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SpaceX is warning investors that it may dole out “significant equity” in “future transactions” following its upcoming IPO — language that was added amid constant industry gossip that CEO Elon Musk ultimately plans to merge his space-and-AI company with Tesla.

In a new filing, the company also clarified the nature of its multibillion-dollar deal with rival Anthropic.

The imminent stock market debut of SpaceX is being framed by Wall Street as a moment that redraws the map of technology investing, and the more you look at what the company has quietly been building, the harder it is to disagree. This is not a space company going public, the narrative goes.

Wedbush analyst Dan Ives believes there is better than an 80% chance Tesla and SpaceX merger in 2027.

Let me tell you what corporate IPO filings usually sound like: risk factors, addressable markets, operating segments.