SpaceX’s march to the public markets has revealed a potential $90 billion windfall for one of Elon Musk’s earliest and most loyal backers, Antonio Gracias, ahead of an initial public offering that could value the space and AI conglomerate at $1.75 trillion.
The company’s S-1 filing shows making life "multiplanetary" remains at the forefront of SpaceX's mission, with the document outlining a massive financial incentive for Musk to establish a "permanent human colony on Mars with at least one million inhabitants."
The first public look at SpaceX’s financials details a company burning cash to fund its ambitious goals, posting a net loss of $4.9 billion on $18.7 billion in revenue last year. The losses widened in the first quarter of 2026 to $4.3 billion on $4.7 billion in revenue, up from a $528 million loss in the year-ago period, with a total debt load of $29.1 billion.
At stake is one of the largest and most complex public offerings in history, with Musk retaining 85.1% of voting power and tied to a compensation package potentially worth over $700 billion if he can build interplanetary cities and orbital data centers. The filing shows the company, set to trade under the ticker SPCX, is not just a rocket-builder but a sprawling technology enterprise heavily invested in artificial intelligence.
The financial disclosures underscore the significant capital expenditures directed toward AI, which totaled $20.73 billion in 2025 and surged to $7.72 billion in the first quarter of 2026 alone. Musk’s xAI division, which was merged into SpaceX, lost $6.4 billion in 2025 on just $3.2 billion in revenue.
Despite the heavy AI spending, the company’s Starlink satellite internet business remains the primary revenue engine, accounting for nearly 70% of revenue last year, or around $11 billion. The S-1 also revealed a significant future revenue stream from a deal with Anthropic, which will pay SpaceX $1.25 billion a month for cloud and compute services starting in May 2026.
The IPO, expected to be the largest ever with a potential raise of $75 billion, will also enrich a slate of top-tier investors beyond Gracias. Venture capital firms like Andreessen Horowitz, Founders Fund, and Sequoia Capital, alongside large asset managers like Fidelity and T. Rowe Price, are all poised to profit.
Goldman Sachs has been chosen as the lead left underwriter for the offering. The filing reveals that entities controlled by Gracias, a longtime Musk ally and former Tesla and SpaceX board member, own roughly 7.3% of the Class A stock, a stake that would be worth approximately $90 billion if the company achieves its target valuation.
This article is for informational purposes only and does not constitute investment advice.
