Overview
- SpaceX’s confidential S-1 reviewed by Reuters sizes a $28.5 trillion market with more than 90% tied to AI, targets about a $1.75 trillion valuation, and seeks roughly $75 billion in its planned IPO.
- The filing shows xAI posted a $6.4 billion operating loss in 2025 as total capex jumped to $20.7 billion with $12.7 billion for AI, while Starlink earned $4.4 billion on $11.4 billion revenue and SpaceX lost $4.9 billion overall.
- SpaceX lists plans to manufacture its own GPUs and build out Terafab-scale compute, yet says it lacks long-term chip supply contracts and warns its hardware timelines could slip.
- The company warns that orbital AI compute and in-orbit, lunar, and interplanetary industrialization rely on unproven technology that may never be commercially viable, and says Starship delays would constrain its growth strategy.
- Reporting also describes an option to acquire coding startup Cursor for $60 billion with a $10 billion fee if it does not close, a potential move to speed AI tools that has not been confirmed in the S-1.