After years of speculation, SpaceX has filed to go public. If completed, the IPO would mark a major milestone for the commercial space, satellite connectivity, and AI infrastructure industries.
The Business
SpaceX operates across three core businesses:
Launch Services: SpaceX is a leader in commercial launch services, using reusable rocket technology to reduce launch costs and increase launch frequency. The segment generated approximately $4.1 billion in 2025 revenue.
Connectivity: Starlink provides satellite broadband and mobile connectivity through a global low-Earth orbit network. The segment generated approximately $11.4 billion in 2025 revenue and serves more than 10 million customers globally.
AI Infrastructure: Following the acquisition of xAI, SpaceX is expanding into AI infrastructure, frontier models, and compute services. The AI segment generated approximately $3.2 billion in 2025 revenue.
The Offering
Current reporting suggests the IPO could raise tens of billions of dollars and value the company near $2 trillion, potentially making it one of the largest IPOs in history.[1]
SpaceX by the Numbers[2]
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$18.7B+ estimated 2025 revenue
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160+ successful launches in 2025
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9,600+ Starlink satellites in orbit
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10.3M Starlink customers
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~117M monthly active Grok-AI users
What to Watch
One area to watch is SpaceX’s compute-services strategy. The company has entered into a compute services agreement with Anthropic valued at approximately $1.25 billion per month through May 2029, although the agreement may be terminated with notice.[2]
1. Source: Bloomberg News, 5/21/2026. SpaceX Challenges AI Rivals for Control of $26.5 Trillion Market – Bailey Lipschultz, Ed Ludlow and Carmen Arroyo.
2. Source: Space Exploration Technologies S-1 Filing