SpaceX has finally pulled back the curtain on its long-awaited IPO filing, and the numbers inside are honestly wild even by Elon Musk standards. The company is reportedly targeting a staggering $1.75 trillion valuation, which could instantly make it one of the most valuable publicly traded companies in the world if the listing succeeds. But while investors expected rockets, satellites, and Mars ambitions to dominate the conversation, the filing also exposed just how heavily SpaceX is bleeding money on artificial intelligence right now. A huge part of the company’s future suddenly seems tied not only to space exploration, but also to Musk’s growing AI empire.
According to the filing, SpaceX posted an operating loss of nearly $1.94 billion during the first quarter despite generating $4.69 billion in revenue. The biggest reason behind those losses appears to be the company’s AI division, which alone reportedly lost $2.47 billion while bringing in only $818 million in revenue. Much of that spending came after SpaceX merged with Musk’s AI company xAI earlier this year. The filing showed that AI-related investments now dominate the company’s spending strategy, with around 76% of its $10.1 billion capital spending tied directly to AI infrastructure and expansion plans.
Elon Musk’s Mars Vision Is Now Deeply Connected To AI
For years, Elon Musk sold investors on the dream of reusable rockets and Mars colonization, but now the company’s ambitions sound even bigger and honestly much stranger. The IPO documents reportedly describe future plans involving massive AI data centers operating in space using solar-powered infrastructure. SpaceX believes these futuristic systems could eventually tap into markets worth trillions of dollars, even though much of the required technology does not actually exist yet. That level of ambition is exactly why some investors remain fascinated by Musk despite the financial risks surrounding his companies.
The filing also confirmed how tightly Musk still controls the company. Reports say he will retain over 85% of the combined voting power after the IPO thanks to SpaceX’s dual-class share structure. Public investors buying regular shares would reportedly have very little influence over company decisions, while Musk and insiders keep almost complete control behind the scenes. The prospectus even includes protections that make it extremely difficult to remove Musk from power or challenge leadership decisions through traditional shareholder actions. For some investors, that setup is worrying, but for others, it’s part of the appeal because they see Musk himself as the company’s biggest asset.
Meanwhile, only one major part of SpaceX currently appears consistently profitable — Starlink. The satellite internet business generated more than $1 billion in operating profit during the quarter, helping offset some of the massive losses from AI spending. Over the last few years, Starlink has quietly become the world’s largest satellite internet network, with thousands of satellites already in orbit serving consumers, governments, airlines, and enterprise customers worldwide. The success of Starlink is one of the main reasons investors still seem willing to bet on SpaceX despite its growing expenses.
SpaceX IPO Could Become One Of The Biggest Ever
If the IPO reaches its expected valuation, it could surpass even Saudi Aramco’s historic market debut from 2019, which previously held the record for the world’s biggest IPO at around $1.7 trillion. Reports suggest SpaceX may attempt to raise over $75 billion through the offering, which honestly sounds almost unreal even in today’s tech market. The company is reportedly aiming to launch its roadshow in early June before targeting a public listing shortly after on the Nasdaq under the ticker “SPCX.”
The timing is also important because the global private space race has become far more intense in recent years. SpaceX continues competing aggressively with Blue Origin and other aerospace firms trying to lower launch costs and dominate future satellite markets. But unlike many of its competitors, SpaceX now wants to become far more than just a rocket company. Between AI, satellite internet, defense contracts, and futuristic space infrastructure, the business is slowly transforming into something much larger and harder to define.
One detail from the filing that grabbed a lot of attention involved Anthropic. Reports say Anthropic signed agreements worth around $1.25 billion per month to use computing power from SpaceX’s AI infrastructure systems through 2029. That kind of deal shows how AI and space technology are becoming deeply connected inside Musk’s growing business network, sometimes called the “Muskonomy” by analysts. Right now, SpaceX’s IPO is starting to look less like a traditional market debut and more like a giant bet on Musk’s vision of the future — even if that future still feels half science fiction.
