SpaceX Files Historic $2 Trillion IPO—Musk Poised to Become First Trillion‑Dollar Billionaire

SpaceX submitted its S‑1 registration statement to the SEC, announcing the launch of what the article calls the "largest IPO in human history" with a target raise of $750 billion and a projected valuation of $2 trillion.

The filing reveals a 2025 revenue forecast of $186.7 billion, of which the Starlink satellite‑internet segment contributes $114 billion and is the only profitable line. EBITDA is projected at 63 %, and the company expects over 10 million users across 160 countries.

AI‑related activities, including the recent acquisition of xAI (which adds $32 billion in revenue), are expected to burn $127 billion in 2025—more than three times the combined spend of the space and communications divisions. Capital expenditures are set to rise from $11.2 billion in 2024 to $20.7 billion in 2025.

The prospectus also discloses a landmark contract with Anthropic: a $12.5 billion monthly compute‑service fee starting May 2026 and running through May 2029, potentially delivering over $400 billion in revenue for SpaceX. The agreement can be terminated by either party with 90‑day notice.

SpaceX claims to have locked in the "largest serviceable market in human history" with a total addressable market (TAM) of $28.5 trillion—93 % of which comes from AI. The TAM breakdown includes $26.5 trillion for AI (further split into space data centers, consumer subscriptions, digital advertising, and enterprise AI), $1.6 trillion for network connectivity (Starlink broadband and mobile), and $3.7 trillion for traditional space services.

Executive compensation details show Elon Musk’s annual salary remains a modest $54,080, but he is slated to receive 15 tranches of 66,666,665 shares each, vesting only if the company’s market cap climbs from $500 billion to $7.5 trillion and a permanent Mars colony of at least one million residents is established, with Musk remaining in his role.

The IPO is scheduled for mid‑June 2026, with a roadshow beginning in early June. If successful, Musk could become the first person whose net worth exceeds $1 trillion.

Simultaneously, OpenAI is reportedly preparing its own IPO for September 2026, aiming for a valuation above $1 trillion, while Anthropic is also exploring a public listing. The article suggests that 2026 will witness an unprecedented convergence of three AI giants—SpaceX, OpenAI, and Anthropic—potentially totaling over $40 trillion in market value.