SpaceX is officially heading to the stock market. Elon Musk’s massive conglomerate, which now combines rocket manufacturing, artificial intelligence research, and the social media platform X, just filed its S-1 prospectus with the Securities and Exchange Commission. The company intends to trade on the Nasdaq under the ticker symbol SPCX. This public filing follows an earlier confidential submission and marks the beginning of the end for the company’s time as a private entity.
The massive document provides an unprecedented look inside Musk’s web of companies. One of the most striking details involves a new partnership with Anthropic. According to the filing, Anthropic agreed to pay SpaceX $1.25 billion every single month until May 2029. This massive cash flow helps Anthropic utilize xAI’s data centers for its own artificial intelligence models. Interestingly, the contract includes a flexible “exit clause” that allows either company to cancel the arrangement with just 90 days of notice.
The filing also highlights the financial struggles of the social media platform X. The document reveals that X suffered a $595 million drop in advertising revenue during 2024. The company openly blames this decline on the “loss of advertising partners” following a year of volatile controversies. Despite this revenue gap, the company hopes its broader portfolio, centered on SpaceX and xAI, will be enough to attract enough investors to make this the largest initial public offering in history.
SpaceX is not shy about its long-term goals for outer space. The filing includes several pages of “risk factors” related to its plan to build orbital data centers. To make this vision work, SpaceX aims to operate a satellite constellation that could eventually reach one million individual units. The company admits this plan faces enormous hurdles. It must secure approvals for radio spectrum use, space debris mitigation, and international safety coordination. The filing warns investors that there is no guarantee these complex approvals will arrive on time, or at all.
The document also provides a candid look at the legal headaches facing Musk’s companies. The risk section lists numerous investigations and inquiries currently aimed at the business. This includes legal trouble surrounding allegations that the Grok chatbot generated explicit images of children. By disclosing these risks upfront, SpaceX is trying to shield itself from future lawsuits by warning potential shareholders that the company operates in a highly controversial and legally complex environment.
One detail in the filing confirms that Musk will retain a tight grip on the company. SpaceX plans to use a “dual-class” share structure. This setup concentrates almost all voting control in the hands of Musk and other holders of Class B common stock. Even after the company goes public, retail investors will have little to no say in how the rocket giant chooses to spend its money or set its corporate strategy.
While the document does not list an official valuation, analysts expect it to set a new global record for a public offering. If the market reacts as enthusiastically as many predict, Elon Musk could become the world’s first trillionaire. This public offering represents a massive gamble on the future of orbital computing and AI-driven growth. Whether investors are willing to pay the price Musk is asking remains the biggest question of the year.
The move to go public happens as the AI and space sectors collide in a high-stakes race for dominance. SpaceX now sits at the center of this world, with enough satellites to circle the globe and enough computing power to rival the biggest tech companies in the U.S. As the June deadline approaches, the entire financial world is watching to see if Musk can turn his ambitious dreams into a public company that satisfies the demands of Wall Street.
