Musk Publishes SpaceX IPO Prospectus After Losing OpenAI Lawsuit

Elon Musk has publicly released SpaceX’s IPO prospectus, just days after losing a high-profile lawsuit against OpenAI. The filing, submitted to the SEC, reveals that SpaceX plans to list on Nasdaq under the ticker SPCX, aiming to raise up to $75 billion at a valuation exceeding $2 trillion. If approved, it would surpass Saudi Aramco’s record $29.4 billion IPO in 2019.

The prospectus, which combines the financials of SpaceX, xAI, and X (formerly Twitter) under common control, provides a rare glimpse into Musk’s empire. The most profitable segment is satellite communications, which generated $11.387 billion in revenue and $4.423 billion in operating profit in 2025, up 49.8% and 120.4% year-over-year, respectively. In contrast, SpaceX’s space business, including rocket launches, posted revenue of $4.086 billion but an operating loss of $657 million, largely due to $3 billion in R&D spending on Starship. Meanwhile, the AI division, which includes xAI’s Grok and the X platform, lost $6.355 billion on revenue of $3.201 billion, with total AI-related spending reaching $12.727 billion in 2025.

Musk’s control over SpaceX is reinforced by a dual-class share structure. Each Class A share carries one vote, while Class B shares have ten votes. Musk holds primarily Class B shares, giving him approximately 85.1% of voting power. Additionally, Class B shareholders have the right to elect a majority of the board, cementing Musk’s authority. As a result, after listing, SpaceX will be classified as a “controlled company” under Nasdaq rules, allowing exemptions from certain corporate governance requirements.

Among the most striking disclosures is a cloud computing agreement with Anthropic, signed in May 2026. Under the deal, Anthropic will pay SpaceX $1.25 billion per month for compute capacity from the Colossus and Colossus II data centers through May 2029. That amounts to $15 billion annually, nearly matching SpaceX’s total annual revenue of about $18 billion. The prospectus dubs this a “dual monetization strategy,” leveraging excess compute capacity while Musk continues to develop his own AI models.

Another notable item is SpaceX’s option to acquire the coding startup Cursor for approximately $60 billion, payable in Class A shares. The acquisition could be pushed through within 30 days of the IPO, with a $1.5 billion breakup fee and $8.5 billion deferred service fee if SpaceX backs out.

Meanwhile, OpenAI is racing to file its own IPO. After defeating Musk’s lawsuit, CEO Sam Altman is reportedly planning a confidential IPO filing within days or weeks, aiming to go public by September 2026. OpenAI’s latest valuation stands at $852 billion, with $122 billion in committed funding and monthly revenue of about $2 billion.

The concurrent IPO pushes from SpaceX, OpenAI, and Anthropic—the “big three” in AI—could collectively absorb a significant portion of global IPO market capacity in 2026. What began as a legal battle has now become a catalyst for a wave of AI-related public offerings.