- SpaceX’s public filing shows a company betting heavily on artificial intelligence beyond rockets and satellites.
- Elon Musk is expected to retain near-total control even after the stock market debut.
- Massive losses, legal troubles and AI risks are emerging just as investors prepare for one of the biggest IPOs in history.
After operating largely behind closed doors for nearly 24 years, SpaceX has finally opened its books to the public as it prepares for a historic stock market debut that could reshape both Wall Street and the technology sector.
The highly anticipated SpaceX IPO, reportedly targeted for June 12 under the ticker symbol “SPCX”, is already being viewed as one of the biggest moments in US market history. Reports suggest the company could enter public markets with a valuation close to £928 billion ($1.25 trillion), potentially making it the first trillion-dollar public listing ever.
But beyond the headlines surrounding Elon Musk and space travel, the filing reveals something much broader taking shape inside SpaceX. The company is no longer positioning itself simply as a rocket manufacturer. Increasingly, it appears to be transforming into a giant AI and infrastructure business built around satellite internet, data centres and artificial intelligence systems.
For years, SpaceX was mainly associated with reusable rockets and Mars ambitions. Its Falcon rockets dramatically reduced launch costs and pushed rivals such as Jeff Bezos’s Blue Origin to accelerate their own programmes. However, the newly released documents suggest Musk’s long-term ambitions now stretch far beyond launching spacecraft.
A major part of that shift comes from SpaceX’s ownership of xAI, the artificial intelligence company behind the Grok chatbot. The filing suggests Musk is increasingly trying to merge AI computing, internet infrastructure and space technology into one interconnected ecosystem.
Rockets are profitable, but AI is burning through cash
The financial details inside the filing paint a complicated picture. While SpaceX generated around £3.48 billion ($4.69 billion) in revenue during the first quarter, the company still posted operating losses of roughly £1.44 billion ($1.94 billion).
The biggest drag came from the AI business. The xAI division reportedly recorded losses of around £1.84 billion ($2.47 billion) while generating only £607 million ($818 million) in revenue during the same period.
Among SpaceX’s main businesses, only Starlink — its satellite internet arm — appeared consistently profitable. Starlink generated an operating profit of roughly £883 million ($1.19 billion), helping soften wider losses across the company.
The filing also reveals the sheer scale of the company’s financial exposure. SpaceX currently holds assets worth approximately £75.8 billion ($102 billion), including rockets, satellites and launch infrastructure, while carrying debts of around £45 billion ($60.5 billion).
Investors are also being warned about rising legal costs. According to the filing, the company expects to spend more than £372 million ($500 million) dealing with lawsuits and legal claims.
Some of those cases reportedly involve allegations linked to Grok, the chatbot developed by xAI. Multiple lawsuits claim the technology has been used to generate sexualised deepfakes involving real women and girls, creating additional reputational risks as the company moves towards public markets.
Musk tightens control as Wall Street prepares to buy in
The filing makes one thing particularly clear: public investors may soon own shares in SpaceX, but control of the company is expected to remain firmly with Musk.
Even after the IPO, Musk will continue serving as chief executive, chief technology officer and chairman. The documents also outline governance structures that significantly limit shareholder influence.
Legal disputes involving the company would largely move through arbitration, investors face restrictions on where lawsuits can be filed, and Musk himself appears heavily protected from removal through standard shareholder mechanisms.
At the same time, the filing reveals how central AI infrastructure has become to the company’s future plans. One of the standout disclosures involves a reported partnership with Anthropic, the maker of the Claude chatbot.
Under the agreement, Anthropic is reportedly expected to pay around £11.1 billion ($15 billion) annually to access data centres supporting Musk’s AI operations in the American South. The deal highlights how rapidly demand for AI computing infrastructure is growing as technology firms race to build more advanced artificial intelligence systems.
The IPO filing also arrives shortly after Musk suffered a setback in court against OpenAI and chief executive Sam Altman. Musk had accused OpenAI of abandoning its original non-profit mission after transitioning towards a for-profit structure. However, according to reports, the jury dismissed the case unanimously.
The broader question now facing investors is whether SpaceX is evolving into one of the world’s most powerful technology companies or becoming an increasingly expensive bet on industries that are still taking shape.
The company’s future plans reportedly rely heavily on technologies that remain uncertain or underdeveloped, including AI-powered infrastructure, satellite-based computing systems and long-term Mars missions. For Wall Street, the SpaceX IPO is no longer simply about rockets. It is becoming a test of how far investors are willing to back Musk’s vision of combining space, AI and global internet infrastructure into one company.
