SpaceX files for record IPO, stakes future on $26.5 trillion AI market and orbital data centers

SpaceX submits detailed financial filing ahead of going public in June

After nearly a quarter of a century operating as a private company, with its financial accounts a closely guarded secret, SpaceX on Wednesday afternoon released a detailed accounting of its business in a nearly 400-page S-1 filing with the US Securities and Exchange Commission. SpaceX, founded in 2002 and still led by Elon Musk, submitted the filing in anticipation of an initial public offering of its stock as soon as June 12. The document revealed no major surprises about the company's space operations, but there was a trove of details about its sprawling operations, which now encompass launch, spaceflight, space-based Internet, and, thanks to its recent acquisition of Musk's xAI, social media and AI. The company reported revenues of $18.67 billion in 2025, up significantly from $14.02 billion the year before. However, after turning a small profit in 2024, the company lost $4.94 billion in 2025 largely due to spending on artificial intelligence development. That's a big market you've got there SpaceX projects a "total addressable market," or TAM, of $28.5 trillion across its present and future offerings in space, data, and AI services. However, of this amount, only about $2 trillion is directly related to space or the company's Starlink network. The remaining $26.5 billion is believed to come from AI, largely from enterprise applications. "We believe we have identified the largest TAM in human history," the company states on page 171 of the filing. "We believe our next trillion-dollar market is AI compute, which we contemplate will leverage our rockets and satellites for massive orbital deployment." The company said its estimates for this large market were based on a number of sources. "Our AI market estimates are based in part on projections of global data center compute demand from third-party sources, including estimates published by RAND Corporation, together with internal assumptions regarding the portion of global compute capacity that may be utilized for AI workloads and other operational assumptions such as power usage, utilization rates and pricing," the filing states. Compensation details The document includes some interesting details about the company's leadership. After the IPO concludes and SpaceX becomes a public company, Musk will retain 85.1 percent of the "combined voting power" in leading SpaceX. He will serve as the company's chief executive officer and chairman of the board of directors. It will be very difficult to remove him from this position. Musk's salary in 2025 was $54,080, a value tied to California's minimum salary for exempt employees. Gwynne Shotwell, president and chief operating officer of the company, received a salary of $1.08 million in 2025, but including stock awards, her total compensation was valued at $85.8 million. The S-1 filing notes that Musk has served as an advisor to President Trump and alludes to the possibility that changes in politics might materially affect the company's future. "The current political environment in the United States is highly polarized, and shifts in the composition of the US Congress or changes in the presidential administration can result in significant changes in government spending priorities, regulatory posture, and the allocation of contracts and resources across industries and programs," the filing states. "Our relationships with US government agencies and the favorability of the regulatory and procurement environment in which we operate may be affected by which political party controls the presidency or one or both chambers of the US Congress." The space business There is relatively little new information in this document about the company's launch business. For example, there is no breakdown of the Falcon 9's internal launch cost (believed to be about $15 million per launch) relative to the base public price of $74 million. As for the larger Starship vehicle, the filing states that SpaceX aims to reduce the price per kilogram to orbit to at least $185. SpaceX intends to begin launching V3 Starlink satellites during the second half of this year on the super-heavy rocket, but this is predicated on a series of test flights that will resume as early as Thursday from Starbase in South Texas. The filing also acknowledges the significant work that SpaceX has yet to complete with Starship to make it a fully reusable rocket capable of delivering large payloads to the Moon and Mars. "These systems involve significant technological, engineering, and operational challenges, including the need to develop habitable transportation and surface environments, and perform complex in-orbit operations," the document states. "Solving these challenges will require developing solutions that are novel or untested and will require substantial capital investment." The AI business By staking its future on AI, SpaceX makes the case that it is the best-placed company to build a massive constellation of orbital data centers. "We believe we are the only company with a commercially viable path to building orbital AI compute at scale," the filing states. "This is underpinned by our unique ability to launch substantial mass into orbit cost efficiently through reusable rockets and manufacture secure, reliable, and high performance satellites at low cost and high volume. Our goal over time is to launch 100 gigawatts of compute to space each year." SpaceX said it expects to begin deploying its orbital AI compute satellites as early as 2028. This company, founded with an initial goal of launching a small rocket known as the Falcon 1, has come a long way since its humble beginnings. It has become the world's most accomplished launch company and annually puts about 80 percent of all mass into orbit. It operates more satellites than the rest of the world combined. And yet, to reach its stratospheric valuation and addressable market, SpaceX must evolve from a space company into an AI company and continue growing rapidly. These are huge bets. It will be up to investors to decide in the coming months and years whether these are also good bets.

Elon Musk's SpaceX Files for Blockbuster IPO on Nasdaq

Expertise I have more than 35 years' experience in journalism in the heart of Silicon Valley. SpaceX, the rocket company founded by Elon Musk, filed plans to take the company public on Wednesday, in what could be the largest initial public offering ever. SpaceX plans to offer its shares on the Nasdaq under the symbol SPCX, according to a filing on Wednesday with the US Securities and Exchange Commission. The Texas-based company didn't disclose how much money it is seeking to raise, but a draft IPO registration filed in April put the amount at up to $75 billion. That would easily surpass the $29.4 billion IPO record set by Saudi Aramco in 2019. Wednesday's filing also revealed that the company collected $4.69 billion in revenue in the first quarter of 2026 while recording a net loss of 4.28 billion. SpaceX representatives didn't immediately respond to a request for comment. SpaceX is expected to use the proceeds from the IPO to fund Musk's ambitions in AI, space exploration and satellite ventures. "Our 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," SpaceX said in the filing. The IPO could make SpaceX one of the most valuable companies ever, with a possible valuation of more than $1.75 trillion. The IPO could make Musk, already the world's richest person, the world's first trillionaire, due to his controlling interest in the company. Founded in 2002, SpaceX gets billions of dollars from the US government to launch satellites and help keep NASA's programs running. But SpaceX is more than just a high-flying rocket company. Its Starlink division provides data access to homes, remote locations, airlines and direct to many mobile phones in areas where there's no cellular coverage. It also recently acquired xAI, another of Musk's companies, and owns the social media site X (formerly Twitter). The proceeds from the IPO could be used to fund Musk's ambitions space, AI and satellite ventures. AI appears to be the driving force behind the company's valuation ahead of the IPO. The xAI all-stock acquisition valued the company and SpaceX at $1.25 trillion. "Musk wants to own and control more of the AI ecosystem, and step by step, the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI revolution," Wedbush analysts said in a research note.

