Elon Musk eyes Wall Street record with SpaceX IPO

Elon Musk’s SpaceX filed plans for what could become the largest initial public offering (IPO) in history, seeking to raise up to $75 billion and achieve a valuation of as much as $1.75 trillion. The company’s S-1 prospectus, submitted to the SEC, marks the first time SpaceX has publicly disclosed detailed financials in its 24-year history. In 2025, SpaceX generated $18.7 billion in revenue but posted an operating loss of $2.6 billion due to investments in next-generation rockets and artificial intelligence. SpaceX’s Starlink satellite internet business drove $11.4 billion in revenue in 2025, up nearly 50% year-over-year, while its AI segment—including xAI and the social media platform X—recorded $3.2 billion in revenue but an operating loss of $6.4 billion. The company spent $12.7 billion on AI data centers in 2025 and $7.7 billion in the first quarter of 2026 alone, highlighting its aggressive push to compete with rivals like Google, Meta, and Amazon. SpaceX also announced a $1.25 billion monthly deal to rent spare capacity at its COLOSSUS data centers to Anthropic through May 2029. The filing confirms Musk will retain control as CEO, CTO, and Chairman, with 85% voting power and 42% equity ownership, ensuring dominance over shareholder decisions. SpaceX acknowledged risks for investors, noting Musk’s ability to influence key corporate matters. The company outlined plans to deploy AI computer satellites in orbit by 2028, aiming for 100 gigawatts of compute capacity annually, requiring thousands of rocket launches and massive payload transport. The IPO filing follows Musk’s recent legal setback against OpenAI and comes as Anthropic prepares for its own public listing, positioning 2026 as a pivotal year for Wall Street. SpaceX’s roadmap includes building data centers in space, framing solar-powered orbital infrastructure as the only scalable solution for AI’s growing energy demands.