SpaceX filed its S-1 with the Securities Exchange Commission on Wednesday, opening doors for a public market debut. The filing didn’t include share price or valuation estimate; those come later in IPO process.
The compensation structure has no precedent in corporate history is of significant importance. Musk stands to receive roughly $737 billion in equity if two performance milestones are achieved: one at $7.5 trillion market cap and Mars colony with 1 million inhabitants, the other tied to delivering 100 terawatts of compute annually and a separate $6.6 trillion market cap milestone.
The AI safety company Anthropic will pay SpaceX $1.25 billion monthly for compute capacity from May 2026 to May 2029, totaling about $15 billion. In Q1 2026, the AI division of SpaceX spent $7.72 billion while the space division spent $1.05 billion in the same quarter. The trend continued into 2025 with the AI division spending $12.73 billion compared to the space division’s $3.83 billion.