SpaceX IPO filing shows billions in AI losses, a $2 trillion valuation target, and turbine spending that signals more data center conflicts ahead

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SpaceX has filed its S-1 with the SEC for what could be the largest IPO in history, targeting a $2 trillion valuation and up to $75 billion raised on Nasdaq under the ticker SPCX. The filing delivers the clearest public picture yet of AI infrastructure economics at scale. The xAI division — folded into SpaceX after its acquisition — lost $6.36 billion in 2025, up from $1.56 billion the year before. Capital spending nearly doubled to $20.74 billion, with more than half flowing to the AI business. SpaceX also plans to acquire AI coding startup Cursor for $60 billion within 30 days of the IPO closing, with a $1.5 billion breakup fee and an $8.5 billion deferred services fee if the deal falls through. The filing confirms that Anthropic pays SpaceX $1.25 billion per month — roughly $15 billion annually through May 2029 — for compute access at the Colossus facilities. Either party can exit with 90 days' notice. Anthropic is expanding from Colossus 1 to Colossus 2, and SpaceX says it plans to sign additional deals of this scale. Starlink remains the revenue engine: 8.9 million subscribers in 2025 (up from 4.4 million prior year), generating $4.42 billion in operating income. Elon Musk secures 85.1% voting control through dual-class shares, making public shareholders functionally unable to outvote him on any governance matter.