SpaceX filed its IPO prospectus this week seeking to raise $75 billion at a $1.75 trillion valuation, which would shatter the Saudi Aramco record for the largest public offering in history. The document contains a detail that upended expectations: the company that built reusable rockets is now directing 60 percent of its capital expenditure to its AI division. After absorbing xAI earlier this year, SpaceX claims its total addressable market is $26.5 trillion, of which 93 percent comes from artificial intelligence, not space travel. Buried deeper in the filing is the number that will haunt every future quarterly report: xAI burned $6.4 billion in 2025 on just $3.2 billion in revenue, a two-to-one loss ratio that SpaceX shareholders are now responsible for covering.
The IPO is expected to price as early as June 11 on the Nasdaq under the ticker SPCX. The Colossus GPU cluster in Memphis, the one that houses over 200,000 NVIDIA GPUs, is central to the pitch. But Anthropic is currently paying SpaceX $1.25 billion per month to use that cluster, which means one of xAIs