SpaceX filed for what could become the largest IPO on record, targeting a $2 trillion valuation. The filing exposes significant financial realities behind Elon Musk's AI ambitions and infrastructure buildout.
xAI, Musk's artificial intelligence company, lost $6.36 billion in 2025 alone. The losses reflect massive spending on compute infrastructure as xAI races to compete with OpenAI and other frontier AI labs. The company consumed enormous computational resources without yet generating offsetting revenue streams.
SpaceX also committed to a $15 billion annual compute deal with Anthropic, Claude's maker. This arrangement signals SpaceX's strategy to monetize its infrastructure assets by supplying compute to other AI companies. The deal represents a major revenue opportunity but also locks in massive ongoing expenses.
Musk secured voting control through dual-class share structures. He holds 85.1 percent of voting power, making him effectively impossible to outvote regardless of future dilution. This arrangement gives him unilateral control over company strategy, including AI spending and infrastructure decisions, despite public shareholders holding economic interests.
The filing also reveals significant turbine spending, signaling SpaceX's expansion into power generation. This infrastructure buildout addresses a critical constraint for data centers: electrical supply. As AI compute demands surge, power availability becomes the bottleneck. SpaceX's turbine investments suggest the company expects data center conflicts with grid operators and other power consumers to intensify.
The IPO filing crystallizes a core tension in Musk's business empire. SpaceX operates as the infrastructure backbone for his AI ambitions, with xAI generating enormous losses that SpaceX's other divisions effectively subsidize. Public shareholders in SpaceX would fund these AI losses indirectly through the company's valuation and capital allocation.
The $2 trillion target values Sp