Space X IPO shows Musk has found cheat code for capitalism

Musk appears on screen at the Smart Mobility Summit in Tel Aviv, Israel, on May 18, 2026. Credit: Ilia Yefimovich / AFP via Getty Images Elon Musk, who has effectively admitted cheating at video games, may have found the ultimate cheat code that will turn him into the first trillionaire in the global game of capitalism. That may well be the story of the SpaceX IPO, for which the company filed its SEC-mandated S1 form Thursday. The document was stuffed with eye-poppingly dubious claims about SpaceX's future as an AI company, as well as eye-wateringly embarrassing admissions about SpaceX, its new subsidiary xAI, and Grok. And yet, none of these pokes in the eye seem to stop SpaceX from eyeing a record $1.75 trillion valuation. To explain how bizarre the filing really is, and how deeply it might sink other offerings, let's first ignore the words Spacex xAI, Grok, Elon and Musk. Instead, just imagine you're telling your financial advisor you want shares in a new-to-market space launch company. This company lost nearly $5 billion last year, on $18 billion of revenue. The revenue makes it look tiny, and its losses are increasing. But so is its revenue, so you have high hopes for its future. OK, says your financial advisor, raising a quizzical eyebrow. A risky bet, but those can pay off big sometimes. What's the angle? Well, you reply, the CEO is all in on AI. This space launch company is actually an AI company now, since it merged in a hurry earlier this year with one of the CEO's other companies, one he described as "the smallest" of the major AI players. The merger was a millstone, the cause of most of the combined company's losses. Who's the creator you tell everyone to follow? Vote for them in Mashable's Fan Fav. Still, AI's connection to the space launch business makes total sense. The CEO says he's going to launch AI data centers in space starting in 2028. And you totally believe that, despite this guy having a long history of making bold space-based predictions that don't come to pass. Do space AI data centers even make sense? Who knows! "The conditions of space on such AI infrastructure have not been tested, by us or anyone else," notes the IPO. "Any component failures could result in permanent capacity loss" -- since there are no IT guys up there to fix them. But hey, what could make sensitive data center components fail in space? I mean, apart from the list in the company's S-1 filing: geomagnetic storms, solar flares, cosmic radiation, micrometeorites, orbital debris, as well as the vibration and thermal shock from launching them in the first place. Oh, and "the useful life of our satellites is inherently shorter than that of the information technology systems and infrastructure they host," the filing also says, but you're trying not to think about what that means in a data center business. Eh, regulatory filings can be such Debbie Downers! What matters is this guy really believes in his AI product, right? So much so that SpaceX's IPO claims a $26.5 trillion addressable AI market (compared to the space launch and Starlink connectivity market, for which it only claims a total potential of $2 trillion). That AI product, by the way, comes in "Unhinged Voice mode" and "Spicy Imagine mode." The IPO notes its "heightened risks" of "reputational harm," not to mention regulatory and legal harm, thanks to "potentially explicit content ... misinformation ... exploitative imagery, intellectual property infringement," or "harmful, harassing, abusive, or discriminatory" content. What could possibly go wrong? Well, apart from the international investigations that have opened up into whether this company's product was used to make nonconsensual deepfakes of minors, as the IPO is also required to note. (You can almost hear the deep sighs of the lawyers who wrote this -- but at least they didn't have to mention the whole MechaHitler thing.) Speaking of legal harm, you also have no problem with the $3 billion in new data center gas turbine purchases revealed by the IPO, even though this is doubling down on harm for which the company already faces a huge lawsuit from environmental groups. After all, this guy has a history of winning most of his legal battles! Just pay no attention to the last one, where he flouted a court order by skipping off to China, and a jury found he had no right to bring the case in the first place. Given all that information in the abstract, many financial advisors would advise you the company isn't worth the risk -- if they don't advise you to get your head checked. In the case of SpaceX, however, your financial advisor may be rushing to invest before you do. The IPO sets 30 percent of shares aside for so-called "retail investors," an unusually high percentage; arguably they're more likely to bet on a name, a personality, a legend, than a company's fundamentals. The reason, essentially, amounts to five words: "never bet against Elon Musk." First uttered by fellow Paypal billionaire and friend Peter Thiel, then SpaceX investor Peter Diamandis, this rallying cry has been taken up by the CEOs of Morgan Stanley and Breyer Capital. It is an article of faith -- literally, in articles that use it to wave away Musk's more baffling moves, from the design of the Cybertruck to the overpriced Twitter purchase. (Which, given that Musk turned Twitter into the less popular X, then folded it into xAI, and then folded that into SpaceX, may go down as the most buried sunk cost in business history.) Musk long ago mastered the razzle-dazzle of business showmanship. He has learned to dance on ever-higher tightropes of promised futures. At a crucial moment in the early days of Tesla, he offered preorders for the Model S when its prototype didn't even exist yet. That lesson has come in handy in Tesla's Cybertruck era, when the company has been saddled with an odd looking, low-selling EV that is becoming ever more of a joke with every wheels-could-fall-off recall and watery misdirection, dogged by cheaper Chinese rivals, and boycotted by much of Europe. In response, Musk simply squeezed billions more out of the company for the honor of having him stay, then pivoted Tesla towards another, bigger promised future. That future -- one filled with humanoid robots and robotaxis -- is about as airy, as unproven, and as full of pitfalls (literally, the Optimus robots fall over) as AI data centers in space. But at this stage, Musk can simply insist it's going to happen, then sit back and dare Tesla investors to bet against him. The Optimus robots, like the SpaceX data centers, "allow for near term demonstrations that look impressive but aren't meaningfully revenue-generating, while allowing Musk to make long term projections of 'infinite' revenues that can be (nearly) infinitely postponed," noted Tim Farris, president of satellite and telecom industry research firm TMF Associates. The Rorschach test works for investors who want to believe in the "never bet against Musk" myth. Never mind that "never bet against Musk" is far from literally true. In 2026, you can make money from short-selling (that is, betting against) Tesla stock, which is down just under 5 percent from where it was on Jan. 1. You could also have made a more than 30 percent return on the prediction markets in the past year, as one canny investor did, by predicting Musk's DOGE side quest would ultimately fail. There are signs of cracks in Wall Street's wall of belief in Tesla. Last year was the company's first ever revenue decline on the books. Tesla investors are reportedly nervous that the SpaceX IPO is going to cost them -- SpaceX, one major Tesla investor groused to Fortune, will become Musk's "new baby." But Musk only has to dance ahead of the Tesla wave a little while longer. If all goes according to plan, and the AI bubble doesn't burst before he can bring his shiny new space AI baby to market next month, a Musk army of retail investors will help turn airy promises into a trillion dollars of net worth for their hero. And then...we're boldly going where no economist has gone before. With access to that much capital and that much voting power -- Musk will control 85 percent of the vote at SpaceX, making him virtually impossible to dislodge as CEO -- there's no limit to the height of the tightrope he could dance on. It's not beyond the bounds of reason to imagine Musk folding a failing Tesla inside SpaceX, then dazzling investors by spinning ever more unproven plans for humanoid robots maintaining space data centers. In the game of global capitalism, becoming a trillionaire may be the ultimate cheat code.

