SpaceX IPO Filing Shows Musk Building an AI and Space Infrastructure Giant – Decrypt

SpaceX’s long-awaited IPO filing was released on Wednesday, giving investors their clearest look yet at Elon Musk’s effort to turn the company into a combined space launch, satellite internet, and AI infrastructure business.

The prospectus does not include a public IPO share price or total offering size, though it assigns a fixed $42.40 per-share value to the 261.8 million shares issued as part of the EchoStar spectrum acquisition. The filing also names Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan among the lead underwriters.

SpaceX initially filed confidentially with the SEC in April, targeting a valuation of $1.75 trillion, making it the largest IPO in history.

According to the prospectus, the company will use a dual-class share structure that preserves Musk’s control after the offering. Public investors will receive Class A shares with one vote each, while Musk’s Class B shares carry 10 votes apiece. SpaceX also designated itself a “controlled company” under Nasdaq rules, allowing it to bypass certain corporate governance requirements.

The filing follows Musk’s consolidation of his AI and social media businesses into SpaceX over the past year. In March 2025, xAI acquired X in an all-stock transaction that Musk said combined the companies’ “data, models, compute, distribution, and talent.” The deal folded X’s more than 600 million users into xAI’s AI training and distribution pipeline.

Then in February, SpaceX acquired xAI itself, bringing Grok, X, and Musk’s broader AI operations directly under the aerospace company. Musk argued at the time that power and cooling limitations would eventually push large-scale AI infrastructure into orbit.

For 2025, SpaceX reported $18.67 billion in revenue alongside a $2.59 billion operating loss. The filing attributes much of the spending to AI infrastructure and Starship development. The company’s AI segment posted $6.36 billion in operating losses during 2025, while Starship research and development consumed roughly $3 billion.

SpaceX’s IPO comes as Musk’s rivalry with OpenAI continues to escalate following the collapse of his $150 billion lawsuit against the ChatGPT maker earlier this week. Both OpenAI and Anthropic are also considering IPOs, setting up a potential race between the largest AI companies to reach public markets.

Earlier this month, Anthropic agreed to pay SpaceX $1.25 billion per month through May 2029, according to a report by CNBC. The deal would give Anthropic access to AI computing capacity at the company’s Colossus 1 data center in Memphis and would provide more than 300 megawatts of compute power to help run and expand its Claude AI models, while also opening discussions about future orbital AI infrastructure projects with SpaceX.