SpaceX files for historic IPO at $1.75 trillion valuation, revealing $6.4B xAI losses as Elon Musk bets big on AI and Mars

SpaceX is finally heading to Wall Street, and the numbers inside its long-awaited IPO filing show a company operating at a scale few businesses in history have ever attempted.

The Elon Musk-led rocket-and-satellite giant filed publicly for what could become the largest IPO ever, seeking a valuation of roughly $1.75 trillion. The public filing offers the clearest look yet at SpaceX’s finances, revealing billions in revenue, heavy AI spending, soaring Starlink profits, and mounting losses tied to Musk’s growing artificial intelligence ambitions.

The prospectus lays out a future where SpaceX is no longer just a rocket company. Musk wants the business to become a sprawling AI and infrastructure empire spanning satellite internet, supercomputing, autonomous systems, Mars colonization, and even solar-powered data centers in space.

That vision is coming with a staggering price tag.

SpaceX’s IPO filing reveals the true cost of Musk’s AI ambitions

According to the SEC filing, Musk’s AI company xAI lost $6.4 billion from operations in 2025 on just $3.2 billion in revenue. SpaceX disclosed that xAI accounted for most of the company’s losses and spending after the February merger between the two businesses.

SpaceX reported a total operating loss of $1.94 billion during the first quarter on $4.69 billion in revenue. Starlink remained the company’s financial engine, generating $1.19 billion in operating profit during the same period. Its AI division posted $2.47 billion in losses on $818 million in revenue.

The filing shows how aggressively Musk is pushing into AI infrastructure. SpaceX plans to scale Grok into a system with “multiple trillions of parameters,” a move that would require enormous computing capacity and billions more in capital spending.

Much of that spending is already happening. The company said xAI represented 76% of SpaceX’s $10.1 billion in first-quarter capital expenditures.

The future Musk is selling to Wall Street: AI, Mars, and orbital compute

Investors are betting that Musk can repeat the same playbook that turned Tesla into the world’s most valuable automaker and transformed SpaceX into the dominant force in commercial spaceflight. SpaceX’s reusable rocket program reshaped the economics of launching payloads into orbit and helped the company build Starlink into the largest satellite internet network on Earth.

Now Musk is asking public investors to back a much bigger gamble.

The filing says future growth depends heavily on technologies and markets that do not yet exist at commercial scale, including orbital AI infrastructure and massive space-based compute systems powered by solar energy. SpaceX estimates the addressable market tied to those ambitions could eventually reach $28.5 trillion.

The IPO filing comes at a critical time for the company. SpaceX is preparing another test flight of Starship, its next-generation rocket central to Musk’s long-term Mars plans. The company has tied much of Musk’s future compensation to ambitious milestones, including establishing a permanent human colony on Mars and building giant AI data centers in space.

The structure of the IPO makes clear that Musk will remain firmly in control.

SpaceX will use a dual-class share structure that gives each Class B share 10 votes, allowing Musk and insiders to maintain overwhelming voting power. The filing shows Musk will control roughly 85.1% of combined voting rights after the offering.

“The rocket, satellite and artificial intelligence giant is giving the billionaire the power to outvote anyone else, and promising him outsize rewards, including as many as 1 billion shares, if he can pull it off,” Bloomberg reported, citing a Wednesday filing with the US Securities and Exchange Commission (SEC).

The company’s governance terms give public shareholders limited influence over major decisions. The prospectus includes provisions that restrict legal claims and protect Musk from removal, except under highly limited circumstances.

Analysts say investors may care less about traditional valuation metrics and more about Musk himself.

“There is somewhat of a halo effect around Musk and his unconventional vision,” said Reena Aggarwal, a finance professor at Georgetown University. “It is difficult to value companies like this because there is no peer group for comparison.”

The IPO that could make Elon Musk the world’s first trillionaire

SpaceX’s planned IPO would surpass the record set by Saudi Aramco in 2019 if the company reaches its target valuation. The space giant SpaceX could raise more than $75 billion in the offering, according to a Reuters report.

The filing reveals how interconnected Musk’s business empire has become. Following the merger with xAI, SpaceX now sits at the center of a network that includes X, Tesla, AI infrastructure, satellite communications, and autonomous systems.

One disclosure inside the filing drew particular attention. SpaceX said Anthropic agreed to pay the company $1.25 billion per month through May 2029 for compute capacity from its Colossus and Colossus II data center clusters in Memphis.

The company disclosed multiple lawsuits related to Grok’s image-generation and editing tools, another sign of the legal scrutiny facing AI platforms as competition intensifies across the industry.

SpaceX plans to list on the Nasdaq under the ticker symbol “SPCX.” Reuters previously reported that the company is targeting a roadshow launch on June 4, with shares expected to begin trading as early as June 12.

If the IPO succeeds at the projected valuation, Musk could move closer to becoming the world’s first trillionaire. For investors, the offering presents something far more unusual than a standard tech listing. It is a bet on whether one company can dominate space, AI infrastructure, satellite internet, and eventually industries that do not yet exist.