和冲回包括现金遣散费及其他终止福利。截至 2026 年 3 月 31 日和 2025 年 3 月 31 日的三个月内，与裁员相关的费用（冲回）总额分别为 $(11) 百万和 $4 百万，已计入合并经营报表中的重组费用（冲回）。

In 2022, X, an indirect subsidiary of the Company (through the X Merger and subsequently, xAI Merger), initiated global employee workforce reductions, the effects of which continued into 2026. The charges and credits associated with the workforce reduction include cash severance expense and other termination benefits. Total charges (credits) of $(11) million and $4 million associated with the workforce reduction were recorded in Restructuring charges (credits) in the consolidated statements of operations for the three months endedMarch 31, 2026, and 2025, respectively.

下表汇总了各列报期间重组负债的变动情况，该等负债计入合并资产负债表中的应计费用及其他流动负债和其他负债：

The following table is a summary of the changes in the restructuring liabilities for each period presented, included within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets:

截至 2025 年 12 月 31 日的重组负债 · $443 遣散费及其他人员成本 · (11) 现金支付 · (123) 其他调整 · 3 截至 2026 年 3 月 31 日的重组负债附注 20 - 期后事项 · $312 公司已评估自 2026 年 4 月 1 日至 2026 年 5 月 7 日期间发生的期后事项，该日期为 合并财务报表可供发布的日期，并确定不存在需要在合并财务报表中确认或披露的期后 事项或交易，但下文所述者除外。 下文讨论。

Restructuring liabilities as of December 31, 2025 · $443 Severance and other personnel costs · (11) Cash payments · (123) Other adjustments · 3 Restructuring liabilities as of March 31, 2026Note 20 - Subsequent Events · $312 The Company has evaluated subsequent events that occurred from April 1, 2026 through May 7, 2026, which is the date the consolidated financial statements were available to be issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements, except as discussed below.

#### 合作协议

#### Collaboration Agreement

2026 年 4 月 19 日，公司与 Anysphere, Inc.（以 Cursor 名义经营，一家总部位于旧金山的私营软件公司，简称“Cursor”）签订了一份算力协议。根据该算力协议，公司将与 Cursor 合作改进公司现有模型（包括 Grok），并可能共同开发 AI 模型及相关模型专属交付成果。

On April 19, 2026, the Company entered into a compute agreement with Anysphere, Inc., doing business as Cursor, a San Francisco-based private software company (“Cursor”). Pursuant to the compute agreement, the Company will collaborate with Cursor to improve the Company’s existing models, including Grok, and potentially to jointly develop AI models and related model-specific deliverables.

与算力协议同时，公司还签订了一份选择权协议，获得收购 Cursor 的权利（但无义务）。该选择权协议一般规定，公司可在以下两者中较早发生者之后的 30 天期间内随时行使认购期权：(i) 公司 IPO 完成后七个交易日，及 (ii) 2026 年 9 月 30 日。行使认购期权由公司自行决定，并须经董事会进一步批准。Cursor 亦须遵守选择权协议项下的若干排他性义务。收购 Cursor 的对价将包括基于 Cursor 隐含股权价值 $60.0 billion 的 A 类普通股股份，以及 A 类普通股的价格，该价格等于：若收购在本发售完成前交割，则为最近一次季度估值；若收购在公司 IPO 完成后交割，则为紧接收购交割前七个连续交易日的成交量加权平均收盘价。若 (i) 公司决定终止选择权协议，或 (ii) Cursor 因公司重大违反选择权协议而有资格并决定终止，则 Cursor 有权根据选择权协议获得 $1.5 billion 的终止费，并根据算力协议获得 $8.5 billion 的递延服务费。该等费用应以现金支付（或若费用到期应付时公司 IPO 尚未完成，则以 A 类普通股支付）。

Concurrent with the compute agreement, the Company also entered into an option agreement for the right, but not the obligation, to acquire Cursor. The option agreement generally provides that the Company may exercise the call option at any time during the 30-day period following the earlier of (i) seven trading days following the completion of the Company’s IPO and (ii) September 30, 2026. Exercise of the call option is in the Company’s sole discretion and subject to further approval by the board of directors. Cursor is also subject to certain exclusivity obligations under the option agreement. The consideration for the acquisition of Cursor would consist of shares of Class A common stock based on an implied equity value of Cursor of $60.0 billion, and the price of Class A common stock that equals, if the acquisition closed prior to the completion of this offering, the most recent quarterly valuation, or, if the acquisition closed after the completion of the Company’s IPO, the volume-weighted average closing price thereof over the seven consecutive trading days immediately preceding the closing of the acquisition. If either (i) the Company decides to terminate the option agreement or (ii) Cursor is eligible to and decides to terminate due to the Company’s material breach of the option agreement, 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 the Company’s IPO has not been consummated at the time the fees become payable).

公司已对 Cursor 的业务、技术和运营进行了初步尽职调查，并预计在就任何行使认购期权的决定进行相关工作时将继续进行该等尽职调查。公司无法预测公司是否会选择行使认购期权，或若行使，收购是否会按预期条款完成或根本无法完成。

The Company has conducted preliminary due diligence on Cursor’s business, technology and operations, and expect to continue such diligence in connection with any decision to exercise the call option. The Company cannot predict whether the Company will elect to exercise the call option or, if exercised, whether the acquisition will close on the anticipated terms or at all.

#### 售后回租交易

#### Sale-Leaseback Transaction

2026 年 4 月 24 日，CTC 与关联方 Valor 就某些 AI 基础设施硬件（“Valor 交易 III”）签订了一份五年期设备租赁协议，未折现租赁付款总额为 $6,587 million。

On April 24, 2026, CTC entered into a five-year equipment lease agreement with Valor, a related party, for certain AI infrastructure hardware (“Valor transaction III”) for total undiscounted lease payments of $6,587 million.

#### 资产收购

#### Asset Acquisition

2026 年 4 月 30 日，公司与一家非关联第三方签订了一份资产购买协议，以约 $2,000 million 购买某些移动燃气轮机及相关配套设备（“燃气轮机收购”）。燃气轮机收购预计于 2026 年 5 月交割，并须满足惯常交割条件。卖方亦已同意签订交割后服务协议，以支持公司的燃气轮机运营。燃气轮机收购将有助于为公司数据中心提供电力。

On April 30, 2026, the Company entered into an asset purchase agreement with an unaffiliated third party to purchase certain mobile gas turbines and related packages for approximately $2,000 million (the “Turbine Acquisition”). The closing of the Turbine Acquisition is expected to occur in May 2026 and is subject to customary closing conditions. The seller has also agreed to enter into a post-closing services agreement to support the Company's turbine operations. The Turbine Acquisition will help provide power to the Company's data centers.

#### 云服务协议

#### Cloud Services Agreement

2026 年 5 月 3 日，公司与 Anthropic PBC（一家 AI 研发公益公司）就获取算力容量签订了一份云服务协议。根据该协议，客户已同意在 2029 年 5 月之前按月支付费用，其中 2026 年 5 月的容量将以较低费用逐步提升。该协议可由任何一方提前 90 天通知终止。客户将保留对其内容、AI 模型及相关数据的所有权和知识产权。

On May 3, 2026, the Company entered into a cloud services agreement with Anthropic PBC, an AI research and development public benefit corporation, with respect to access to compute capacity. Pursuant to this agreement, the customer has agreed to pay a monthly fee through May 2029, with capacity ramping in May 2026 at a reduced fee. The agreement 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.