SpaceX Files $75 Billion IPO Targeting $2 Trillion Valuation Amid $6.4 B AI Losses

Context SpaceX filed its IPO paperwork with the SEC, outlining a dual‑class share structure that gives founder Elon Musk 85.1 % of voting power. The offering will be led by Goldman Sachs, Morgan Stanley and other banks, with up to 30 % of shares earmarked for retail investors on platforms such as Robinhood and Fidelity. Marketing begins June 4 and the final price could be set after June 11.

Key Facts - The company will trade on Nasdaq as SPCX and seeks a valuation ceiling of $2 trillion. - The IPO could raise up to $75 billion, the largest equity raise in U.S. history if fully subscribed. - 2025 revenue reached $18.7 billion, driven largely by Starlink satellite internet, which contributed two‑thirds of Q1 2026 revenue and posted $4.42 billion in operating income. - Spaceflight revenue remains loss‑making, with $619 million in Q1 2026 revenue against a $662 million operating loss. - The AI division, folded into SpaceX after the xAI acquisition, saw losses jump from $1.56 billion in 2024 to $6.36 billion in 2025, consuming more than half of the $20.74 billion capital spend that year. - SpaceX agreed to buy AI‑coding startup Cursor for $60 billion; a failed deal would trigger a $1.5 billion cash breakup fee plus an $8.5 billion deferred services fee. - Anthropic pays $1.25 billion per month for compute services, amounting to roughly $15 billion annually through May 2029, with the contract allowing either party a 90‑day cancellation window. - Musk’s control is cemented by Class B shares carrying ten votes each, while ordinary Class A shares have one vote. - The filing projects a future market for space‑based AI compute of $28.5 trillion, envisioning 100 GW of orbital capacity—about 20 % of U.S. electricity generation in 2025.

What It Means Investors face a stark trade‑off: a company with a rapidly expanding satellite internet business and a bold vision for orbital AI compute, but an AI unit that is burning cash at a rate that dwarfs its total earnings. The $15 billion Anthropic contract provides a steady revenue stream, yet it is contingent on continued demand for high‑performance compute in a market still defining pricing standards. Musk’s near‑absolute voting control limits shareholder influence, a structure that has drawn criticism from large pension funds but mirrors other tech giants such as Alphabet and Meta.

The IPO’s success will hinge on whether the market can justify a $2 trillion price tag on a firm whose profit base rests almost entirely on Starlink, while its flagship spaceflight program remains loss‑making. Watch for the final offering price in mid‑June and early post‑IPO trading to gauge investor appetite for Musk’s next frontier.