- SpaceX filed its S‑1 on Thursday, seeking a public listing that could value the company at $1.75 trillion.
- The prospectus reveals $18 billion in revenue last year but a $4.9 billion net loss, driven by a rushed merger with Musk’s xAI unit. It also outlines plans for AI‑focused satellite data centers launching in 2028, despite noting untested space conditions, radiation risk and the short lifespan of on‑orbit hardware.
- Investors should care because the filing ties the majority of the valuation to an unproven $26.5 trillion addressable AI market, while the core launch business remains loss‑making. The document also flags reputational, regulatory and environmental liabilities, including ongoing lawsuits over deep‑fake misuse and new gas‑turbine data‑center hardware.
- In short, the IPO leans heavily on Musk’s brand and speculative AI ambitions rather than solid cash flow, a gamble that may not survive the next fiscal quarter.