--- title: SpaceX files for IPO at $1.75 trillion valuation, with... description: SpaceX has filed an S-1 prospectus with the SEC targeting a Nasdaq IPO under ticker SPCX as early as June 12, seeking to raise $75 billion at a $1.75 trillion... canonical: https://daily.dev/posts/spacex-files-for-ipo-at-1-75-trillion-valuation-with-openai-and-cursor-deals-in-the-mix-yrmlejqt9 twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: SpaceX files for IPO at $1.75 trillion valuation, with OpenAI and Cursor deals in the mix | daily.dev og:description: SpaceX has filed an S-1 prospectus with the SEC targeting a Nasdaq IPO under ticker SPCX as early as June 12, seeking to raise $75 billion at a $1.75 trillion... og:url: https://daily.dev/posts/spacex-files-for-ipo-at-1-75-trillion-valuation-with-openai-and-cursor-deals-in-the-mix-yrmlejqt9 og:image: https://api.daily.dev/og/posts/YRMlEjqT9.png og:image:alt: SpaceX files for IPO at $1.75 trillion valuation, with OpenAI and Cursor deals in the mix og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # SpaceX files for IPO at $1.75 trillion valuation, with OpenAI and Cursor deals in the mix **[Collections](https://daily.dev/sources/collections)** · 5 min read · 1 upvotes · 0 comments ## Summary SpaceX has filed an S-1 prospectus with the SEC targeting a Nasdaq IPO under ticker SPCX as early as June 12, seeking to raise $75 billion at a $1.75 trillion valuation — potentially the largest IPO in history. The filing reveals Starlink as the only profitable division ($1.19B operating profit in Q1 2026), while the xAI segment (Grok) is a major drag, losing $6.4B in 2025 on $3.2B revenue. Elon Musk retains 85.1% voting control via dual-class shares. SpaceX also announced plans to acquire AI coding tool Cursor for $60 billion roughly 30 days post-IPO. Cursor has over 1 million paying customers and $1B in annualized revenue, and would compete with GitHub Copilot and Claude Code. The filing also discloses $1.29B in bitcoin holdings, a $20B bridge loan to refinance X and xAI debt, and ambitious long-term plans including orbital data centers and asteroid mining. ## Content SpaceX has filed its S-1 prospectus with the SEC, targeting a Nasdaq listing under the ticker SPCX as early as June 12. The offering aims to raise around $75 billion at a $1.75 trillion valuation — which would surpass Saudi Aramco's 2019 record and make it the largest IPO in history. Goldman Sachs and JPMorgan are among the lead underwriters. ## What the filing actually shows SpaceX reported $18.7 billion in revenue for 2025, up roughly 33% year-over-year, but lost $4.9 billion that year and has burned through more than $37 billion since inception. The accumulated deficit now stands at $41.3 billion. Q1 2026 brought a $4.27 billion net operating loss. Starlink is carrying the company. The satellite connectivity segment generated about $11 billion of the $18 billion in 2025 revenue and was the only division to post an operating profit in Q1 2026 — $1.19 billion. Everything else is losing money. The xAI division (Grok and related AI products, merged into SpaceX in February 2026) is the main drag. It consumed roughly 60% of 2025 capital spending — around $20 billion — while posting $3.2 billion in revenue and a $6.4 billion operating loss for the year. In Q1 2026 alone, the AI division lost $2.47 billion on $818 million in revenue. Revenue growth came in at 22%, well below OpenAI and Anthropic. The company holds 18,712 bitcoin worth approximately $1.29 billion on its balance sheet. ## Musk's control Elon Musk serves as CEO, CTO, and Chairman. Through a dual-class share structure, he retains 85.1% of voting power post-IPO. Shareholder rights are significantly limited — this is effectively a public company where the public has little say. ## The debt cleanup Ahead of the IPO, SpaceX arranged a $20 billion bridge loan through Goldman Sachs, JPMorgan, and others to retire $17.5 billion in high-interest debt accumulated by X and xAI. The refinancing cut Musk's combined annual interest costs roughly in half, dropping the effective rate from as high as 12.5% to around 4.58% — saving about $900 million per year. SpaceX still carries $9 billion in other financings. ## The Grok problem The AI growth story has some obvious holes. Grok's federal adoption has stalled despite a September 2025 GSA OneGov agreement. Consumer downloads fell from 20 million in January to 8.3 million in April, and paid conversion sits at 0.174% versus ChatGPT's 6%-plus. SpaceX has also rented out the Memphis Colossus 1 data center — Grok's primary training cluster — to Anthropic for $1.25 billion per month through 2029, which suggests xAI has more compute than its product can currently absorb. The roadshow will be the first real test of whether institutional investors buy the AI