SpaceX Has Starlink Revenue. The Prospectus Makes xAI the Bill.

Bobby Peden took office in Starbase last May, after roughly 500 residents voted to make the Boca Chica site a city. SpaceX disclosed its public SEC prospectus on Wednesday with a ticker, SPCX, and the first public look at a combined rocket, satellite internet and AI company. The filing listed $18.67 billion of revenue against a $4.94 billion loss in 2025. For the first quarter, revenue was $4.69 billion and the loss was $4.28 billion.

SpaceX is asking public investors to value Starlink, launch and xAI as one instrument, with Starlink revenue carrying the weight of Musk’s AI buildout. That is the thesis. The New York Times said SpaceX could try to raise $50 billion to $75 billion. Bloomberg reported a possible valuation above $2 trillion, compared with Saudi Aramco’s $29.4 billion IPO record.

Where Starlink carries the filing

NBC reported that Starlink had 10.3 million subscribers, up from 5 million a year earlier. TechCrunch reported that the satellite internet unit generated around $11 billion of SpaceX’s $18.67 billion in 2025 revenue. The S-1 also said SpaceX is making less money per user as the service expands outside North America and adds lower-priced plans.

SpaceX still sells launches to NASA, the Pentagon and commercial satellite customers. Bloomberg described it as a key provider for the first two. NBC reported that 23 banks and investment firms are organizing the offering, with Goldman Sachs first and Morgan Stanley second.

Starship carries the capital question inside the launch story. SpaceX said the vehicle is critical to reducing launch costs by 99 percent or more versus historical averages. TechCrunch reported $3 billion of Starship research and development spending in 2025, plus $930 million in the first quarter. Business Insider quoted the filing’s plain risk line: “space is inherently hostile.”

xAI turns the prospectus into a spending plan

SpaceX’s first-quarter capital expenditures were $10.1 billion, CNBC reported from the filing, and $7.7 billion went to AI. For 2025, the New York Times reported total capital expenditures of $20.7 billion, nearly double the prior year’s $11.2 billion.

Anthropic is the named customer that makes the AI line item easier to read. CNBC said Anthropic will pay SpaceX $1.25 billion per month through May 2029 for Colossus 1 capacity. The deal covers more than 300 megawatts of compute, part of a relationship The Implicator covered when Anthropic locked up SpaceX capacity.

The same filing keeps the tension visible. SpaceX said its “accelerated development cadence positions Grok among the fastest-advancing frontier models relative to peers, including OpenAI, Anthropic, and Google.” The filing also notes investigations and inquiries tied to nonconsensual sexualized deepfakes, and TechCrunch reported that xAI plans to buy another $2.8 billion of turbines while facing a lawsuit over generators near Memphis.

SpaceX describes X as part of the same AI package. “We aim to evolve X into an ‘Everything App,’ integrating real-time information, communications, media, payments, banking, commerce and more within one consumer experience,” the filing says. The sentence sits next to the capex table. Cash first.

The voting structure prices Musk in

Musk controls 85.1 percent of SpaceX voting power, CNBC reported, with 849.5 million Class A shares and 5.57 billion Class B shares. TechCrunch reported that he owns 93.6 percent of Class B stock, which carries 10 votes per share, and that his voting control is expected to stay above 50 percent after the IPO.

Fortune pulled the control sentence from the filing. “Mr. Musk will control the voting power over the selection of our board,” SpaceX wrote. “As a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including election of all our directors.”

One more stray detail. CNBC reported that president Gwynne Shotwell’s 2025 compensation totaled $85.8 million, including $30,095 of other compensation for security equipment at her personal residence. Shotwell joined SpaceX shortly after its 2002 founding and became president in 2008. She made NASA and government contracting legible to a Musk company. In the prospectus, she still appears behind a voting structure that public investors cannot change.

The price has to catch up with the story

Bloomberg reported that SpaceX could seek as much as $75 billion, and Reuters said a raise above $25.6 billion would pass Saudi Aramco as the largest IPO on record. Goldman Sachs has predicted $160 billion of U.S. IPO proceeds in 2026 if the year’s marquee private companies go public.

Jay Ritter, the University of Florida IPO scholar, told Business Insider he would short SpaceX at a $2 trillion valuation. “I’d be willing to bet against it,” he said. His objection was not that SpaceX is weak. It was that Starlink margins, lower user prices and launch-cost reductions have to arrive together.

“As far as I can tell, [SpaceX] is a great company,” Ritter said. “But is it worth $1.5 trillion? An awful lot of things have to go right to get the company’s operations and profits to grow into that valuation.”

Joe Gilbert of Integrity Asset Management gave Barchart the Tesla side of the same problem. The IPO “cannot be a positive for Tesla,” he said, because “it feels like SpaceX is his new baby at the expense of Tesla.” Musk’s SpaceX stake is far larger than his Tesla ownership. Public investors will now be able to choose between the two Musk tickers.

Formal marketing is expected to begin as early as June 4, with pricing as soon as June 11. By then SpaceX should have an amended filing with the share count and price range. Peden got the company town. Public investors got the ticker. The amended prospectus will tell them whether Starlink’s revenue is enough to pay xAI’s bill.

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Marcus Schuler

San Francisco

Editor-in-Chief and founder of Implicator.ai. Former ARD correspondent and senior broadcast journalist with 10+ years covering tech. Writes daily briefings on policy and market developments. Based in San Francisco. E-mail: [email protected]