这份文件显示，尽管 SpaceX 仍处于亏损状态，公司正大举押注 AI 基础设施：去年在 AI 硬体上支出接近 13bn，且该部门录得 6.4bn 的营业亏损，尽管 Starlink 产生了 4.4bn 的营业收入。关键的变现突破，是 Anthropic 同意每年支付 15bn 以租用 SpaceX 的 Colossus 资料中心空间，这笔交易到 2029 年 5 月前的收入价值最高可达 45bn。SpaceX 也想打造由太阳供电、由太空冷却的轨道资料中心，并使用 Starship；公司表示，自 2023 年以来，其低成本发射能力已帮助它承载每年送入轨道的全部质量中的 80%。
如果 SpaceX 达到 1.75tn 的估值，这次 IPO 可能创造出惊人的纸上财富：Gwynne Shotwell 和 Bret Johnsen 各自可能持有价值超过 1bn 的股份，Antonio Gracias 可能持有超过 70bn，Luke Nosek 约 5bn，而 Musk 的 5.1bn 股已归属股份、约占总数的 41%，可能价值约 700bn，让他成为潜在的首位 trillionaire。Musk 的控制力还因 1.3bn 股超级投票的 B 类股份而被强化，这些股份每股有 10 票，在他仍受雇期间即拥有即时投票权，且只有经 B 类股东多数表决才能免职；而他对该类股份 93.6% 的控制，让解雇在实务上几乎不可能。这笔交易还包括 Musk 366 天的锁定期、37 页风险揭露、由 Goldman Sachs 领衔的 23 家承销商，以及一则注记：SpaceX 去年购买了 131mn 的 Tesla Cybertrucks，约 1,500 辆，凸显出利益冲突与执行风险。
SpaceX has disclosed an unusually large 200,000-word IPO prospectus that frames the company as a rockets-to-AI and eventually interplanetary conglomerate, with ambitions ranging from asteroid mining to passenger transport to the Moon and Mars. The filing comes as Elon Musk seeks to float what could be the largest IPO ever next month, while preserving a governance structure that keeps him in near-total control. The company says its biggest market is AI, which Musk values at $26.5tn for SpaceX to address, far larger than the roughly $2tn opportunity from Starlink and space operations.
The filing shows how heavily SpaceX is leaning into AI infrastructure despite still being lossmaking: it spent close to $13bn on AI hardware last year and logged a $6.4bn operating loss in that segment, even though Starlink generated $4.4bn in operating income. A key monetization breakthrough is Anthropic's agreement to pay $15bn a year to lease space in SpaceX's Colossus data centres, a deal worth up to $45bn in revenue through May 2029. SpaceX also wants to build orbital data centres powered by the sun and cooled by space, using Starship, and it says its low-cost launch capability has helped it carry 80% of all mass lifted into orbit each year since 2023.
The IPO could create extraordinary paper wealth if SpaceX reaches a $1.75tn valuation: Gwynne Shotwell and Bret Johnsen could each hold shares worth more than $1bn, Antonio Gracias could hold more than $70bn, Luke Nosek about $5bn, and Musk's 5.1bn vested shares, about 41% of the total, could be worth about $700bn, making him a potential first trillionaire. Musk's control is reinforced by 1.3bn super-voting class B shares carrying 10 votes each, immediate voting power while he remains employed, and removal only by a majority of class B shareholders, while his 93.6% control of that class makes dismissal effectively impossible. The deal also features a 366-day lock-up for Musk, 37 pages of risk disclosures, 23 underwriters led by Goldman Sachs, and a note that SpaceX bought $131mn of Tesla Cybertrucks last year, roughly 1,500 vehicles, underscoring both conflicts and execution risk.