SpaceX’s long-awaited IPO is getting closer, with a stock market debut likely as early as June.
As part of that process, Musk’s company on May 20 filed with the SEC a document that provides some insights into its finances.
While much of the media attention is focused on what is expected to be the largest IPO ever, which could make Musk the world’s first trillionaire, arguably the most interesting details contained in the filing relate to xAI, the AI lab that was merged with SpaceX earlier this year, having itself acquired X (formerly Twitter) in 2025 as part of its plan to accelerate its Grok chatbot.
Perhaps the most startling revelation of all is that xAI’s recent agreement to rent 300 megawatts of compute capacity at its Colossus data centers in Tennessee to Anthropic is costing the Claude developer $1.25 billion a month.
A “reduced” fee is payable in May and June this year before the full monthly rate kicks in, with the contract between the companies confirmed to last until May 2029, although it can be terminated by either party at 90 days’ notice.
Should the contract run its course, Anthropic faces the prospect of paying SpaceX more than $40 billion for compute.
Furthermore, SpaceX suggests that it may follow this model with other customers. The filing said: “This structure allows us to monetize unused compute capacity in our infrastructure, while still permitting reallocation of the capacity for our own internal initiatives if needed in the future.”
“We have sufficient capacity to provide compute for our own AI models, including support of our training and inference demands, and to satisfy the obligations under these agreements,” the filing said. “We expect to enter into additional similar services contracts.”
While the SEC document pitches this approach as a “dual monetization strategy,” it may be that xAI has built too much capacity for its own needs, particularly given declining Grok downloads in recent months.
Although the “rental” sums are vast, context is also provided elsewhere with the filing laying bare the escalating losses recorded by xAI. The document reveals that in the first quarter of 2026, the company lost $2.4 billion, up from $936 million in the same period of 2025.
A major part of the problem is a significant spike in capital expenditure as the infrastructure build-out continues. This hit $7.7 billion in the first three months of this year alone, equating to an annualized rate of $30.8 billion — which would be considerably over 2025’s yearly total of $12.7 billion.
Also addressed was SpaceX’s ambition to operate AI data centers in space, with the filing claiming that many of the hurdles in “evolving connectivity satellites into AI compute satellites” had already been “solved.” SpaceX says the AI satellites could be launched by 2028.
SpaceX will go public on Nasdaq at a valuation of $1.75 trillion, under the symbol SPCX.
