SpaceX just dropped its S-1 filing and the numbers are absolutely wild. The company that was supposed to take us to Mars is actually an AI company that happens to own rockets.

Here's what nobody saw coming: 60% of SpaceX's 2025 capital expenditures went to xAI, not Starship development. We're talking $20 billion out of $33.5 billion total capex. That's more than NASA's entire annual budget flowing into AI compute.

The filing reveals SpaceX is seeking $75-80 billion in what would be the largest IPO in history. Saudi Aramco raised $29 billion in 2019. This would dwarf it. The company is valued at $1.75 trillion, making it worth more than Apple and Microsoft combined.

Revenue hit $18.7 billion in 2025, but the company posted a $4.9 billion net loss. Starlink generates over 50% of revenue at roughly $11 billion, while the xAI division lost billions despite revenue growing only 22%. The rocket business? Still burning cash.

Some eyebrow-raising line items: $131 million on Tesla Cybertrucks for the employee fleet. $697 million on Tesla Megapacks for Starlink ground stations. $530 million in expected legal costs from absorbing Twitter/X and xAI operations. Musk maintains majority voting control through dual-class shares, because of course he does.

Goldman Sachs was originally set to lead the offering but dropped out in March, citing 'strategic differences.' The roadshow is scheduled for June 5-8, with trading expected on Nasdaq under ticker SPCX.

SpaceX claims a $28.5 trillion total addressable market, with $22.7 trillion attributed to 'enterprise AI.' That's roughly the GDP of the entire planet, which tells you everything about how seriously to take these projections.

The timing isn't coincidental. Starship V3 is set for its debut launch next month, positioning it as a test of investor confidence right before the roadshow. If it fails, expect the valuation to crater. If it succeeds, Musk will probably claim it validates the $1.75 trillion price tag.

This is the moment where Musk's private empire becomes public property. The books are finally open, and what we're seeing is that SpaceX bet its future on AI, not space exploration. Whether that pays off is about to become every public investor's problem.