Strap in, SpaceX IPO filing, the S1 is out for your consumption.

Strap in, SpaceX IPO filing, the S1 is out for your consumption. Let's do a tear down. So, SpaceX filed to go public and buried in their 277 page S1 are some very interesting details about what they're actually building. First, the basic setup. So they filed on May 20th. The ticker symbol is going to be SPCX. Uh, it's a dual class stock structure where Elon keeps majority voting control. This is very standard for a company like this. Here's what's interesting. So in February of 2026, SpaceX acquired xAI. That's Elon's AI company and xAI had already acquired X, which was formerly Twitter, in March of 2025. So this IPO filing is actually for all of these companies combined into one company. And so it's SpaceX plus Starlink plus xAI, I guess plus X. Um, so all under one entity. This, to be clear for public market investors, makes things very complicated and they typically hate different revenue streams and all kinds of complexities. So if you're seeing anyone upset about the numbers or details, this is why. So the finances are staggering. In Q1 of 2026, the company did $4.7 billion in revenue. The connectivity segment, which is mostly Starlink, generated 3.3 billion in revenue. I would say that Starlink is the darling for sure. They did 3.3 billion in revenue and 1.2 billion in operating income. The segment is very profitable. The AI segment did 818 million in revenue but lost 2.5 billion in the quarter. They are spending heavily to build out infrastructure. More on that in a second, but data centers are expensive. Starlink is operating at a gigantic scale. So they have 9,600 satellites in orbit right now. That's 75% of all active, maneuverable satellites in existence. That's crazy. 10.3 million subscribers across 164 countries and the median download speed of 225 megabits per second, which is best. They just launched Starlink Mobile. So 650 satellites providing satellites to mobile connectivity to 7.4 million monthly devices in about 30 countries. So basically filling in dead zones where cell towers don't reach, which is awesome. The most interesting part of the filing is actually the AI infrastructure strategy. So SpaceX built something called Colossus and Colossus 2. You've probably read about this. These are massive AI training clusters in Memphis. Combined, they provide 1 gigawatt of compute power. This is insanely expensive, by the way, if you know much about data centers and CapEx. To put that in perspective, they built the first Colossus cluster in 122 days. That's fast, by the way, and the second one in 91 days. The industry benchmark to bring a 100 megawatt data center online is about two years. So they're doing 10 times that capacity in the tenth of the time. So impressive. They plan to deploy AI compute satellites in orbit starting in 2028. And so basically, data centers in space that you've all been hearing about. The reason? Power. The sun contains 99.8% of the solar system's energy. Uh, space-based solar can generate five times the energy per unit area compared to solar on Earth because there's no atmosphere and it's constant sunlight. Their goal is to deploy 100 gigawatts per year of orbital AI compute. Nuts. And to do that, they'll need to launch 1 million metric tons to orbit annually. Thousands of launches per year, and the only vehicle that can do it is Starship, which they expect to deliver payloads in the second half of 2026. This is nuts. On the AI product side, they have Grok, their frontier AI model. It's integrated with X, so it has real-time access to 350 million daily posts. 550 million monthly active users across Grok and X combined. 117 million of those users are using Grok's AI features. In April of 2026, you probably just recently read about this, they signed a deal with Cursor, the AI coding assistant. SpaceX has the option to acquire Cursor at a $60 billion valuation. If they don't exercise the option, they owe Cursor a $10 billion termination fee. Can you imagine? 1.5 billion is an option fee and 8.5 billion as a deferred services fee. The strategy there is to get access to high-quality AI coding data. Developers using Cursor generate valuable training data on how people actually write code. SpaceX provides Cursor with GPU cluster access in exchange for that data to improve Grok. In May of 2026, everyone's been talking about this because no one knew until they read through this S1, they signed a deal with Anthropic, the AI company. Anthropic is paying SpaceX $1.25 billion per month through May of 2029 for access to compute capacity across Colossus. That's 15 billion a year just for one customer renting their infrastructure. So SpaceX can use the compute for their own AI models and also rent it out to third parties. Dual monetization on the same infrastructure. So again, super, super heavy CapEx, not making money on that for a little while, but the investment is probably worth it. The filing also mentions that they're working with Tesla and Intel on something called the Terra Fab, a chip manufacturing initiative with a long-term goal of producing 1 terawatt of compute hardware per year. They want to vertically integrate all the way down to making their own chips. Their stated mission in the filing is to make life multiplanetary. So understand the true nature of the universe and extend the light of consciousness to the stars. And they estimate that the total addressable market is $28.5 trillion. I have never seen a TAM that large, by the way. 370 billion in space, 1.6 trillion in connectivity, and 26.5 trillion in AI. They also list future markets to targeting: point-to-point terrestrial travel, space tourism, in-orbit manufacturing, passenger and cargo transport to the moon and Mars, energy production on the moon and Mars, and asteroid mining. So what you're looking at is a company that launches rockets, operates the world's largest satellite internet network, runs massive AI data centers, owns a social media platform with 550 million monthly users, and is planning to build data centers in space powered by the sun. This is not a normal IPO filing and a lot of people will be very, very wealthy.