Breaking news: Elon Musk has submitted the largest IPO in history.

The largest IPO in human history has officially launched!

Today, SpaceX, under Elon Musk, has officially submitted its S - 1 prospectus to the U.S. Securities and Exchange Commission (SEC).

SpaceX announced that it will list on the Nasdaq under the stock code "SPCX", officially kicking off its IPO journey.

This is the largest IPO in human history, without a doubt: the target is to raise $75 billion, and the valuation is heading straight for $2 trillion.

You know, the previous record - holder, Saudi Aramco, only raised $29.4 billion when it went public in 2019.

With this move, SpaceX has nearly tripled the previous record.

The first - day listing date is set for June 12th.

In this hundreds - page document, there is a line of numbers that will shock everyone's pupils —

SpaceX claims to have locked in "the largest addressable market in human history", with a potential total value of up to $28.5 trillion.

This scale is comparable to the annual GDP of the United States. Even more incredibly, the AI sector alone will bring in $26.5 trillion!

After the IPO, Elon Musk may become the world's first trillion - dollar billionaire!

A Prospectus

Revealing Elon Musk's AI Empire

With the release of the S - 1 document, SpaceX, the "super - beast" that was previously hidden in the black box, has finally laid its cards on the table for the whole world for the first time.

Let's first look at the revenue: the total revenue in 2025 was $18.67 billion.

Among them, the Starlink satellite internet business contributed $11.4 billion and is the only profitable business segment.

The EBITDA profit margin is as high as 63%, the number of users has exceeded 10 million, covering 160 countries and regions around the world. The rocket launch business contributed approximately $4.1 billion.

The xAI (including Grok and the X platform), which was acquired in February this year, brought in $3.2 billion in revenue.

AI Burned $12.7 Billion and Suffered a Loss of $4.9 Billion

Now let's look at the money - burning speed —

In 2025, the capital expenditure was $20.7 billion, almost doubling from $11.2 billion in 2024.

Among them, the AI business segment burned $12.7 billion, more than three times the sum of the space and communication segments. The R & D of the Starship also consumed $3 billion.

As a result, the net loss was $4.9 billion.

All this stems from the game - changing merger in February 2026, when SpaceX acquired Elon Musk's AI company, xAI, through an all - stock transaction.

The new SpaceX after the merger is no longer just a rocket company.

It is a super - complex spanning space launch, satellite internet, large - scale AI models, and social media.

The mission description in the prospectus reads like a science - fiction manifesto:

Our mission is to build the necessary systems and technologies to make life a multi - planetary species, understand the true nature of the universe, and extend the light of consciousness to the stars.

To put it simply, Starlink is printing money like crazy, AI is burning money like crazy, and the Starship is consuming money like crazy.

Advancing on three fronts simultaneously, this is Elon Musk's violent aesthetics.

Even more shocking is that the data for the first quarter of 2026 is even more startling, with a single - quarter loss of $4.27 billion and revenue of only $4.69 billion.

In other words, SpaceX loses more money in a quarter than it earns in a quarter.

But Wall Street doesn't care at all. Because Elon Musk has drawn the biggest pie in human business history in this prospectus.

$28.5 Trillion, the Largest TAM in Human History

There is a sentence in the prospectus that has literally dropped Wall Street's jaws —

We have locked in the largest addressable market (TAM) in human history.

How big is this TAM? $28.5 trillion! Here's how this giant cake is divided:

AI field: $26.5 trillion

Network connection (Starlink broadband $87 billion + mobile $74 billion): $1.6 trillion

Traditional space field: $37 billion

As you can see, the most important AI field accounts for more than 93% of the entire TAM.

Breaking down this $26.5 trillion further is even more astonishing: space data centers $2.4 trillion, consumer subscriptions $76 billion, digital advertising $60 billion, and enterprise - level AI applications $22.7 trillion.

I have to say, this number is really mind - boggling.

SpaceX, a single company, claims that its addressable market is larger than a quarter of the global GDP.

But think about it, this isn't just drawing a pie; it's declaring one thing: SpaceX is no longer a rocket company; it's an AI company.

Anthropic Pays $1.25 Billion per Month

Until 2029

In addition, there is a jaw - dropping number hidden in the prospectus —

Anthropic is paying SpaceX $1.25 billion per month for computing power services.

This contract started in May 2026 and will last until May 2029, with a total value of over $15 billion in three years (with discounts in the first two months due to capacity ramping up).

It is estimated that this contract may bring in over $40 billion in revenue for SpaceX during the entire contract period.

Just a few minutes before the prospectus was made public, Tom Brown, the co - founder and Chief Computing Officer of Anthropic, publicly shouted on X:

We are expanding our cooperation with SpaceX and will massively expand the GB200 computing power on Colossus 2 throughout June.

What does this mean?

SpaceX's annual revenue is only $18.67 billion, and just this single deal with Anthropic will boost its annual revenue by nearly 80%.

For Anthropic, which has long been "starving for computing power", this deal means direct access to over 220,000 GPU computing power on Colossus.

However, this "space - level alliance" also has a contingency: either party can terminate the contract at any time with 90 days' notice.

Even more importantly, SpaceX specifically mentioned in the prospectus that "we expect to sign more similar service contracts."

Obviously, SpaceX is also transforming from a rocket company into an arms dealer of AI computing power.

54 - year - old Elon Musk

Challenging to Become the World's First "Trillion - dollar Billionaire"

The most magical part of this prospectus is hidden on the executive compensation page.

Elon Musk's annual salary has been the same number since 2019: $54,080.

Yes, a person about to become a trillion - dollar billionaire has an annual salary that isn't enough to rent a decent apartment in San Francisco.

However, this time the prospectus disclosed a compensation plan that will really make people's DNA vibrate —

Elon Musk will receive