revenue narrative. ## Launch ambitions On the rocket side, SpaceX completed 170 launches in 2025 and now controls 75% of all maneuverable satellites in orbit. The company is targeting 10,000 launches per year within five years — roughly one every 53 minutes. There are currently 9,600 Starlink satellites in orbit, with next-generation V3 satellites (delivering 1 Tbit/s each) planned for launch on Starship in late 2026. Starship payload delivery to orbit is targeted for H2 2026. Longer-term plans in the filing include orbital AI data centers powered by solar energy, point-to-point Earth transport, space tourism, in-orbit manufacturing, and asteroid mining. The company describes a potential $28.5 trillion market for space-based solar-powered data centers — a technology that doesn't exist yet. The FAA has acknowledged the launch ambitions but says significantly improved reliability will be required before approving that kind of expansion. ## The Cursor acquisition SpaceX also announced plans to acquire AI coding startup Cursor for $60 billion, approximately 30 days after the IPO closes. Cursor, launched in 2023, has over one million paying customers and $1 billion in annualized revenue. The deal includes a $10 billion breakup fee. If it goes through, Cursor would fold into the SpaceX-xAI empire and compete directly with GitHub Copilot and Anthropic's Claude Code. Cursor recently released Composer 2.5, an agentic coding model built on Moonshot AI's Kimi K2.5, and has plans to train a larger model using xAI's Colossus 2 supercomputer. ## The broader context OpenAI is preparing to confidentially file its own IPO prospectus as soon as this week, working with Goldman Sachs and Morgan Stanley. Private investors have valued it at over $850 billion. Anthropic, meanwhile, is in talks to raise at a $900 billion valuation and has reported $30 billion in annualized revenue — which would put it ahead of OpenAI on that metric. The SpaceX filing lands at an interesting moment: the company is profitable in one segment, losing heavily in another, betting its future on technologies that range from plausible to speculative, and asking public markets to value it at $1.75 trillion. Formal pricing is targeted for June 11, with trading beginning June 12. ## Similar posts on daily.dev - [SpaceX’s public IPO filing confirms Musk and insiders retain dominant voting control](https://daily.dev/posts/spacex-s-public-ipo-filing-confirms-musk-and-insiders-retain-dominant-voting-control-9iog6gc1x) · The Next Web · 0 upvotes · 0 comments --- Tags: [#openai](https://daily.dev/tags/openai), [#spacex](https://daily.dev/tags/spacex), [#ipo](https://daily.dev/tags/ipo) [View this post on daily.dev](https://daily.dev/posts/spacex-files-for-ipo-at-1-75-trillion-valuation-with-openai-and-cursor-deals-in-the-mix-yrmlejqt9) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"SpaceX files for IPO at $1.75 trillion valuation, with OpenAI and Cursor deals in the mix","url":"https://daily.dev/posts/spacex-files-for-ipo-at-1-75-trillion-valuation-with-openai-and-cursor-deals-in-the-mix-yrmlejqt9","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/spacex-files-for-ipo-at-1-75-trillion-valuation-with-openai-and-cursor-deals-in-the-mix-yrmlejqt9"},"datePublished":"2026-05-21T09:09:54.133Z","dateModified":"2026-05-21T21:09:56.674Z","description":"SpaceX has filed an S-1 prospectus with the SEC targeting a Nasdaq IPO under ticker SPCX as early as June 12, seeking to raise $75 billion at a $1.75 trillion...","image":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/71dc5433be8b4b87f1ad40c624a9b28e?_a=AQAEuop","thumbnailUrl":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/71dc5433be8b4b87f1ad40c624a9b28e?_a=AQAEuop","isAccessibleForFree":true,"articleSection":"Collections","inLanguage":"en","publisher":{"@type":"Organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180}},"author":{"@type":"Organization","name":"Collections","logo":"https://media.daily.dev/image/upload/s--fk_6ycEi--/f_auto,q_auto/v1780996001/logos/collections?_a=BAMAMiWQ0","url":"https://daily.dev/sources/collections"},"commentCount":0,"discussionUrl":"https://daily.dev/posts/spacex-files-for-ipo-at-1-75-trillion-valuation-with-openai-and-cursor-deals-in-the-mix-yrmlejqt9","interactionStatistic":[{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":1},{"@type":"InteractionCounter","interactionType":{"@type":"CommentAction"},"userInteractionCount":0}],"keywords":"openai,spacex,ipo","timeRequired":"PT5M"} {"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://daily.dev"},{"@type":"ListItem","position":2,"name":"Collections","item":"https://daily.dev/sources/collections"},{"@type":"ListItem","position":3,"name":"SpaceX files for IPO at $1.75 trillion valuation, with OpenAI and Cursor deals in the mix"}]} ```