SpaceX IPO filing shows big AI hopes and steep losses
SpaceX filed for an IPO with plans to trade on Nasdaq under SPCX, revealing a $4.9 billion net loss in 2025 driven by AI investments and heavy spending, while merging with Elon Musk’s xAI venture. The company projects a $28.5 trillion AI market opportunity and disclosed a $1.25 billion monthly contract with Anthropic for computing capacity, though Starlink remains its only profitable segment.
SpaceX has submitted its IPO filing, aiming for a Nasdaq listing under the ticker SPCX and positioning itself as the largest U.S. IPO in history. The filing highlights the company’s aggressive expansion into artificial intelligence, including a recent merger with Elon Musk’s xAI, which valued SpaceX at $1.25 trillion. Musk retains 85.1% voting control through a dual-class stock structure. The company reported $18.7 billion in revenue for 2025 but faced a $4.9 billion net loss, with losses narrowing to $4.3 billion in Q1 2026. Starlink drove 69% of first-quarter revenue, making it the only profitable segment, while aerospace and AI operations remained deeply unprofitable. SpaceX also announced a three-year, $1.25 billion monthly deal to provide Anthropic with computing resources. SpaceX’s leadership projects a $28.5 trillion total addressable market, with $26.5 trillion tied to AI services—far exceeding its traditional aerospace and connectivity sectors. The filing suggests SpaceX is betting heavily on AI infrastructure, despite ongoing financial strain. The company’s IPO roadshow is set to begin in early June, with Goldman Sachs as the lead underwriter. Meanwhile, reports indicate OpenAI may soon follow with its own IPO filing, potentially listing as early as September, though timing remains uncertain. Analysts note the dual-class structure ensures Musk’s dominance, while the AI-driven losses contrast sharply with Starlink’s profitability. The filing underscores SpaceX’s shift toward AI, even as it grapples with significant financial challenges.
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