SpaceX IPO targets $28.5 trillion total addressable market, mission to 'make life multiplanetary' and understand 'true nature of the universe' | Fortune

SpaceX filed its long-awaited S-1 registration statement with the Securities and Exchange Commission on Wednesday, formally kicking off what is set to be one of the most consequential -- and closely watched -- initial public offerings in corporate history. The company, officially registered as Space Exploration Technologies Corp., is seeking to list its Class A common stock on both Nasdaq and Nasdaq Texas under the ticker symbol SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading a sprawling syndicate of more than 20 underwriters. Specific share counts and price ranges were left blank in the preliminary prospectus, as is standard for an initial S-1 filing. The S-1 reveals, for the first time publicly, the true scale of SpaceX's business. The company generated $18.7 billion in consolidated revenue in 2025, driven overwhelmingly by its Starlink satellite internet division. The Connectivity segment alone -- anchored by Starlink -- posted $11.4 billion in 2025 revenue, growing nearly 50% year-over-year, with segment operating income of $4.4 billion. The company posted a consolidated loss from operations of $2.6 billion in 2025, largely due to the heavy capital demands of its Starship rocket program, which consumed $3 billion in research and development spending last year alone. Adjusted EBITDA, a non-GAAP metric SpaceX emphasized, came in at $6.6 billion for 2025. The dual-class share structure ensures that going public will not meaningfully dilute Musk's grip on the company. Class A shares, which are being sold to the public, carry one vote per share -- while Class B shares, which Musk holds, carry 10 votes per share. Class B shareholders are also entitled to elect a majority of the board of directors regardless of the overall vote. SpaceX explicitly states it will qualify as and intends to operate as a "controlled company" under Nasdaq rules, exempting it from certain governance requirements. SpaceX's mission statement in the filing is ambitious, to say the least: "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." The company also bluntly stated that it believes it has identified "the largest actionable total addressable market in human history" -- and then put a number on it: $28.5 trillion. The breakdown is staggering in its scope. SpaceX pegs $370 billion in addressable Space revenue from space-enabled solutions, and $1.6 trillion in Connectivity -- split between $870 billion in Starlink Broadband and $740 billion in Starlink Mobile, with additional enterprise and government opportunity on top. But the overwhelming majority of the claimed TAM sits in AI: $26.5 trillion, spanning $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and a staggering $22.7 trillion in enterprise applications. The company notes, almost as an aside, that these global estimates exclude China and Russia. The claim will almost certainly draw scrutiny from analysts and investors -- TAM figures in S-1 filings are notoriously optimistic, and $28.5 trillion represents roughly the entire annual GDP of the United States and more than that of the EU. But for a company that spans rockets, satellite internet, the world's largest AI training cluster, a social media platform with hundreds of millions of users, and ambitions to colonize Mars, the argument that it is competing across every major technology market of the next century is, at minimum, not easily dismissed. The prospectus includes concrete milestones to back up the vision. As of March 31, 2026, Starlink had 10.3 million subscribers across 164 countries and territories, and operated approximately 9,600 satellites in low-Earth orbit. SpaceX says it has launched more than 80% of all mass to orbit globally each year since 2023 (approximately 7,400 metric tons), with a 99%-plus mission success rate across its Falcon rockets. Starship -- the fully reusable rocket still in flight testing -- is expected to begin payload delivery to orbit in the second half of 2026. Looking further out, the company says it plans to begin deploying orbital AI compute satellites as early as 2028, effectively positioning space as the next frontier for data center infrastructure, powered by solar energy collected in Sun-synchronous orbit.

SpaceX plans to explore "the true nature of the universe" as it preps for mega IPO

Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. SpaceX filed for an initial public offering on Wednesday, as the Elon Musk-owned rocket manufacturer moves to raise more capital for its space, AI and satellite ventures. The move comes after SpaceX filed a confidential IPO with the Securities and Exchange Commission last month. SpaceX did not disclose how much money it is seeking to raise, but previous estimates put the amount at up to $75 billion. SpaceX's IPO could be the largest in history, a record currently held by Saudi Aramco. The state-owned petroleum and natural gas company, based in Saudi Arabia, raised $25.6 billion in its 2019 initial public offering, according to Renaissance Capital, an investment bank. SpaceX said in a securities filing that it will trade on the Nasdaq Composite exchange under the ticker symbol "SPCX." The Texas-based company did not immediately respond to a request for comment. Musk founded SpaceX in 2002 to develop and launch spacecraft. The Texas-based company also owns Musk's artificial intelligence company, xAI, and his satellite company, Starlink. According to SpaceX's filing, the company lost $2.6 billion from its operations last year on $18.7 billion in revenue. SpaceX generated nearly $4.7 billion in revenue in the first three months of 2026. Most of the company's space-related revenue comes from launching and operating its Falcon 9, Falcon Heavy and Dragon rockets and spacecraft for commercial and government customers. "We believe SpaceX's reusable rockets, scaled satellite manufacturing and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations -- with potentially millions of satellites -- for orbital data centers," the company said in the filing. SpaceX sees a vast potential market for its products and services, valued at more than $28 trillion. That includes $370 billion for its space ventures, $1.6 trillion for broadband services, $26.5 trillion in AI services, nearly $23 trillion in enterprise technology and $600 billion in digital advertising. The IPO prospectus also underscores SpaceX's broader ambitions, including establishing space colonies. "Our 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," SpaceX said in the filing. Money raised from the IPO could help Musk finance other ambitious projects, such as putting data centers in space and possibly sending a person to Mars. It could also help make Musk, the world's richest person, the first-ever trillionaire. Such projects face daunting challenges. Said Wall Street analyst Adam Crisafulli in a note to clients: "The problem is that space-based data centers are far from guaranteed, and many consider them operationally and economically unfeasible, not only at the present time, but for (at least) the next several years." After the IPO, Musk will be SpaceX's CEO, chief technology officer and chairman of the board, as well as retain majority voting power over the company, according to Wedbush Securities. "Musk wants to own and control more of the AI ecosystem, and step by step, the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI revolution," Wedbush analysts said in a research note.

