SpaceX’s IPO filing revealed the company’s changing direction.

Elon Musk’s firm expects to raise about $80 billion at a $1.75 trillion valuation, by far the largest public offering in history. It reported rapidly increasing revenue — $18.67 billion in 2025, up 33% year-on-year, most of it generated by its satellite broadband arm Starlink. But it also announced a $4.94 billion net loss, driven by its merger with Musk’s AI firm xAI, on which SpaceX spent $20 billion last year.

The filing predicts enormous future growth, much of it from the heavy-duty rocket Starship, expected to enter service this year, but also from AI: Musk has bet big on orbital data centers to meet growing compute demand.