SpaceX has priced its initial public offering at $135 per share, valuing the company at $1.75 trillion and raising $75 billion in what is now the largest stock offering in history. The IPO, set to begin trading on Nasdaq on June 12, 2026, surpasses Saudi Aramco's 2019 record of $29.4 billion raised.
But beneath the headline-grabbing rocket narrative lies a different story: artificial intelligence.
According to SpaceX's S-1 filing, the company's AI division, xAI, burned $14 billion in Q1 2026 alone. While xAI generated $3.2 billion in revenue during the quarter, its spending outpaced income by $10.8 billion. Yet the filing also reveals that Anthropic is locked into a contract paying SpaceX $1.25 billion per month — $15 billion annually — to train its AI models on SpaceX's supercomputer infrastructure.
Key takeaways from the filing:
- AI accounts for the majority of SpaceX's projected $28.5 trillion total addressable market.
- At $1.75 trillion, SpaceX's valuation exceeds that of Meta and Tesla combined.
- The IPO is being led by Goldman Sachs and Morgan Stanley.
What this means: The company that owns the compute infrastructure wins the AI race. SpaceX has quietly built one of the most powerful AI training environments on Earth, and the Anthropic contract guarantees $15 billion per year in locked-in revenue. Wall Street's bet isn't on space travel — it's on AI infrastructure.
Sources: Bloomberg, CNBC
Editor's note: This story originally appeared as a YouTube Shorts video and has been adapted into text for clarity.