SpaceX's IPO filing turns xAI into a major investor concern

TechCrunch's review of SpaceX's public IPO filing shows how deeply AI has entered the company's investment story. SpaceX chose the ticker SPCX and is reportedly heading toward a roughly $75B raise and $1.75T valuation, but the filing is not just about rockets. It says the company lost about $4.9B in 2025 on more than $18B in revenue, with Starlink generating around $11B. The AI division that houses xAI reportedly absorbed about 60% of capital spending in 2025, or around $20B, while SpaceX describes a $28.5T total addressable market, including $22.7T for enterprise AI. The tension is obvious: investors are being asked to value one company as rockets, satellite internet, AI infrastructure, and Musk execution risk all at once.

Key details: SpaceX, SPCX ticker, $75B expected raise, $1.75T reported valuation, $4.9B 2025 loss, $18B+ 2025 revenue, $11B Starlink revenue, $20B AI capex.

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