Elon Musk’s SpaceX Files for Historic IPO, Reveals Massive AI Spending

SpaceX has finally unveiled long-awaited plans to go public, offering the clearest picture yet of the company’s finances, leadership structure, business operations and futuristic ambitions.

The Elon Musk-led rocket and satellite company disclosed extensive details in a 277-page prospectus, including revenue growth, mounting losses, AI investments and plans tied to space exploration and interplanetary expansion. The company will trade under the ticker symbol SPCX.

While the filing stopped short of revealing the size of the IPO or the company’s expected valuation, analysts believe the listing could become the biggest IPO in history.

What SpaceX Revealed About Its Leadership and Ownership

The filing confirmed that Elon Musk serves as chairman of SpaceX, while President and Chief Operating Officer Gwynne Shotwell remains one of the company’s directors.

The prospectus also highlighted Musk’s overwhelming control over the company. According to the filing, Musk controls 85.1 per cent of the company’s voting power through a combination of common and Class B shares.

The report noted that Musk owns 12.3 per cent of common shares and 93.6 per cent of Class B shares, “Pretty much guaranteeing he'll maintain control of at least a plurality of the votes after the IPO.”

The filing identified Gracias, through Valor Entities, as the company’s second-largest shareholder with 7.3 per cent ownership in common stock.

The Mission Behind the IPO

In the prospectus, SpaceX outlined an expansive long-term vision focused on humanity’s future beyond Earth.

The company stated that its mission is “to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”

To achieve this, the company said it plans to continue rapidly manufacturing and launching satellites to strengthen its Starlink communications network.

The filing also detailed broader ambitions involving artificial intelligence, lunar infrastructure and future settlements beyond Earth.

SpaceX stated that it will “harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets.”

Why AI Has Become Central to SpaceX

A major revelation in the filing was the scale of SpaceX’s investment in artificial intelligence.

The report said investor optimism around the company’s AI ambitions helped drive Musk’s decision to merge SpaceX with xAI earlier this year.

“That deal valued the combined company at USD 1.25 trillion at the time,” the report noted.

The company disclosed that it spent USD 20.7 billion in 2025 alone, including USD 12.7 billion on AI initiatives. By comparison, it spent USD 4.2 billion on Starlink and USD 3.8 billion on other space ventures, including rockets.

The pace of spending has accelerated sharply. SpaceX spent USD 11.2 billion in 2024 and USD 4.4 billion in 2023.

“In the first three months of this year, SpaceX already spent USD 10.1 billion - USD 7.7 billion of which was on AI,” the report stated.

Revenue Growth and Mounting Losses

Despite surging revenue, SpaceX remains deeply unprofitable.

The filing showed that the company generated USD 18.7 billion in revenue last year, marking a 33 per cent increase from the previous year.

However, the company swung from a USD 791 million profit in 2024 to a USD 4.9 billion loss in 2025. It also recorded losses of USD 4.6 billion in 2023.

The report added that the losses are expected to continue in 2026.

“SpaceX said it has already lost USD 4.3 billion in the first three months of this year on USD 4.7 billion of revenue,” the report stated.

Could This Become the Biggest IPO Ever?

Although SpaceX has not yet disclosed how much money it plans to raise, market expectations surrounding the listing remain enormous.

The report suggested that the IPO could generate massive investor interest and potentially make Musk the world’s first trillionaire.

SpaceX also outlined what it described as an unprecedented market opportunity.

The company estimated its total addressable market at USD 28.5 trillion, calling it “the largest actionable total addressable market in human history.”

(With inputs from ANI)