SpaceX IPO: $1.75 Trillion, Still Losing Money

About this episode

This episode breaks down the SpaceX IPO filing and its implications amidst financial contradictions.

SpaceX is set to go public on June 12, 2026 at a $1.75 trillion valuation, the largest IPO in history. The company is targeting a $75 billion raise at $135 per share. But the S-1 filing reveals a contradiction: Starlink generates billions while the company posts a net loss, driven by the xAI merger and a massive bet on AI compute. This episode breaks down the SpaceX IPO filing. xAI posted a $2.47 billion operating loss in Q1 2026, and Starlink revenue is covering most of it. Then two compute deals changed the math. Anthropic agreed to pay $1.25 billion a month to rent xAI's Colossus 1 data center, and Google signed a $920 million per month deal, both running through 2029. Together that's about $75 billion in contracted future revenue. We cover how SpaceX shifted from running GPUs internally for Grok to operating as an AI cloud infrastructure provider, the multi-class share structure that keeps Elon Musk in control, the possible Tesla merger tying together chips, data centers, and robotics, and the FCC filing for a million-satellite "space cloud." Plus where the $600-700 billion premium above Starlink and launch is actually coming from, and what a generational liquidity…

People in this episode

Host: Stage Zero

Topics covered

• SpaceX IPO
• Starlink revenue
• xAI merger
• AI infrastructure
• Elon Musk
• compute deals
• future revenue

Keywords

• SpaceX IPO
• $1.75 trillion valuation
• Starlink revenue
• xAI merger
• AI compute
• Google compute deal
• Anthropic Colossus
• orbital computing
• liquidity event

Mentioned in this episode

Organizations: SpaceX, Starlink, xAI, Anthropic, Google

Products: Colossus 1

Places: space cloud

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