SpaceX IPO Plans Now Public

As expected, SpaceX’s accelerated IPO plans are starting to take shape. The rocket/AI/social media company has publicly filed documents with the Securities and Exchange Committee (SEC) outlining its plans to trade as SPCX on Nasdaq.

The company previously filed confidentially, but its S-1 filing has now been made public. The document sheds new light on the finances of Elon Musk’s business network. For example, it says Anthropic will pay SpaceX $1.25 billion per month through May 2029 as part of its recently announced deal to allow the AI ​​company to use xAI’s data centers.

It also offers new details on the extent to which X’s advertising revenue was affected by its volatile relationship with the advertising industry. X saw its advertising revenue decline by $595 million in 2024 due to a “loss of advertising partners,” the filing said.

The documents make numerous references to SpaceX’s ambition to build orbital data centers, including lengthy “risk factors” related to those projects. “Our plans to deploy large-scale orbital infrastructure, including orbital AI computing systems, will require the operation of very large satellite constellations, of up to one million satellites,” it says. “These plans will be dependent on obtaining a broad range of domestic and international approvals, including spectrum authorizations, orbital debris mitigation approvals, as well as coordination and authorization requirements related to space situational awareness and international regulatory regimes, and there can be no assurance that these approvals will be obtained in a timely manner, on acceptable terms, or at all.”

Another risk factor detailed in the documents concerns the numerous “investigations and inquiries” the company faces, including those related to allegations that Grok created “explicit, non-consensual images or content depicting children in sexualized contexts, and similar matters.” The “risk factors” section confirms another notable, but not surprising, detail: the company plans to use dual-class shares, which “concentrates voting control between Mr. Musk and other holders of our Class B common stock.”

The S-1 does not provide details on how much SpaceX will be worth in its IPO, but it is widely expected to be the largest public offering ever that could help Musk become a billionaire.