SpaceX seeks $75 billion in record IPO to fund AI, launch

SpaceX has filed for a $75 billion initial public offering (IPO), the largest in history, with plans to market 555.6 million shares at $135 each, targeting a market valuation of nearly $1.77 trillion. The IPO, set for June 11 with trading starting June 12, marks SpaceX’s debut as a publicly traded company and follows a February acquisition of Elon Musk’s AI business xAI, which pushed its valuation to $1.25 trillion at the time. The filing highlights SpaceX’s ambitious plans, including expanding its AI compute capabilities, developing AI semiconductors with Tesla, and advancing its direct-to-cell wireless network. Long-term goals involve establishing bases on the Moon and colonizing Mars, though critics question the feasibility given the company’s recent financial performance. SpaceX reported a net loss of $4.94 billion in 2023 on $18.7 billion in revenue, though it turned a net profit of $791 million in 2024 with $14 billion in revenue. To support its AI ambitions, SpaceX secured a $1.25 billion monthly contract with Anthropic for compute services, though the agreement can be terminated with 90 days’ notice. Musk stated in a May 28 post that SpaceX has not committed to long-term leasing but acknowledged the possibility. The IPO will not disrupt Musk’s control, as he will retain 84.4% voting power through Class B shares, allowing him to elect 51% of the board and prevent removal from leadership. The IPO’s structure has drawn criticism from shareholder advocacy groups, which argue that governance policies and Texas-based dispute resolutions undermine investor protections. The Alliance to Protect Shareholder Value called the provisions a ‘serious attempt to decimate protections’ in a May 26 statement. Despite concerns, the offering could pave the way for other AI-focused firms like OpenAI and Anthropic to pursue their own high-profile listings. SpaceX’s IPO filing also reveals plans to begin formal marketing to investors on Thursday, where Musk and executives will outline the company’s vision for scaling AI, space infrastructure, and future interplanetary colonization. The move underscores SpaceX’s dual focus on commercial and exploratory ventures, though its ability to execute these plans remains tied to its financial performance and regulatory hurdles ahead.