SpaceX just BLEW UP...

TL;DR

SpaceX is preparing a potentially $2 trillion IPO as SpaceX AI, making it the largest in history and deliberately structured to prevent shareholder attacks like those faced by Tesla.

Key Points

• 1.The SpaceX IPO could be the largest in history at ~$2 trillion. The previous record was Saudi Aramco's 2019 IPO at $29 billion; SpaceX AI is expected to file imminently with a launch potentially next month or early June.
• 2.Pension funds from California and New York are already opposing the IPO structure. CalPERS, NY State Comptroller, and NYC Comptroller — representing over $1 trillion in assets — object to a Class B share provision giving Musk 79% voting power on 42% equity, effectively making him unfireable.
• 3.The IPO structure is a direct response to Delaware's voiding of Musk's $56 billion Tesla pay package. A Delaware judge overturned the package despite 73% shareholder approval, triggered by a lawsuit from someone holding just nine Tesla shares; Delaware later reversed the decision in 2025 after passing reform law SB21.
• 4.SpaceX's 2025 revenue was approximately $17 billion, with Starlink accounting for ~$11 billion (60–70%). Starlink is growing at ~50% year-over-year and serves carriers like T-Mobile, Verizon, AT&T, and Reliance; launch services contributed ~$4.5 billion with 165 Falcon 9 launches — more than all other global providers combined.
• 5.Google's Project Suncatcher plans orbital AI data centers and relies heavily on SpaceX's falling launch costs. Launch costs have dropped from ~$40,000/kg to ~$1,600/kg; Google projects costs will hit $200/kg by the mid-2030s, at which point building data centers in space becomes cost-competitive with Earth-based ones.
• 6.SpaceX AI also includes classified government work (Star Shield, ~$2B) and xAI assets like Grok and the Colossus data centers. Colossus 1 is reportedly used by Anthropic under a deal Kathy Wood estimates could generate $5–6 billion; Colossus 2 handles xAI's primary training and likely the Cursor partnership.
• 7.Musk's new Tesla compensation package — approved by 75% of shareholders — targets an $8.5 trillion market cap. Milestones include selling 20 million vehicles, deploying 1 million robot taxis, delivering 1 million Optimus robots, and achieving $400 billion in adjusted EBITDA; the same pension funds opposing SpaceX also voted against this package.