Musk eyes Wall Street record with SpaceX IPO

New York (AFP) - Elon Musk's SpaceX rocketed toward Wall Street on Wednesday, filing plans for what could become the largest initial public offering in history as the company seeks to raise up to $75 billion on the public markets. If successful, the listing of the rocket and satellite giant would dwarf any IPO in history and cement Musk's status as one of the most consequential entrepreneurs of his generation. After the IPO, Musk would be the CEO, CTO, and Chairman of the Board, the filing revealed. US media reports say SpaceX is hoping to raise $75 billion and win a valuation of as much as $1.75 trillion when it begins trading as early as next month. The filing of the S-1 prospectus -- a document companies are required to present to the SEC before listing on a public stock exchange, providing potential investors with detailed financial information, possible risks and business strategy -- marked the first time SpaceX has publicly disclosed detailed financials in its 24-year history. It revealed that the company generated $18.7 billion in revenue in 2025 and posted an operating loss of $2.6 billion as it poured money into next-generation rocket development and artificial intelligence. SpaceX's Starlink satellite internet business is the clear financial engine of the company, generating $11.4 billion in revenue in 2025, up nearly 50 percent year-on-year. The AI segment, which includes xAI and the social media platform X (formerly Twitter), recorded $3.2 billion in revenue for the full year 2025 but posted an operating loss of $6.4 billion as the company raced to build out AI training data centers. Capital expenditure for the segment alone reached $12.7 billion in 2025 and $7.7 billion in just the first quarter of 2026 -- reflecting the enormous sums necessary to keep pace in the AI race against deep-pocketed rivals including Google, Meta and Amazon. SpaceX also disclosed it had struck a deal to rent out spare capacity at its COLOSSUS and COLOSSUS II data centers to rival AI firm Anthropic for $1.25 billion per month through May 2029. The filing comes just days after Musk suffered a significant legal setback in his bitter feud with OpenAI, a direct competitor also racing toward a public listing. With Anthropic eyeing its own IPO as well, 2026 could prove one of the most momentous years on Wall Street in recent memory. Musk in control The filing confirmed a dual-class share structure that will leave Musk firmly in control of the company after the listing, sidestepping the kind of governance fights that have dogged him at Tesla, where shareholders have repeatedly taken aim at his compensation and the board's independence. Musk, by far the world's richest person, is set to control about 85 percent of voting power while holding around 42 percent of equity. SpaceX acknowledged the arrangement poses risks for outside investors, noting that Musk "will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors." The filing also laid out an ambitious roadmap to build data centers in space, arguing that solar energy captured in orbit represents "the only truly scalable solution" to the soaring power demands of AI computing. SpaceX said it plans to begin deploying AI computer satellites as early as 2028, with the long-term goal of putting 100 gigawatts of compute capacity in orbit annually -- a task requiring thousands of rocket launches per year and the transport of roughly one million metric tons of payload to orbit. The company said it was uniquely positioned to meet that challenge, calling it "incredibly difficult" and one no other company could tackle at commercial scale. In a staggering figure, SpaceX claimed a total addressable market -- a company's estimate of the maximum revenue opportunity available for its products and services -- of $28.5 trillion across its businesses, excluding China and Russia. Reports indicate SpaceX is targeting a June listing on the Nasdaq stock exchange under the ticker symbol SPCX, with trading expected to commence shortly thereafter. Wedbush analyst Dan Ives predicted in a note that the next step after the IPO, would be a merger with Tesla, creating an AI powered "holy grail."

SpaceX files for IPO as Elon Musk's rocket company preps for public market debut

Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. SpaceX filed for an initial public offering on Wednesday, as the Elon Musk-owned rocket manufacturer moves to raise more capital for its space, AI and satellite ventures. The move comes after SpaceX filed a confidential IPO with the Securities and Exchange Commission last month. SpaceX did not disclose how much money it is seeking to raise, but previous estimates put the amount at up to $75 billion. SpaceX's IPO could be the largest in history, a record currently held by Saudi Aramco. The state-owned petroleum and natural gas company, based in Saudi Arabia, raised $25.6 billion in its 2019 initial public offering, according to Renaissance Capital, an investment bank. SpaceX said in a securities filing that it will trade on the Nasdaq Composite exchange under the ticker symbol "SPCX." The Texas-based company did not immediately respond to a request for comment. Musk founded SpaceX in 2002 to develop and launch spacecraft. The Texas-based company also owns Musk's artificial intelligence company, xAI and his satellite company, Starlink. According to SpaceX's filing, the company lost $2.6 billion from its operations last year on $18.7 billion in revenue. SpaceX generated nearly $4.7 billion in revenue in the first three months of 2026. Most of the company's space-related revenue comes from launching and operating its Falcon 9, Falcon Heavy and Dragon rockets and spacecraft for commercial and government customers. SpaceX sees a vast potential market for its products and services, valued at more than $28 trillion. That includes $370 billion for its space ventures, $1.6 trillion for broadband services $26.5 trillion in AI services, nearly 23 trillion in enterprise technology and $600 billion in digital advertising. The IPO prospectus also underscores SpaceX's broader ambitions, including establishing space colonies. "Our 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," SpaceX said in the filing. Money raised from the IPO could help Musk finance other ambitious projects, such as putting data centers in space and possibly sending a person to Mars. It could also help make Musk, the world's richest person, the first-ever trillionaire. After the IPO, Musk will be SpaceX's CEO, chief technology officer and chairman of the board, as well as retain majority voting power over the company, according to Wedbush Securities. "Musk wants to own and control more of the AI ecosystem, and step by step, the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI revolution," Wedbush analysts said in a research note.

