SpaceX is facing increased scrutiny from the investment community following a series of conflicting statements regarding its partnership with AI startup Anthropic. While the company’s official IPO prospectus outlines a long-term compute capacity lease agreement valued at $1.25 billion per month through 2029, Elon Musk recently provided a contradictory account on the social media platform X. Musk characterized the arrangement as a 180-day lease with mutual cancellation options, a detail notably absent from the formal 300-page filing submitted to regulators.

This discrepancy has sparked significant concern among market experts and prospective investors, who are struggling to reconcile the official financial disclosures with Musk’s public commentary. Legal scholars have noted that such inconsistencies create a challenging environment for valuation, as the difference between a multi-year, high-revenue contract and a short-term, flexible lease significantly alters the company’s financial outlook. The confusion is compounded by the fact that SpaceX is currently attempting to navigate one of the largest IPOs in history while managing a business model that burns billions of dollars in capital each quarter.

Beyond the Anthropic deal, analysts have pointed to broader gaps in SpaceX’s IPO documentation, including a lack of transparency regarding unit economics for the Falcon 9 rocket, subscriber churn rates, and specific performance metrics for its AI division, now known as SpaceXAI. With the company’s capital expenditures surging—largely driven by massive investments in AI infrastructure—investors are demanding greater clarity. Experts suggest that SpaceX will likely need to issue a formal amendment to its S-1 filing to address these contradictions and provide a definitive account of its contractual obligations before moving forward with its public offering.