SpaceX Files Trillion-Dollar IPO

Elon Musk’s SpaceX is shaking up Wall Street with a blockbuster IPO filing—think $1.765 trillion valuation, $135 per share, and the tightest float in history at just 4% of shares. But here’s the kicker: while SpaceX spent a jaw-dropping $20.7 billion on AI last year, it still lost nearly $5 billion, betting that compute power in orbit (and on Earth) will fuel future profits. Starlink is making money, launches are losing, and AI is a money pit for now—but Musk is pitching an audacious future where it all pays off.

But there’s a catch: Musk keeps a near-monopoly on power, controlling 85% of voting rights through supercharged Class B shares, and the board signals business as usual. At the same time, SpaceX has swallowed xAI, Musk’s AI company, aiming for seamless integration but also concentrating risk—especially as xAI gets flagged for deepfake concerns. Plus, whispers about a potential Tesla–SpaceX merger are growing louder, hinting at even bigger showdowns with regulators and shareholders if it happens.

For an insider look at the numbers, defense deals, and where Musk may take this next, this episode draws on reporting from Ars Technica, Reuters, and Barron’s.

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