SpaceX IPO lists X and xAI; $1T Musk pay, $45B Anthropic deal

SpaceX filed for an initial public offering on Wednesday under the ticker SPCX and said the listing will appear on Nasdaq and Nasdaq Texas. The S-1 presents a combined company that includes SpaceX’s launch business, the Starlink satellite network, the Grok chatbot and the X social platform.

The filing reports $18.67 billion in revenue for 2025, an operating loss of $2.59 billion and total debt of $29.1 billion. It says xAI absorbed X in March 2025 and that SpaceX acquired xAI in February 2026, so investors in SPCX would own the merged assets rather than a standalone launch company.

The document discloses an executive compensation package for Elon Musk that could exceed $1 trillion if extreme performance milestones are met. In January the board granted him 1 billion restricted shares 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 capable of delivering 100 terawatts of compute. The company’s auditors characterize both milestones as “improbable.” The filing also lists Musk’s base salary at $54,080, the California minimum for exempt employees.

The S-1 describes a commercial agreement with Anthropic under which Anthropic agreed in May to pay roughly $1.25 billion per month through 2029 for access to the COLOSSUS supercomputer in Memphis. The filing frames that arrangement as a roughly $45 billion engagement and identifies it as a central element of the combined company’s compute business.

Regulatory disclosures identify several operational and national-security risks. The filing states SpaceX does not insure its approximately 9,600 active satellites and that no life insurance policy on Musk is in place. The company notes public statements by foreign governments about anti-satellite weapons and warns such threats could affect the Starlink network. At the end of 2025 Starlink accounted for about 75% of active maneuverable satellites in orbit, served 10.3 million subscribers in 164 countries and conducted more than 1,000 collision-avoidance maneuvers per day during 2025.

The filing outlines long-term technology plans including deployment of orbital data centers starting in 2028, asteroid mining and development of an electromagnetic lunar mass driver. The company describes a long-range energy objective as reaching “Kardashev Type II” capability. The document also says current on-orbit and planned compute infrastructure would rely on natural gas and gas turbines for power.

On governance, the S-1 shows Musk would retain 85.1% of voting power after the offering. The filing lists the combined asset mix, the company’s debt level and the performance milestones as factors investors should consider before participating in the SPCX offering.