SpaceX Updates IPO Prospectus: Water Shortage Becomes New Bottleneck for AI Computing Power Expansion; Discloses Computing Power Cooperation Details With Anthropic

Tradingkey - On June 1, SpaceX updated its S-1 filing with the U.S. Securities and Exchange Commission (SEC). In the latest IPO filing, SpaceX for the first time listed water scarcity as a core risk factor, warning investors that these critical resources could constrain the growth of its AI business.

SpaceX pointed out that the company's ability to deliver AI products at scale depends heavily on the stable operation of its integrated ground and orbital AI computing infrastructure. The normal functioning of this infrastructure requires a continuous and stable supply of electricity, water resources, AI-specific processors, various core components, and telecommunications services.

Compared to the risk factors section in the previous version of the prospectus, SpaceX had previously only emphasized that data center expansion was primarily limited by an "economically viable power supply," lengthy construction cycles, and shortages of core components.

In this revision, SpaceX updated the core constraints to "the supply of electricity and water at economically viable prices" and significantly expanded its description of water-related risks.

According to the prospectus, SpaceX stated that large-scale data center operations consume massive amounts of water for cooling systems. As a result, water availability has become one of the primary considerations for data center site selection, construction, and operation.

If water shortages occur, droughts intensify, or local competition for water usage escalates, it will directly limit data center cooling capacity, drive up operating costs, delay expansion plans, and even force the company to adopt more costly alternative cooling technologies.

Additionally, according to the revised filing, the company will reserve up to 5% of the shares from this public offering for employees and the friends and family of executives.

Notably, SpaceX's revised prospectus for the first time detailed its business partnership with Anthropic. The current scope of their cooperation involves SpaceX providing Anthropic with computing power leasing services for a total of approximately 325,000 Nvidia GPUs across the Colossus and Colossus II hyperscale data centers.

This means Anthropic is both a key customer of SpaceX's AI business and a competitor to the company's own AI division.