Musk's SpaceX discloses filing for blockbuster IPO

New York (AFP) - SpaceX's filing with US regulators was revealed Wednesday, laying out plans for what could become the largest initial public offering in history as Elon Musk's rocket and satellite company seeks to raise up to $75 billion on the public markets. The filing with the Securities and Exchange Commission -- the first time SpaceX has publicly disclosed detailed financial information -- revealed that the company generated $18.7 billion in revenue in 2025 and posted an operating loss of $2.6 billion as it poured money into next-generation rocket development and AI. The S-1 prospectus, a document companies are required to file with the SEC before listing on a public stock exchange, provides potential investors with detailed financial information, risk factors and business strategy. The filing showed that SpaceX's Starlink satellite internet business is the clear financial engine of the company, generating $11.4 billion in revenue in 2025, up nearly 50 percent year-on-year, with operating income of $4.4 billion. The AI segment, which includes xAI and the X platform, recorded $3.2 billion in revenue for the full year 2025 but posted an operating loss of $6.4 billion as the company raced to build out AI training data centers. Capital expenditure for the AI segment alone reached $12.7 billion in 2025, and $7.7 billion in just the first quarter of 2026. The filing confirmed a dual-class share structure that will leave Musk firmly in control of the company after the listing. Musk, the world's richest man, is set to control approximately 79 percent of voting power while holding around 42 percent of equity. SpaceX acknowledged the arrangement poses risks for outside investors, noting that Musk "will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors." As expected, the filing laid out an ambitious roadmap to build data centers in space, arguing that solar energy captured in orbit represents "the only truly scalable solution" to the power demands of AI computing. SpaceX said it plans to begin deploying AI compute satellites as early as 2028, with the long-term goal of putting 100 gigawatts of compute capacity in orbit annually -- a task it said would require thousands of rocket launches per year and transporting roughly one million metric tons to orbit annually. SpaceX claimed a total addressable market of $28.5 trillion across its businesses, a figure that excludes China and Russia. The total addressable market, or TAM, is a company's estimate of the maximum revenue opportunity available for its products and services. Reports indicate SpaceX is targeting a June listing with trading commencing shortly after. The company is seeking to be listed on the Nasdaq stock exchange under the symbol SPCX.

SpaceX Warns of Mass Extinction in Eye-Popping IPO Pitch

After years of operating in relative darkness for a company of its size and ambitions, Elon Musk's SpaceX finally pulled back the curtain on Wednesday when it filed to go public. In a sweeping prospectus laying out a mission "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," SpaceX also revealed exactly how much money it makes (and how much it loses), the vicelike grip Musk holds on the business, why changing Twitter's name to X was financially nuts, who else owns a serious chunk of super-voting shares, and the "spicy" liability posed by Grok. The prospectus also tells would-be shareholders how big the company expects to grow -- and what people can expect regarding the fate of humanity should investors fail to pony up. Spoiler alert: It's a mass-extinction event. SpaceX lost billions last year SpaceX's revenue was a whopping $18.7 billion in 2025, a 33 percent increase from the year prior. At the same time, it lost $4.9 billion last year -- and lost $4.3 billion in the first three months of 2026 alone. The company attributed the losses to spending on AI. Of the money SpaceX has made, the majority has come from Starlink, which accounts for nearly 70 percent of the company's revenue and brought in $3.26 billion in the first quarter of this year. Losses today, trillions and trillions tomorrow Sure, SpaceX may be losing a lot of money now, but it doesn't expect to lose money forever. According to the filing, the company thinks it could pull in $28.5 trillion -- yes, you read that right -- in the future, thanks to "the largest actionable total addressable market in human history." That market, per the company, includes $26.5 trillion from AI, $370 billion in "space-enabled solutions," and $740 billion from Starlink satellites. Changing Twitter to X cost a metric fuck ton of money The filing discloses that the value of X declined by a staggering $3.71 billion after Musk changed the company's name, Fast Company reports. That amount, the prospectus declares, was "primarily related to the impairment of the Twitter brand following its rebranding to X." The prospectus also reveals that between X and Grok, 1.3 billion "supported accounts" were active in the last 12 months; later, though, it notes one shouldn't put too much stock in that number because "the total number of supported accounts may include fake, spam or bot accounts if they are active." The Grok of it all As Wired notes, SpaceX has warned potential investors that Grok's "Spicy" and "Unhinged" modes could open the company up to increased regulatory scrutiny and tarnish the brand's reputation, with the filing declaring, "Because these modes may be more irreverent and harsher than our standard offerings, they present heightened risks, including reputational harm, the generation of potentially explicit content and misinformation or deceptive outputs, potential nonconsensual or exploitative imagery, intellectual property infringement, or content that could be viewed as exploitative, harmful, harassing, abusive, or discriminatory." A consortium of AI safety groups warned investors this week that there are "unpriced risks" to the SpaceX IPO owing to xAI's safety practices. (As a reminder, Grok has already come under fire for its love for Adolf Hitler and penchant for removing real people's clothes without consent.) Musk's iron grip ... The filing shows that Musk owns approximately 50 percent of the company and controls more than 85 percent of its voting power thanks to the many super-shares he holds. (SpaceX president and COO Gwynne Shotwell, SpaceX's president and chief operating officer, is the only other executive to come anywhere near close, holding more than 12 million combined Class A and Class B shares.) As SpaceX's confidential S-1 filing revealed last month, the company has told investors that Musk will retain his unprecedented power even after the IPO and "can only be removed from our board or [his executive] positions by the vote of Class B holders." In other words, he'll be unfireable. ... And small salary Musk has earned a $54,080 salary every year since 2019. A real man of the people! (The IPO is expected to push the richest person in the universe into trillionaire status.) Invest in SpaceX or else SpaceX is reportedly seeking as much as $75 billion from investors, and in making its pitch, the company writes, "The current paradigm, in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable and uncontrollable on a planetary scale. By moving beyond the only home we have ever known, we ensure species-level redundancy and that the light of consciousness will not be tied to a single planet subject to the inevitable hazards of a harsh and vast universe. We do not want humans to have the same fate as dinosaurs." And look who's coming around the corner Fresh off beating back Musk's $134 billion lawsuit earlier this week, OpenAI CEO and tech rival Sam Altman is reportedly full steam ahead on his company's own IPO. While the "timing remains fluid," according to Axios, "news of the planned filing ... seems timed to take some shine off the imminent IPO unveiling by Elon Musk's SpaceX."

