SpaceX made its IPO filing public Wednesday evening, offering the first detailed look at Elon Musk's sprawling technology conglomerate that has evolved far beyond rockets into artificial intelligence and satellite internet. The filing reveals a company burning billions on AI ambitions while targeting what could be the largest IPO in history.
The aerospace company will trade on Nasdaq under the ticker "SPCX" with a reported valuation of $1.75 trillion, potentially raising around $75 billion in what would be the biggest public offering ever. But the 36 pages of risk factors in the S-1 filing paint a picture of massive spending and mounting losses, particularly in AI.
AI Investments Drive Massive Losses
The most striking revelation centers on xAI, Musk's artificial intelligence company that merged with SpaceX in February. According to the filing, xAI lost $6.4 billion from operations on just $3.2 billion in revenue in 2025 — a dramatic increase from the $1.56 billion loss on $2.62 billion revenue in 2024.
The losses are poised to grow further. SpaceX directed around 60% of its capital spending in 2025 to its AI division, totaling approximately $20 billion. AI segment capital expenditures climbed from $12.7 billion in 2025 to $7.7 billion in just the first quarter of 2026 alone — an annualized run rate of about $30.8 billion.
Despite the massive investment, user adoption remains limited. The filing shows SpaceX recorded 117 million monthly active users for Grok AI features as of March 2026, out of 550 million total users across Grok and X combined. That means only one-fifth of the ecosystem actively uses Grok AI features.
SpaceX plans to scale Grok to "multiple trillions of parameters," which the filing describes as a "step change in reasoning in depth and overall intelligence." The company claims its Colossus and Colossus II data centers, built in 122 days and 91 days respectively, provide about 1 gigawatt of compute power for Grok's training and inference.
Orbital Data Centers by 2028
Looking ahead, SpaceX has set its first concrete timeline for orbital AI compute satellites, planning to begin deployment as early as 2028. The filing positions this as a much cheaper alternative to terrestrial data centers, with Musk betting that "the future of AI will be determined by control of the physical stack."
The AI revenue picture shows modest growth compared to competitors. The jump from 2024 to 2025 came largely from "AI solutions and infrastructure revenue" totaling $465 million, including $365 million in X and Grok subscription revenue and $88 million in data licensing. An additional $116 million came from advertising.
Starlink Dominates Current Business
While AI grabs headlines, SpaceX's current business is dominated by Starlink satellite internet, which generated more than half the company's revenue last year — around $11 billion of the total $18 billion. The company lost about $4.9 billion in 2025 and has burned more than $37 billion since inception, according to the filing.
SpaceX claims to have "identified the largest actionable total addressable market in human history" at $28.5 trillion, with $22.7 trillion attributed to "enterprise applications" of AI. The ambitious projections underscore the company's transformation from a rocket manufacturer into what it calls a technology conglomerate.
Starship Remains Critical
Despite the complex business portfolio, much of SpaceX's future hinges on Starship, the fully reusable heavy-lift rocket that has experienced explosions and technical revamps over recent years. The filing indicates Starship development remains central to the company's long-term mission of creating a multi-planetary species.
The IPO filing also details legal battles following the absorption of Musk's AI and social media companies, which SpaceX estimates will cost around $530 million. These integration challenges highlight the complexity of Musk's vision to combine space exploration, satellite internet, and artificial intelligence under one public company.
With the filing now public, SpaceX moves closer to what analysts expect will be one of the most closely watched IPOs in market history, testing investor appetite for Musk's bet that the future lies in controlling the entire stack from rockets to AI compute.
