SpaceX IPO filing shows billions in AI losses, a $2 trillion valuation target, and turbine spending that signals more data center conflicts ahead

SpaceX has filed for what could be the largest IPO ever, targeting a valuation of up to $2 trillion. The filing reveals xAI losses of $6.36 billion in 2025 and an Anthropic compute deal worth $15 billion per year. Elon Musk secures 85.1 percent of voting power through dual-class shares, effectively making him impossible to outvote.

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