SpaceX to price $1.77T IPO at $135; AI losses, control

SpaceX plans to price its initial public offering at $135 a share next week, valuing the company at about $1.77 trillion. That valuation is roughly 94 times SpaceX’s forecasted 2025 revenue of $18.7 billion. In its prospectus the company estimates a total addressable market of $28.5 trillion, with $26.5 trillion tied to artificial intelligence and $22.7 trillion to enterprise AI.

The filing includes the statement ‘We believe we have identified the largest actionable TAM in human history.’ The prospectus does not set out a detailed plan for how SpaceX will capture that market against existing AI providers.

Financial disclosures show the all-stock merger with xAI shifted SpaceX from profit to loss. The company reported $791 million in net income for 2024 before the merger. After the merger closed in February 2025, SpaceX reported a $4.94 billion net loss for 2025 and a $4.28 billion net loss in the first quarter of 2026. The accumulated deficit reached $41.3 billion, and the AI business recorded about $6.36 billion in operating losses over the last year.

SpaceX says launch services and Starlink subscription revenue have funded the AI buildout. Starlink subscribers more than doubled to about 10.3 million in the year to March 2026. Average revenue per user fell from about $99 a month in 2023 to roughly $66 as the service expanded into lower-priced markets and more countries.

The prospectus discloses large compute contracts. SpaceX reported a Google agreement that covers 110,000 NVIDIA GPUs and pays about $920 million per month through June 2029, and an Anthropic deal valued at about $1.25 billion per month. Combined, those agreements amount to roughly $2.17 billion in monthly revenue. Each contract includes a clause allowing cancellation on 90 days’ notice.

Governance terms in the filing show Elon Musk will hold about 42% of the company’s equity while retaining approximately 85.1% of voting power. SpaceX will be a controlled company after the listing. The offering reserves up to 30% of shares for retail investors.

The prospectus lists risks including potential exclusion from some indexes because of profitability requirements and the need to prove the AI segment can scale profitably. The company’s roadshow emphasizes the AI opportunity, while the financial filings highlight near-term pressure on earnings and the sources of funding for the AI business.