SpaceX Files IPO Paperwork: Musk Keeps Control, xAI Burns Billions, Anthropic Pays $15B
SpaceX officially filed for what could be the largest initial public offering in history, targeting a valuation around 1.75 trillion dollars. The filing reveals the company lost nearly 5 billion dollars last year, primarily due to its merger with Elon Musk's xAI artificial intelligence company, which burned through 6.4 billion dollars while generating only 3.2 billion in revenue. Under a dual-class share structure, Musk maintains 85 percent voting control while public shareholders receive minimal influence. Meanwhile, Anthropic agreed to pay SpaceX 15 billion dollars annually through 2029 for access to data center computing power in Memphis, Tennessee. The company aims to raise roughly 75 billion dollars and expects to begin trading in mid-June under the ticker SPCX. Much of SpaceX's promised future revenue depends on unproven technologies including orbital data centers and Mars colonization.
Key facts
- SpaceX lost $4.94 billion in 2025 while generating $18.67 billion in revenue
- xAI division lost $6.4 billion in 2025 on $3.2 billion in revenue
- Musk controls 85.1% of voting power through dual-class share structure with Class B shares worth 10 votes each
- Anthropic agreed to pay $1.25 billion monthly for compute access through May 2029, totaling $15 billion annually
- Proposed valuation of $1.75 trillion would make SpaceX the largest IPO in history, surpassing Saudi Aramco's $1.7 trillion 2019 offering
- xAI spent $12.7 billion on capital expenditures in 2025, accounting for 76% of SpaceX's $10.1 billion spending in Q1 2026
- SpaceX plans to reserve up to 30% of shares for retail investors through platforms like Robinhood and Fidelity
- The company projects a $28.5 trillion addressable market, with majority tied to AI infrastructure and orbital data centers
How different outlets framed it
Left-leaning coverage: Left-leaning outlets highlighted concerns about Musk's consolidated power, shareholder powerlessness, and labor practices. They noted the filing specifies that none of SpaceX's 22,000 employees are subject to collective bargaining, reflecting Musk's well-documented anti-union stance. Pension funds from California and New York criticized the dual-class structure for giving regular investors virtually no say in company decisions.
Right-leaning coverage: Right-leaning coverage, reflected in sources like National Review perspective, emphasized Musk's entrepreneurial track record and innovation achievements. They highlighted his transformation of rocket technology through reusable rockets and the Starlink satellite network. Some framed the control structure as appropriate for visionary leadership and ambitious long-term projects like Mars colonization.
Limits of this briefing
Coverage focused primarily on financial metrics and control structure but gave limited analysis of technical feasibility of unproven ventures like orbital data centers or Mars colonies. Environmental concerns about xAI's unpermitted gas turbines in Memphis received minimal attention from mainstream outlets despite EPA findings and NAACP litigation.
Sources
- CNN Business: The 5 strangest things about SpaceX's IPO prospectus Centre
- HuffPost: SpaceX IPO Filing Lays Bare Losses And Musk Control As It Stakes Future On AI Left
- TechCrunch: xAI burned $6.4B last year — SpaceX's IPO filing shows why the spending is far from over Centre
- CNBC: SpaceX's historic IPO plans: Billions in losses and Musk's massive ownership Centre
- NPR: Elon Musk's SpaceX IPO plans reveal blockbuster spending on rockets and AI Centre