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Internal SpaceX documents reveal significant stock deals offered to select investors, including Andreessen Horowitz (a16z), Gigafund, and others, allowing them to purchase shares at a steep discount. For instance, in a May 2022 tender offer, shares were sold to employees at $70 each, a notable drop from the $270 price during primary sales. This disparity arises because employees hold common stock, while investors typically acquire preferred stock with added benefits like dividends and liquidation preferences.
The documents show that preferred shareholders would be owed the first $6.67 billion in the event of a sale, a figure expected to increase with additional funding. Notably, a16z was authorized to buy nearly 4.3 million shares, while Gigafund, associated with SpaceX board members, and other firms also received substantial allocations. Despite the favorable terms for these investors, the documents highlight the complexities and potential risks for common shareholders, especially in a low-sale scenario.
