As previously anticipated, SpaceX, Elon Musk's mega-company encompassing rockets, AI, and social media, is accelerating its development.Initial Public Offering (IPO) PlanIt has finally come to light. SpaceX has officially filed its application with the U.S. Securities and Exchange Commission (SEC).S-1 Listing Application DocumentsIt has been confirmed that the company will be listed on the Nasdaq Stock Exchange under the ticker symbol "SPCX".
This previously confidential financial document has now been made public, revealing for the first time the full picture of X's lost advertising revenue, details of its $12.5 billion monthly AI computing power transaction with Anthropic, and the ambitious "Orbital Data Center" million-satellite plan.
Unveiling the S-1 Document: Large AI Computing Power Orders and Lost Advertising Fees from Platform X
In the past, the financial situation of Elon Musk's complex business empire has always been shrouded in mystery, but this S-1 filing provides several striking figures:
• The exorbitant computing power contract with Anthropic:The documents reveal that, as part of a recently announced agreement, Anthropic will pay SpaceX up to $12.5 billion per month in exchange for the right to use the computing power of the xAI data center, with the contract running until May 2029. Notably, this contract is highly flexible, allowing both parties the right to terminate the partnership unconditionally with 90 days' notice.
• The real cost of ad churn on Platform X:The S-1 filing also revealed specific figures regarding the strained relationship between Elon Musk and the advertising industry after he took over X. The filing stated that due to the "loss of advertising partners," X's advertising revenue decreased significantly by $5.95 million in 2024.
Ambitions and Hidden Dangers: An "Orbital Data Center" Composed of Millions of Satellites
In addition to financial data, the S-1 document also elaborates on SpaceX's core vision for the future—to build a large-scale artificial intelligence computing infrastructure in space.
• The million-satellite plan: The document states:"Our plan to deploy a large-scale orbital infrastructure (including orbital AI computing systems) will require operating an extremely large satellite constellation, potentially numbering up to one million."
• Regulatory Risk Factors:Of course, a project of this scale comes with extremely high uncertainty. SpaceX acknowledges in its risk factors that the project requires various domestic and international spectrum licenses, orbital debris mitigation approvals, and international space traffic management permits, and cannot guarantee that these approvals can be obtained within an acceptable timeframe or under acceptable conditions, or even at all.
Grok Controversy and Absolute Control
In the risk disclosure section, the document also confirms that SpaceX is currently facing multiple "investigations and inquiries," including serious allegations against its AI model Grok (allegedly generating explicit images without consent and placing children in sexually suggestive situations).
Furthermore, the document confirms that SpaceX will adopt a dual-class share structure. This means that even after the company goes public, Elon Musk and other Class B shareholders will still maintain absolute voting control.
Analysis: A landmark IPO that could create the first "trillionaire"
The S-1 filing has not yet revealed the pricing and estimated market capitalization of this IPO, but Wall Street generally expects it to be the largest initial public offering in U.S. history.
Taking SpaceX public is a double-edged sword for Elon Musk. On the one hand, by raising funds from the public, he can obtain the endless money needed to build the "orbital AI data center" and advance the Mars program. This IPO of the century may even push his personal net worth to a record high of "trillionaire".
However, the price he pays is that his past ability to wield absolute power and freely allocate resources between different companies (Tesla, xAI, X, SpaceX) will now face stricter scrutiny from Wall Street and the U.S. Securities and Exchange Commission. When the dream-building rocket meets the profit-driven earnings season, whether SpaceX can continue to support Musk's massive technological vision will be the most anticipated drama in the global capital markets in the second half of 2026.
