SpaceX Opens to Investors, Betting Big on Artificial Intelligence in Space

SpaceX is opening its doors to investors, urging them to back Elon Musk's ambitious plan to deploy artificial intelligence data centers in space and establish a human presence on Mars. This venture comes with limited voting rights, restricted ability to sue, and a business currently hemorrhaging billions of dollars annually.

Musk's reputation, built on transforming Tesla and SpaceX into global powerhouses, precedes him as a visionary who anticipates technological trends and builds world-class businesses around them. SpaceX's stratospheric valuation of nearly $1.8 trillion hinges on the assumption that this winning streak will continue, leading to the realization of its goals for space-based data centers and Martian colonization.

However, the current state of the business does not align with this valuation. While SpaceX is experiencing rapid growth, it is also incurring substantial losses. Revenues reached $18.7 billion in 2025, a 33% increase from the previous year, but costs escalated even further, resulting in a net loss of $4.9 billion. The first quarter of 2026 saw an additional loss of $4.3 billion.

Despite these figures, SpaceX projects in its IPO filing that it could generate over $28.5 trillion in revenue. The company asserts that its core business lies in internet connectivity via its Starlink satellite service and, more significantly, in artificial intelligence delivered through space-based data centers. Nevertheless, xAI, SpaceX's AI division, is struggling to keep pace with competitors, with its independent AI revenues around $500 million, a fraction of what OpenAI and Anthropic earn.

Musk intends to maintain tight control over SpaceX even as it welcomes new investors. Individual investors purchasing securities will receive Class A shares, each granting one vote. Musk, however, holds Class B shares, with each vote carrying ten times the weight. These Class B shares represent 82% of the total voting power, ensuring his decisions will dominate. Having experienced years of shareholder lawsuits against Tesla, Musk has structured SpaceX with robust legal protections, requiring shareholder lawsuits to be presented before a designated court.