SpaceX files for IPO, revealing a merged AI, social media, and space giant

SpaceX publicly disclosed its IPO filing for a planned Nasdaq debut under the ticker SPCX, targeting a valuation of $1.75 trillion, which would make it the largest IPO in history.

The filing reveals SpaceX has absorbed both X and xAI under its umbrella, with Elon Musk retaining majority voting control through a dual-class share structure, giving his Class B shares 10 votes each versus one vote for public Class A shares.

SpaceX reported $18.67 billion in revenue for 2025 alongside a $2.59 billion operating loss, with its AI segment alone posting $6.36 billion in operating losses. Separately, Anthropic agreed to pay SpaceX $1.25 billion per month through May 2029 for AI computing capacity.

The SpaceX IPO shows that the next phase of AI infrastructure competition is no longer just about ground-based data centres. It is about who controls compute, energy, and eventually orbital infrastructure at scale.

For African tech investors and founders tracking global AI supply chains, the Anthropic-SpaceX compute deal at $1.25 billion per month illustrates how dependent frontier AI companies are becoming on specialised infrastructure providers, a dynamic that will shape which AI tools reach African markets and at what cost over the next two to three years.

Nigerian and African enterprises building on top of AI platforms like Claude or Grok should watch whether SpaceX's public listing accelerates or concentrates access to the compute layer that powers those tools.