SpaceX IPO Lists X and xAI, Ties Musk Pay to Mars Colony

SpaceX filed for an initial public offering on Wednesday, saying the combined company will trade as SPCX on Nasdaq and Nasdaq Texas. The filing lists rockets, the Starlink satellite network, the Grok chatbot, xAI and the X social platform as part of the business.

The company reported $18.67 billion in revenue for 2025 and a $2.59 billion operating loss. Total debt was $29.1 billion. SpaceX absorbed xAI in February 2026, and xAI acquired X (formerly Twitter) in March 2025, according to the filing.

The filing shows the board granted Elon Musk 1 billion restricted shares in January that vest only if SpaceX reaches a $7.5 trillion market capitalization and establishes ‘a permanent human colony on Mars with at least one million inhabitants.’ A separate tranche of 302 million shares would vest if SpaceX builds space-based data centers delivering 100 terawatts of compute. The company’s auditors described both milestones as ‘improbable.’ The filing lists Musk’s base salary as $54,080.

The filing discloses a May deal with Anthropic in which the AI company would pay roughly $1.25 billion per month through 2029 for access to the COLOSSUS supercomputer in Memphis. The contract is valued at about $45 billion. Anthropic is identified in the filing as a competitor to Grok.

Starlink operations are detailed in the document. SpaceX reported about 9,600 operational satellites and 10.3 million subscribers across 164 countries. The company estimated that about 75% of active maneuverable satellites in orbit belong to SpaceX and that the constellation performed more than 1,000 collision-avoidance maneuvers per day in 2025. The filing says SpaceX does not insure its satellites and identifies public discussion by foreign governments of anti-satellite weapons as a potential threat.

Risk disclosures state SpaceX carries no life insurance on Musk. The filing outlines plans to deploy orbital data centers starting in 2028, to pursue asteroid mining and to build an electromagnetic mass driver on the Moon. The document frames those long-term goals as part of an effort to reach a Kardashev Type II-level capability, defined in the filing as harnessing the full energy output of a star. It also says the planned orbital data centers would run on natural gas and gas turbines.

After the offering, the filing projects Musk will retain 85.1% of voting power in the public company. The document presents near-term financial results, a large compute contract and long-term engineering ambitions while flagging multiple operational and geopolitical risks for investors.