SpaceX S-1 reveals Tesla’s Terafab deal is far from done

SpaceX filed its S-1 with the SEC today ahead of its blockbuster IPO, and buried in the 308-page document is a sobering reality check on the Tesla (TSLA) collaborations that Elon Musk has been hyping for months. The legal language in SpaceX’s own filing reveals that both Terafab and Macrohard — the two major joint projects between Tesla and SpaceX — are in “very early stages” with no financial terms, no intellectual property rights, and no binding commitments finalized.