The largest IPO in human history has arrived, and SpaceX has submitted its S-1 prospectus today, with some interesting details: SpaceX is not just a rocket company, but also a super company that combines three businesses together Sending things into space: rockets, launches, Starships, Dragon, etc · Connect the world to the Internet: Starlink satellite Internet ◦ Integrating AI and traffic: We are now opening up , xAI (Grok), AI computing power 2/The outside world thinks that SpaceX relies on rockets to go public, but it is Starlink that truly supports the valuation base. Rockets are responsible for dreams, Starlink is responsible for making money. SpaceX's revenue for 2025 is $18.674 billion, of which Starlink contributes over $11.3 billion, accounting for 60%. Starlink's adjusted EBITDA reached 7.168 billion US dollars, demonstrating strong operational capabilities. Rocket business is not actually the most profitable part In 2025, the revenue of the Space sector will be approximately 4.086 billion US dollars, with an adjusted EBITDA of approximately 653 million US dollars, which is significantly lower than Starlink. The overall business model of SpaceX can be understood as follows: Rockets are the infrastructure, Starlink is the long-term subscription revenue that has grown. What is valuable is not sending a satellite into space, but continuously making money after the satellite is launched. 4/xAI makes SpaceX's finances even worse After the merger of SpaceX and xAI, xAI also brought in losses. The revenue of the xAI sector in 2025 is about 3.2 billion US dollars, but the operating losses are very large. The AI sector will lose about 6.355 billion US dollars in 2025. Elon's first principles are not omnipotent and have not yet been effective in AI business. 5/Sell computing power to competitors XAI's competitor Anthropic (Claude model developer) pays SpaceX $1.25 billion per month to use SpaceX's data center computing power. The contract expires in May 2029, and the theoretical total revenue is expected to exceed $40 billion. In fact, Elon Musk has expressed his dislike for the company Anthropic multiple times before. But even the richest man chose to shut up in the face of huge commercial interests. SpaceX holds a large amount of BTC Currently, SpaceX holds 18712 BTC with a market value of approximately $1.29 billion. These BTC were probably bought in 2021, with an average holding cost of approximately $35300 per coin, and now have a book value gain of $629 million. For SpaceX's market value of nearly 2 trillion, 1.29 billion is not much. Elon Musk has repeatedly expressed that Bitcoin is an energy currency, and not selling it for so many years has a strong symbolic significance. More listed companies may follow suit and include BTC in their balance sheets. Elon is the largest controlling shareholder Elon Musk now holds 41% of SpaceX shares, and holds about 85% of the voting rights through Class B super voting rights. The real person the final say. After the IPO, the richest person's book wealth will increase by approximately $700 billion, and their net worth will almost double. SpaceX is the largest IPO in human history SpaceX's IPO valuation is around $1.75 trillion, with a fundraising scale of $75 billion. So, this will be the largest IPO in human history. Overall, SpaceX defines itself as a "Musk complex" with rockets as its underlying transportation capability, Starlink as its cash flow, xAI/Grok as its AI entry point, computing power as its new growth curve, and holding a large amount of BTC on its balance sheet.