SpaceX IPO filing: Massive AI spending, future ambitions and Starlink expansion-Will SpaceX's awaited IPO make Elon Musk the world's first trillionaire?

SpaceX has filed for its long-awaited public stock offering. The company revealed its finances, board members, and ambitious plans for space exploration and AI. SpaceX aims to make life multiplanetary and harness the sun for AI. The IPO could make Elon Musk a trillionaire. SpaceX's mission includes building bases on the Moon and cities on other planets. SpaceX has finally revealed plans for its long-awaited public stock offering, opening the books on one of the world's most secretive private companies. The filing gave investors a rare look at the company's finances, leadership structure, spending habits and future ambitions. The IPO is already being described as one of the biggest public offerings ever. The filing also showed how aggressively SpaceX is spending on artificial intelligence, Starlink satellites and future space missions, even as losses continue to grow. ALSO READ: NVDA stock price: Nvidia earnings beat expectations again but why did NVDA stock slip after hours? Here's what you need to know SpaceX used its IPO filing to lay out an enormous vision for the future. In the prospectus, the company said its goal 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 support that mission, the company is pouring billions into artificial intelligence infrastructure, Starlink satellites and rocket development. The filing showed SpaceX generated $18.7 billion in revenue last year, marking a 33% increase from the previous year. But despite the rapid growth, the company is still losing money. ALSO READ: China wouldn't let Marco Rubio in, so he did something nobody in US politics has ever done After posting a $791 million profit in 2024, SpaceX reported a $4.9 billion loss in 2025. It also lost $4.6 billion in 2023. The losses have continued into 2026, with the company reporting a $4.3 billion loss during the first three months of the year on $4.7 billion in revenue. Much of the spending is tied to AI development. SpaceX said it spent $20.7 billion last year, including $12.7 billion dedicated to artificial intelligence projects. Another $4.2 billion went toward Starlink while $3.8 billion funded rockets and other space ventures, as per a report by CNN. In just the first quarter of 2026, the company already spent $10.1 billion, with $7.7 billion going toward AI infrastructure alone. The filing outlined what SpaceX described as "the largest actionable total addressable market in human history," estimating a possible $28.5 trillion opportunity across AI, connectivity and space technology, as per a report by CNN. That projection includes $1.6 trillion tied to connectivity through Starlink satellites and a staggering $26.5 trillion linked to artificial intelligence. SpaceX also revealed plans involving space-based data centers, AI-powered systems and future expansion beyond Earth. The company said it plans to continue rapidly launching satellites while also developing systems that could eventually support "a base on the Moon and cities on other planets." The company's AI ambitions also appear to be growing quickly. Earlier this year, Musk merged SpaceX with xAI, his artificial intelligence and social media company, in a deal that valued the combined business at $1.25 trillion. ALSO READ: Nancy Guthrie case takes another twist: Why has the sheriff stopped speaking directly to Nancy Guthrie's family? here's what you need to know The IPO filing also disclosed details about who controls the company. Elon Musk will remain CEO, CTO and chairman of the board after the public offering. Through his holdings, Musk controls 85.1% of the company's voting power. The board includes President and COO Gwynne Shotwell, CFO Bret Johnsen, investor Antonio Gracias and several venture capital executives, along with Google executive Donald Harrison. SpaceX also revealed details about Musk's unusual compensation package. Although he has only received a yearly salary of $54,080 since 2019, he could receive enormous stock rewards if the company reaches massive valuation targets, as per a report by CNN. According to the filing, Musk could receive 15 separate stock tranches if SpaceX reaches market valuation milestones up to $7.5 trillion and successfully establishes a permanent human colony on Mars with at least one million inhabitants. SpaceX ended the quarter with $15.8 billion in cash and is reportedly seeking to raise a record $80 billion in the IPO ahead of an expected June 12 launch date, as per a report. Even with the company's soaring expenses and ongoing losses, the filing indicated SpaceX is betting heavily on artificial intelligence, satellite connectivity and space exploration becoming the next giant global industries. What ticker will SpaceX use after going public? SpaceX plans to trade under the ticker symbol SPCX. How much revenue did SpaceX report in Q1 2026? The company reported $4.69 billion in first-quarter revenue.

