SpaceX, the rocket maker and space exploration company founded in 2002, has filed its initial public offering (IPO) documents, revealing a substantial bet on artificial intelligence (AI) alongside significant financial losses. The company has grown into the world’s largest space business by launching thousands of Starlink internet satellites and pioneering reusable rockets. This filing lays bare how much Elon Musk’s enterprise is investing in AI, while pinning its future on dominating technologies and markets that are yet to fully materialise, such as Mars missions and space-based AI data centres.
The disclosure highlights SpaceX’s first-quarter financial performance, reporting a total operating loss of $1.94 billion on $4.69 billion in revenue. While its connectivity segment, powered by the Starlink satellite internet unit, generated an operating profit of $1.19 billion, it was insufficient to offset the substantial outlays. The company’s AI division alone accounted for $2.47 billion in losses against $818 million in revenue. This intensive spending is largely attributed to the acquisition of xAI, which drove 76% of the company’s $10.1 billion capital expenditure in the first quarter, cementing AI’s central role in Musk’s vision.
SpaceX’s ambitious future plans hinge on technologies not yet built, including solar-powered data centres in space, targeting a potential market of $28.5 trillion. The company intends to list on the Nasdaq and Nasdaq Texas under the ticker “SPCX,” with Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan serving as bookrunners. The filing also confirms Musk’s tight control through a dual-class share structure, affording him 85.1% of the combined voting power. Analysts note the “halo effect” around Musk’s unconventional vision, making valuation challenging due to the absence of comparable companies. The proposed listing could potentially value the company at up to $1.75 trillion.
