The numbers are staggering. SpaceX has made its S-1 filing public, and the SpaceX xAI IPO filing paints a picture of a company that has grown far beyond rockets. Elon Musk will sit at the top as CEO, CTO, and Chairman of the board once the company lists on Nasdaq under the ticker “SPCX.” The offering is expected to raise around $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest IPO in history, surpassing Saudi Aramco’s 2019 debut.
Starlink Carries the Weight
For all the futuristic ambitions, SpaceX’s finances today run on Starlink. The satellite internet service brought in around $11 billion last year, accounting for more than half of the company’s total revenue of over $18 billion. That said, SpaceX still posted a loss of about $4.9 billion in 2025, and has burned through more than $37 billion since its founding. The filing lists 36 pages of risk factors, and among the more concrete liabilities is a projected $530 million in legal costs tied to Musk’s absorption of his AI and social media companies into SpaceX.
The company’s pitch to investors rests heavily on Starship, the fully reusable heavy-lift rocket that has gone through a series of explosions and redesigns. SpaceX says it expects Starship to begin delivering payloads to orbit in the second half of 2026, and plans to use it to launch next-generation Starlink V2 mobile satellites in 2027. The company argues Starship could cut the cost of reaching orbit by 99% or more compared to historical averages. Spending on the program reached $3 billion in 2025 and $930 million in just the first quarter of 2026.
xAI Is Burning Cash Fast
The SpaceX xAI IPO filing offers the first real public look at xAI’s books, and they are not pretty. Musk’s AI company, which he merged into SpaceX earlier this year after it had already absorbed X (formerly Twitter), lost $6.4 billion from operations in 2025 on just $3.2 billion in revenue. That gap is widening fast. In 2024, xAI had posted a loss of $1.56 billion on $2.62 billion in revenue. Capital spending on the AI segment climbed from $12.7 billion in 2025 to $7.7 billion in the first quarter of 2026 alone, an annualized run rate of roughly $30.8 billion.
SpaceX directed around 60% of its total capital spending in 2025 to the AI division, or about $20 billion. The chatbot Grok had 117 million monthly active users as of March 2026, out of 550 million combined across Grok and X. That means only about one in five users of the combined service is actively using Grok’s AI features. Meanwhile, competitor Anthropic reportedly expects a 130% revenue jump to $10.9 billion in a single quarter, heading toward its first operating profit.
Anthropic Pays to Use SpaceX’s Own Servers
One of the more surprising details buried in the filing is a deal with Anthropic. The AI company will pay xAI $1.25 billion per month through May 2029 to access the full output of the Colossus 1 data center near Memphis, Tennessee. The arrangement covers 300 megawatts of compute and could bring xAI over $40 billion in total revenue. SpaceX frames it as a smart use of spare capacity, but the subtext is hard to ignore. Grok usage has dropped significantly in recent months, freeing up servers that are now being sold to one of its closest rivals.
The filing describes xAI’s Colossus and Colossus II data centers, both built in under 122 days, as providing about 1 gigawatt of compute power combined. SpaceX says owning the full infrastructure stack lets it train and iterate AI models at lower cost and higher speed. The next version of Grok is planned to scale to “multiple trillions of parameters,” which the company calls a step change in reasoning. That ambition will require even more investment, and the filing’s use-of-proceeds section explicitly mentions expanding AI compute infrastructure.
Rockets to Mars, Satellites in Orbit, and a Few Wild Cards
Beyond the financials, the S-1 lays out some genuinely ambitious visions. SpaceX claims to have identified what it calls the largest addressable market in human history at $28.5 trillion, with $22.7 trillion of that attributed to enterprise AI applications. The company also plans to deploy orbital AI compute satellites as early as 2028, the first concrete timeline set for that idea. SpaceX still wants to use Starship for point-to-point travel between cities on Earth, a concept Musk first floated in 2017, though the filing labels it a “future market” with no near-term timeline. Space tourism and in-orbit manufacturing facilities round out the list of longer-term bets.