SpaceX's 'Craziest IPO Ever' Makes Wall Street Do The Math On A Million Martians

SpaceX's IPO filing is not just big. According to Aurelion Research, it is bizarre enough to belong in its own category. Aurelion's section title, from a note published this week, says it plainly: "SpaceX (SPCX): The Craziest IPO Ever Filed." Then comes the line that explains why this is not just ordinary market hyperbole: "The S-1 IPO filing reads like a sci-fi novel." In most IPOs, investors argue about revenue growth, margins, customer concentration, valuation multiples, and governance. In SpaceX's case, they still have to do all that -- but they also have to think about orbital data centers, AI infrastructure, Elon Musk's voting control and, yes, a permanent Mars colony with at least one million inhabitants. That is what the headline means. Wall Street is not literally being asked to forecast subscription revenue from future Martians. It is being asked to value a company whose own investor story, as described by Aurelion, stretches far beyond rockets and satellites into a world where Mars colonization is tied to CEO incentives and AI infrastructure is central to the valuation case. The numbers are already extreme. Aurelion says SpaceX filed for what would be the biggest IPO in history, targeting a $1.75 trillion valuation. It says the company generated $18.7 billion in 2025 revenue, but still lost $4.9 billion, with $37 billion in cumulative losses since Musk founded it in 2002. Reuters also reported that SpaceX is targeting a record IPO valuation and is looking to raise around $75 billion. That makes the Mars target financially relevant. It is not just Musk mythology, a keynote line or a fanboy dream. If it is part of the compensation architecture, investors have to ask what it says about SpaceX's priorities, capital allocation, governance and risk appetite. A normal CEO bonus might depend on earnings, stock price or return on invested capital. SpaceX, as presented by Aurelion, is tying massive upside to a corporate future that includes one million people living on another planet. Aurelion's deeper point is that SpaceX itself may no longer be mainly a rocket company. It writes: "Strip away the rockets and the Mars rhetoric. SpaceX is filing to go public as an AI infrastructure company that happens to own rockets." The report says SpaceX spent $12.7 billion on AI infrastructure in 2025 and $7.7 billion in the first quarter of 2026, equal to 76 cents of every capital dollar. Aurelion also says the AI segment lost $6.4 billion in 2025 and another $2.4 billion in the first quarter of 2026, while Starlink's profits help fund the burn. So "do the math on a million Martians" is shorthand for a broader investor problem: how do you value a company where the profitable satellite-internet business is only one part of the story, the AI business is burning huge sums, the long-term upside depends on space-based infrastructure, and the CEO's mega-award points all the way to Mars? Aurelion does not pretend conventional valuation solves this neatly. It says standard DCF and sum-of-the-parts models "break down entirely" and calls the $1.75 trillion to $2 trillion valuation "entirely a momentum and sentiment play." Its blunt conclusion: without space data centers, SpaceX is worth at most $700 billion in its view; to approach the IPO valuation, investors have to assign roughly $1 trillion of value to that possibility. That is why the "craziest IPO ever" framing works. SpaceX is not simply asking investors to buy growth. It is asking them to price a Musk-controlled company where Starlink cash flows, AI losses, orbital compute, thin-float momentum, and a million-person Mars colony all sit inside the same market story. In a normal IPO, Wall Street does the math on next year's earnings. In this one, Aurelion suggests, the math runs all the way to Mars. Photo: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

SpaceX IPO Filing Reveals AI's Next Frontier Is Out of This World | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. Beneath the expected references to launch cadence, satellite deployment and Elon Musk's personal ambitions around colonizing Mars, the 200,000-word initial public offering (IPO) prospectus presented a much larger thesis: The coming artificial intelligence economy will not be won primarily through software, but through ownership of infrastructure. In that vision, the defining assets are no longer just models or applications, but energy systems, communications networks, orbital capacity, semiconductor supply chains and sovereign control over data transmission itself. SpaceX estimated a $28.5 trillion total addressable market, with roughly 93% tied to AI. The SpaceX registration statement, also known as an S-1 filing with the Securities and Exchange Commission, reframed Musk's company not as a rocket maker, but as a vertically integrated platform for AI-era connectivity, sovereignty and industrial power. Rockets become less the core product than the enabling layer beneath a larger infrastructure ecosystem being designed in part to one day enable "passenger and cargo transport to the moon and Mars." However, the deepest insight embedded in the filing may be that the world is entering a new phase of technological development altogether. For years, the digital economy appeared detached from physical constraints. Software scaled globally with minimal marginal cost, cloud computing abstracted away infrastructure complexity, and the internet economy rewarded speed, iteration and platform effects. AI is now reversing some of those assumptions. The next era of technological competition appears increasingly constrained by hard infrastructure such as power generation, chip manufacturing, cooling systems, network resilience, launch capacity and strategic control over communications architecture. Economic advantage in the future that the S-1 laid out is, as a result, more dependent on industrial capability than purely digital scale. See also: Big Tech Faces the AI Innovator's Dilemma In its IPO filing, SpaceX claimed a sweeping list of industry firsts. From launching the first privately developed liquid-fueled rocket to reach orbit and docking the first private spacecraft with the International Space Station, to pioneering reusable orbital boosters, deploying large-scale LEO satellite and direct-to-mobile constellations, restoring America's human spaceflight capability, mass-producing phased-array satellite terminals, building a gigawatt-scale AI training cluster and the world's largest coherent supercomputer, completing the first gigawatt-scale Megapack installation and becoming the only company capable of building orbital AI compute infrastructure at scale, SpaceX used the S-1 filing to stake its claim as an empire-level company. The company's operations span launch services, satellite internet, communications infrastructure, AI-enabling systems and long-term orbital industrialization. Under a previous generation of market logic, such sprawl might have triggered concerns about focus and operational complexity. But SpaceX indicated that it is betting the next generation of AI winners may not resemble traditional software firms at all. Instead, they may look increasingly like industrial conglomerates with integrated control over physical systems. For much of the past three years, the AI boom has centered on software. Investors rewarded companies building foundation models, copilots and enterprise automation tools. The dominant narrative suggested that intelligence itself had become infinitely scalable, constrained mostly by data and talent. The SpaceX filing pointed toward a different reality. AI, at scale, is becoming profoundly physical. Training increasingly advanced models requires staggering amounts of energy, cooling, compute density and network throughput. As governments and corporations race to build sovereign AI capabilities, the limiting factors are shifting away from algorithms and toward infrastructure bottlenecks like electricity generation, transmission capacity, spectrum access and resilient communications systems. SpaceX's business architecture maps almost directly onto those emerging constraints. Starlink provides global connectivity infrastructure, while the company's launch systems provide deployment capability at scale. Its satellite operations create a platform for distributed communications and potentially distributed compute. The company's long-term orbital ambitions suggest a future in which data infrastructure itself begins migrating beyond terrestrial limitations. At the same time, SpaceX's strategic value comes not simply from technological innovation, but from operating systems that governments cannot easily replicate on their own. In February, xAI was acquired by SpaceX in a move that Musk, the owner of both companies as well as Tesla and social platform X, said would enable solar-powered, space-based AI, in part by using designs and strategies developed around SpaceX's existing broadband satellite systems. SpaceX's corporate structure may become one of the defining organizational forms of the AI era. Not specialized firms competing within discrete sectors, but empire companies controlling entire technological stacks. Read also: Legacy Business Models Break As the center of gravity shifts from software AI to infrastructure AI, the S-1 revealed that Starlink satellites generated the majority of SpaceX revenue and operating profit. Public fascination has long centered on rockets, Starship launches, lunar missions and Musk's civilizational rhetoric about becoming a multi-planetary species. But the filing makes increasingly clear that those ambitions are being financed by something more terrestrial and commercially durable: recurring subscription revenue from internet access. Mars is the SpaceX vision. Connectivity is the SpaceX balance sheet. That dynamic helps explain why the company's strategy increasingly resembles a vertically integrated infrastructure conglomerate rather than a traditional aerospace business. Utilities command power not because they are glamorous, but because they become indispensable. The more deeply communications infrastructure embeds itself into everyday economic activity, the more stable and strategically valuable it becomes. The most revealing detail in SpaceX's S-1 may be the sprawling web of transactions tying together Musk's companies. Tesla batteries power AI infrastructure and Tesla cash flows into SpaceX. There are social platform X advertising purchases, shared facilities, overlapping executives and intertwined financing arrangements, offering perhaps the clearest picture yet of how Musk's empire increasingly operates less like a collection of separate businesses and more like a single industrial system. Nvidia increasingly resembles this model through its control of AI infrastructure. Amazon did it with AWS, and Microsoft now uses enterprise cloud dominance to finance massive AI expansion. SpaceX may simply represent the most extreme version yet. It's a telecommunications network funding planetary-scale industrial ambitions. The result is a business increasingly difficult to categorize within traditional sector boundaries. Is SpaceX a telecom provider? A defense contractor? An AI infrastructure company? A launch operator? The answer is increasingly all of the above.

