Written by: Xinzhi Yuan

Xinzhi Yuan Report

[Xinzhi Yuan Lead] The largest IPO in human history is coming! SpaceX, owned by Musk, has submitted its prospectus to the SEC, aiming to raise $75 billion with a valuation targeting $2 trillion.

The largest IPO in human history has officially begun! Today, SpaceX, owned by Musk, officially submitted its S-1 prospectus to the US Securities and Exchange Commission (SEC). SpaceX announced it will be listed on NASDAQ under the stock code "SPCX," marking the official start of the IPO journey.

This is the largest IPO in human history, bar none: aiming to raise $75 billion, with a valuation reaching for $2 trillion. It's worth noting that the previous record holder, Saudi Aramco, raised only $29.4 billion during its IPO in 2019. SpaceX's move effectively shatters the record by nearly three times. The first day of trading is set for June 12.

Within this hundreds of pages long document, there is one line that shocks everyone—SpaceX claims to have secured "the largest serviceable market in human history," with a total potential value of up to $28.5 trillion. This scale is comparable to the entire annual GDP of the United States. Even more astonishing, the AI sector alone is projected to generate $26.5 trillion!

After the IPO, Musk could become the world's first trillionaire!

The prospectus unveils Musk's AI empire. With the public release of the S-1 document, SpaceX, previously hidden behind a black box, has finally laid its cards on the table for the world to see.

First, let's look at the revenue: total revenue of $18.67 billion in 2025. Among this, the Starlink satellite internet business contributed $11.4 billion, being the only profitable segment. The EBITDA profit margin reached 63%, with users surpassing 10 million across 160 countries and regions. The rocket launch business generated about $4.1 billion. Additionally, the recently acquired xAI (including Grok and the X platform) brought in $3.2 billion in revenue.

AI burns $12.7 billion, incurs a massive loss of $4.9 billion. Now looking at the burn rate—capital expenditures are projected to hit $20.7 billion in 2025, nearly doubling from $11.2 billion in 2024. The AI segment alone burned through $12.7 billion, over three times that of both the space and communications sectors combined. The development of Starship consumed $3 billion. The final result is a net loss of $4.9 billion.

All of this stems from the game-changing merger in February 2026, where SpaceX acquired Musk's AI company xAI in an all-stock transaction. The new SpaceX is no longer just a rocket company. It has become a super conglomerate that spans space launches, satellite internet, AI large models, and social media. The mission statement in the prospectus reads almost like a science fiction manifesto: our mission is to build the necessary systems and technologies to make life a multi-planetary species, understand the true nature of the universe, and extend the light of consciousness to the stars.

Simply put, Starlink is printing money like crazy, AI is burning cash at an insane rate, and Starship is swallowing gold at an unprecedented pace. With three lines of attack simultaneously advancing, this embodies Musk's aesthetic of violent beauty. More significantly, the first quarter of 2026 reveals even more shocking data, with a single-quarter loss of $4.27 billion, and revenue of only $4.69 billion. In other words, SpaceX lost more money in one quarter than it earned in that same quarter. But Wall Street doesn’t seem to care, because Musk painted the largest pie in the history of human commerce in this prospectus.

$28.5 trillion, the largest TAM in human history. One line in the prospectus dropped Wall Street's jaws—"We have secured the largest serviceable market (TAM) in human history."

How large is this TAM? $28.5 trillion! The breakdown of this massive cake is as follows:

• AI Sector: $26.5 trillion
• Internet Connectivity (Starlink broadband $870 billion + mobile $740 billion): $1.6 trillion
• Traditional Space Sector: $370 billion

It can be seen that the most important AI sector accounts for over 93% of the entire TAM. This $26.5 trillion can be further dissected: space data centers $2.4 trillion, consumer subscriptions $760 billion, digital advertising $600 billion, enterprise-level AI applications $22.7 trillion.

One cannot help but say this number is hair-raising. SpaceX claims its serviceable market is larger than a quarter of the global GDP. However, upon deeper thought, this is not just pie in the sky; it indicates a significant reality: SpaceX is no longer a rocket company; it is an AI company.

Anthropic pays $1.25 billion per month until 2029. Furthermore, the prospectus reveals an astonishing number—Anthropic is currently paying SpaceX $1.25 billion per month for computing power services.

This contract, which began in May 2026, will last until May 2029, with a total value exceeding $15 billion (there’s a discount for the first two months due to ramp-up). Estimates suggest this entire contract could bring SpaceX over $40 billion in revenue. Just minutes before the prospectus was released, Tom Brown, co-founder and Chief Computing Officer of Anthropic, announced on X: "We are expanding our cooperation with SpaceX and will ramp up GB200 computing power on Colossus 2 throughout June."

What does this mean? SpaceX's annual revenue is only $18.67 billion, and just this single deal with Anthropic could nearly boost its annual revenue by 80%. For the long-term "compute-starved" Anthropic, this deal means direct access to Colossus’ over 220,000 GPU computing power.

However, this "space-grade alliance" has a safeguard: either party may terminate the contract at any time with 90 days' notice. More significantly, SpaceX specifically mentioned in the prospectus, "We expect to sign more similar service contracts."

It is clear that SpaceX is transitioning from a rocket company to an arms dealer of AI computing power.

54-year-old Musk aims for the world's first "trillionaire." The most magical part of this prospectus lies on the page detailing executive compensation. Musk's annual salary has remained the same figure since 2019: $54,080. Yes, a soon-to-be trillionaire earns less than it takes to rent a decent apartment in San Francisco.

However, this time the prospectus unveiled a DNA-stirring compensation plan—Musk will receive 15 batches of stock awards, each batch consisting of 66,666,665 shares. The unlocking criteria are that the company's market value increases in increments of $500 billion, gradually rising to $7.5 trillion, and establishing a permanent human colony on Mars with at least 1 million inhabitants. Both conditions must be met simultaneously, and Musk must remain in his position.

In simple terms, Musk has set his own KPI: make the company worth $7.5 trillion, build a city on Mars, and create supercomputers in space. SpaceX is expected to officially start trading in mid-June, with roadshows set to begin in early June. If all goes smoothly, Musk will become the first "trillionaire" in human history!

The three giants ASI face off, OpenAI rushes to IPO. On the very day SpaceX released its prospectus, another significant news emerged: OpenAI is rapidly preparing for an IPO. WSI first reported that OpenAI is working closely with top bankers from Goldman Sachs and Morgan Stanley to expedite the drafting of its IPO prospectus. It may be submitted to the SEC as early as this Friday, targeting a listing time in September 2026.

This timing is no coincidence. Just a few days ago, Altman narrowly overcame a legal battle with Musk, with the jury siding with OpenAI and dismissing Musk's accusations that OpenAI "stole a charitable organization." The most recent round of funding for OpenAI valued the company at $852 billion, with a goal to go public at a valuation exceeding $1 trillion. The capital markets in 2026 are about to witness an unprecedented feast: SpaceX is expected to list in June, OpenAI is locked in for September, and Anthropic is also gearing up for an IPO.

The three giants pushing for IPOs in the same year could have a combined valuation exceeding $4 trillion. The AI version of the Romance of the Three Kingdoms has begun in the history of IPOs.

References: https://www.theverge.com/business/902219/spacex-ipo-details

https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-05-20-2026https://www.wsj.com/tech/spacex-ipo-charts-graphs-9144ec5e?mod=WTRN_pos1

https://x.com/SawyerMerritt/status/2057201539735785746?s=20https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm

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