SpaceX has given investors a heads-up that they might be in for some serious equity dilution should the company decide to expand its horizons—perhaps by merging with its own CEO’s other empire, Tesla.

The warning comes as SpaceX prepares for its Initial Public Offering (IPO), set to raise $75 billion. Musk’s previous moves, like acquiring his AI firm xAI and signing a deal with Cursor valued at up to $60 billion in stock, hint at the company’s ambitious growth plans.

The risk factor detail is particularly noteworthy given that SpaceX has three classes of shares: Class A for public sale, Class B held by Musk alone, and non-voting Class C. Musk’s control over the voting share could ensure his vision prevails, regardless of shareholder sentiment.

However, a major merger would face numerous hurdles, including legal and regulatory challenges, and it might require Tesla shareholders to rubber-stamp any deal. Still, if SpaceX pulls off such a move, it could profoundly reshape the landscape of space exploration and artificial intelligence.