SpaceX Files $1.75T IPO, Names OpenAI as Rival
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- SpaceX filed its public investor prospectus Wednesday, disclosing plans to list on Nasdaq at a ~$1.75tn valuation under the symbol SPCX, seeking up to $80bn with a likely 12 June debut.
- SpaceX reported $18.7bn in 2025 revenue against $20bn+ in capital expenditure and a Q1 2026 loss exceeding $4.2bn, with billions being plowed into AI investments.
- Starlink drove SpaceX's connectivity segment to $11.4bn in 2025 revenue and $3.2bn in Q1 2026 alone, making it the company's strongest business pillar.
- Elon Musk stands to see his $807bn net worth (per Forbes) climb significantly, moving him closer to trillionaire status as the listing values the crown jewel of his tech empire.
- SpaceX acquired Musk's AI firm xAI in February, and its prospectus lists OpenAI and Anthropic as key competitors — all three companies are set to go public this year at valuations of hundreds of billions or more than a trillion dollars.
- The Mars colonization mission has been "sidelined" in favor of orbital data centers to fuel the AI boom and expanded Starlink services, per the prospectus.
Why it matters: The listing would value SpaceX at $1.75tn and raise up to $80bn even as the company posted a $4.2bn Q1 2026 loss, signaling investors are pricing in an AI-infrastructure pivot away from Mars. Musk's $807bn fortune edges closer to $1tn, while OpenAI, Anthropic, and SpaceX all racing to public markets this year creates an unprecedented AI-linked IPO cluster.