Goldman Sachs Leads SpaceX IPO Underwriters Ahead of NASDAQ Listing

SpaceX has chosen Goldman Sachs for the lead-left position on its planned initial public offering, sources familiar with the matter said. Morgan Stanley will serve as co-lead banker, followed by Bank of America, Citigroup, and JPMorgan Chase. The company could publicly release its IPO prospectus as soon as Wednesday. The offering is projected to be one of the largest in history, with a targeted valuation near $1.75 trillion and proceeds of up to $75 billion. This follows SpaceX's merger with Elon Musk's AI startup xAI in February, which was valued at $1.25 trillion. The is scheduled for June 12, with pricing potentially set for June 11 or shortly after.

SpaceX IPO bets $2 trillion on Musk's ambitious rockets-to-AI vision

May 21 (Reuters) - Investors buying into SpaceX's nearly $2 trillion IPO are making a high-stakes wager that CEO Elon Musk can turn a fast-growing satellite business into something far bigger, using an unproven rocket to unlock an ambitious push into AI. Musk has grown SpaceX into the world's largest rocket business by launching thousands of Starlink internet satellites and pioneering reusable rockets that have transformed the economics of space. But the company is seeking to be valued not just on those laurels but on the juggernaut it might become if Musk's ambitious bets to colonize Mars, put data centers in space and become a leading AI company pay off. At the heart of those bets is an assumption that a set of events will unfold in the right order, with each step unlocking the next level of funding and expansion: Starlink will generate the cash to bankroll the next-generation Starship rocket, Starship will slash launch costs to expand the market, and that expanded market will ultimately support the new AI business, currently a money guzzler. "The risk isn't whether SpaceX is a real business; it clearly is," said Josh Gilbert, analyst at eToro, a trading platform where the stock will be available on the day of debut. "The risk is whether a $1.75 trillion valuation adequately prices in the execution challenges that come with being part rocket company, part internet provider, part AI venture, and very much driven by the vision of one individual." SpaceX is testing investor patience with huge losses it disclosed in its initial S-1 IPO filing on Wednesday: $4.28 billion in the three months ended March 31, an eightfold increase from a year earlier. Those losses alone will force investors to rely less on traditional metrics to value SpaceX, and more on the belief that Musk will execute what he has pledged. IN MUSK INVESTORS TRUST From building a trillion-dollar EV company that helped drive a global shift to clean cars to leading SpaceX as the first private firm to fly NASA astronauts, Musk has repeatedly turned high-risk engineering bets into dominant businesses, fueling investor belief that even his most ambitious SpaceX assumptions may prove achievable. "You are not going to justify a $1.75 trillion or $2 trillion valuation for SpaceX using traditional fundamental metrics alone," Rainmaker Securities cofounder Greg Martin said on a video call. "Many investors ... believe SpaceX could become a $5 trillion to $10 trillion company over time." Musk's ventures often arrive later than promised: Tesla's Cybertruck, unveiled in 2019, did not begin deliveries until 2023; the Roadster 2, revealed in 2017, has yet to launch, and a more affordable EV platform as well as Optimus robots remain in development. Its Robotaxi rollout, which underpins near-term growth, has been sluggish after lofty promises. Still, investors, analysts and fund managers - Reuters spoke to 18 of them - are broadly bullish, with many saying the satellite and space businesses alone justify a near-$2 trillion valuation. RISKS OF THE BUSINESSES SpaceX would join a small group of companies valued at $2 trillion, most of which have steady revenue and strong profits. By contrast, SpaceX had an accumulated deficit of $41.31 billion as of March 31, showing the company spent vastly more money in its over two decades of existence than it has earned, reflecting the costs of building reusable rockets, Starlink's huge network, and gigawatt-scale AI data centers. Starlink remains critical. It generated $3.26 billion in revenue in the March quarter, up nearly a third year-on-year, though margins were pressured by international expansion and other expenses. SpaceX framed Starship as not just a rocket, saying in the risk factors section of the filing: "Our ability to execute our growth strategy is highly dependent on Starship," warning that delays in development or cost targets could hinder deployment of next-generation satellites and AI infrastructure, driving up costs and undermining growth and customer retention. It noted that operational rockets Falcon 9 and Falcon Heavy were not capable of deploying its new satellites. Space revenue plunged 28.4% in the March quarter and losses widened to $662 million from $70 million a year earlier as SpaceX poured money into the development of Starship. Losses at the AI business ballooned to $2.47 billion and capital expenditures tripled to $7.72 billion, eclipsing the combined capex of the other two businesses. SpaceX itself put it best: "The complexity and interdependence of our engineering, manufacturing, assembly and terrestrial, space transportation, and infrastructure systems mean that a disruption in one component can have cascading effects throughout our operations." (Reporting by Akash Sriram in Bengaluru; Editing by Sayantani Ghosh and Saumyadeb Chakrabarty)