It's likely an artifact of the nitty-gritty details of SpaceX's corporate structure; usually when you see something like this, it's reflective of a clause in th

It's likely an artifact of the nitty-gritty details of SpaceX's corporate structure; usually when you see something like this, it's reflective of a clause in their corporate charter saying something along lines of, "from now on, all additional equity stock issued for fundraising purposes will be in the form of a warrant that will convert to common once the preferred holders are able to cash out." - fmr investment banker